Nasdaq saw a noticeable correction as Google stock dropped 8%. Trade talks boost the rest of the markets.

Dow Jones, S&P edge higher while Google’s decline drags Nasdaq lower

Pudgy Penguins&#8217; token, PENGU, has jumped to its highest level since February, 
rallying by more than 25% amidst a consistent rise in its NFT floor price over 
the past month. On May 8, the Pudgy Penguins (PENGU) token is leading…

PENGU rallies over 25% ahead of Pudgy Penguins NFT boom

After years of underperformance, Ethereum&#8217;s price gap with Bitcoin could pave 
the way for a long-awaited rebound, analysts say. Ethereum (ETH) has been 
struggling for the past five months, losing momentum to both Bitcoin (BTC) and 
other altcoins. Despite this,…

Ethereum’s price gap with Bitcoin could set stage for comeback for first time since 2019

The Ethereum Pectra upgrade introduced a significant upgrade in account 
abstraction accessibility, with multiple wallets already implementing the 
change.
Pectra introduced Ethereum Improvement Proposal (EIP) 7702, a change that Ivo 
Georgiev, founder and CEO of self-custodial smart wallet Ambire, described as 
&#8220;the single greatest UX upgrade to Ethereum so far.&#8221; Ambire is among the 
wallet providers that have already rolled out support for the new features 
since Pectra went live yesterday.
Ambire&#8217;s announcement shared with Cointelegraph explains that EIP-7702 brings 
smart account functionality to existing user accounts, letting them 
temporarily act as smart contracts. This results in the advantages of account 
abstraction being obtainable without creating new dedicated onchain addresses, 
rendering the transition of existing addresses possible.
Another wallet that launched new features is Trust Wallet, allowing users to 
pay gas (transaction fees) in tokens such as stablecoins instead of Ether 
(ETH). The new wallets are also programmable and still ensure self-custody.
_Source:__Trust Wallet_
 _**Related:**__**AI and account abstraction keys to mass Web3 adoption: X 
Spaces recap with Plena Finance**_
## Ambire&#8217;s take on the update
According to an Ambire announcement shared with Cointelegraph, key features 
that users can now enjoy without switching accounts include a crosschain by 
default architecture, with one dashboard showing balances on all chains. One 
wallet can be used across all blockchains, gas fees are abstracted and the 
system uses decentralized finance (DeFi) aggregator Li.Fi for its swap and 
bridging needs.
The company also promises transaction simulation across all supported chains, 
scam application detection and minimal token approvals. This statement follows 
some developers raising concerns that EIP-7702 provides a new avenue for 
phishing campaigns to empty entire wallets at once.
Ambire also claimed that it does not rely on third-party services, allowing 
for better privacy features and higher reliability (no third party whose 
outage will result in a wallet outage). The firm also said that the new 
accounts are more accessible to AI agents:
&gt; &#8220;Account programmability enables AI agents to act upon your account in the 
&gt; future to enhance your portfolio yield, save your DeFi positions, claim 
&gt; airdrops automatically and more.&#8221;
Georgiev claimed that Ambire&#8217;s offering is the first on the market since Trust 
Wallet announced that it will be &#8220;live soon.&#8221; Ambire&#8217;s updated system was 
deployed minutes after the update during a live X conference.
_**Related:**__**How smart accounts and account abstraction can unlock 
Ethereum &#8216;s full utility**_
## Trust Wallet&#8217;s new systems
Trust Wallet&#8217;s announcement describes the upgrade as the biggest since 
Ethereum&#8217;s full transition to proof-of-stake in the &#8220;merge&#8221; event. The firm&#8217;s 
CEO, Eowyn Chen, said:
&gt; &#8220;EIP-7702 changes the game.&#8221;
Trust Wallet promises that its users will be able to pay fees in tokens that 
are not Ether and bundling multiple actions in one transaction, for instance, 
approving, swapping and signing a transaction all at once. The new wallet will 
also support sponsored transactions where third parties can cover gas fees to 
onboard new users and automated actions such as subscriptions, dollar-cost 
averaging and more.
All those features will become available to existing users without re-creating 
new accounts with new seed phrases. Like Ambire, Trust Wallet also developed 
its account abstraction infrastructure in-house, minimizing data sharing and 
reliance on third parties.
&#8220;Our vision is to evolve wallets from static key holders into intelligent, 
user-friendly agents,&#8221; Chen said.
_**Magazine:**__**They solved crypto &#8216;s janky UX problem &#8212; you just haven&#8217;t 
noticed yet**_

