The U.S. Senate’s effort to regulate stablecoin issuers could soon return to the floor, following a week of stalled progress tied to partisan concerns over President Donald Trump’s crypto connections. Lawmakers are close to finalizing updated language in the bill,…

Senate stablecoin bill may return to vote after Trump-linked crypto dispute

The New York Times (NYT) reported Thursday that the Securities and Exchange 
Commission is investigating whether Coinbase misrepresented its now- 
discontinued “verified user” metric in past disclosures, according to David 
Yaffe-Bellany and Matthew Goldstein. The probe, citing over 100 million users 
in filings until 2023, began under the Biden administration and continues 
under President Trump’s SEC, […]

SEC Probes Coinbase’s Discontinued ‘Verified User’ Claims: NYT

Bitdeer Technologies Group reported a 41% year-over-year drop in revenue to 
$70.1 million for the first quarter of 2025, the Bitcoin miner said on May 15.
The Singaporean company clocked an operating loss of $3.2 million for the 
quarter, down from a $34.1 million profit during the same period last year, 
its earnings release said.
However, Bitdeer reported a Q1 net income of more than $400 million, largely 
driven by gains on convertible notes and warrants issued to stablecoin issuer 
Tether in 2024.
Bitdeer&#8217;s revenue declines come as miners increasingly expand beyond Bitcoin 
(BTC) mining and pivot toward supplying high-performance computing (HPC) for 
artificial intelligence applications.
&#8220;As we scale self-mining and execute on our ASIC [mining hardware] roadmap, we 
are also advancing plans for U.S.-based HPC and AI infrastructure,&#8221; Matt Kong, 
Bitdeer&#8217;s chief business officer, said in a statement.
But Bitcoin miners are still struggling to adapt after the Bitcoin network&#8217;s 
April 2024 halving event, which effectively cut mining revenue in half.
Bitdeer has been trying to offset waning mining revenue by selling its own 
energy-efficient Bitcoin mining hardware. However, sales are still scaling and 
have not yet made up for lost mining income.
_Operational summary for Bitdeer in Q1 2025. Source:__Bitdeer_
 _**Related:**__**Bitfarms clocks $36M net loss amid shift from Bitcoin mining 
to AI**_
## Self-mining ramp-up
The company is also ramping up self-mining activities, which involve using 
mining hardware to accumulate Bitcoin itself.
Bitdeer expects its self-mining hashrate to reach 40 exahashes per second 
(EH/s) by the end of 2025, according to its earnings release. Hashrate is a 
measure of the computing power securing the Bitcoin network.
&#8220;With our SEALMINER mining rigs quickly coming off the production line and 
ample global power capacity available, we expect to achieve rapid growth in 
our self-mining hashrate,&#8221; Kong said.
As of March, Tether owned a 21% stake in Bitdeer, according to US regulatory 
filings.
Bitdeer has been reportedly investing in its US expansion as a hedge against 
the prospect of worsening trade wars.
_**Magazine: **__**Help! My parents are addicted to Pi Network crypto 
tapper**_

