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Bitcoin reclaims the $78,000 handle on Gate

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Is Bitcoin quantum-safe? What crypto investors need to know in 2026

Bitcoin has reclaimed $78,000 on Gate’s BTC/USDT pair, extending a rebound from $76,000 and keeping the market within range of the closely watched $80,000 level.

Summary

  • Gate’s BTC/USDT market shows Bitcoin trading at about $78,004, up 2.15% over the past 24 hours and back above a key resistance area traders have been watching all week.
  • The move extends a broader rebound from lows near $76,000, keeping BTC within striking distance of the psychologically important $80,000 level highlighted in recent price commentary.
  • Derivatives and ETF flows remain the main drivers, with prior sessions already seeing BTC oscillate between the mid‑$70,000s and just under $79,000 as traders test the upper end of the current range.

According to spot data from Gate, the BTC/USDT pair is currently changing hands around $78,004, marking a roughly 2.15% gain over the last 24 hours.

Gate quotes BTC above $78,000 after latest push higher

That lift puts Bitcoin back above the $78,000 line that has acted as a near-term ceiling in recent sessions, with multiple exchanges reporting repeated tests of the high‑$70,000s but little sustained time above that zone.

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External price trackers cited by outlets such as Fortune and LatestLY have likewise noted BTC oscillating between roughly $76,000 and $79,000 as the market digests earlier gains and watches for a clean break toward $80,000.

Why the $78,000 level matters for traders

While the difference between $76,000 and $78,000 may seem marginal in percentage terms, the current band sits just below a widely watched round‑number milestone at $80,000.
As yellow.com pointed out in a recent note, BTC’s ability to hold above roughly $78,000 has coincided with rising retail search interest and renewed ETF inflows, both of which can add incremental spot demand when sentiment leans bullish.

In earlier coverage, LatestLY highlighted resistance near $78,500 as the last major hurdle before a potential run at $80,000, framing the current zone as a “launch pad” rather than a destination if macro conditions and flows stay supportive.

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For intraday traders, the reclaim of $78,000 on venues like Gate often becomes a reference level for short‑term strategies: staying above it can keep the bias tilted toward testing $79,000–$80,000, while a failure back below may invite another round of mean‑reversion trades toward the mid‑$70,000s.

Longer‑term holders, meanwhile, tend to focus more on how these levels line up with broader trends in ETF flows, exchange reserves, and macro indicators like the dollar index and Federal Reserve expectations, factors covered in previous crypto.news pieces on Bitcoin’s approach to $80,000 and beyond.

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A new narrative for bitcoin that will last

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A new narrative for bitcoin that will last

Those looking for fresh narratives around bitcoin are getting so desperate that they’re bordering on lunacy. One popular crypto account on X recently suggested that gold will be displaced by bitcoin because we are going to build data centers on the moon, which will then enable us to, I guess, mine gold on asteroids, or something like that.

Sarcastic or not (and I’m not convinced the post was), if this is what market pundits are propagating, Jamie Dimon’s comparison of bitcoin to “pet rocks” might actually prove true. But perhaps ironically, Mr. Dimon is helping to create bitcoin’s new, lasting narrative by integrating it into the plumbing of traditional finance. Bitcoin is not digital gold. It is a digital collateral asset. The question is how much of the global financial system it will ultimately collateralize.

We’re seeing new examples spring up every day: JPMorgan has begun allowing clients to use bitcoin-linked assets, and potentially bitcoin itself, as collateral for loans. Morgan Stanley, BlackRock and more are also incorporating bitcoin exposure into lending frameworks, structured products and portfolio margin systems. New, cheaper ETFs and retail accounts, like one just announced by Charles Schwab, are pushing bitcoin further into the mainstream. Other Wall Street firms are sure to follow.

But bitcoin’s role in that system is changing. Over the past decade, bitcoin has been assigned a rotating cast of identities. It has been described as an inflation hedge, a proxy for global liquidity, a form of digital gold, a geopolitical safe haven, and, most recently, the centerpiece of institutional adoption. Each of these narratives has, at various points, appeared convincing. Yet in the current cycle, they have all broken down.

