Crypto World
Tether-Backed Oobit Expands Crypto Payments to Colombia
Oobit has extended its non-custodial crypto payments platform into Colombia, marking the ninth live market for the Tether-backed payments company as it deepens its footprint across Latin America. The rollout aligns with a broader regional shift toward stablecoins and crypto-based purchases, with Chainalysis data cited in the announcement showing the Colombian peso ranking second globally in centralized-exchange stablecoin purchases by currency.
Oobit enables users to spend digital assets directly from their wallets through a Visa-linked payment network that it says is accepted by more than 150 million merchants across over 80 countries. The platform emphasizes on-wallet spending without converting funds through traditional bank off-ramps, offering what it describes as a smoother, crypto-first checkout for everyday purchases.
Key takeaways
- Colombia becomes Oobit’s ninth live market, with Brazil showing the strongest early momentum since its November 2024 launch—activity there has risen more than 200%, and active users are spending about $400 per month across roughly 20 transactions.
- USDT accounts for the largest share of on-platform transactions, outpacing Oobit’s native token and USDC, underscoring the peso market’s preference for dollar-linked stablecoins in daily spending.
- Across LATAM, grocery purchases drive a substantial portion of activity (about 35%), with Brazil expanding usage into gas stations, beauty shops, and electronics retailers.
- The broader Latin American payments trend toward stablecoins is accelerating, with Mercado Libre launching stablecoin-based transfers in Brazil, Mexico, and Chile using its Meli Dollar token, and Bitso reporting stablecoins comprising a sizable share of 2025 crypto purchases.
- DefiLlama’s latest figures show the global stablecoin market expanding from roughly $243 billion to over $322 billion, highlighting the growing scale of stablecoins in crypto markets; observers also point to Bitcoin’s role as everyday money in parts of Africa as evidence of broader adoption patterns.
LATAM expansion and usage patterns
Colombia’s entry for Oobit places the country alongside its existing Latin American footprint, which includes Brazil, Argentina, and Chile. The company highlighted Chainalysis data indicating that the peso ranks second globally in the share of centralized-exchange stablecoin purchases by currency, signaling a pronounced inclination toward dollar-stable instruments for on-chain spending in the region.
On the ground, Oobit said activity in Brazil has surged since its market launch there in November 2024. Reported figures show more than a 200% increase in platform activity, with active Brazilian users spending an average of about $400 per month across 20 transactions. These metrics reflect a growing comfort level with crypto payments among everyday consumers who previously relied on traditional means for purchases.
USDT leads platform activity and what shoppers are buying
Within Oobit’s ecosystem, USDT (Tether) accounted for the largest slice of transactions, outpacing the platform’s native token and USDC. The preference for USDT aligns with broader regional trends toward stablecoins as a means of reducing volatility and expediting cross-border payments in LATAM markets where local fiat currencies can be volatile or constrained by banking friction.
In terms of spending categories, groceries and supermarkets made up about 35% of activity across Oobit’s Latin American footprint. The mix also includes dining out and retail purchases, with consumer behavior in Brazil extending beyond groceries to include gas stations, beauty shops, and electronics retailers as acceptance of crypto-based payments grows.
Oobit’s approach—allowing direct wallet-to-merchant payments without traditional off-ramps—appeals to users seeking speed and convenience, while merchants gain access to a broader, crypto-enabled customer base. The company’s announcement also noted the reach of its Visa-linked system, designed to facilitate broad merchant acceptance for crypto-backed payments.
Regional momentum: stablecoins become everyday money
The LATAM story sits within a wider pattern of stablecoin adoption for routine payments. In April, Mercado Libre, Latin America’s largest online marketplace, launched stablecoin-based transfers between Brazil, Mexico, and Chile using its Meli Dollar token. The token is operable within Mercado Libre’s ecosystem and can be issued as cashback to users, illustrating how e-commerce platforms are integrating stablecoins into their commerce and loyalty structures.
These developments sit alongside a 2025 Bitso report showing stablecoins accounting for about 40% of crypto purchases on its platform, more than double Bitcoin’s 18% share. Bitso’s data point to an increasingly prominent role for dollar-linked stablecoins in everyday crypto activity across the region, reinforcing Oobit’s Colombia expansion as part of a broader regional shift.
