Cantor plans $3B crypto venture with SoftBank, Bitfinex and Tether: Report
Brandon Lutnick, chair of investment banking firm Cantor Fitzgerald, is reportedly partnering with SoftBank, Tether and Bitfinex to create a $3 billion crypto acquisition company.Lutnick and the consortium hope to create a publicly listed crypto acquisition company to capitalize on the market under crypto-friendly US President Donald Trump, and replicate Michael Saylor’s company Strategy, the Financial Times reported on April 23, citing three people who have been briefed on the plan.Cantor Equity Partners raised $200 million in January for the new firm called 21 Capital. At the same time, stablecoin issuer Tether will fork out $1.5 billion in Bitcoin (BTC), Japanese investment holding firm Softbank Group will contribute $900 million, and the crypto exchange Bitfinex will add $600 million.Lutnick’s new venture hopes to raise another $350 million in convertible bonds and a separate $200 million private equity placement to buy additional Bitcoin.Eventually, Tether, Bitfinex, and SoftBank’s Bitcoin investments will be converted into 21 Capital shares, with the value of the Bitcoin locked in at $85,000 per coin and shares costing $10 a pop.However, the deal hasn’t been finalized yet, and some details could change before it’s officially announced. Brandon Lutnick was named chair of Cantor Fitzgerald when his father, Howard Lutnick, stepped down to become the US Secretary of Commerce.Brandon Lutnick was named chair of Cantor Fitzgerald when his father, Howard Lutnick (right), became the US Secretary of Commerce. Source: White HouseCantor Fitzgerald, SoftBank, Tether and Bitfinex didn’t immediately respond to Cointelegraph’s request for comment.Cantor already well versed in crypto market Cantor Fitzgerald has managed Tether’s Treasury portfolio and $134 billion of reserves, mainly in US Treasury bills, since 2021. The firm also owns a 5% stake in the stablecoin issuer.Previously, Cantor acted in an advisory role for Tether’s $775 million investment in YouTube alternative Rumble in December last year.Related: Commerce Secretary Lutnick walks back tariff relief on electronicsMeanwhile, on March 11, Cantor Fitzgerald said it was rolling out a Bitcoin financing business with $2 billion in initial capital to help institutional investors borrow against their crypto holdings. Anchorage Digital and Copper were selected as Bitcoin custodians and collateral managers.Cantor Fitzgerald currently holds over $5 billion worth of assets across 275 total holdings, according to Fintel data.Magazine: XRP win leaves Ripple and industry with no crypto legal precedent set
Bitcoiners should be cautious over rally as stablecoin indicator lags: Analyst
Bitcoin’s 12% rally over the week and a surge in related exchange-traded fund inflows have analysts thinking it could soon reach $100,000, but one crypto analyst has said to temper hopes as a key indicator is still giving mixed signals.“Given that our stablecoin minting indicator has yet to return to high-activity levels, we remain cautious about the sustainability of the current Bitcoin rally,” 10x Research head of research Markus Thielen said in an April 23 markets report.Stablecoin absence may limit Bitcoin upsideThielen explained that a measured move from the falling wedge pattern, which traders perceive as a potential bullish reversal signal, shows that Bitcoin (BTC) may reclaim $99,000.He added, however, that “the absence of strong stablecoin inflows raises questions about follow-through.”Markus Thielen is watching the stablecoin minting indicator before confirming the Bitcoin uptrend is sustainable. Source: 10x ResearchBitcoin was trading at $93,133 at the time of writing, up 11.42% over the past seven days, according to CoinMarketCap. Thielen told Cointelegraph that stablecoin inflows “tend to correlate strongly with stickier money, while an increase in futures leverage could simply mean that fast traders are taking advantage of a quick move higher.” Spot Bitcoin ETF inflows surge, a true “demand-led rally”It comes as spot Bitcoin ETFs in the US posted inflows of $912.7 million on April 22, the highest level since Jan. 17, according to Farside data.Swyftx lead analyst Pav Hundal told Cointelegraph that the inflows suggest “this is a true, demand-led rally. Not just a hot flash of excited futures traders moving price.”“If the news headlines finally quieten, we could break new highs sooner than everyone thinks. A fast track to $100,000 looks plausible, but things change quickly in a Trump presidency.”Thielen said if uncertainty continues to decline, “a further acceleration could provide the liquidity needed to support a more sustained rally.”Related: Bitcoin risks 10%-15% BTC price dip after key rejection near $89KThe crypto market has experienced volatility and broader financial markets since US President Donald Trump imposed tariffs in early February. However, Trump’s recent comments have traders speculating that he’s softening his stance on the trade war, with some seeing this as bullish for markets.Thielen said the $95,000 price level is a key resistance level for Bitcoin and a “potential trigger point for short-stop liquidations.”He said it could push Bitcoin’s price higher if market strength continues.Magazine: Former Love Island star’s tips on how to go viral in crypto: Van00sa, X Hall of FlameThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Ethereum bounces back as market dominance recovers from all-time low
