Key Highlights

• The cryptocurrency exchange is eliminating 700 positions, representing a 14% workforce reduction
• Chief Executive Brian Armstrong attributed the decision to cryptocurrency market turbulence and artificial intelligence transformation
• Shares of COIN gained more than 4% during premarket hours Tuesday
• The company projects restructuring expenses between $50M and $60M, affecting second-quarter results
• First-quarter financial results are scheduled for Thursday, with projections showing adjusted EBITDA declining 50% from last year

Shares of Coinbase (COIN) advanced more than 4% during Tuesday’s premarket session following the cryptocurrency platform’s disclosure that it would eliminate approximately 700 positions, representing roughly 14% of its total employee base.

Coinbase Global, Inc., COIN

The digital asset exchange stated that these workforce reductions are intended to control operational costs amid prevailing market dynamics and to position the organization for what executives describe as the “artificial intelligence age.”

Chief Executive Brian Armstrong communicated the announcement through a memorandum published on X, characterizing the decision as essential to maintaining Coinbase’s competitive position during challenging cryptocurrency market conditions.

“We find ourselves navigating a declining market environment and must recalibrate our expense framework immediately to ensure we exit this phase more streamlined, agile, and productive,” Armstrong stated.

He identified two primary catalysts behind the restructuring: deteriorating cryptocurrency market conditions and the transformative impact of artificial intelligence on business operations.

COIN has declined approximately 10% year-to-date, pressured by a wider cryptocurrency market downturn that has erased roughly $1.6 trillion in aggregate market capitalization throughout the year.

Armstrong emphasized that Coinbase remains committed to the cryptocurrency sector. He highlighted stablecoins, prediction markets, and asset tokenization as critical catalysts for the “subsequent adoption cycle.”

Financial Impact and Upcoming Earnings

The organization anticipates total restructuring-related charges ranging from $50 million to $60 million, predominantly attributed to employee severance packages and termination benefits. Coinbase plans to recognize these expenses entirely during the second quarter.

Coinbase is scheduled to release first-quarter financial results on Thursday. Wall Street analysts polled by Bloomberg anticipate adjusted EBITDA will drop 50% year-over-year.

Armstrong additionally revealed plans to streamline the company’s organizational hierarchy, limiting management levels to a maximum of five tiers between executive leadership and the approximately 4,300 remaining employees.

History of Workforce Adjustments

This marks another instance of Coinbase reducing headcount during market downturns. The platform implemented substantial workforce reductions throughout the 2022 cryptocurrency market collapse.

The current announcement reflects broader trends throughout the technology sector. Companies including Block, Pinterest, CrowdStrike, and Chegg have recently announced workforce reductions, with multiple organizations referencing artificial intelligence as a contributing factor.

Armstrong emphasized that the objective centers on transforming Coinbase into a more efficient, AI-focused enterprise rather than retreating from cryptocurrency markets. “We must recapture the velocity and concentration of our entrepreneurial origins, with artificial intelligence as our foundation,” he remarked.

At the May 4 market close, COIN traded at $202.99, representing a 6.14% daily gain.

Standard Chartered PLC’s (STAN) venture capital division SC Ventures invested in GSR, as the London-based multinational bank seeks to further expand its digital asset services, the crypto capital market’s firm announced Tuesday.

The investment agreement, which according to Bloomberg was $150 million at a valuation of more than $1 billion, is the first external stake into the crypto capital markets and liquidity partner firm since its founding in 2013 by former Goldman Sachs traders.

GSR and SC Ventures did not immediately respond to a CoinDesk request for comment.

In its statement, GSR said the deal is part of a broader partnership to bridge traditional finance and digital assets, and to expand access to tokenization.

“Institutional digital asset markets are maturing rapidly, and the firms best positioned to lead will be those that combine deep capital markets expertise with trusted banking infrastructure,” said Xin Son, CEO at GSR.

SC Ventures and GSR plan to develop scalable market infrastructure in light of increasing institutional demand for regulated crypto services.

“The next phase of the digital asset evolution will be defined by the strength of infrastructure,” said Alex Manson, CEO at SC Ventures.

