Cetus Protocol, the largest decentralized exchange on the Sui blockchain, is offering a $6 million bounty to the hacker behind a massive $223 million exploit that occurred on May 22. In a May 22 follow-up statement accompanied by an on-chain…

Sui-based Cetus Protocol offers $6M bounty to hacker after $223M exploit

Bitcoin&#8217;s price is coasting along at $107,793 to $108,316 per unit over the 
last hour, marking a 1% decrease from the previous trading session. With a 
market capitalization of $2.19 trillion and a 24-hour trading volume of $38.79 
billion, the cryptocurrency saw a wide intraday price movement between 
$107,367 and $112,000. Bitcoin Bitcoin’s daily chart […]

Bitcoin Price Watch: Bearish Patterns Emerge as Volume Declines

Geopolitical tensions and trade policies continue to impact cryptocurrency 
markets, highlighting their vulnerability to macroeconomic shifts.
The post Bitcoin tumbles under $108K after Trump calls for 50% EU tariff 
appeared first on Crypto Briefing.

Bitcoin tumbles under $108K after Trump calls for 50% EU tariff

Singapore-based artificial intelligence firm Genius Group has added more 
Bitcoin to its corporate treasury after being temporarily banned from doing 
so.
In a May 22 announcement, Genius Group explained that it has resumed 
accumulating Bitcoin (BTC) following a favorable ruling by the US Court of 
Appeals. It follows Genius Group being temporarily barred from expanding its 
Bitcoin treasury after a US court order had banned it from selling shares, 
raising funds and using investor funds to buy more BTC.
Genius Group announced it increased its Bitcoin Treasury 40% with the purchase 
of 24.5 BTC, worth around $2.7 million. The company now holds 85.5 BTC 
acquired for a total of $8.5 million, at an average price of $99,700 per coin.
&#8220;We are pleased to be able to begin the task of rebuilding shareholder value 
from the damage caused by the legal actions of third parties, and delivering 
on our 2025 plan,&#8221; the company&#8217;s CEO, Roger Hamilton, said.
_**Related:**__**Swedish health firm jumps 37% on first Bitcoin buy, China EV 
seller to buy 1K BTC**_
## A long-term commitment
Hamilton said that Genius Group is &#8220;committed to educating students on the 
ABCs of the Future: AI, Bitcoin and Community.&#8221; He claimed that the firm is 
preparing the world for the upcoming digital workforce and digital economy, 
adding:
&gt; &#8220;Building our Bitcoin Treasury is a key part of that plan.&#8221;
Genius Group is listed on the New York Stock Exchange (NYSE) with a current 
market cap of $24.34 million. Google Finance data shows that the company&#8217;s 
stock is trading at under half of the value it had when starting the year, at 
$0.34 at the time of writing, dropping over 8% in the last trading day from 
$0.41.
_Genius Group stock price chart. Source:__Google Finance_
 _**Related:**__**Bitcoin open interest hits record high as BTC slips below 
$111K**_
## The many firms following in MicroStrategy&#8217;s footsteps
By accumulating Bitcoin, Genius Group is following the lead of the world&#8217;s top 
corporate Bitcoin treasury company, Strategy, previously known as 
MicroStrategy. Strategy now holds well over 2% of the total Bitcoin that will 
ever be created and continues buying more. The firm acquired nearly $765 
million in Bitcoin last week.
Genius Group is not the only company following in the Strategy&#8217;s footsteps. 
Earlier this month, a Bahrain-based, listed catering company with a $24.2 
million market cap adopted a Bitcoin treasury strategy in partnership with 
investment firm 10X Capital.
Also this month, shares of luxury watchmaker Top Win surged more than 60% in 
premarket trading after the company said it would adopt a Bitcoin accumulation 
strategy and had changed its name to AsiaStrategy.
_**Magazine:**__**Metric signals $250K Bitcoin is &#8216;best case,&#8217; SOL, HYPE 
tipped for gains: Trade Secrets**_