DefiLlama’s consolidated data adds another layer to the narrative: the global stablecoin market has grown from roughly $243 billion a year ago to more than $322 billion today. This growth underscores how stablecoins have evolved from a niche instrument into a foundational element of regional crypto commerce, particularly in markets where traditional financial rails can be uneven or expensive.
Beyond Latin America, the story of crypto-enabled payments is evolving in other regions as well. In parts of Africa, for example, Bitcoin is being described as an everyday money option by some merchants and users, illustrating a broader diversification in how digital assets are used for daily transactions rather than as purely investment vehicles. This trend is highlighted in industry discussions and related coverage on stablecoin and crypto payments dynamics across emerging markets.
For readers seeking broader context on related developments, coverage on Kast’s recent funding round signals continued investor interest in stablecoin-based payments startups, underscoring the growing convergence of payments and crypto infrastructure in the global market.
Analysts and observers note that the LATAM push by Oobit and peers occurs at a pivotal moment for crypto payments, where non-custodial usage, stablecoins, and merchant acceptance are increasingly intertwined with consumer habits and merchant incentives. The momentum suggests a shift away from purely on-exchange trading toward practical on-chain spending that leverages crypto for everyday purchases, while regulators monitor consumer protection and transparency in stablecoin markets.
Looking ahead, observers will be watching how Oobit scales in Colombia and whether similar non-custodial protocols gain traction in other markets with evolving financial infrastructure. Questions remain about how regulatory developments, local fiat liquidity, and merchant onboarding will shape the pace and breadth of adoption in the near term.
Readers should keep an eye on how Mercado Libre’s Meli Dollar strategy evolves and how Bitso’s regional data may foreshadow further diversification of stablecoins into daily commerce. As stablecoins integrate deeper into consumer ecosystems, the balance between convenience, risk management, and regulatory clarity will likely become the defining dynamic for investors and users alike.
ICP is the worst-performing cryptocurrency today (at least among the top 100), posting a 10% price decline.
However, certain technical indicators suggest this might be only a short-lived pullback, while multiple analysts support the bullish scenario.
ICP Heads South
Just a few hours ago, the asset’s valuation plunged to a one-week low under $3, while its market capitalization sank to approximately $1.6 billion.
It is important to note that ICP’s negative performance aligns with an overall correction sweeping through the broader crypto market. Bitcoin (BTC) slipped beneath $80,000, while popular altcoins like Worldcoin (WLD), Cronos (CRO), Arbitrum (ARB), and Aptos (APT) tumbled by 7-8% over the past day.
In the meantime, Coinbase could have also played a role in Internet Computer’s downfall. Recently, it removed six non-USD trading pairs, including ICP/USDT and ICP/GBP.
Such actions by one of the biggest cryptocurrency exchanges reduce liquidity for the affected tokens and make it harder for traders to enter or exit positions. Fewer trading options often mean lower volume and weaker investor confidence, especially amid a crypto pullback.
At the same time, one should keep in mind that if Coinbase had removed all ICP-related services, the impact would likely have been far more severe and could have triggered a much sharper price collapse.
The asset remains available on numerous well-known exchanges, including Binance, Bybit, Bitget, OKX, and more. Two months ago, the leading South Korean trading venue Upbit also hopped on the bandwagon, fueling a 16% price increase for ICP following the news.
Resurgence Comes Next?
ICP’s Relative Strength Index (RSI) signals that the price pullback may soon be replaced by a revival. The technical analysis tool runs from 0 to 100, and readings below 30 indicate that the valuation has dropped too much, too quickly, potentially setting the stage for an upside move. Conversely, anything under 70 is considered a warning of impending correction. Currently, the RSI stands at around 28.
Analysts like Kong Trading and JAVON MARKS expressed confidence in the coin’s outlook. The former noted that almost half of ICP’s supply is locked in staking, with people committing for years.
“That’s not weak conviction. Hard to ignore when supply keeps tightening like this,” they added.
For their part, JAVON MARKS recently argued that ICP has displayed a Falling Wedge pattern and shows signs of strength. They believe a potential breakout could spark a 300% move above $10 and “may act as the start of an even larger reversal.”
The post Internet Computer (ICP) Tumbles 10% Daily: Is Coinbase Responsible for the Plunge? appeared first on CryptoPotato.
TLDR
- Strive will convert its SATA preferred stock into a daily dividend security starting June 16.