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In this cycle, rather than acting as a hedge during periods of market stress, bitcoin is increasingly behaving like a collateral asset under pressure, amplifying liquidity contractions through forced deleveraging. In this context, institutional adoption is not dampening volatility — it may actually be increasing it.

This transition offers a compelling explanation for bitcoin’s sad price action as of late.

When an asset becomes collateral, its price behavior fundamentally shifts. It is no longer simply held; it is borrowed against, levered, rehypothecated, and, critically, liquidated. This introduces a reflexive dynamic that is well understood in traditional markets but underappreciated in bitcoin. When prices fall, collateral values decline. When collateral values decline, margin calls are triggered. When margin calls are triggered, forced selling occurs. That selling drives prices lower still, creating a feedback loop.

This is precisely how collateralized systems behave in equities, real estate and commodities. Bitcoin is now entering that same regime.

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Thus, the real narrative for bitcoin is that it is emerging as the world’s first globally traded, neutral, programmable collateral asset. It is the canary in the coal mine; a high-duration, zero-cash-flow asset that is acutely sensitive to liquidity conditions.

In practical terms, this new narrative means that bitcoin behaves like a leveraged barometer for global risk appetite. When liquidity expands meaningfully, bitcoin can outperform dramatically. But when liquidity tightens — even marginally — it tends to break first. In multiple recent drawdowns, bitcoin has led equities lower by days or even weeks, functioning less as protection and more as a forward indicator of stress.

Bitcoin’s massive drawdown over the past five months has occurred against a macroeconomic backdrop that should have supported it: inflation has remained elevated, global liquidity has stabilized and begun to expand, geopolitical tensions persist, and traditional markets — from the S&P 500 to gold — have performed strongly until very recently. If bitcoin were meaningfully tied to any of these forces, it should have responded accordingly. It did not.

A few weeks ago, as equities fell from their highs, people pointed to bitcoin’s stable price behavior as proof of its hedging capability. It’s down 50% in five months; it’s not a hedge for anything, it just front-ran the wipeout.

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Other popular narratives don’t work either. Consider the widely cited relationship between bitcoin and global M2 money supply. While there have been periods when bitcoin appeared to track the money supply, the relationship has proven highly unstable, shifting from strongly positive to strongly negative within the same cycle.

The same inconsistency appears when comparing bitcoin to traditional assets. Long-term data show that bitcoin’s correlation with both gold and equities tends to cluster near zero over extended periods, despite temporary spikes during specific market regimes. More recent data reinforces this instability. Bitcoin’s correlation with gold has at times turned sharply negative, falling as low as -0.9, indicating not just independence, but outright divergence. Meanwhile, its correlation with equities has ranged from negligible to as high as 0.8 during periods of institutionally driven risk-on behavior.

Similarly, the digital gold narrative has struggled to hold up in practice. Gold has materially outperformed bitcoin during recent periods of macro uncertainty, while bitcoin has continued to exhibit large, equity-like drawdowns. Even as an inflation hedge, bitcoin has disappointed. Since the inflation surge began in 2021, it has failed to deliver consistent, real returns.

What remains is an uncomfortable conclusion: bitcoin does not reliably rise with equities or any other asset class, it does not track gold and it does not hedge inflation. What it does do (consistently) is fall earlier and more aggressively when financial conditions tighten.

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What all of that boils down to is that bitcoin is a high-volatility, reflexive, globally traded collateral asset. It is leverage on liquidity cycles, not protection.

This may be a less romantic narrative than asteroid mining and lunar data centers, but in order to be integrated into the traditional leveraged financial system in earnest, bitcoin must be understood for what it is, not what we wish it were.

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Trump Sons Profit From Every Angle of $1.6 Billion US-Backed Tungsten Deal

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Trump Sons Profit From Every Angle of $1.6 Billion US-Backed Tungsten Deal

The Trump sons, Donald Trump Jr. and Eric Trump, quietly took roughly 20% of a Kazakh tungsten miner now backed by up to $1.6 billion in US federal financing, the Financial Times reported Friday.