Genius Group resumes Bitcoin buying after US court ruling

Binance co-founder and former CEO Changpeng &#8220;CZ&#8221; Zhao has pushed back against 
a report in The Wall Street Journal, calling it a &#8220;hit piece&#8221; filled with 
inaccuracies and negative assumptions.
In an X post, Zhao criticized the publication&#8217;s portrayal of his alleged 
involvement with World Liberty Financial, the decentralized finance project 
backed by a business entity affiliated with US President Donald Trump. Trump&#8217;s 
sons &#8212; Eric and Donald Jr. &#8211;are involved in the management of the company.
Zhao said the WSJ article portrayed him as acting as a &#8220;fixer&#8221; for the WLF 
team and its co-founder Zach Witkoff during foreign trips.
The article suggested Zhao facilitated introductions and meetings for WLF 
leaders during foreign trips, including a visit to Pakistan that reportedly 
resulted in a memorandum of understanding with a local official.
&#8220;I am not a fixer for anyone,&#8221; Zhao said, firmly denying that he connected 
Pakistani official &#8220;Mr. Saqib&#8221; with WLF or organized any engagements abroad. 
&#8220;They had known each other way back, whereas I only met with Mr. Saqib for the 
first time in Pakistan.&#8221;
_Source:__Changpeng Zhao_
## WSJ reports on Steve and Zach Witkoff
Zhao&#8217;s response follows a WSJ investigation highlighting a complex string of 
diplomatic and business interests involving WLF.
The report raised concerns about the blurred lines between public duties and 
private interests and focused on diplomatic and business dealings involving 
WLF co-founders Steve Witkoff and his son, Zach Witkoff. Steve Witkoff serves 
as the US Special Envoy to the Middle East under the Trump administration, 
while Zach Witkoff has been involved in securing a reported $2 billion crypto 
deal.
The report raised questions about whether diplomatic efforts overlapped with 
private crypto ventures, and implied Zhao may have been attempting to curry 
favor with the Trump administration
On May 6, Zhao confirmed that he is seeking a pardon from the Trump 
administration for his earlier money laundering conviction.
The report also highlighted that WLFI, which raised over $600 million in token 
sales, does not disclose the names of all its investors aside from some 
publicly known ones like Tron founder Justin Sun, who attended Trump&#8217;s 
memecoin dinner on May 22.
Trump hosted the dinner for the largest investors of his Official Trump 
(TRUMP) memecoin. Sun, Magic Eden CEO Jack Lu and BitMart CEO Sheldon Xia were 
among attendees and shared photos of the event.
_**Related:**__**Binance scores legal win as UK court partially dismisses 
Bitcoin SV lawsuit**_
## Zhao claims the WSJ report is an &#8220;attack&#8221; on crypto
Zhao claimed the WSJ submitted a list of questions containing what he 
described as &#8220;wrong and negative assumptions.&#8221; He and his public relations 
team responded by pointing out several factual inaccuracies, he said, but 
concluded that the article was &#8220;built on a flawed narrative.&#8221;
Zhao slammed the WSJ, calling it a &#8220;mouthpiece&#8221; for anti-crypto forces in the 
United States. He said the forces behind the publication want to hinder 
efforts to make the US a crypto capital.
&#8220;They want to attack crypto, global crypto leaders and the pro-crypto 
administration,&#8221; CZ claimed, saying the article is part of a broader effort to 
stifle the industry&#8217;s growth in the US.
This is not the first time Zhao has clapped back at the WSJ recently. In an 
April 11 report, the publication cited anonymous sources alleging that Zhao 
agreed to testify against Tron founder Justin Sun as he settled with US 
prosecutors.
CZ dismissed the report, saying that people who become government witnesses 
don&#8217;t go to prison and are protected. CZ also claimed that someone paid WSJ 
employees to smear his name.
_**Magazine:**__**Crypto scam hub expose stunt goes viral, Kakao detects 70K 
scam apps: Asia Express**_

