Federal prosecutors have asked a judge to sentence former Celsius Network CEO Alex Mashinsky to at least 20 years in prison for orchestrating a multiyear fraud that caused over $550 million in losses to cryptocurrency investors. Mashinsky’s $48M Gain from Celsius Collapse Demands 20 Years, Prosecutors Say In a sentencing memorandum filed April 28, the […]

Prosecutors Seek 20-Year Sentence for Ex-Celsius CEO in Multi-Million-Dollar Fraud Case

Bettors on prediction platforms Polymarket and Kalshi are flipping bearish on 
the US economy. As of April 29, both platforms are predicting that the US will 
log an economic contraction during the first quarter of 2025 in an upcoming 
economic data release.
The US has logged positive growth figures every quarter since 2022, and a 
reversal in that trend could mark the start of a recession.
The pessimistic outlook marks a stark sentiment shift for prediction markets, 
which had recently anticipated a positive US growth report. On April 29, 
consensus Q1 US growth estimates on Kalshi, a US derivatives exchange, plunged 
from around 0.5% to -0.4% in less than 24 hours.
Meanwhile, Polymarket bettors are setting the odds of a US economic 
contraction in Q1 at around 70%. On April 28, they still had a mostly 
favorable outlook.
The shift comes one day after Canada, America&#8217;s second-largest trading 
partner, elected Liberal Mark Carney as prime minister. Carney has vowed to 
take a more hawkish stance in Canada&#8217;s ongoing trade war with the US.
_Bettors on Kalshi now expect a negative US GDP print. Source:__Kalshi_
 _**Related:**__**Analysts brace for Bitcoin slide on gloomy US manufacturing 
data**_
The markets are pegged to the outcome of an April 30 report by the US Bureau 
of Economic Analysis, which issues official measures of America&#8217;s gross 
domestic product (GDP).
The report will provide the clearest view yet into the impact of US President 
Donald Trump&#8217;s controversial trade policies.
Prediction markets work by letting users trade contracts tied to specific 
events, with prices fluctuating dynamically based on expected outcomes.
In 2024, event contracts proved to be as reliable as traditional polling, 
forecasting not only Trump&#8217;s election win but also his party&#8217;s sweep of the US 
House and Senate.
_Polymarket &#8216;s US GDP growth wagers. Source: __Polymarket_
## Tariff turmoil
On April 2, Trump announced plans to place sweeping tariffs on US imports. The 
president has since paused the rollout of tariffs on certain countries, but 
the prospect of a global trade war still looms.
The macroeconomic uncertainty has already weighed on US economic data.
In April, the Philadelphia Federal Reserve Manufacturing Index &#8212; a monthly 
survey of 250 US-based manufacturers &#8212; reported the sharpest declines in 
activity since 2020.
Analysts said factories are bracing for the impact of Trump&#8217;s tariff plans, 
which could potentially raise production costs for manufacturers.
_**Magazine: **__**Memecoin degeneracy is funding groundbreaking anti-aging 
research**_

Betting markets’ Q1 US GDP forecast flips negative amid tariff turmoil

US Senate Majority Leader John Thune reportedly told Republican lawmakers that 
the chamber would address a bill on stablecoin regulation before the May 26 
Memorial Day holiday.
According to an April 29 Politico report, Thune made the comments in a closed- 
door meeting with Republican senators, who hold a slim majority in the 
chamber. The Guiding and Establishing National Innovation for US Stablecoins, 
or GENIUS Act, was introduced by Senator Bill Hagerty in February and passed 
the Senate Banking Committee in March.
Thune did not mention any crypto or blockchain-related bills in his public 
comments on US President Donald Trump&#8217;s first 100 days in office. Since his 
Jan. 20 inauguration, Trump has signed several executive orders with the 
potential to affect US crypto policy, including one affecting stablecoins. 
Still, many of the actions do not carry the force of law without an act of 
Congress.
_**Related:**__**$649B stablecoin transfers linked to illicit activity in 
2024: Report**_
The proposed GENIUS bill could essentially restrict any entity other than a 
&#8220;permitted payment stablecoin issuer&#8221; from issuing a payment stablecoin in the 
United States. The House of Representatives, also controlled by Republicans, 
has proposed a companion bill to the legislation: the Stablecoin Transparency 
and Accountability for a Better Ledger Economy, or STABLE Act.
## Trump accused of conflicts of interest over stablecoins, crypto ventures
The president&#8217;s executive order, signed on Jan. 23, established a working 
group to study the potential creation and maintenance of a national crypto 
stockpile and a regulatory framework for stablecoins. Republican lawmakers 
followed by introducing the STABLE and GENIUS acts.
Trump also introduced the order before World Liberty Financial, a crypto firm 
backed by the president&#8217;s family, launched its US-dollar pegged USD1 
stablecoin. Many Democratic lawmakers said that Trump&#8217;s ties to the firm, 
coupled with his political influence and position, could present an 
&#8220;extraordinary conflict of interest that could create unprecedented risks to 
our financial system&#8221; as Congress considers the two stablecoin bills.
_**Magazine:**__**Trump &#8216;s crypto ventures raise conflict of interest, insider 
trading questions**_