Three forces converge in their favor, each set in motion by their father’s administration. Federal financing builds the mine, a US ban removes the dominant supplier, and the Pentagon needs an alternative now.

Why the Deal Raises Red Flags

The brothers entered through Skyline Builders, a Nasdaq-listed shell, in August 2025 with no public disclosure. They added shares in a $24 million private placement in late October, days after deal terms leaked.

In November, President Trump and Kazakh President Kassym-Jomart Tokayev unveiled the project at a White House summit.

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The Export-Import Bank pledged up to $900 million, and the Development Finance Corporation pledged $700 million more.

“This could be the biggest corruption scandal in recent US history,” analyst Bull Theory noted.

Their broader crypto ventures already faced Senate probes over conflict-of-interest concerns. Reportedly, the brothers are passive investors with no government role.

The Financial Times found no evidence they knew about pending US support when they first bought in.

Three Angles of Government Help

US miners have not produced tungsten commercially since 2015. A 2026 law also bars Chinese tungsten from American military gear, leaving the Pentagon without a domestic alternative.

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China still controls about 80% of global tungsten and tightened export rules in early 2025. Prices reached a decade high in 2024, fueling Washington’s push for an allied source.

The Northern Katpar and Upper Kairakty deposits could supply roughly 15% of global tungsten output.

  • Government cash builds the mine.
  • Government policy banishes the dominant rival.
  • Government contracts will fill the gap that policy created.

Whether KAZR triggers the congressional policy scrutiny already targeting family crypto holdings will define the coming weeks.

The post Trump Sons Profit From Every Angle of $1.6 Billion US-Backed Tungsten Deal appeared first on BeInCrypto.

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Coinbase XRP TAS goes live for institutions today

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Dimon to Coinbase CEO Armstrong: ‘You’re full of it’

Coinbase activated Trade at Settlement for XRP futures on May 1, making XRP TAS the first altcoin to receive the same institutional block-trade execution mechanism already available for Bitcoin, Ethereum, gold, and crude oil futures, following a CFTC filing on April 21.

Summary

  • XRP TAS allows institutional investors to execute large block orders for both nano XRP and full-sized XRP futures at the official 4 PM settlement price, removing intraday price exposure that increases execution costs at volume.
  • The tool places XRP on the same operational footing as traditional commodity futures, directly following the SEC and CFTC’s March 2026 joint classification of XRP as a digital commodity.
  • A Coinbase and EY-Parthenon survey found that 25% of institutional investors plan to add XRP to their portfolios in 2026, with 65% citing regulatory clarity as the primary condition holding them back.

Coinbase XRP TAS went live on May 1, as Coinbase Derivatives activated Trade at Settlement functionality for XRP futures on both nano and standard contracts. As crypto.news reported, Coinbase filed documentation with the CFTC on April 21 confirming the activation, with the filing outlining how TAS will support block trades under the Commodity Exchange Act, with Coinbase’s Market Regulation team overseeing activity to ensure fair and transparent execution. TAS lets large institutional participants lock in the official 4 PM settlement price rather than trading against live, fluctuating intraday markets — a standard mechanism in traditional commodity futures that reduces execution cost and position-sizing uncertainty at volume. Previously, Bitcoin, Ethereum, gold, and crude oil held TAS eligibility on Coinbase. XRP is the first altcoin to receive it.

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The TAS activation lands within a broader institutional build-out for XRP that has accelerated since the SEC and CFTC jointly classified XRP as a digital commodity in March 2026. As crypto.news documented, Goldman Sachs has disclosed a $153.8 million position across four XRP ETFs, and total XRP ETF assets under management have reached $1.53 billion. A Coinbase and EY-Parthenon survey found that institutional investors plan to increase XRP exposure from 18% to 25% of portfolios in 2026, with 65% citing regulatory clarity as their threshold condition. The TAS launch is arriving at the same time as a Coinbase market maker program that also activates May 1 and is designed to improve order book depth for XRP and other crypto futures on the exchange. As crypto.news tracked, XRP ETFs logged their best inflow month of 2026 in April at $81.63 million, with the nine-day positive streak ending just days before the TAS activation adds another institutional access layer to the asset.