CZ refutes claims in latest WSJ article on Trump-linked crypto dealings

Key takeaways:
 * Bitcoin hit a new all-time high of $111,970 on May 22, but retraced to $110,700, with analysts noting mixed signals on market overheating.
 * Funding rates and other metrics suggest a &#8220;healthy upward phase.&#8221;
Bitcoin&#8217;s (BTC) price recorded a new all-time high of $111,970 on May 22. 
However, BTC price retraced shortly after to trade at $110,700 at the time of 
writing.
Despite the correction, there are mixed signals about whether the price rally 
is overheated or whether this is a healthy pullback.
## Bitcoin &#8220;still not overheated&#8221; &#8212; analyst
Bitcoin is not showing any signs of being overheated despite reaching new all- 
time highs this week, with several analysts pointing to fundamentals 
suggesting Bitcoin could rise further.
&#8220;Overheating indicators such as the funding rate and short-term capital inflow 
remain low compared to previous peaks, and profit-taking by short-term 
investors is limited,&#8221; said CryptoQuant analyst Crypto Dan in a May 22 
Quicktake note.
Crypto Dan pointed out that Bitcoin&#8217;s funding rate, an indicator of market 
overheating, shows an increase in long bets. However, these bets &#8220;remain much 
smaller compared to previous peaks,&#8221; suggesting &#8220;futures market overheating is 
negligible.&#8221;
_Bitcoin funding rates and STH SOPR. Source: CryptoQuant_
A spike in Bitcoin funding rates can sometimes cause worry among market 
participants about increased Bitcoin volatility and liquidation risks.
Still, the funding rates are moderately positive, signaling that traders are 
optimistic about Bitcoin&#8217;s price and buyers are willing to pay sellers a fee 
to hold their positions.
Meanwhile, the short-term holder (STH) Spent Output Profit Ratio (SOPR) metric 
reveals that despite STHs returning to profit, few have taken profits during 
the recent rise.
This indicator is currently valued at 1.02%, suggesting that STHs are 
realizing some profits at much lower rates.
&#8220;In March 2024, there was significant profit-taking and a prolonged 
correction, but currently, profit-taking is much lower than in November 2024,&#8221; 
the analyst explained, adding that despite the price at all-time highs, 
whales&#8217; profit-taking activity remains relatively subdued.
CryptoQuant&#8217;s Crypto Dan expected Bitcoin to continue rising higher, noting:
&gt; &#8220;Overall, the Bitcoin market is still in a healthy upward phase.&#8221;
Meanwhile, Bitcoin&#8217;s MVRV Z-score value &#8212; a metric that compares BTC&#8217;s market 
value to its realized value and adjusts for volatility &#8212; has seen a notable 
surge over the last month.
Historically, all previous Bitcoin bull runs started with a notable surge in 
MVRV Z-score and ended with the metric entering the red zone (see chart below) 
to signal that Bitcoin is significantly overvalued.
At 2.8, the MVRV Z-score is still significantly below the red zone, suggesting 
that the market top is not yet in.
_Bitcoin &#8216;s MVRV Z-score. Source: Glassnode_
## Bitcoin&#8217;s RSI entering &#8220;exhaustion&#8221;
Bitcoin&#8217;s relative strength index, or RSI, displays overbought conditions in 
two out of five timeframes. Bitcoin&#8217;s RSI is now at 70 in the 12-hour 
timeframe and 75 on the daily chart. Other intervals show near-oversold RSI 
values on the weekly and four-hour timeframes.
_Crypto market RSI heatmap. Source: CoinGlass_
Data from TradingView shows BTC&#8217;s RSI at 75, 71, 68 and 66 on daily, 12-hour, 
weekly and four-hour timeframes, respectively. Meanwhile, the Crypto Fear &amp; 
Greed Index is 78, indicating &#8220;extreme greed&#8221; conditions.
_Crypto Fear and Fear Index chart. Source: Alternative.me_
When investors get too &#8220;greedy,&#8221; the market is often overdue for a correction. 
The last time this index was at similar levels was at the height of the Trump- 
driven pump in December 2024, just before BTC dropped down from its then-all- 
time high of around $108,000 and tumbled toward $74,000 in March.
_**Related:**__**Bitcoin buyer dominance at $111K suggests &#8216;another wave&#8217; of 
gains**_
Even though these metrics are cautioning market participants to manage risks, 
it is important to note that RSI conditions do not guarantee a trend reversal. 
Crypto prices are highly volatile, and BTC could continue to rally, fueled by 
increasing spot ETF demand and easing trade war tensions.
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.