Bitcoin climbed to a peak of $104,900 on Saturday evening—just about 4% below its all-time high—following President Donald Trump&#8217;s announcement of progress in U.S.-China trade talks during a meeting in Switzerland.

Today in crypto: Bitcoin, altcoins shine in broad market rally following China-US trade update

The FBI is ramping up efforts to track victims of a massive crypto fraud tied 
to fake AML coins, urging submissions before June 5 for possible restitution. 
FBI Sets June 5 Deadline for Victims of AML Bitcoin and Crypto Fraud Empire 
The U.S. Department of Justice and the Federal Bureau of Investigation (FBI) 
are reaffirming […]

Feds Drop Deadline Bomb: Victims of AML Bitcoin Scam Have Until June 5

Tinian, a small island in the US territory of the Northern Mariana Islands, 
could get a second chance at launching a stablecoin after the territory&#8217;s 
Senate voted to override the governor&#8217;s earlier veto of its stablecoin bill.
On May 9, the Northern Mariana Islands Senate voted 7-1 to override Governor 
Arnold Palacios&#8217; April 11 veto of the bill, which would allow the Tinian local 
government to issue licenses to internet casinos and includes a provision for 
the Tinian treasurer to issue, manage and redeem a &#8220;Tinian Stable Token.&#8221;
The bill will now head to the 20-member Northern Mariana Islands House, which 
will need a two-thirds majority vote to override the veto and pass the bill 
into law.
If the House is quick to pass the bill, the Tinian government could be in the 
lead for the first US public entity to issue a stablecoin. It&#8217;s in a race 
against the state of Wyoming, which is aiming to issue a stablecoin by July.
Tinian is governed by the local government, the Municipality of Tinian and 
Aguiguan, and is one of four municipalities in the Commonwealth of the 
Northern Mariana Islands, a small US territory in the Pacific north of Guam.
Tinian has just over 2,000 residents, and its economy heavily relies on 
tourism.
## Senators push &#8220;much-needed&#8221; bill despite &#8220;deep concerns&#8221;
Governor Palacios said in his letter last month that he vetoed the bill as it 
&#8220;presents several legal issues and may be unconstitutional&#8221; and would regulate 
an activity that could not &#8220;be clearly restricted&#8221; to Tinian.
Democrat Senator Celina Babauta, the only one to vote against overriding the 
veto, said before the vote that she had &#8220;deep concerns with respect to the 
lack of resources, the lack of manpower&#8221; to enforce the gambling law and 
police use of the stablecoin.
&#8220;We are restricted by federal statutes and must comply with that,&#8221; she added.
_Senator Celina Babauta (right) delivers remarks at a Senate hearing alongside 
Senator Karl King-Nabors (middle). Source:__YouTube_
&#8220;We struggle with trying to find creative and innovative ways to diversify our 
economy and our industries,&#8221; Babauta said. &#8220;I don&#8217;t believe that gambling is 
the only thing that we can be looking forward to every single time there&#8217;s an 
investor that comes in.&#8221;
However, Republican Senator Karl King-Nabors, who represents Tinian and co- 
authored the bill, said it was &#8220;a far more stringent and efficient way to 
oversee the online gaming aspect.&#8221;
&#8220;This stablecoin is tracked through software, and if anything, it allows for 
more transparency when it comes to the Tinian Casino Gaming Control 
Commission,&#8221; he added.
King-Nabors said the bill aligned with &#8220;much-needed&#8221; economic diversification 
measures, as the local economy was yet to bounce back from a COVID-19 
pandemic-induced slump.
&#8220;This legislation stands at a time where we&#8217;re going through so much economic 
hardships,&#8221; King-Nabors added. &#8220;I find it difficult that we&#8217;re constantly 
having to step over obstacles when we&#8217;re trying to incentivize and look for 
ways to bring in revenue that don&#8217;t affect our environment, that don&#8217;t require 
a brick and mortar, that don&#8217;t impact our land.&#8221;
## Tinian bids for fully-backed stablecoin
Republican Senator for Tinian, Jude Hofschneider, led the introduction of the 
bill in February, which aims to amend a local Tinian law to allow internet- 
only casino licenses, along with allowing the island to launch a fully backed 
US dollar-pegged stablecoin.
A four-member Tinian delegation to the Marianas legislature, which includes 
Hofschneider and King-Nabors, had passed the bill to Governor Palacios in a 
unanimous vote on March 12.
Statements shared with Cointelegraph in March said the stablecoin is called 
the Marianas US Dollar (MUSD) and will be backed by cash and US Treasury bills 
held in reserve by the Tinian Municipal Treasury.
The Tinian government chose tech services firm Marianas Rai Corporation, based 
in the Northern Mariana Islands&#8217; capital of Saipan, as the exclusive 
infrastructure provider to issue and redeem MUSD.
MUSD is built on the eCash blockchain, a network that rebranded from Bitcoin 
Cash ABC in 2021 and is a fork of Bitcoin Cash, a blockchain that split off 
from Bitcoin in 2017.
_**Related:**__**Senator Tim Scott slams partisan politics for failed 
stablecoin bill**_ _** **_
Marianas Rai Corp. co-founder and technology chief Vin Armani told 
Cointelegraph in April that it was &#8220;in active discussions with potential 
partners&#8221; about launching the token after Governor Palacios&#8217; veto and was 
&#8220;poised to act quickly&#8221; as US Congress is looking to pass stablecoin laws.
In the US, one stablecoin bill, the Guiding and Establishing National 
Innovation for US Stablecoins (GENIUS) Act, has since stalled in Congress 
after Senate Democrats pulled support for the bill due to concerns about 
President Donald Trump&#8217;s sprawling crypto ventures.
Another stablecoin-regulating bill in the House, the Stablecoin Transparency 
and Accountability for a Better Ledger Economy (STABLE) Act, has also lost 
Democrat support due to Trump&#8217;s crypto tie-ups.
_**Legal Panel:**__**Crypto wanted to overthrow banks, now it &#8216;s becoming them 
in stablecoin fight**_