Standard Chartered has recently made financial investments aimed at expanding its digital asset footprint. In January 2025, it launched its own digital asset custody services out of Luxembourg and introduced crypto trading for institutional clients last summer, becoming one of the first global banks to offer spot bitcoin and ether trading. Standard Chartered was recently reportedly seeking to fully acquire Zodia Custody Ltd.

In March, GSR, which claims to have over 300 liquidity partners and over $1 trillion traded since its inception, announced the $57 million acquisition of Autonomous and Architech, a move aimed at significantly expanding the firm’s tokenization services division.

• BNB price is looking to defend $620 amid Bitcoin’s retreat from $81,000 highs.
• Supply dynamics highlight $570 as potential support.
• Upside catalysts could include BNB Chain ecosystem strengths and capital inflows.

BNB hovers near a key support area as bulls defend gains following retreat below the $630 level, with cautious sentiment prevailing as weak momentum shows across altcoins.

The Binance Coin’s price thus remains under pressure amid overall caution in risk appetite. But what could trigger renewed momentum?

BNB price sees slight retreat to support

BNB’s price hovered around $627 at the time of writing, as largely flat action in the past 24 hours kept bulls off intraday highs of $638 reached on Monday.

This pullback aligns with Bitcoin’s partial unwind from its recent spike above $81,000, where the leading cryptocurrency briefly tested resistance before cooling off.

Despite shedding gains to under $630, traders note that BNB has successfully held the zone as critical support.

A key factor supporting this resilience is the BNB Foundation’s recent 35th quarterly token burn, which eliminated over 1.56 million BNB tokens worth roughly $1.02 billion at the time.

This deflationary mechanism has trimmed the total BNB supply to about 134.7 million, enhancing scarcity and providing a floor against downside pressure.

Meanwhile, on-chain data reveals trading with reduced volume.

This comes as long-term holders accumulate amid the consolidation. Per CoinMarketCap, daily volume was down 9% to $1.74 billion.

Leverage ‘still adjusting’

BNB has traded in a more subdued manner since plummeting to $570 in early April, with the level key as the main support from the bloodbath in February.

Year-to-date declines have erased substantial gains.

The downturn wiped most of the explosive pump to $1,376 highs in October 2025, which occurred amid elevated leverage across the Binance ecosystem.

CoinGlass data shows that over the past 24 hours, BNB spot trading volume stood at over $109 million while BNB futures trading volume hovered around $667 million.

During this period, about $234,082 in BNB futures positions were liquidated as open interest of BNB lingered at just over $1 billion.

Analysts say the data suggest that leverage is still adjusting.

BNB price- support/resistance levels

Should prices slip below $600, analysts warn of a potential retest of deeper demand zones around $550-$570, where institutional reloads could materialize.

This negative outlook might strengthen if oil prices remain above $110 a barrel, with de-risking likely to explode if the global economy suffers amid rising inflation.

Conversely, upside potential remains. However, it could hinge on multiple catalysts.

Broader market conditions, such as sustained Bitcoin strength above $80,000, could propel BNB toward the $650-$670 resistance.

Network developments, including tokenization traction and scalability upgrades, could also act as tailwinds. A similar sentiment is likely amid fresh capital inflows as geopolitical tensions ease.

Expectations around U.S. monetary policy are shifting, but bitcoin BTC$80,592.79 appears increasingly indifferent. The cryptocurrency has pushed past the $80,000 mark, signaling that macro headwinds tied to interest rates may be losing their grip on price action.

A growing number of major brokerages now expect the Federal Reserve to hold rates steady through the year, a marked change from the earlier expectations of at least two rate cuts. Barclays joined peers in scrapping its earlier forecast for a rate cut on Monday, pointing to persistently high energy prices linked to geopolitical tensions involving Iran as an inflationary development. Other global firms, including JPMorgan, have similarly pushed back against expectations of policy easing.

Under normal circumstances, a higher-for-longer rate outlook would weigh on risk assets. Still, BTC continues to gain ground. Some analysts argue the asset is increasingly being treated as a hedge against inflation, supported by continued inflows into spot ETFs even as inflation fears mount. Others remain skeptical, attributing the rally more to strength in equities than to any structural shift in crypto demand.

For now, momentum appears to favor the bulls.