- The company will maintain a 13% annual dividend rate with an effective yield of about 13.88% through daily compounding.
- SATA will become the first U.S.-listed preferred stock to distribute cash dividends every business day.
- Strive has eliminated all outstanding debt after repurchasing its long-term notes.
- The firm expanded its bitcoin treasury to 15,009 BTC through acquisitions and market purchases.
Strive Asset Management will convert its SATA preferred stock into a daily dividend security on June 16. The structure will distribute cash every business day while keeping a 13% annual rate. The company said the compounding effect lifts the effective annual yield to about 13.88%.
Strive Introduces Daily Bitcoin-Linked Income Structure
Strive will replace the standard monthly payout model with daily cash distributions. The company will keep the stated 13% annual dividend rate. However, daily compounding across about 250 trading days increases the effective yield to roughly 13.88%. Chief executive officer Matthew Cole said the design aims to reshape income products. He stated, “We designed SATA as a structural innovation for income-focused investors.” He added that the company seeks to position SATA against money market funds and short-duration vehicles.
The company said investors will receive small payments each trading day. As a result, holders can reinvest cash more frequently and improve liquidity management. Strive structured the preferred stock to function as an equity instrument with fixed income features. The company confirmed that SATA can trade above par value in the market. Therefore, Strive can issue more shares and raise capital tied to bitcoin accumulation.
Capital Structure and Bitcoin Treasury Expansion
Strive reported that it eliminated all outstanding debt after repurchasing long-term notes. The company now operates without leverage, margin requirements, or encumbered bitcoin holdings. Executives said the clean balance sheet supports the income strategy linked to digital assets. Strive expanded its bitcoin treasury to 15,009 BTC through acquisitions and open market purchases. The company also issued equity through an at-the-market program to support purchases.
The firm reported a net loss of $265.9 million in the first quarter. It attributed most of the loss to mark-to-market declines in bitcoin holdings. The company said the accounting treatment reflected price changes rather than realized losses. Strive shares have gained about 10% this year and over 30% in the last month. The stock trailed Strategy during that period but outperformed Bitcoin.
Myanmar has proposed introducing the death penalty for violent criminals who coerce victims into crypto scam center operations.
Singapore news outlet CNA reports that draft legislation for the “Anti-Online Scam Bill” was published today.
The legislation states that the death penalty would apply to criminals using “violence, torture, unlawful arrest and detention, or cruel treatment against another person for the purpose of forcing them to commit online scams.”
The bill will reportedly be scrutinized when Myanmar’s current military government, which came to power in a 2021 coup, returns to sit in Parliament in June.
Read more: Starlink a lifeline for Myanmar scam compounds, report
Local media also reports that those found to run scam centers or carry out crypto scams will also face a potential life sentence in prison.
It’s unclear if this same sentence would apply to victims forced to undertake scams against their will.
Just last month, Myanmar’s president Min Aung Hlaing commuted all death sentences to life sentences.
$1 billion of assets linked to alleged scam kingpin frozen
The billion-dollar crypto scam industry has set up numerous compounds along Myanmar’s borders as well as across Southeast Asia in countries such as Cambodia and Laos.
One alleged kingpin is Prince Group CEO Chen Zi. Today, the Hong Kong High Court reportedly ordered the freezing of HK$9 billion ($1.15 billion) in assets under Chen’s ownership.
Chen is currently in custody in China after he was extradited from Cambodia in January. He’s accused of running a mammoth criminal enterprise that included the operation of crypto scam centers.
Read more: China executes four more in pig butchering scam crackdown
Chen and his company were sanctioned by the US and UK last year alongside another accused scam conglomerate, Huione Group.
The bank license of Hunie Group’s financial arm, Huione Pay, was revoked last year. This firm had significant financial ties to the family of Cambodia’s political elite.
Panda Bank, which reportedly contains senior leaders that overlap with Huione Pay’s operations, saw its license revoked last February. Liquidators for the firm announced yesterday that its app will be removed from the app store.
Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.
We managed to access the restricted AI issued by the U.S. government and Trump, and when we asked USAI about its Bitcoin price prediction, the AI predicts was shockingly bullish.
The number it landed on: $275,000. And it built a case that is harder to dismiss than the figure suggests.
