Anthropic’s China AI Warning

Good Morning,

Here's a quick preview of today's content: $47M in crypto frozen in global takedown, House Dems seek answers on AI advisers, Kraken in talks to buy 15% stake in DeFi lender Aave, 'Stablecoin' Google searches down -54%, Senate races to advance crypto legislation in July, and so much more

It's finally Friday - Let's dive in.

Market Snapshot

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• Bitcoin flash crashes to $58,000 as market waits for support

  • BTC supply in loss reaches record high of 10.83M BTC

  • Strategy's STRC dives further as $10B options expiry risks intensifying selloff

  • USDT0 stablecoin crosses $100B transaction volume milestone

• Crypto relief rally fails to shake bearish signal, though a short-squeeze setup emerges

Prediction Markets

• Bettors on Polymarket are predicting XRP price in June?

• Track and trade live odds on any event, only on Polymarket

Headline Roundup
^{_{The major headlines driving crypto markets}}

• Anthropic urges Congress to crack down on AI by Chinese (DC)

• CoinEx denies knowledge of aiding Iran crypto market (DC)

• CZ says time behind bars didn't hurt his business (CD)

• Senate races to advance crypto legislation in July (TB)

• Invesco files for tokenized stablecoin-reserve fund (TB)

• Polymarket refunds users after scammers swipe millions (DC)

• 60% of bettors on Polymarket are first-time crypto users (CT)

• Half of UK wealth advisers say clients' crypto is 'invisible' to them (TB)

• Kraken sues crypto derivatives firm PowerTrade (CD)

• 'Stablecoin' Google searches down -54% (TB)

• Circle and Nomura join forces to target market in Japan (CD)

• Ether network Base recovers after production issue (DC)

• Story Protocol rebrands in AI pivot (DC)

• Kraken expands OTC lending (TB)

• Trezor Academy releases doc on Africa's bitcoin economy (BM)

• Sophon sunsets its Layer 2 blockchain (TB)

M&A Announcements

• SBI Holdings acquires Japanese crypto exchange Bitbank (TB)

• Kraken in talks to buy 15% stake in DeFi lender Aave (CD)

Launches

• Ripple launches stablecoin in Japan (TB)

• Kraken and Maple launch facility for crypto loans (CT)

• Spark and Uniswap build stablecoin layer (TB)

• Bitplanet launches bitcoin mining operations (BM)

Regulation

• House Dems seek answers on AI advisers (CT)

• Binance faces EU service limits (CT)

• South Korea fines Bithumb for sharing data (TB)

• Indonesia sets rules for influencers promoting crypto (CT)

Cybersecurity

• $47M in crypto frozen in global takedown (DC)

• Thailand issues warrant tied to $28M illegal crypto mining (TB)

• Four arrested in Poland over crypto attacks (TB)

Extra Reads

• Bitcoin miners once fought over cheap electricity, now AI companies want the same power, and the crypto firms sitting on it are being valued more for their grid connections - Here's why power may matter more than crypto

Chart of the Day

Weekly crypto card transaction volumes surpasses $200M

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*DISCLAIMER: Investment advice provided by Autopilot advisers LLC, an SEC registered investment advisor. Past performance does not guarantee future results. Investing carries risks including the risk of the loss of principal. Performance doesn't include fees. See more here.