US Senate majority leader expects stablecoin vote before May 26 — Report

World, the biometric cryptocurrency and ID project, has launched Build Latam 
in Argentina, a program aimed at empowering tech projects to leverage World’s 
services in their products. Martín Mazza, Tools for Humanity regional manager 
for Latin America, explained the new security measures the project has 
implemented to protect user data. World Launches Latam-Focused Incentives, 
Discusses […]

Biometric Crypto ID Project World Launches Build Latam in Argentina, Unveils New Data Security Processes

**Key Takeaways:**
 * Fidelity Digital Assets says Bitcoin is undervalued and the firm holds an optimistic mid-term outlook.
 * The JOLTS report shows a sharp drop in open US jobs, raising investors&#8217; hope for Fed interest rate cuts. 
According to Fidelity Digital Assets, Bitcoin&#8217;s (BTC) mid-term outlook dropped 
to an &#8220;optimism&#8221; zone, as the investment firm noted that BTC is trending 
toward &#8220;undervaluation.&#8221;
As proof, the firm cited the &#8216;Bitcoin Yardstick&#8217; metric, which measures BTC&#8217;s 
market cap divided by its hashrate. A lower ratio suggests that Bitcoin is 
&#8220;cheaper&#8221; relative to the energy security of its network.
In Q1 2025, the metric stayed between -1 and 3 standard deviations, cooling 
from its Q4 2024 overheated levels. The number of days above 2-standard 
deviations dropped from 22 to 15, with none above 3, indicating that Bitcoin 
is less expensive compared to its network strength.
_Bitcoin Yardstick chart. Source: Fidelity Digital Assets Report_
The investment firm mentioned that Bitcoin is in an &#8220;acceleration phase,&#8221; 
where rallies to new highs aren&#8217;t uncommon, though they caution a blow-off top 
could take place.
Illiquid supply rose from 61.50% to 63.49%, while liquid supply fell by 4%, 
indicating holders are increasingly committed to long-term positions. The 
Illiquid Supply Shock Ratio, currently 16% below its 2017 peak.
_Bitcoin Liquid and Illiquid supply. Source: Fidelity Digital Asset Signals 
Report_
In line with this view, Cointelegraph reported that BlackRock&#8217;s iShares 
Bitcoin Trust (IBIT) ETF recorded a significant inflow of $970.9 million on 
April 28, 2025, marking its second-largest daily inflow since its January 2024 
launch.
Since April 22, IBIT has amassed over $4.5 billion in net inflows, defying 
broader market trends where competitors like Fidelity&#8217;s FBTC and ARK&#8217;s ARKB 
faced outflows. With over $54 billion in assets under management, IBIT holds a 
51% share of the US spot Bitcoin ETF market.
_**Related: BlackRock Bitcoin ETF buys $970M in BTC as inflows surge, boost 
market**_
## Bitcoin gets a boost from US JOLTS data
The March 2025 US Job Openings and Labor Turnover Summary (JOLTS) report 
showed a plunge to 7.19 million from February&#8217;s 7.57 million, below the 7.48 
million forecast. A lower-than-expected JOLTS number signals a cooling labor 
market, raising expectations for Federal Reserve rate cuts, which weakens the 
dollar and lifts risk assets like Bitcoin.
Conversely, a higher-than-expected figure suggests economic strength, 
potentially delaying cuts and pressuring crypto prices. With federal layoffs 
at a 2020 peak, market expectations are leaning slightly dovish.
Economist and Bitcoin commentator Alex Kruger identified the JOLTS data as a 
short-term win for Bitcoin, as a &#8220;risk/gold hybrid&#8221; poised to gain from tariff 
de-escalation after Trump&#8217;s 90-day pause (ending July 8).
In an X post, the analyst predicted that markets may focus on earnings 
guidance from firms like Caterpillar and tech stocks, while keeping an eye on 
next week&#8217;s Federal Open Market Committee (FOMC) meet, where Powell might 
signal earlier rate cuts.
Kruger warned of a Q3 economic slowdown where the markets may be volatile, but 
he also said that Bitcoin&#8217;s unique risk-reward would outperform altcoins, 
which the analyst pointed out as overbought.
_**Related: Bitcoin &#8216;hot supply&#8217; nears $40B as new investors flood in at 
$95K**_
This article does not contain investment advice or recommendations. Every 
investment and trading move involves risk, and readers should conduct their 
own research when making a decision.

Bitcoin price still in bargain zone as US jobs report sparks rate cut hopes

Trump Media will introduce a utility token via a new Truth wallet to power 
subscriptions and future services across the Truth ecosystem.
The post Trump Media to roll out utility token tied to platform expansion 
appeared first on Crypto Briefing.