USAi’s model bull thesis stacks 4 structural forces that are all in motion simultaneously. Institutional ETF inflows are absorbing supply at a pace the market has not seen before.
Post-halving compression is tightening the float at exactly the time demand is accelerating. Sovereign adoption momentum is shifting Bitcoin’s narrative from risk asset to reserve asset at the government level.
And expanding global liquidity, driven by rate cuts, is creating a macro environment where that narrative change gets aggressively priced in.
The base target is $180,000 to $250,000 under those conditions. The full breakout scenario, where sustained capital rotation from traditional markets into digital assets compounds on top of all that, is where $275,000 comes into play.
The AI is explicit that this is not price discovery into unknown territory; it is the logical endpoint of a structural demand shift that is already underway.
The bear case is narrower than the bull case, but real. Aggressive monetary tightening, regulatory pressure, or a recession-driven liquidity drain could cap upside or trigger corrections toward the $60,000-$70,000 range.
USAi is clear, though: unless structural demand materially weakens, the long-term trend remains decisively bullish with higher highs favored. The bear case is a detour, not a destination.
Bitcoin Price Prediction: $275,000 Target on the Board, is It Reachable as USAI Predicts?
Bitcoin price is trading at $79,589 on the daily, grinding in a recovery that has been steady but not explosive since the February low of $61,000. The structure from the bottom is the healthiest part of this chart: consistently lower lows, no blow-off candles, no euphoric gaps.
Just disciplined accumulation working its way back toward the levels that broke down in November and December 2025.
The immediate problem is resistance at $82,000 to $84,000, the range that has capped every rally attempt since the recovery began.
Price has tested it multiple times and pulled back each time without a convincing close above it. That zone is the remnant of the pre-crash consolidation, and it is where sellers who missed the top are still positioned.
A clean daily close above $84,000 changes the structure and opens the path toward $90,000, then the $96,000 to $98,000 supply cluster from the October highs. Above that, $100,000 is the psychological level that separates the recovery trade from the new all-time high trade.
Support below is $76,000 to $78,000, the base that has held consistently since March, and where buyers have been reliable on every dip.
Lose that, and the recovery thesis gets complicated quickly, putting USAi’s bear case floor of $90,000 to $120,000 back into a realistic range from below rather than above.
The distance between $79,589 and $275,000 is large. But USAi’s argument is that the structural forces behind this cycle are large enough to cover it.
LiquidChain Is Catching the Attention of Bitcoin Holders. Here Is Why
The market is telling you something. When Bitcoin, Ethereum, and XRP all stall at the same time, capital does not sit still. It rotates. And right now, it is rotating into places where the upside has not already been priced in by a trillion-dollar market cap.
That is the entire logic behind early-stage infrastructure. You are not buying what is already known. You are buying what the market has not figured out yet.
LiquidChain is targeting one of the most persistent and expensive problems in crypto. Every major blockchain runs its own isolated liquidity system.
Getting assets from Bitcoin to Ethereum to Solana and back means paying bridging fees, absorbing slippage, and hoping nothing breaks mid-transaction.
It is slow, costly, and fragmented by design. LiquidChain collapses all of that into a single execution layer. One deployment reaches all 3 ecosystems at once. The friction disappears entirely.
The presale is sitting at $0.01454 with just over $700,000 raised. That number tells you exactly where this is in its lifecycle. Not late. Not hyped. Early.
None of this comes without risk. Execution is unproven. Adoption is unknown. Liquidity post-launch is a question mark. Anyone telling you otherwise is selling something harder than the token itself.
But that is always the tradeoff at this stage. The projects that go 10x or 100x are never the ones that already look safe. They are the ones who solved a real problem before the market noticed the problem existed.
LiquidChain has not been discovered yet. That is the opportunity.
Explore the LiquidChain Presale
The post US Goverment Secret AI Model Predicts the Shocking Price of Bitcoin by The End of 2026 appeared first on Cryptonews.
Bitcoin (BTC) treasury company Strive, whose common stock has lost 85% in a year, just inexplicably rebranded itself to focus on its dividend calendar.
As though investors care more about the dividend schedule than how well it performs, Strive Asset Management has rebranded to Strive The Daily Dividend Company, and will start paying cash dividends on its SATA preferred stock every business day beginning June 16.