“From a market structure standpoint, we are seeing traders closely watch the $81,500 resistance level, while the CME futures gap around $84,000 remains a key zone for potential upside. These technical levels, combined with macro developments, will likely guide near-term price action,” said Ashish Singhal, co-founder of the FIU-registered CoinSwitch exchange.

Technical indicators reinforce that view. The 200-day simple moving average (SMA), which is often seen as a dividing line between longer-term bearish and bullish trends, is located near $83,430. So, a decisive move above it could strengthen the case for further upside.

The broader market is also showing signs of selective strength. Bitcoin’s roughly 2% gain to around $80,700 has been accompanied by outsized moves in certain altcoins. Toncoin (TON) has surged about 35%, while MORPHO and PENGU have gained 11% and 9%, respectively. On the weaker side, Dash has slipped slightly. Larger tokens such as ether, XRP, and solana have largely tracked bitcoin’s modest advance.

At the same time, sentiment is sitting at a critical juncture. The Crypto Fear and Greed Index has climbed to 50, right at the midpoint of its range, a level last seen in mid-January.

“The market is approaching a significant turning point. Since last October, there have been only brief surges in sentiment to higher levels, but these have provided excellent opportunities for bears to sell at higher prices,” said Alex Kuptsikevich, chief market analyst at FxPro. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

What’s trending

Brent holds near $114 a barrel as Middle East tensions rage on (Reuters): Brent crude futures eased 93 ​cents, or 0.8%, to $113.51 per barrel after settling up 5.8% on Monday. West Texas Intermediate crude fell $2.16, or 2%, to $104.26, after gaining 4.4% in the ⁠previous session.

Maersk says ship passed through Strait of Hormuz under U.S. military protection (CNBC): Maersk said one of its commercial vessels, stranded at sea since the start of the war on Feb. 28, successfully transited through the strategically vital Strait of Hormuz under U.S. military protection.

‘A deal is a deal’: Von der Leyen hits back at Trump’s latest tariff threat (euronews): The European Union is “prepared for every scenario” if Donald Trump unilaterally hikes tariffs on EU-made cars, says Ursula von der Leyen.

China steps up U.S. sanctions fight, defying blacklisting over Iranian oil (The Wall Street Journal): China escalated its fight against the U.S. over Iranian oil, defying American sanctions in a show of resistance ahead of President Trump’s visit to Beijing planned for next week.

Today’s signal

After a sharp sell-off to nearly $60,000 earlier this year, bitcoin has steadily climbed back above $80,000 within a well-defined, textbook rising channel, marked by a consistent pattern of higher lows and higher highs.

Prices are now pushing against the upper boundary of that channel, a level that can act as short-term resistance where rallies can stall or pull back.

A decisive breakout above the upper boundary could trigger stronger momentum and potential speculative frenzy toward $100,000. However, repeated rejection at this level could send prices back toward $70,000 or lower.

In short, bulls are in control right now, with prices nearing a key technical test.

Brian Armstrong, CEO and co-founder of Coinbase, announced Tuesday on X that his company is slashing its workforce by roughly 14%, or 660 employees, citing negative market conditions and AI challenges.

“Today I’ve made the difficult decision to reduce the size of Coinbase by ~14%,” said Armstrong in an X post he said was also the email sent to all the crypto exchange’s employees. In it, he explained the “two forces” that converged in his firm’s decision to slash staff.

“While we’ve managed through that cyclicality many times before and come out stronger on the other side, we’re currently in a down market and need to adjust our cost structure now so that we emerge from this period leaner, faster, and more efficient for our next phase of growth,” said the CEO of the Nasdaq-listed company.

The second reason is AI, and how it is changing the way Coinbase operates, he said. “Over the past year, I’ve watched engineers use AI to ship in days what used to take a team weeks,” Armstrong stated, adding that “the pace of what’s possible with a small, focused team has changed dramatically, and it’s accelerating every day.”

The Coinbase CEO said that employees laid off in the U.S. will receive a minimum of 16 weeks’ base pay, plus 2 weeks of severance pay for every year they were employed by the company. He also said that those not in the U.S. would receive similar support under local law.

“Over the past 13 years, we have weathered four crypto winters, gone public, and built the most trusted platform in our industry,” he said.