Ethereum’s price has surged after having been in the doldrums for weeks, helping boost its market share after it hit record lows.Ether (ETH) has surged almost 15% over the past 24 hours, topping $1,800 on April 23. It has outperformed Bitcoin, which notched a 6% gain, and the wider crypto market, which has climbed almost 5% to reclaim a total market value of $3 trillion. Ether has now managed to recover almost 30% since its April 9 crash to $1,400, leading some analysts to suggest that the worst may be over for the world’s second-largest crypto asset.“You can hate Ethereum all you want, but when it has a big day, the entire crypto ecosystem goes up,” crypto trader and analyst “Income Sharks” commented to their 640,000 X followers.Market analyst “Ash Crypto” said ETH was “about to explode,” drawing comparison from the current chart pattern for Ether to that for Bitcoin’s performance in late 2024. BTC vs ETH performance and prediction. Source: Ash Crypto Jeff Mei, chief operating officer at the crypto exchange BTSE, was not conviced Ethereum was moving idependently, and told Cointelegraph that Ether’s gain “was largely due to it tracking the price of Bitcoin and the overall market,” and that that Paul Atkins’ confirmation as chair of the US Securities and Exchange Commission had boosted overall market sentiment.Earlier this month, ETH had fallen back to bear market prices and had seen its market share dwindle amid a wide market downturn marred by fears of a trade war. On April 22, analyst “Rekt Capital” said that ETH’s market dominance has fallen back to all-time lows but “managed to protect 2019 all-time lows as support.” ETH dominance fell to its September 2019 low of 7% on April 22, according to TradingView. However, its subsequent price pump has seen that share bounce off this critical support level and return above 7.5% on April 23. ETH dominance lows. Source: Rekt CapitalFundamental catalysts supporting the move10x Research’s Markus Thielen told Cointelegraph that it hasn’t taken much to drive Ethereum higher, as a “heavily shorted market is now experiencing a squeeze.” Related: Ethereum Foundation shifts focus to user experience, layer-1 scaling Technically, Ethereum was oversold on both daily and weekly timeframes, setting the stage for a rebound, he said. “With the upcoming upgrade moving to mainnet, there’s also a fundamental catalyst supporting the move.” Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest
Tesla holds onto Bitcoin as Musk says time at DOGE to ‘drop significantly’
Tesla has held onto its Bitcoin during the first quarter of 2025 as CEO Elon Musk promised shareholders that he would scale back his time working as the Trump administration’s cost-cutting czar.Musk’s comment appears to have been the main catalyst behind Tesla’s (TSLA) 5.4% price jump in after-hours trading on April 22 to $250.80 after closing the trading day up 4.6%, according to Google Finance. It comes as the automaker’s Q1 results released the same day show revenues hit $19.34 billion, missing Wall Street estimates by 7.85% and marking a 9.2% fall from the same period last year.Tesla’s net income of $409 million also marked an 80.8% quarter-on-quarter drop and a 70.5% fall from Q1 2024.Source: TeslaTesla’s digital asset holdings dropped 11.61% in value from $1.076 billion to $951 million in Q1, alongside Bitcoin’s (BTC) 11.56% price fall to $82,514 over the same time, according to CoinGecko data.A new rule from the Financial Accounting Standards Board allows public companies to report their crypto holdings at market value. Before, only losses were recorded — unless the crypto was sold. Tesla’s 11,509 Bitcoin stash is now worth over $1.07 billion as a result of the market rebound over the last week, according to Bitcoin Treasuries data. Tesla’s Bitcoin holdings haven’t changed since June 30, 2022.Musk to ease up on DOGE dutiesIn an April 22 earnings call, Musk promised that he would scale back his time working at the Trump administration’s so-called Department of Government Efficiency, or DOGE, to focus more on Tesla.“Starting probably next month, May, my time allocation to DOGE will drop significantly,” Musk said. “I’ll be allocating far more of my time to Tesla now that the major work of establishing the Department of Government Efficiency is done.”Musk said he’ll continue to spend “a day or two per week” on DOGE-related matters for as long as US President Donald Trump needs to ensure the “waste and fraud that we stop does not come roaring back.”Related: Peirce signals SEC ‘reorientation’ under new chair Paul AtkinsTesla’s 5.4% rise in after-hours came on the back of a 4.6% increase to nearly $237 during the April 22 trading day as the broader market clawed back some losses from earlier in the week.Tesla shares are still down over 37% year-to-date, driven partially by declining sales, Musk’s increased political presence and economic uncertainty stemming from Trump’s tariffs.Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why