SATA is supposed to trade near $100 and pay dividends on time, but has actually traded as low as $81.02 in February due to uncertainty about its enterprise.
Despite offering 13% annualized yield on $100 per share of par value, investors have been willing to sell preferreds as low as $97.29 in the past month.
As SATA has struggled to trade near $100, Strive has tried to encourage bids by hiking its dividend rate four times since its November 2025 debut.
Pharma bro and disgraced DOGE ex-leader Vivek Ramaswamy, co-founded the company alongside a former Bud Light executive. It just lost $265 million for its shareholders within three months.
ASST down 85% but the company found ‘zero-to-one’
The company’s common stock opened for trading today at $16.83. Last May, it was trading above $268.
Chairman and CEO Matthew Cole called the daily-dividend mechanic “a true zero-to-one innovation,” as though Zero to One author Peter Thiel would agree that daily dividends are as important as the automobile or word processor.
Read more: Every time Michael Saylor said he’d never sell bitcoin
For the three months ending March 31, Strive reported $2.76 million in revenue against a $265.9 million GAAP net loss. Net loss to common stockholders hit $279.4 million, or $4.53 per share of ASST.
The dividend math is punishing. There are roughly 4.4 million SATA shares outstanding with a $100 stated value apiece. At 13%, dividends declared on the full preferred stack run above $55 million per year.
To service these dividends, the company generated just $2.76 million in quarterly revenue and no profit.
In other words, a company with $11 million in revenue and no recent profitability is committed, every business day, to payouts annualizing above $55 million plus operational expenses.
The only thing that will pay for those dividends over the long term is if BTC rallies substantially. That’s Strive’s sincere hope.
Investors in the company’s common stock since May 22, 2025 have lost 93% of their capital and received no dividends. SATA holders, meanwhile, own a highly volatile stock that is supposed to trade like a high-yield stablecoin and pay 13%, despite no profitability to support those payouts.
Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTubechannel.
XRP (XRP) has recovered from its April lows of $1.26, rising as much as 19% to a three-week high of $1.50 on Sunday.
Whale activity, network growth and a strengthening technical setup suggested that the XRP/USD pair was primed for a move higher once resistance at $1.50 is broken.
Key takeaways:
- XRP whale addresses hit record highs of 332,230, indicating accumulation.
- XRP Ledger monthly transactions hit an all-time high of 71 million in April.
- Price must break above the $1.50 resistance to continue its upside toward $2.
XRP whales show growing conviction
XRP whales remain confident about the prospects of a breakout, using the recent consolidation range to accumulate more tokens.
Santiment’s whale count metric indicates that the number of wallets holding at least 10,000 XRP has reached an all-time high of about 332,230.
“This extends a consistent growth trend that has been building since June, 2024,” Santiment said in an X post on Wednesday.
Related: XRP analysts watch key support zone as $12 price target emerges
The market intelligence firm explained that the amount of mid to large stakeholders continuing to grow is an important long-term signal showing that “larger holders have kept accumulating even during periods of volatility and uncertainty,” adding:
“Historically, rising numbers of mid-to-large wallets suggest increasing conviction from investors who are less focused on short-term price swings and more interested in long-term positioning.”
XRP Ledger whale wallets. Source: Santiment
This aligns with growing XRP Ledger (XRPL) activity, whose monthly transactions jumped to a new all-time high of 71 million in April from 43 million a year ago, representing a 65% year-over-year growth, according to data from Evernorth.
The XRP treasury firm said that the growth was driven by institutional utility tied to Bitstamp, RLUSD, Braza Bank, and DeFi protocols as XRPL continues to expand its compliance-focused infrastructure.
XRPL transaction activity. Source: Evernorth
Meanwhile, analyst CW8900 said XRP whale long positions remain dominant relative to retail positions, suggesting that they are “maintaining a bullish view” of the market
XRP whales vs. retail delta. Source: CW8900
XRP needs to flip $1.50 into support
XRP is seeking to break out from an ascending triangle, which has capped its price action since early February, as shown below.
An ascending triangle is a bullish continuation pattern formed when the price consolidates between a horizontal resistance line (flat top) and a rising support trendline (higher lows). A breakout above resistance with increased volume often precedes a strong upward move.
XRP appears to be on a similar trajectory, but bulls need to flip $1.50, where the 100-day exponential moving average (EMA) and the triangle’s resistance line converge, to confirm the breakout. Note that the price has been rejected from this supply area four times since mid-February.
