Crypto markets experienced a significant downturn following the release of a higher-than-expected U.S. Producer Price Index (PPI), which influenced over $1.1 billion in liquidations. The U.S. government has indicated a desire for budget-neutral Bitcoin accumulation, with recent reports revealing that it owns approximately $24 billion in cryptocurrencies. Meanwhile, Senator Cynthia Lummis has reignited efforts to push forward the Bitcoin Act.
Amidst the fallout, altcoins saw a continued decline in comparison to Ethereum, while a staggering $3.2 billion in Ether is currently queued to exit staking platforms. The HYPE token has reached near $50, buoyed by record trading volumes. In corporate news, Google has acquired an 8% stake in BTC mining company TeraWulf, and KindlyMD plans to raise $540 million for Bitcoin purchases.
Moreover, Abu Dhabi’s sovereign wealth fund has invested $534 million in a Bitcoin ETF. Citigroup is exploring crypto custody and payment services, highlighting increasing institutional interest, while the SEC has delayed decisions on Spot ETFs from Bitwise and 21Shares regarding Solana. Tighter custody standards for crypto exchanges have been implemented in Hong Kong, as American Bitcoin seeks to expand its listings in Asia.
Lastly, U.S. sanctions have been imposed on the Russian exchange Garantex, further complicating the complex web of global crypto interactions.
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