Hey there, fellow crypto enthusiasts! Crypto Willy here with your weekly rundown of what's been happening in the blockchain universe.
The big news this past week has been Bitcoin smashing through the $100,000 barrier! After opening at $94,272 on May 13th, BTC climbed steadily following the May 8th FOMC meeting where Jerome Powell urged caution before cutting rates. The momentum continued as a U.S.-China trade deal materialized, pushing Bitcoin to hit $105,787 on Monday, May 12th. Despite a slight dip to $103K due to CPI fears, Bitcoin has been holding strong above $102,800, with a 10% weekly increase and a 33% rise in trading volumes.
Speaking of Bitcoin, the upcoming Bitcoin 2025 conference in Las Vegas (May 27-29) is generating serious buzz as Vice President JD Vance is set to headline the event. He'll be joined by Donald Trump Jr., Eric Trump, and David Sacks, marking the first time a sitting VP has headlined this major crypto gathering.
On the institutional adoption front, Metaplanet has added 1,241 BTC to their treasury, bringing their total holdings to a whopping 6,796 BTC (valued at approximately $706 million). Tim Draper didn't mince words, stating that companies without bitcoin treasuries are "being irresponsible." Meanwhile, Michael Saylor shared insights on how artificial intelligence tools helped fund BTC purchases, with Strategy adding another 1,895 BTC (about $180 million) just last week.
In regulatory news, New Hampshire has signed a bitcoin reserve bill into law, allowing up to 5% of public funds to be invested in digital assets with market caps above $500 billion. Arizona is updating its unclaimed property laws to create a Bitcoin and Digital Asset Reserve Fund, though two similar BTC bills in Florida were withdrawn.
For the startup scene, YZi Labs (formerly known as Binance Labs) has launched a $500K program called EASY Residence for Web3, AI, and healthcare startups. It's a 10-week in-person program offering $150K for 5% equity and $350K via an uncapped SAFE. Interested founders have until May 21, 2025 to apply.
In the XRP universe, XenDex is making moves by preparing for its first security audit and unveiling its platform mockup. They're encouraging investors to buy $XDX tokens now as they advance toward these milestones.
Some analysts are even speculating that we might be entering what they're calling the "Omega Bull" market, suggesting that with Bitcoin Treasury Companies emerging globally as "perpetual HODL liquidity vacuums," another Bitcoin crash seems increasingly unlikely.
That's all for this week's update! This is Crypto Willy, your blockchain buddy, signing off until next time. Stay decentralized, my friends!
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