Crypto Daily is our column tracking crypto market trends, offering timely insights and valuable updates to keep you informed.

Crypto News

Bitcoin Flat as Stocks Rise Amid Growing Rate Cut Expectations

The price of Bitcoin sank and then plateaued on Thursday, even as U.S. stocks advanced on rising rate cut hopes and U.S. President Donald Trump’s latest trade-related utterances.

Bitcoin was recently changing hands around $93,300, roughly flat over the past day, after falling as low as $91,800 midday, according to crypto data provider CoinGecko. Altcoins were mixed, with Ethereum falling 1.8% to $1,760 while Solana climbed 1% to around $151.

In an interview with CNBC’s Squawk Box, Beth Hammack, President of the Federal Reserve Bank of Cleveland, said the central bank will be “preemptive” on rate cuts when it becomes clear how Trump’s on-again, off-again tariffs are impacting the U.S. economy.

Cantor Affiliate's Stock Skyrockets Ahead of Merger for $3.9B Bitcoin Company

Shares of Cantor Equity Partners (CEP), an investment firm affiliated with crypto-friendly Cantor Fitzgerald, soared 50% on Thursday following news that it plans to merge to become a new Bitcoin-based company. The shares has soared approximately 134% over Wednesday and Thursday.

CEP is a blank check company—an entity created to acquire or merge with others to help them go public. 

On Wednesday, the firm announced that it would launch Twenty One via a planned SPAC merger. Twenty One will be a publicly traded, Bitcoin-centric company that plans to debut with a treasury of more than 42,000 coins—over $3.9 billion worth at today’s prices.

Derivatives Exchange CME Set to Launch XRP Futures in Crypto Push

CME Group will launch futures contracts tied to the XRP cryptocurrency next month, the derivatives exchange said on Thursday, aiming to tap into the growing interest in tokens other than bitcoin and ether.

The cash-settled futures are set to launch on May 19, pending regulators' approval.

Futures contracts let traders bet on or hedge against the future price movements of an asset, without owning it.

Banks No Longer Need to Notify Fed Before Engaging in Crypto Activities

The Federal Reserve said Thursday evening it will no longer obligate member banks to provide advanced notice of crypto and stablecoin-related ventures, and will instead monitor engagement with digital assets like it would any other banking activities. 

The announcement comes weeks after parallel moves by the FDIC and Office of the Comptroller of the Currency, two other key federal banking regulators. Those agencies similarly clarified that banks are legally permitted to engage in crypto-related activities and no longer required to receive explicit permission from regulators to do so. 

In January 2023, in the wake of FTX’s historic collapse, the three aforementioned agencies jointly issued guidance strongly discouraging American member banks from engaging with crypto, and ordering them to provide notice of any such intention. 

Bitcoin Spot ETF Flow

The overall net oinflow of the US Bitcoin spot ETF on Thursday was $442 million. The total net asset value of Bitcoin spot ETFs is $106.97 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.77%.

Source: SoSoValue

The Bitcoin spot ETF with the highest net inflow on April 24 was iShares Bitcoin Trust (IBIT), with a net inflow of $327.32 million. Following that was ARK 21Shares Bitcoin ETF (ARKB), with a net inflow of 97.02 million, according to SoSoValue.

Source: SoSoValue