The 247 Wall St. analysis notes that TAS is one of four concrete XRP catalysts in May alone: GraniteShares launches 3x leveraged XRP ETFs on May 7, Powell exits as Fed chair on May 15, and the CLARITY Act faces its hard May 21 markup deadline. If block trade flows through TAS materialise at scale, they will be the clearest signal yet that institutional XRP demand is converting from stated intent into actual capital deployment.

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MegaETH’s MEGA launch soured by undisclosed fees on Kumbaya

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MegaETH’s MEGA launch soured by undisclosed fees on Kumbaya

MegaETH liquidity providers (LPs) are furious following yesterday’s MEGA launch after Kumbaya, the network’s flagship decentralized exchange (DEX), reportedly took half of their trading fees, undisclosed.

In total, the DEX took over $375,000 in protocol revenue between April 30 and May 1, according to DeFiLlama data.

Responding to the outcry, Kumbaya said that “updated documentation along with more details on Kumbaya’s fee structure is coming tomorrow.”

Hours later, the team advised that the DEX is “safe to use” following a security alert on its site which had been “flagged by a wave of malicious manual reports,” seemingly from embittered users.

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Read more: Crypto hackers snatch over $1B in 68 incidents this year 

Unhappy LPs took to X to voice their anger over discovering the fee split via on-chain data, after the info was reportedly lacking on the exchange’s website.

Another user claimed that Kumbaya “implied for months” that LPs in certain pools would earn points or tokens once MEGA launched via a logo in the UI, which was later quietly removed.

Yet another felt betrayed by Kumbaya’s close links to the MegaETH Foundation, and recommended LPs migrate to competitor Prism. The official MegaETH X account has repeatedly endorsed Kumbaya, even calling it “ecosystem critical” upon deployment in January.

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Compared with Uniswap’s share of LP fees, which are significantly lower, or even Prism’s 25%, Kumbaya’s undisclosed 50% split is seen as predatory, capitalizing on the flurry of trading around MEGA’s launch.

On the other hand, contrarian crypto lawyer Gabriel Shapiro argued that “the code *is* the disclosure.” He later added that “the whole merit of defi is that the code is available.”

The MEGA token is down approximately 25% since launch, with a fully diluted valuation of approximately $1.5 billion.

Read more: MegaETH pre-deposit event derailed by congestion and multisig mayhem

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Not MegaETH’s first rodeo

The network previously faced embarrassment during a hotly-anticipated “pre-deposit event” in November.

Despite claiming to be “the first real-time blockchain,” with ultra-fast >100,000 transactions per second (TPS) and sub-10 ms block times, the event was beset by a congested KYC process.

This led to many would-be depositors missing their chance as the initial $250 million cap was filled within three minutes.

In an attempt to make things right, the team decided to quadruple the initial cap, queuing a pre-signed transaction in the projects multisig wallet.

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However, the transaction was then discovered and executed well ahead of schedule by user chud.eth with an “oops,” before eventually being walked back to $500 million by the team.

“Unfortunately, the party responsible for executing the raise tx was unfamiliar with the specific Safe feature,” the team later admitted.

Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on XBluesky, and Google News, or subscribe to our YouTube channel.

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Investors Rush As 2nd May Approaches Making DOGEBALL The Top Crypto to Invest This Week

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Investors Rush As 2nd May Approaches Making DOGEBALL The Top Crypto to Invest This Week

Momentum is building fast around the top crypto to invest this week, and early-stage opportunities are becoming harder to find at low entry points. DOGEBALL crypto presale 2026 is one of the few projects still offering a sub-$0.001 price while already attracting strong investor participation. With over $245K+ raised and 890+ participants onboarded, the demand is clearly accelerating.

