Bitcoin surged to nearly $100,000 this week. Optimism over a China-U.S. trade deal and stronger economic signs helped push the price upward. Institutional players like BlackRock and Mastercard also revealed new crypto strategies, adding momentum to digital markets.
Movement Labs was criticized following a $38 million token dump. News reported a market-making arrangement transferred control of millions of MOVE tokens to a third party. That precipitated a selloff to the detriment of retail buyers. As a response to it, trading in MOVE was suspended by Coinbase, and Binance banned the market maker.
Trump ties to Bitcoin and crypto under scrutiny
The scandal has resulted in reviews of governance and the suspension of co-founder Rushi Manche. The company, previously a rising brand, is also in the news today for its association with World Liberty Financial and its political affiliations. Sam Altman’s World, meanwhile, made a major U.S. launch announcement.
It will install 7,500 eye-scanning orbs and add services including crypto loans, prediction markets, and a WLD token debit card by the end of this year. The Trump family remained in the headlines, most notably with regards to connections to crypto companies and debates over regulation. Worries over influence and conflicts of interest were expressed by observers.
Congress was on the verge of passing major stablecoin legislation. Congressmen intimated that substantial crypto legislation may progress at a rapid rate this summer. The legislation might define stablecoins’ activity in the U.S., with market-wide implications.
Kraken revenue jumps 29% during earnings season.
There were also earnings season updates. Kraken reported a revenue gain of 29%. Robinhood posted a warning of reduced crypto revenue in Q1. Strategy recorded a loss of $4.2 billion due to Bitcoin’s decline in value but mentioned it will buy more than $50 billion worth of new Bitcoin in the next 32 months.
In addition to this, Mango Markets hacker Avraham Eisenberg also has additional charges against him for child abuse material identified in 2024. He was already found guilty of wire and commodity fraud in a scheme worth $110 million.
The crypto market, in all its volatility and its run-in with the law, was resilient. Investor interest is still strong with regulation clamping down and adoption picking up. But scandals such as the Movement’s only serve to remind us of questions about trust and control. Prices are rising and new technology is debuting and it is a busy-looking future. However, all projects cannot withstand pressure.