Another stiff barrier lies within the $1.67 and $1.70 supply zone, where the 200-day EMA sits. Higher than that, the next logical move would be toward the measured target of the triangle at $1.98, roughly 36% above the current price.
XRP/USD daily chart. Source: Cointelegraph/TradingView
“$XRP has been defending its daily 20 EMA since it was reclaimed in early May ($1.42), which has since been guiding the price higher,” analyst ChartNerd said in a Thursday post on X, adding:
“$1.50/55 remains an imminent resistance to break.”
Zooming out, fellow analyst Neel said XRP/USD “needs a clear break above $1.60 for any meaningful short-term rally,” but rising above $2.00 would “generate fresh momentum.”
XRP/USD weekly chart. Source: X/Neel
As Cointelegraph reported, the $1.50-$1.60 is a critical level for the bulls to overcome in the short term, as a break above could signal a potential trend change, propelling XRP price toward $2.40.
Crypto World
Grove Launches Basin With up to $1 Billion in Daily Liquidity for Tokenized Real-World Assets
Grove has launched Basin, a DeFi protocol providing instant onchain stablecoin liquidity for tokenized real-world assets with up to $1 billion in daily liquidity capacity.
The new futures product will be CME Group’s first market capitalization-weighted cryptocurrency futures contract and will be available in both standard and micro contract sizes.
Summary
- CME Group said it plans to launch Nasdaq Crypto Index futures on June 8 pending regulatory approval.
- The new product will become CME’s first market capitalization-weighted cryptocurrency futures contract.
- The index currently tracks major cryptocurrencies including Bitcoin, Ethereum, SOL, XRP, ADA, LINK, and XLM.
CME Group announced plans to launch Nasdaq CME Cryptocurrency Index Futures on June 8, expanding its suite of regulated digital asset derivatives products as institutional demand for diversified crypto exposure continues to grow. According to the company’s announcement, the contracts are currently awaiting regulatory review.
The exchange operator said the contracts are designed to provide investors with a more capital-efficient way to gain exposure to leading digital assets through a single financially settled instrument.
At expiration, the contracts will settle against the Nasdaq CME Cryptocurrency Settlement Price Index, which tracks the performance of the most actively traded cryptocurrencies in the market. As of May 14, the index includes Bitcoin, Ethereum, Solana, XRP, Cardano, Chainlink, and Stellar.
CME expands institutional crypto offerings
The launch marks another step in CME’s broader expansion into cryptocurrency derivatives as traditional financial firms continue building products tied to digital assets. CME already operates futures markets for Bitcoin, Ethereum, and several micro-sized crypto contracts that have become widely used by institutional traders for hedging and portfolio management.
The addition of a multi-asset index product comes as investor appetite for diversified crypto exposure increases beyond the two largest cryptocurrencies. In a previous crypto.news story, institutional Bitcoin investment demand showed signs of moderating after months of heavy ETF inflows, prompting market participants to explore broader crypto allocation strategies.
The new index futures also arrive amid rapid growth in crypto derivatives trading volumes across both centralized and decentralized venues. Another crypto.news story highlighted Coinbase’s expanding USDC partnership with Hyperliquid as trading firms increasingly seek deeper liquidity infrastructure for digital asset markets.
Meanwhile, traditional exchanges continue competing to capture institutional crypto trading activity through regulated products. Earlier this year, crypto.news reported in another story that Cboe expanded its crypto-related ETF initiatives as Wall Street firms accelerated digital asset product development.
By introducing a market cap-weighted crypto index futures contract, CME appears to be positioning itself to serve investors seeking broader exposure to the digital asset sector without directly holding individual cryptocurrencies.
Crypto World
NVIDIA Stock Hits Record as CEO Calls Trump China Visit ‘Most Important in Human History’
NVIDIA stock reached a record $236.46 on Thursday after Washington cleared H200 chip sales to roughly 10 Chinese firms. CEO Jensen Huang described President Trump’s China summit as one of the most important in human history.
The Department of Commerce approval clears Alibaba, Tencent, ByteDance and JD.com to purchase NVIDIA’s flagship AI accelerator. Lenovo and Foxconn received approval as distributors. The decision unwinds curbs that closed off a market worth roughly $8 billion in annual sales.