The presale went live on 2nd January 2026 and is now approaching its final deadline on 2nd May 2026. This short 4-month window creates a rare setup where investors can position early and aim for significant upside in a limited time. As 2nd May gets closer, the urgency to secure early pricing is increasing.

DOGEBALL Crypto Presale 2026 Gains Traction As A Top Crypto To Invest This Week

DOGEBALL crypto presale 2026 is being recognized as a top crypto to invest this week because it delivers real infrastructure, not speculation. Built on DOGECHAIN, a custom Ethereum Layer 2, the project integrates GameFi and PayFi into a single ecosystem designed for real-world use.

DOGEBALL enables users to send crypto while receivers get fiat directly into their bank accounts across 30+ currencies. Transactions are near-instant, with zero FX fees and no intermediaries involved. This direct system removes delays and costs that typically affect global payments, giving DOGEBALL a clear functional advantage.

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Real Utility And High Demand Mechanics Drive Investor Confidence

DOGEBALL introduces measurable value through its payment and gaming infrastructure, creating continuous demand for its native token. $DOGEBALL is used to pay transaction fees, which naturally drives buy pressure as adoption increases. Combined with staking rewards, the token offers both utility and earning potential.

The gaming ecosystem further strengthens its position by offering up to $1M in rewards, with top prizes reaching $500K. Players can instantly convert winnings into fiat without losing a percentage to intermediaries. This creates a direct and efficient system for gamers, developers, and content creators globally.

Presale Pricing Gap Creates Strong ROI Potential

At the current presale price of $0.0004, DOGEBALL is expected to launch at $0.015. This pricing difference represents a potential ROI exceeding 3600% within the 4-month presale period. Investors entering now are positioned to benefit from this gap as the launch approaches.

Using bonus code PAY35 adds another advantage by providing 35% extra $DOGEBALL tokens. On top of that, the Buyer of the Week incentive offers a 100% token bonus on total weekly spend, making top buyers feel like VIP participants while encouraging competitive accumulation.

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Buyer Of The Week Competition Creates Urgency And High Engagement

The Buyer of the Week program has become a major driver of activity within the DOGEBALL ecosystem. Participants are competing aggressively for the top spot, knowing that the 100% token bonus can significantly boost their holdings. This structure directly rewards commitment and timing.

In the past 7 days, the competition reached peak intensity with a $2131 purchase at 23:58 UTC taking first place, only to be overtaken by a $2320 buy at 23:59 UTC. This last-minute shift highlights how serious investors are about maximizing their allocation before each weekly cycle ends.

How To Buy DOGEBALL Before The Presale Ends On 2nd May

Joining the DOGEBALL presale is simple and designed for quick access. Investors can visit the official website, connect their wallet, and choose their preferred investment amount. The process is streamlined to ensure fast participation without unnecessary steps.

Before completing the purchase, entering the bonus code PAY35 unlocks an additional 35% in tokens. With the presale ending on 2nd May 2026 approaching quickly, acting now ensures access to the lowest price tier and available incentives before they close.

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Final Take: DOGEBALL Presale Positioned As Top Crypto To Invest This Week

DOGEBALL continues to stand out as the top crypto to invest this week due to its strong combination of utility, demand mechanics, and early-stage pricing. The DOGEBALL presale has already crossed $200K+ in funding within a short period, confirming growing investor confidence.

With real-world payment solutions, a functional gaming ecosystem, and a clear pricing advantage, DOGEBALL offers more than speculation. As 2nd May approaches, this presale is entering its final phase, making immediate action critical for those targeting early-stage gains.

Find Out More Information Here

Website: https://dogeballtoken.com/

X: https://x.com/dogeballtoken

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Telegram Chat: https://t.me/dogeballtoken

FAQs For Top Crypto To Invest This Week

1. Which crypto is best for this week?

The top crypto to invest this week is DOGEBALL due to its active presale, strong utility in payments and gaming, and high ROI potential from $0.0004 to $0.015, making it attractive for early investors.