Stablecoin bill gets second chance with Northern Mariana lawmakers

Ethereum price started a fresh surge above the $2,350 zone. ETH is now up over 
35% and consolidating gains near the $2,500 zone. Ethereum started a fresh 
surge above the $2,350 resistance. The price is trading above $2,400 and the 
100-hourly Simple Moving Average. There is a connecting bullish trend line 
forming with support at $2,480 on the hourly chart of ETH/USD (data feed via 
Kraken). The pair could continue to move up if it breaks the $2,600 resistance 
level. Ethereum Price Surges And Clears $2,500 Ethereum price remained 
supported and started a fresh increase above $2,200, beating Bitcoin. ETH 
gained pace for a move above the $2,350 resistance zone. The bulls were able 
to push the price above the $2,500 resistance zone. The price gained over 35% 
and recently surpassed the $2,550 resistance zone. A high was formed at $2,606 
and the price is now consolidating gains. There was a minor decline below the 
23.6% Fib retracement level of the upward move from the $2,272 swing low to 
the $2,606 high. Ethereum price is now trading above $2,500 and the 100-hourly 
Simple Moving Average. Besides, there is a connecting bullish trend line 
forming with support at $2,480 on the hourly chart of ETH/USD. On the upside, 
the price seems to be facing hurdles near the $2,550 level. The next key 
resistance is near the $2,600 level. The first major resistance is near the 
$2,620 level. A clear move above the $2,620 resistance might send the price 
toward the $2,650 resistance. An upside break above the $2,650 resistance 
might call for more gains in the coming sessions. In the stated case, Ether 
could rise toward the $2,720 resistance zone or even $2,780 in the near term. 
Are Dips Limited In ETH? If Ethereum fails to clear the $2,550 resistance, it 
could start a fresh downside correction. Initial support on the downside is 
near the $2,470 level. The first major support sits near the $2,440 zone and 
the 50% Fib retracement level of the upward move from the $2,272 swing low to 
the $2,606 high. A clear move below the $2,440 support might push the price 
toward the $2,350 support. Any more losses might send the price toward the 
$2,270 support level in the near term. The next key support sits at $2,220. 
Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in 
the bullish zone. Hourly RSI &#8211; The RSI for ETH/USD is now above the 50 zone. 
Major Support Level – $2,440 Major Resistance Level – $2,550