Chip Ban Reversal Lands Top Chinese Buyers
The US Department of Commerce signed off on H200 purchases for around 10 Chinese companies, according to Reuters.
October 2023 export controls had effectively shut China out of NVIDIA’s most advanced inventory. The region historically generated nearly a quarter of the chipmaker’s revenue.
However, no physical deliveries have taken place because Beijing is still reviewing the transactions on its side.
The pace of Chinese regulatory clearance will determine how quickly the policy reversal converts into reported revenue.
NVIDIA Stock Lifts Market Cap Past $5.6 Trillion
NVIDIA’s market value reached $5.69 trillion, overtaking silver as the world’s second-largest asset by aggregate value.
The company now exceeds the gross domestic product of every nation except the United States and China. Alphabet sits less than 4% below the $5 trillion mark.
As of this writing, Nvidia’s NVDA stock was trading for $236.46, up by almost 5% since the Thursday session opened.
Meanwhile, shares climbed sharply on the Commerce ruling. Traders view Chinese demand as the missing piece in NVIDIA’s data center expansion.
The China market had peaked near $8 billion in annual revenue before the export controls cut it close to zero.
Whether Beijing signs off on the first H200 shipments will dictate how quickly Washington’s reversal feeds NVIDIA’s data center sales.
The question now is whether AI hardware demand can keep widening the gap between technology valuations and physical commodities.
The post NVIDIA Stock Hits Record as CEO Calls Trump China Visit ‘Most Important in Human History’ appeared first on BeInCrypto.
Key takeaways
- Bitcoin has dipped below $80,000 after being rejected by the key 200-day EMA supply zone.
- US-listed spot ETFs recorded an outflow of $635 million on Wednesday.
Bitcoin (BTC) fell below $80,000 on Thursday after failing to overcome a key overhead supply area earlier this week.
The pullback is attributed to fading institutional demand, with spot Exchange Traded Funds (ETFs) experiencing significant outflows, as well as a surge in traders’ profit-taking activity, increasing selling pressure on the leading cryptocurrency.
Highest single-day ETF outflow in three months signals weakening institutional demand
Institutional demand for Bitcoin has weakened, with spot ETFs recording a massive outflow of $635.23 million on Wednesday, the highest single-day withdrawal since the end of January.
According to CoinGlass data, this marks the second consecutive day of withdrawals this week. If outflows persist or intensify, Bitcoin’s price correction could continue, further amplifying the bearish pressure.
Profit-taking among Bitcoin holders has surged, further adding to the selling pressure. CryptoQuant’s weekly report highlights that 14,600 BTC were realized in daily profits on May 4, the highest figure since December 10.
The 37% rally from the April lows has brought Bitcoin holders back into profitable territory, triggering a wave of selling. This kind of behavior typically precedes further price declines, as traders capitalize on their gains.
Bitcoin price forecast: BTC could dip below $79,000
Bitcoin is trading at $79,458 on Thursday, having faced rejection from the overhead supply zone.
The cryptocurrency has corrected for three consecutive days this week but is still holding above the 50-day and 100-day Exponential Moving Averages (EMAs), which are clustered just under $76,800.
Despite this, Bitcoin remains capped below the 200-day EMA at $81,986 and the key 61.8% Fibonacci retracement at $83,437.
While the broader uptrend remains intact, the technical outlook suggests a cautious approach. The Relative Strength Index (RSI) hovers in the mid-50s, indicating a mild bullish bias, but the Moving Average Convergence Divergence (MACD) line is still in negative territory, hinting at tentative upside momentum.
If the bearish trend persists, immediate support is found at the 50% Fibonacci retracement level around $78,962, followed by the 100-day EMA at $76,756 and the 50-day EMA at $76,479.
If selling accelerates, further support lies at the 38.2% Fibonacci retracement near $74,487 and the broken upward trendline around $70,171.
On the upside, bulls need to clear the 200-day EMA at $81,986 to ease immediate pressure. Resistance then emerges at the 61.8% Fibonacci retracement at $83,437 and the horizontal barrier near $84,410.
A daily close above this level would strengthen the case for a renewed push toward the January highs of $97,924.
Internet Computer (ICP) Tumbles 10% Daily: Is Coinbase Responsible for the Plunge?
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