Global energy markets face heightened volatility and potential price surges 
due to geopolitical tensions and disrupted supply chains.
The post Iran-US conflict disrupts oil supply, Strait of Hormuz closed 
appeared first on Crypto Briefing.

Iran-US conflict disrupts oil supply, Strait of Hormuz closed

The price of Bitcoin has been relatively stable since the start of April, 
showing strong efforts to reclaim former highs. In its latest recovery 
attempt, the premier cryptocurrency finally returned above $80,000 for the 
first time since early February. Unsurprisingly, a relevant group of network 
participants, known as Bitcoin miners, appears to be taking advantage of the 
steady rise in BTC&#8217;s value over the past few weeks. Interestingly, a 
continuation of this profit-taking trend could pose an obstacle to the market 
leader’s recovery. Miners’ Profit-Taking Could Halt BTC’s Recovery In a May 
8th post on the X platform, crypto analyst Ali Martinez shared that Bitcoin 
miners&#8217; behavior has shifted in recent weeks. The latest on-chain data shows 
that this group of network participants has been booking profits, as the price 
of BTC steadily climbed to a local high. Related Reading: Analyst Predicts 
Bitcoin Price Will Top $320,000 After ‘Cleanest Signal’ Emerged Highlighting 
changes in the Miner Reserves metric, which measures the total Bitcoin held in 
miner-affiliated addresses, Martinez revealed that about 3,400 BTC have been 
sent from addresses associated with network validators since April 7. 
Interestingly, this period has coincided with the coin’s price rising from 
$72,000 to around $82,790, further supporting the profit-taking hypothesis. 
The analyst wrote on X: Back then, Bitcoin was trading near $72,000. Through 
the recent climb toward yesterday’s peak of $82,790, which represents a 15% 
price increase, miners have been steadily booking profits. On-chain data shows 
that miners have offloaded approximately 3,400 $BTC during this run, taking 
advantage of the recent price expansion to cover operational costs or lock in 
gains at multi-month highs. Typically, falling Miner Reserves indicate that 
miners are distributing their coin to take profit, often to cover costs. As 
seen with several firms pivoting toward AI data centers, the profitability of 
the Bitcoin mining industry has been under significant pressure over the past 
few years. More pertinently, the latest profit-taking and selling pressure can 
pose a threat to the ongoing recovery in Bitcoin&#8217;s price. The flagship 
cryptocurrency, which appears to have slowed down over the past day, would 
need uninterrupted bullish momentum to continue its current upside rally. 
Bitcoin Price At A Glance As of this writing, the price of BTC stands at 
around $80,287, reflecting a mere 0.8% leap in the past 24 hours. Meanwhile, 
the market leader’s value has risen about 3% over the past seven days. Related 
Reading: Ethereum Sees Sharp Decline In High-Leverage Long Positions — See 
What Happens Next Featured image from Shutterstock, chart from TradingView

Bitcoin Miners Bag Profit: 3,400 BTC Flow Out Of Reserves Since April

Payward, the parent company of Kraken, has filed an application with the 
Office of the Comptroller of the Currency for a national trust company charter 
aimed at expanding federally regulated custody services for digital assets. 
Kraken’s Parent Files OCC Trust Charter Application to Serve U.S. 
Institutional Clients If approved by the OCC, the new entity […]

Kraken Parent Payward Targets OCC Charter to Unlock Institutional Digital Asset Custody

The markup could redefine crypto regulation, impacting market dynamics and 
investor strategies by clarifying jurisdictional authority.
The post Senate Banking Committee schedules markup for crypto legislation on 
May 14 appeared first on Crypto Briefing.

Senate Banking Committee schedules markup for crypto legislation on May 14

A Republican surge in election odds could reshape legislative priorities, 
impacting domestic and foreign policy amid global tensions.
The post Republican odds to win presidency, Congress surge to highest this 
year appeared first on Crypto Briefing.

Republican odds to win presidency, Congress surge to highest this year

Bank of Canada stablecoin regulations could arrive in mid or late 2027, 
pushing the detailed rulebook later into the same year that Canada&#8217;s 
government has already marked for its framework to take effect. That timing 
lands just as Visa Canada and Wealthsimple are piloting USDC settlement for 
certain card-network obligations in Canada. The result is […]
The post Bank of Canada to bring stablecoin rules in 2027 with US Clarity Act 
on the brink of stalling appeared first on CryptoSlate.

Iran-US conflict disrupts oil supply, Strait of Hormuz closed

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