2. What crypto is best to invest in right now?

DOGEBALL is a strong option right now with $245K+ raised and 890+ participants. Its ecosystem supports instant payments and gaming rewards, giving it real-world value beyond typical crypto presale projects.

3. Which crypto is increasing fast?

DOGEBALL is gaining traction quickly during its presale phase. Strong participation, weekly incentives, and bonus rewards are driving rapid growth and increasing investor interest ahead of its upcoming launch.

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Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.

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DeFi Sets New Hack Record as April Logs 28 Exploits with $635M Stolen

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DeFi Sets New Hack Record as April Logs 28 Exploits with $635M Stolen


April’s exploits were driven less by smart contract bugs and more by social engineering, bridge spoofing, and AI-assisted reconnaissance.

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Datavault AI (DVLT) Stock Climbs on CyberCatch Acquisition Announcement

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Brian Armstrong's Bold Prediction: AI Agents Will Soon Dominate Global Financial

Key Highlights

  • DVLT shares advance following CyberCatch acquisition announcement

  • Stock climbs 3.05% on news of all-stock transaction with CyberCatch Holdings

  • Acquisition brings AI-powered compliance and security capabilities to Datavault

  • Deal broadens company’s cybersecurity portfolio amid rising industry demand

  • DVLT strengthens position in AI cybersecurity sector through strategic buyout

Shares of Datavault AI (DVLT) climbed following the company’s announcement of a binding agreement to purchase CyberCatch Holdings through an all-stock deal. The stock reached $0.7479, representing a 3.05% increase, though it retreated from an earlier peak above $0.79. This acquisition positions Datavault AI to capitalize on expanding cybersecurity needs across sectors including defense, healthcare, financial services, and data management.

Datavault AI Inc., DVLT

Strategic Acquisition Agreement Outlined

The company entered into a binding letter of intent for a complete acquisition of CyberCatch through an all-stock arrangement. Following completion, CyberCatch will operate as a fully owned subsidiary. The transaction is structured to proceed via a court-sanctioned plan of arrangement in accordance with British Columbia corporate regulations.

The agreement stipulates that Datavault AI will purchase approximately 26.8 million outstanding CyberCatch common shares. In return, CyberCatch’s existing shareholders will receive roughly 49.9 million newly created Datavault AI shares. This exchange assigns a valuation of approximately CAD $136.84 million to CyberCatch’s equity.

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Following transaction completion, existing Datavault AI shareholders will retain approximately 92.48% ownership of the merged entity. Former CyberCatch shareholders will control around 7.52% on a non-diluted basis. The San Diego-based CyberCatch operation will remain under the leadership of its founder and chief executive, Sai Huda.

Platform Capabilities and Market Opportunity

CyberCatch operates an AI-driven platform designed for continuous cybersecurity compliance verification and cyber risk reduction. The system performs automated control assessments, evaluates security posture, and executes persistent penetration testing. Results are aligned with prominent regulatory frameworks such as CMMC, NIST, ISO 27001, HIPAA, and PCI DSS.

This transaction positions Datavault AI within a substantial and growing market segment. According to Gartner forecasts, global information security expenditures are anticipated to hit $240 billion by 2026. Furthermore, the research firm predicts the AI-enhanced security market will expand to $160 billion by 2029.

CyberCatch’s offerings address increasing regulatory pressure on organizations, particularly in defense contracting. The U.S. Cybersecurity Maturity Model Certification (CMMC) program launched its initial phase in November 2025. Required third-party compliance assessments for Level 2 contracts take effect in November 2026.

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Integration Strategy and Technology Synergies

Datavault AI intends to integrate CyberCatch’s capabilities as a foundational security component throughout its existing technology infrastructure. This encompasses the company’s DataValue, DataScore, and Information Data Exchange solutions. Management anticipates the platform will enable secure processing of workloads subject to regulatory oversight.