A wave of crypto layoffs this year has highlighted the gap between two convenient narratives: macro headwinds and AI transformation. Algorand cut its staff by 25% in late March, citing “the uncertain global macro environment” and a broader crypto downturn. In February, Gemini Space Station (GEMI) said it would eliminate roughly 200 positions, about a quarter of its staff, a figure that had grown to 30% by mid-March. On Thursday, Crypto.com said it is trimming 12% of its workforce, about 180 roles.

All but Algorand pointed directly to macro conditions, weak token prices and a pivot toward greater use of AI in the workflow.

Key takeaways

• Bitcoin briefly topped the $81,000 mark on Tuesday, the highest level in three months.
• Crypto sentiment improves, with inflows into US-listed spot ETFs totaling $154 million last week.

Bitcoin (BTC) is hovering just below the $81,000 mark on Tuesday after adding 1% to its value in the last 24 hours. 

The broader crypto market remains constructive, with Ethereum (ETH) and XRP (Ripple) posting mild gains, reflecting a steady improvement in overall sentiment.

Sentiment improves as capital flows return

Market confidence is gradually recovering, supported by rising inflows into digital asset investment products. The Crypto Fear & Greed Index has climbed to 47 from 29 a day earlier — a sharp rebound, though still within the “fear” zone. Notably, this marks a significant improvement from last month’s average of 11, which signaled extreme fear.

If this upward trend continues, it could reinforce expectations for Bitcoin to reclaim $80,000 as support and potentially grind higher toward the $90,000 level.

Spot Bitcoin ETFs recorded their fifth consecutive week of inflows, adding $154 million through Friday. While this is down from the prior week’s $824 million, the data still highlights sustained investor appetite for crypto exposure — even amid geopolitical tensions such as the ongoing US–Iran situation.

Cumulative ETF inflows now stand at $58.72 billion, with assets under management averaging $103.78 billion, underscoring persistent institutional demand.

Bitcoin’s recent move above $81,000 triggered notable liquidations. Short positions took the largest hit, with approximately $138 million wiped out, compared to around $46 million in long liquidations.

Bitcoin eyes the $90k psychological level

The BTC/USD 4-hour chart is bullish and efficient as Bitcoin is trading above $80,800. While the price has reclaimed this long-term support, it remains capped below the 100-week EMA at $82,352, and the 50-week EMA at $85,777These levels continue to act as key resistance zones, limiting a full bullish breakout for now.

Momentum indicators suggest a market in recovery mode. The RSI on the daily chart sits near 48, close to neutral territory, while the MACD remains positive, signaling improving — but not dominant — bullish momentum.

If the rally persists, key resistance levels to watch include $82,352 (100-week EMA) and $85,777 (50-week EMA). 

However, if the bears regain control, key support levels would be seen at  $68,061 (200-week EMA) and $65,981 (trendline level). 

A sustained weekly close above the upper resistance band would be needed to confirm a stronger medium-term bullish shift.

• XRP rose above $1.40 as Bitcoin surpassed $81,000.
• A 23% surge in daily trading volume suggests sellers are active.
• The CLARITY Act, ETF inflows, and regulated exposure are likely to aid bulls further.

XRP trades near the $1.40 resistance level, with recent upward momentum pushing the cryptocurrency above a key level amid overall market enthusiasm.

While the uptick has stalled following Bitcoin’s breakout to above $81,000 and slight retreat, a pause could act as a base for fresh consolidation before XRP ticks up.

The Ripple-linked asset looked to have shrugged off news that a key insider trimmed their holdings in favour of the Ripple stock.

XRP price today

XRP is trading near the $1.40 resistance, with price action stalling at the level after the latest push higher amid Bitcoin’s spike to above $81,000.

The Ripple-linked cryptocurrency could eye an upside extension. However, it also risks a pullback on potential profit-taking across the market.

A 23% increase in daily volume suggests that sellers are active, with bulls now in need of a decisive breakout to retain control.

Ripple CTO trimmed XRP holdings

Ripple’s Chief Technology Officer Emeritus, David Schwartz, has publicly admitted he holds little XRP, saying he has moved most of his assets away from crypto exposure.

