Compliance concerns grew last month when Binance made a $2 billion investment in a Trump family-linked stablecoin and is now under investigation. As TeraWulf announced a $13.5 million net loss for the first quarter, one PEPE whale walked away with $16 million in profit. As a result, Coinbase has now become the first CFTC-approved platform for 24/7 Bitcoin and Ethereum futures trading. Resolv Foundation Announces RESOLV Token Genesis Event Registration Moonshot launched Doodles ($DOOD).
Democratic Senators Call for Binance Investigation
A group of U.S. Democratic senators, including Senator Chris Van Hollen of Maryland and Senator Elizabeth Warren of Massachusetts, have jointly sent a letter to the Secretary of the Treasury and the Attorney General. The letter demands a probe into Binance’s involvement with the Trump family’s new digital asset initiative. Binance followed this up with a $2 billion investment in March. This investment included the USD1 stablecoin, which the Trump family has extensive control over.
Their concerns arise from the risk that FTA compliance will unnecessarily complicate the senators’ major investment. Concerns about the nature and purpose of the investment along with the overall heightened regulatory scrutiny have only intensified regulatory scrutiny on Binance itself. The stablecoin’s relations with an ever more visible political crime family have exacerbated these concerns that frightened politicians have clamored for higher transparency and accountability.
Third, Binance holds $1.3 billion in crypto assets, mostly Bitcoin, as investments. These are the types of arcane holdings that the senators will most likely zero in on. The House committee investigation aims to determine whether the exchange’s operations violated U.S. financial laws. It will consider whether any conflicts of interest exist.
TeraWulf Reports Q1 Net Loss
Bitcoin miner TeraWulf recently announced a first-quarter net loss of $61.4 million. Overall, the company’s financial performance was affected by very high revenue costs and a shrinking revenue base. As TeraWulf continues to release disappointing financial results, questions about the company’s operational efficiency and near-term potential for profitability have mounted.
In TeraWulf’s most recent quarter, revenue costs represented 71.4% of its revenue. This percentage being that high suggests that the company is investing a very large dollar amount of their profit on operating costs. The company completed the rise with a year-on-year decline in earnings, to $34.4 million.
The effect of both sides of the ledger—costs and revenue—merely stands to exacerbate the enormous $750 million net loss. In order for TeraWulf to make its bottom line healthier, the Company will have to find ways to overcome these financial hurdles. The company’s long-term success will be determined by how well they learn to control costs and grow revenue.
Whale Activity in PEPE
Speculator James Wynn has raked in $46.5 million in profits since March 13. Wynn earned that profit in less than 60 days by daytrading PEPE. This enormous win goes to show that while the crypto market is very unstable, a high rate of return is possible.
Or possibly a whale that has hoarded 2 trillion PEPE coins in the last 9 days and started to take profits. The whale's floating profit is $7.66 million. The whale’s move to cash out a portion of its portfolio may have a significant effect on the market value of PEPE.
A shrewd whale accumulated one such position in PEPE only seven days ago. They dumped 1 trillion PEPE thus making a clean profit of about $3.53m from it! These trades highlight just how fast you can make a killing in meme coin trading. Their activity as some of the largest institutional investors, and their subsequent influence on market sentiment and price movement can’t be overstated.
Coinbase Expands Futures Trading
Coinbase is about to make history y’all! It’s now the only compliant platform registered with the CFTC to provide 24/7 Bitcoin and Ethereum futures trading. This approval is a huge milestone for Coinbase. The firm’s move into futures trading opens up a range of new options for its customers to engage in the increasingly digital currency market.
The CFTC approval is particular apt given the current buzz over regulatory compliance, and Coinbase’s strong focus on compliance. Coupled with the exciting liquidity enhancement allowed by 24/7 futures trading, it’s sure to draw new traders to the platform. For the company, this is an effort to stake their claim as the premiere, trusted crypto exchange.
According to CitiGlobal Global Perspectives & Solutions, the launch of 24/7 futures trading would significantly boost trading volume and liquidity on Coinbase. This addition suits its retail-friendly image and makes it more enticing to institutional investors. Coinbase is still pushing the envelope and looking beyond what’s new and next in the cryptocurrency space.
Resolv Foundation and Moonshot Initiatives
Separately on X Platform, the Resolv Foundation shared that registration for the RESOLV Token Genesis Event had opened. Our upcoming token generation event will be a great opportunity for participants to get RESOLV tokens. The Resolv Foundation is committed to building innovation and economic prosperity in the cryptocurrency ecosystem.
Moonshot announced the launch of Doodles ($DOOD). With the addition of Doodles, Moonshot’s roster of digital assets continues to grow. Moonshot is still finding exciting new opportunities across the ever-changing crypto market landscape.