Pectra features already in use: Ethereum EIP-7702 wallets roll out

According to reports, Euroclear is set to proceed with the confiscation of $3 
billion in Russian assets to compensate Western investors for losses incurred 
from asset forfeitures in the country. If executed, this move risks 
jeopardizing the clearance platform that handles trillions. Euroclear to Seize 
$3 Billion in Russian Assets A move that might put […]

System Moving Trillions at Risk: Euroclear to Seize $3 Billion in Russian Assets

**Key points:**
 * Bitcoin&#8217;s realized cap is beating records and has almost reached the $900 billion mark.
 * The market is laying the foundations for a &#8220;potentially significant price breakout,&#8221; new analysis says.
 * Profit-taking is not hindering the overall bull market rebound.
Bitcoin (BTC) is setting new all-time highs in network value as BTC price 
action eyes a return to six figures.
Data from onchain analytics platform CryptoQuant confirms new record highs for 
Bitcoin&#8217;s realized cap.
## 
Bitcoin realized cap reflects &#8220;growing conviction&#8221;
Bitcoin is worth more than ever in US dollar terms if its market cap is 
measured by the value at which the extant supply last moved onchain.
Known as realized cap, this figure has seen continued all-time highs since 
mid-April as BTC/USD stages a sustained recovery, and as of May 7 stood at 
$891 billion.
&#8220;Bitcoin has experienced a steady flow of capital inflows in recent weeks, 
reflecting renewed interest from investors,&#8221; CryptoQuant contributor Carmelo 
Aleman summarized in one of its &#8220;Quicktake&#8221; blog posts on May 7.
Aleman argued that the realized cap uptrend reflects a long-term market shift 
across the Bitcoin investor spectrum.
&#8220;This new all-time high in Realized Cap not only reflects a surge in invested 
capital but also a growing conviction in Bitcoin&#8217;s long-term potential as a 
financial asset,&#8221; the post concluded.
&gt; &#8220;With sustained accumulation from both LTHs and STHs, the market appears to 
&gt; be building a solid foundation for a potentially significant price breakout. 
&gt; If this trend continues, we could be witnessing the early stages of a new 
&gt; bull cycle for Bitcoin.&#8221;
_Bitcoin realized cap. Source: CryptoQuant_
## BTC capital influx ongoing since 2023
As Cointelegraph reported, concerns remain over the fate of the current market 
rebound.
_**Related:**__**BTC dominance due &#8216;collapse&#8217; at 71%: 5 things to know in 
Bitcoin this week**_
Misgivings over profit-taking in particular form grounds to suspect that 
higher prices may not last &#8212; both LTH and STH entities have seized the 
opportunity to lock in profits, with these averaging $1 billion daily.
In the latest edition of its regular newsletter, &#8220;The Week Onchain,&#8221; research 
firm Glassnode nonetheless argues that buy and sell-side conditions are 
balanced at around $100,000.
&#8220;A surge in profit taking can be observed in recent weeks, with the recent 
rally drawing in over $1B/day in net capital inflows,&#8221; it wrote.
&gt; &#8220;This points to initial indicators of a return of demand-side strength, 
&gt; allowing sellers to lock in profits, and speaking to buyers willing to pick 
&gt; up coins at the current market price. Generally speaking, this points to a 
&gt; wave of demand which is absorbing the incoming supply.&#8221;
_Bitcoin net realized profit/loss (screenshot). Source: Glassnode_
Glassnode added that the quest for profits has, in fact, extended for over 18 
months.
&#8220;Notably, the market has sustained a profit-driven regime since October 2023, 
with capital inflows consistently exceeding outflows. This steady influx of 
fresh capital serves as an overall constructive signal,&#8221; it stated.
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.