Bitdeer Q1 revenue falls more than 40% year-over-year

After several days of intense buying pressure and strong bullish momentum, 
Ethereum has finally paused its rally, finding resistance around the $2,740 
mark. The move comes after ETH effortlessly cleared key resistance levels at 
$2,000 and $2,200, marking one of its strongest short-term performances in 
months. As excitement builds across the broader crypto market, Ethereum’s next 
move could define the strength and sustainability of this breakout. Related 
Reading: $1.2B In Ethereum Withdrawn From CEXs – Strong Accumulation Signal 
With price now stalling, analysts believe a period of consolidation is 
likely—and perhaps even necessary—before the next leg higher. Top analyst Daan 
shared a technical view suggesting that the $2,400 level will be crucial in 
the coming days. He believes it makes sense to retest that local support, 
which would provide a healthier structure for further upside. However, Daan 
also notes a cautionary signal: extremely high levels of Open Interest across 
the ETH derivatives market. He’s currently avoiding long positions until some 
of that leverage is flushed out, reducing the risk of a sharper pullback. For 
now, Ethereum bulls must hold above $2,400 to confirm strength and keep the 
uptrend intact, while traders await cleaner conditions for potential reentry. 
Ethereum’s Surge Faces a Crucial Retest Around $2.4K Ethereum has surged more 
than 50% since last week, reclaiming momentum after months of heavy selling 
pressure. ETH is showing sustained strength for the first time since late 
December, fueling optimism that the broader altcoin market could be next. Many 
analysts are calling for an altseason, and Ethereum’s breakout is seen as a 
potential catalyst for a larger move across altcoins that have severely 
underperformed in recent years. However, after such a sharp move, a period of 
consolidation or correction wouldn’t be unusual—and could even be healthy. 
According to Daan, the $2,400 level will be a key support zone to watch. He 
believes it makes sense for price to test this area before further 
continuation. Daan currently has no interest in entering long positions until 
some of the billions in Open Interest are flushed from the system. How 
Ethereum reacts around $2.4K will likely set the tone for the next phase. If 
ETH sweeps $2.4K and quickly bounces, Daan expects a local range to form 
between $2.4K and $2.7K. However, if price loses that level decisively, the 
next major support lies at $2.1K. A slow bleed into that zone could signal 
weakness, while a quick flush might present a short-lived buying opportunity. 
Despite short-term risks, Daan notes that even a pullback to $2.1K would still 
leave ETH up roughly 20% from the prior week. In his view, the larger trading 
range for now is between $2.1K and $2.8K—a zone that could define Ethereum’s 
next major trend if bulls can hold key levels and regain momentum. For now, 
the rally is alive, but the next test will be critical. Related Reading: 
Ethereum MVRV Pricing Bands Show Key Resistance Around $3,100 Level – Details 
Price Consolidation Taking Place Amid Optimism Ethereum (ETH) is currently 
trading around $2,565, following a sharp retracement from its recent local 
high near $2,740. After a powerful rally that pushed ETH above both the 
200-day exponential moving average (EMA) and simple moving average (SMA), the 
price is now consolidating just below the 200-day SMA at $2,702.93. This level 
has acted as resistance over the last few sessions, capping Ethereum’s attempt 
to continue its upward momentum. Volume has declined slightly, reflecting 
market indecision after last week’s breakout. If bulls can defend the 200-day 
EMA near $2,437 and maintain higher lows above $2,500, the structure would 
remain bullish. However, a failure to hold these levels could lead to a deeper 
pullback, with $2,400 and $2,200 as potential supports. The recent price 
action suggests Ethereum is forming a short-term range between $2,400 and 
$2,700, which could persist until a clear breakout above the 200-day SMA. 
Holding above $2,500 is crucial to maintaining bullish momentum, especially as 
the altcoin market eyes further gains. Related Reading: XRP Open Interest 
Surges 41% As Speculation Grows – Over $1B Added In Just One Week If ETH can 
push above $2,700 with strong volume, it would confirm renewed strength and 
open the path toward the $3,000–$3,100 resistance zone. Until then, 
consolidation and caution dominate the short-term outlook. Featured image from 
Dall-E, chart from TradingView

Ethereum Eyes $2.4K Retest – Analyst Sets Key Levels To Watch

More than two-and-a-half years after filing for bankruptcy, cryptocurrency 
exchange FTX is moving forward with repaying users who have not had access to 
their funds.
In a May 15 notice, the FTX Recovery Trust announced that it would begin 
disbursing funds to the second group of parties eligible under the exchange&#8217;s 
reorganization plan. Starting on May 30, FTX will send more than $5 billion to 
creditors &#8220;within 1 to 3 business days&#8221; through crypto firms BitGo and Kraken.
In accordance with the reorganization plan, FTX said five groups of 
&#8220;convenience classes&#8221; would receive between 54% and 120% distribution of 
assets. The repayment schedule for the next class of creditors will be 
&#8220;announced in due course,&#8221; and the debtors were expected to pay up to $16 
billion if all claims were filed.
_Breakdown of the second round of FTX repayments. Source:__Sunil Kavuri_
FTX began its first round of reimbursements on Feb. 18, which was estimated to 
repay roughly $1.2 billion to creditors. Though former FTX users will likely 
be seeing their funds for the first time since the exchange collapsed in 
November 2022, many have criticized the reorganization plan for basing 
disbursement on the prices of cryptocurrencies at the time of bankruptcy.
_**Related:**__**FTX EU creditors can now withdraw money from Backpack 
exchange**_
Since the end of 2022, the price of Bitcoin has risen more than 400%, from 
roughly $20,000 to more than $100,000 at the time of publication. According to 
the recovery plan, 98% of creditors are expected to receive at least 118% of 
their initial claim value in cash.
## Criminal cases already wrapped, nearing the end
The estate&#8217;s announcement came more than a year after former FTX CEO Sam &#8220;SBF&#8221; 
Bankman-Fried was found guilty at trial and sentenced to 25 years in prison 
for his role in misusing customer funds. Former Alameda Research CEO Caroline 
Ellison and former FTX Digital Markets co-CEO Ryan Salame pleaded guilty and 
were sentenced to two and seven-and-a-half years in prison, respectively.
FTX engineering director Nishad Singh and co-founder Gary Wang also pleaded 
guilty and were sentenced to time served. However, Salame&#8217;s wife, Michelle 
Bond, while potentially not directly involved in the exchange&#8217;s activities, 
still faces campaign finance charges in New York.
_**Magazine:**__**Bitcoin eyes &#8216;crazy numbers,&#8217; JD Vance set for Bitcoin talk: 
Hodler&#8217;s Digest, May 4 &#8211; 10**_

FTX estate to start distributing more than $5B on May 30

U.S. stocks closed mixed Thursday, with the S&amp;P 500 rising 0.4% to log a 
fourth straight day of gains, while the Dow Jones Industrial Average climbed 
more than 250 points. The Nasdaq Composite dipped 0.2%, breaking its six-day 
winning streak.…