The acquisition aligns with Datavault AI’s quantum-resistant edge computing initiatives. CyberCatch has been advancing MARS-MABE encryption technology designed to enhance access management and credential revocation capabilities. This innovation could facilitate secure data operations across healthcare institutions, defense contractors, financial firms, manufacturing operations, and energy providers.

Several conditions remain before transaction completion, including execution of definitive documentation, completion of due diligence reviews, board authorization from both entities, CyberCatch shareholder consent, and judicial approval. Regulatory clearance from both Nasdaq and the TSX Venture Exchange is also required. The parties have committed to a 45-day exclusive negotiation window to finalize binding terms.

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Tether posts $1.04 billion in first-quarter profit, reaches $8.23 billion reserve buffer

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Tether scales back $20 billion funding ambitions after investor resistance: FT

Tether, issuer of the largest stablecoin by market capitalization, said first-quarter net profit was $1.04 billion and excess reserves increased to a record $8.23 billion.

The company did not provide year-earlier or fourth-quarter figures. It reported a net profit of more than $10 billion for all of 2025.

The amount of the dollar-pegged USDT in circulation remained stable, with total token-related liabilities of about $183 billion as of March 31, the firm said in its quarterly report. The company’s total assets are just under $192 billion, it said.

The report was released at a time of increasing global demand for stablecoins as they find uses outside crypto trading as a mechanism for international payments. Just this week, Visa announced expansion of its stablecoin settlement pilot to nine blockchains, adding Base, Polygon, Canton Network, Arc and Tempo to existing support for Ethereum, Solana, Avalanche and Stellar.

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Excess reserves, up from $6.3 billion at end-2025, were supported by “continued profitability and a reserve base concentrated in short-duration, high-quality liquid instruments,” the company said.

USDT is the third-largest cryptocurrency, behind bitcoin and ether (ETH), with a market capitalization of just under $190 billion.

The majority of Tether’s reserves are held in U.S. government-backed instruments and short-term liquidity facilities, the firm said, adding that it is the 17th-largest holder of U.S. Treasuries globally. Tether has become a top 10 buyer of U.S. Treasuries over the past two years, surpassing Taiwan, Israel and the UAE.

Its physical gold holdings are roughly $20 billion and its bitcoin reserve is approximately $7 billion, it said.

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Banks push back on GENIUS Act stablecoin rules

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GENIUS Act turns stablecoins into tools of dollar dominance, not crypto rebels

Major US banking trade groups have asked the Treasury Department and the FDIC to pause three GENIUS Act rulemaking comment periods until the OCC finalises its primary stablecoin framework, while stablecoin startup Agora simultaneously filed for a national trust bank charter on April 24 to establish a federal presence before the rules harden.

Summary

  • The American Bankers Association and the Bank Policy Institute asked Treasury and the FDIC to wait 60 days after the OCC finishes its framework before running parallel comment periods, arguing the proposals are structurally interdependent.
  • Agora CEO Nick van Eck called the banks’ stance “not much of a surprise,” adding that their real concern is deposit flight and the loss of yield spread between near-zero deposit rates and Fed reserves.
  • Van Eck said Agora’s charter, if approved by year-end, would allow the company to issue stablecoins directly under federal oversight and eliminate what he called “egregious fees” in fiat-to-crypto on/off ramps.

The GENIUS Act banking groups officially pushed back on April 22 when the American Bankers Association, the Bank Policy Institute, and two other trade associations wrote to the Treasury Department and the FDIC requesting extended comment periods on three proposed implementation rules. As crypto.news reported, the groups argued that the Treasury’s equivalency rule, the FDIC’s issuer standards rule, and the FinCEN-OFAC anti-money-laundering directive are all “substantively tethered” to the OCC’s pending framework and cannot be meaningfully assessed until the OCC publishes its final rule. The GENIUS Act, signed into law in July 2025, is scheduled to take effect no later than January 18, 2027.