He revealed this via X, noting he recognizes crypto offers “a once-in-a-generation” wealth opportunity. However, Schwartz says he is choosing peace of mind over the potential windfall that crypto promises.

In this case, he has decided to buy Ripple stock for exposure to the company’s fortunes without worrying about the massive volatility characterizing cryptocurrencies.

“I don’t have that much left anymore. I’ve tried to get most of my assets (other than Ripple stock) away from crypto exposure. As I’ve said, I really don’t like risk even though pretty much every risk I’ve taken has worked out amazingly well for me,” he noted.

XRP price outlook

The technical picture for XRP shows that the price continues to grind sideways, currently above the middle of the channel range formed since the February 2026 lows. Buyers have typically absorbed supply at $1.35 in recent weeks, with further support around $1.30.

Despite seller participation remaining steady, bulls could be positioning for a breakout above $1.50.

Meanwhile, the upsloping RSI at 52 on the daily chart supports this outlook. The daily RSI, sloping upward at 52, bolsters this view, indicating building momentum without overbought conditions.

External catalysts like the CLARITY Act, growing ETF inflows, and expanding regulated access further empower bulls.

Notably, Russia’s Moscow Exchange (MOEX) will launch four new crypto indexes next week.

Going live on May 13 are indexes for XRP, Solana (SOL), Tron (TRX), and Binance Coin (BNB). MOEX is looking to enhance institutional visibility and liquidity.

US spot Bitcoin ETFs recorded $532.21 million in net inflows on Monday as Bitcoin pushed back above the $80,000 mark amid improving risk sentiment following the ceasefire agreement between the US and Iran.

BlackRock’s iShares Bitcoin Trust (IBIT) led the pack with $335.49 million in daily inflows, followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) with $184.57 million, according to SoSoValue data. Morgan Stanley’s Bitcoin ETF (MSBT) was the only other fund to post positive flows on the day, adding $12.16 million. The remaining funds recorded no new inflows.

Monday’s inflows extended a three-day winning streak. On Friday, the funds pulled in $629.73 million, while Thursday saw a modest $14.76 million. The streak came after three consecutive days of outflows in which funds shed $490.63 million, the heaviest sustained redemption period in recent weeks.

Spot Bitcoin ETFs weekly inflows. Source: SoSoValue

The inflow surge comes as Bitcoin surges above $80,000 for the first time in more than three months. The leading cryptocurrency is currently trading at around $81,029, up 1.5% over the past day, according to data from CoinMarketCap.

Related: Bitcoin ETFs snap nine-day inflow run as BTC slips below $77K

Bitcoin reclaims $80,000 on post-ceasefire bounce

In a recent note, Bitunix analysts said that the surge comes as Bitcoin continues to extend “its post-ceasefire recovery in risk appetite.” According to the analyst, BTC reclaimed the key $80,000 psychological level after a concentrated short-side liquidity squeeze in the $79,500-$81,000 range, with the $77,000-$78,000 zone now acting as the primary support for leveraged longs.

However, the bigger picture is more complicated, the Bitunix analysts said, adding that macro and geopolitical forces are increasingly driving crypto price action. The US military’s launch of “Operation Freedom,” deploying 15,000 personnel to secure shipping lanes through the Strait of Hormuz, has rattled nerves, with Iran warning the move could violate the existing ceasefire framework.

At the same time, this week’s US Non-Farm Payrolls report and Federal Reserve commentary are expected to set the tone for risk assets broadly. If inflation expectations stay elevated, the Fed could hold rates higher for longer, squeezing crypto valuations. Softer data, on the other hand, could trigger a rotation back into tech and digital assets.

“Overall, BTC is no longer being driven solely by internal crypto-market sentiment, but has entered a phase jointly priced by ‘macro events + liquidity structure,’” the analyst said.

Related: Bitcoin ETFs Post Strong April Inflows as Ether Turns Positive

Spot Ether ETFs rebound

Spot Ether ETFs also saw $61.29 million in net inflows on Monday. This followed an even stronger session on Friday, which brought in about $101.18 million, helping push cumulative net inflows above $12 billion.

The new streak comes as late April saw notable outflows, including $87.73 million on April 29 and $75.94 million on April 23, alongside smaller negative days like April 28 and April 30.

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