Ethereum Price Defies Gravity: The Unstoppable Rise of ETH Continues

Censorship-resistant &#8220;dark stablecoins&#8221; could come in increasing demand as 
governments tighten their oversight of the industry.
Stablecoins have been used for various groups to store assets due to a lack of 
government interference; however, with regulations pending, that could soon 
change, Ki Young Ju, CEO of crypto analytics firm CryptoQuant, said in a May 
11 X post.
&#8220;Soon, any stablecoin issued by a country could face strict govt regulation, 
similar to traditional banks. Transfers might automatically trigger tax 
collection through smart contracts, and wallets could be frozen or require 
paperwork based on government rules,&#8221; he said.
&gt; &#8220;People who used stablecoins for big international transfers might start 
&gt; looking for censorship-resistant dark stablecoins instead.&#8221;
On the heels of US President Donald Trump&#8217;s crypto-friendly administration 
assuming power earlier this year, lawmakers are weighing stablecoin 
legislation, which seeks to regulate US stablecoins, ensuring their legal use 
for payments.
The European Union has already brought in its Markets in Crypto-Assets (MiCA) 
regulation, which, among other measures, mandates that stablecoins be 
regulated and transparent.
_Source:__Ki Young Ju_
Ju speculates that a dark or private stablecoin could be created as an 
algorithmic stablecoin, with the value maintained through algorithmic 
mechanisms rather than being pegged to an external asset like gold, which 
makes it susceptible to interference from authorities.
&#8220;One possible example could be a decentralized stablecoin that follows the 
price of regulated coins like USDC using data oracles like Chainlink,&#8221; he 
said.
Another way would be stablecoins issued by countries that don&#8217;t censor 
financial transactions, or, for example, if Tether chooses not to comply with 
US government regulations in the future.
&#8220;USDT itself used to be considered a censorship-resistant stablecoin. If 
Tether chooses not to comply with US government regulations under a future 
Trump administration, it could become a dark stablecoin in an increasingly 
censored internet economy,&#8221; Ju said.
## Privacy technology in crypto is already being used
Zcash (ZEC) and Monero (XMR) &#8212; while they aren&#8217;t stablecoins &#8211;already shield 
transactions and allow users to send and receive funds without revealing their 
transaction data on the blockchain.
_**Related:**__**Russia finance ministry official floats country making own 
stablecoins: Report**_
Several projects are also working on using similar technology for stablecoins, 
such as Zephyr Protocol, a Monero fork that hides transactions from being 
revealed on the blockchain. PARScoin also hides user identities, transaction 
values, and links to past transactions.
The market cap of US dollar-denominated stablecoins has continued to grow, 
crossing $230 billion in April, a report from investment banking giant 
Citigroup found. That&#8217;s an increase of 54% since last year, with Tether (USDT) 
and USDC (USDC) dominating 90% of the market.
Meanwhile, total stablecoin volumes hit $27.6 trillion in 2024, surpassing the 
combined volumes of Visa and Mastercard by 7.7%.
_**Magazine:**__**Ridiculous &#8216;Chinese Mint&#8217; crypto scam, Japan dives into 
stablecoins: Asia Express**_

‘Dark stablecoins’ could emerge as regulations tighten

Bitcoin price started a fresh surge above the $102,000 zone. BTC is rising and 
might aim for a move toward the $107,500 resistance. Bitcoin started a strong 
increase above the $100,500 resistance zone. The price is trading above 
$102,500 and the 100 hourly Simple moving average. There is a new connecting 
bullish trend line forming with support at $103,500 on the hourly chart of the 
BTC/USD pair (data feed from Kraken). The pair could start another increase if 
it clears the $105,000 zone. Bitcoin Price Aims More Gains Bitcoin price 
started a fresh increase from the $96,500 support zone. BTC formed a base and 
was able to clear the $98,800 resistance zone. The bulls even pushed the price 
above $102,000. The pair spiked above $104,500 and tested $105,000. A high is 
formed at $104,943 and the price is now consolidating gains above the 23.6% 
Fib retracement level of the upward move from the $95,825 swing low to the 
$104,943 high. Bitcoin is now trading above $103,500 and the 100 hourly Simple 
moving average. There is also a new connecting bullish trend line forming with 
support at $103,500 on the hourly chart of the BTC/USD pair. On the upside, 
immediate resistance is near the $104,500 level. The first key resistance is 
near the $105,000 level. The next key resistance could be $105,500. A close 
above the $105,500 resistance might send the price further higher. In the 
stated case, the price could rise and test the $106,200 resistance level. Any 
more gains might send the price toward the $108,000 level. Are Dips Supported 
In BTC? If Bitcoin fails to rise above the $104,500 resistance zone, it could 
start another downside correction. Immediate support on the downside is near 
the $103,500 level and the trend line. The first major support is near the 
$102,800 level. The next support is now near the $100,500 zone and the 50% Fib 
retracement level of the upward move from the $95,825 swing low to the 
$104,943 high. Any more losses might send the price toward the $98,800 support 
in the near term. The main support sits at $97,500. Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI 
(Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $103,500, followed by $102,800. Major Resistance Levels 
– $104,500 and $105,000.