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“This is not much of a surprise,” van Eck said of the banking sector’s response, calling the law “one of the most significant pieces of banking legislation in our generation.” He said banks’ deeper concern is the prospect of users moving deposits to stablecoin platforms that can pass through higher yields, eroding the spread between near-zero deposit rates and returns banks earn at the Federal Reserve. Agora’s counter-move was to file for a national trust bank charter with the OCC on April 24, positioning the firm to issue stablecoins directly under federal oversight rather than waiting for the broader rulemaking to settle. Van Eck said a federal charter would eliminate “egregious fees” in fiat-to-crypto conversion infrastructure and allow Agora to expand into custody, compliance, and payments.

As crypto.news documented, the OCC released its proposed stablecoin rulebook in February 2026, covering issuance, reserves, supervision, and redemption requirements for permitted payment stablecoin issuers. That proposal opened a 60-day comment window that closed May 1. As crypto.news tracked, the Treasury separately proposed its own rules covering state-level oversight for issuers under $10 billion, with a June 2 comment deadline. Banks are effectively seeking to collapse the three separate timelines into a single coordinated process, which analysts say could delay the GENIUS Act’s activation by several months and give traditional lenders more time to assess the competitive threat from nonbank stablecoin issuers before the rules are locked.

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Coinbase CUSHY credit fund targets institutions

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Epstein files show crypto ties to Coinbase, Blockstream: DOJ

Coinbase Asset Management announced CUSHY on April 30, a tokenised stablecoin credit fund for qualified institutional investors running on Ethereum, Solana, and Base, with Apollo handling private credit origination, Superstate issuing tokenised shares via FundOS, and Northern Trust administering the fund.

Summary

  • Coinbase CUSHY targets yield from three sources: public digital credit, private asset-based lending through Apollo, and structural alpha from tokenisation incentives and on-chain market positions.
  • CUSHY is the first external fund issued on Superstate’s FundOS platform, which already manages over $1 billion in AUM through Superstate’s own USTB and USCC products.
  • COIN stock rose 3.7% on the April 30 announcement as the fund arrives amid the CLARITY Act debate over whether stablecoin yield can be offered directly to users.

Coinbase CUSHY was unveiled on April 30 by Coinbase Asset Management, positioning the product as a bridge between traditional fixed-income markets and on-chain settlement infrastructure. As crypto.news reported, the strategy is structured as a diversified credit fund where qualified investors access tokenised shares across Ethereum, Solana, and Base, with Coinbase Prime handling custody and trading. “With CUSHY, we are fusing the high-velocity efficiency of digital rails with the institutional rigour of traditional credit,” said Anthony Bassili, President of Coinbase Asset Management. The fund is expected to launch in Q2 2026.

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The partnership structure behind CUSHY distinguishes it from earlier tokenised fund experiments. Superstate, which operates as an SEC-approved transfer agent and already runs $1 billion-plus across its USTB and USCC fund strategies, provides the FundOS infrastructure. Apollo brings private credit origination to the fund, funnelling asset-based lending exposure to both crypto-native and traditional borrowers. Superstate CEO Robert Leshner noted that CUSHY could eventually expand into decentralised finance use cases, and said several additional asset managers are expected to adopt FundOS in coming months.

As crypto.news documented, Coinbase’s head of investment research David Duong had projected that stablecoins and tokenised credit would form a core pillar of institutional crypto adoption in 2026, citing regulatory clarity from the GENIUS Act as the enabling condition. CUSHY’s launch lands as the CLARITY Act debate over stablecoin yield reaches its most critical window, with the Senate Banking Committee markup expected the week of May 11. CUSHY’s structure as a credit fund rather than a direct yield-bearing stablecoin product means it sits outside the specific yield restrictions that banking groups have lobbied hardest to enforce, giving the product regulatory insulation that a pure stablecoin yield wrapper would not have. As crypto.news tracked, Coinbase’s broader stablecoin stack has been expanding rapidly, with Apollo credit strategies and BlackRock tokenisation agreements adding institutional weight to the infrastructure CUSHY is built on.

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