This week has been remarkably positive for the cryptocurrency market as prices have surged, significant deals have been inked, and stablecoins continue their deepening integration into the financial landscape. Notably, Ethereum (ETH), which has experienced its share of challenges recently, has notably risen sharply, hitting nearly $2,300 at the time of reporting.
The CoinDesk 20, an important indicator of the overall market’s health, has increased by over 15% since the beginning of the week.
Bitcoin has approached all-time-high levels due to a wave of positive trading news. As reported by Omkar Godbole, bearish positions were liquidated and there was an uptick in ETF flows, further bolstering market sentiments.
ETH’s impressive rebound can be partly attributed to the recent Pectra upgrade, executed smoothly as Ethereum upgrades typically are. This improvement aims to streamline and expand staking opportunities while enhancing overall efficiency. Our Ethereum reporter, Margaux Nijkerk, sheds light on this pivotal update.
In a groundbreaking move, Coinbase has announced its intention to acquire Deribit, a crypto options pioneer, for an unprecedented $2.9 billion. Wall Street analysts are now recognizing Coinbase as a serious contender in the derivatives arena, on par with major player Binance.
Despite this landmark acquisition, Coinbase’s stock price has been under pressure following disappointing Q1 earnings, impacted by tariffs. Helene Braun provides an analysis of this situation.
On the subject of stablecoins, Meta (formerly Facebook) appears poised to join the integration movement, a sentiment echoed by Stripe as well. However, Senate Democrats are [reportedly stalling the stablecoin bill](https://ift.tt/VGqITeJ), citing concerns regarding various controversial Trump-linked crypto initiatives. This delay could potentially derail progress on a broader “market structure” bill.
In a historic move, New Hampshire has become the first state to enact a crypto reserve law, setting a precedent that could inspire similar actions in other states, as highlighted by Jesse Hamilton.
Additionally, Strike, which began as a Bitcoin wallet, has disclosed its plans to enter the bitcoin-based lending sector. Many industry observers anticipate a significant expansion of the bitcoin credit market as a result.
This week’s developments occur in stark contrast to the shadow cast by the sentencing of Celsius CEO Alex Mashinsky to 12 years in prison for securities fraud related to past involvements in the market. The hope is that this new wave of bitcoin lending will yield more positive outcomes moving forward.