SEC says it won’t re-file fraud case against Hex’s Richard Heart
The US Securities and Exchange Commission has said it doesn’t intend to refile its securities fraud complaint against Hex founder Richard Schueler, who goes by Richard Heart.“Plaintiff Securities and Exchange Commission provides this notice that it does not intend to file an amended complaint in this matter,” the regulator’s lawyer, Matthew Gulde, stated in an April 21 letter to New York District Court Judge Carol Bagley Amon. The court had previously dismissed the SEC’s original complaint on Feb. 28 as Judge Amon said the regulator failed to establish that it had jurisdiction over Heart’s activities, which she said were not specifically targeted at US investors.She granted leave for the SEC to file an amended complaint by March 20, later extending the deadline to April 21.Heart posted to X on April 22 that “Richard Heart, PulseChain, PulseX, and HEX have defeated the SEC completely and have achieved regulatory clarity that nearly no other coins have.”Letter from the SEC to Judge Amon. Source: PACERHeart added that the SEC walked away from some of its other cryptocurrency cases voluntarily, but claimed his was the only case where “the SEC lost and crypto won across the board, with a dismissal in court of every single claim the SEC brought.”Heart said it was a victory for open-source software, cryptocurrency and free speech because the SEC “actually sued software code itself in this case.” SEC hunted Heart in FinlandThe SEC sued Heart in July 2023 for alleged unregistered securities offerings of three tokens, HEX, PulseChain (PLS), and PulseX (PSLX), claiming he made more than $1 billion by touting the tokens as a “pathway to grandiose wealth for investors.”In April 2024, Heart tried to have the suit tossed, claiming the regulator “has no sway over him,” because he didn’t reside in the United States. Related: Finnish police seize watches worth $2.6M from Hex founder Richard Heart: ReportThe SEC opposed this in August, claiming he touted the tokens at a Las Vegas event. In December 2024, Interpol issued a Red Notice for Heart, seeking his arrest in Finland, where he was also suspected of tax evasion. The PulseChain native token (HEX) hit an all-time high of $0.031 in December 2024 but has since tanked 76% as most altcoins have failed to follow Bitcoin’s momentum this year. The SEC has dropped or suspended several cases against crypto firms so far this year under the Trump administration.Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest
Trump Media inks deal with Crypto.com for ‘Made in America’ ETFs
US President Donald Trump’s media conglomerate, Trump Media and Technology Group, has signed an agreement with crypto exchange Crypto.com to launch exchange-traded funds “with a Made in America focus.”Trump Media, which operates the social media site Truth Social, said on April 22 that it signed a binding agreement with Crypto.com and asset manager Yorkville America Digital to launch ETFs, which “are expected to comprise digital assets as well as securities with a Made in America focus spanning diverse industries such as energy.”The funds will launch through Trump Media’s decentralized finance brand, Truth.Fi, and will be available through Crypto.com’s broker-dealer, Foris Capital. The funds are expected to go live later in 2025, subject to regulatory approval. Trump Media plans to invest some of its cash reserves into the ETFs, which will be launched alongside a number of Truth.Fi Separately Managed Accounts. The US law firm Davis Polk will be advising on the development and launch of the products.The initiative is part of the firm’s financial services and fintech strategy, using up to $250 million custodied by Charles Schwab following a partnership agreement with the bank in January. The finalization of the agreement follows Trump Media and Crypto.com signing a non-binding deal in March.It’s set to be the latest crypto-related venture involving Trump and his family. The Trumps helped launch a crypto platform, World Liberty Financial, in October, which has a linked token and plans for a stablecoin.President Trump’s sons, Eric Trump and Donald Trump Jr., have also gone in on a crypto mining venture called American Bitcoin.Spot crypto ETFs rebounding Spot Bitcoin ETFs in the US have seen a turnaround in institutional interest, with more than $1 billion in aggregate inflows so far this week as crypto markets rebounded. Spot Bitcoin ETF flows turn positive. Source: CoinGlassRelated: Trump’s next crypto play will be Monopoly-style game — ReportIt comes after Bitcoin ETFs have been plagued by outflows over the past few weeks as the wider market entered a downturn, as Trump ramped up fears of a trade war with threats of tariffs, which were eventually implemented in early April.Meanwhile, Crypto.com’s native token, Cronos (CRO), has surged 12% after the company inked the deal with Trump Media, reaching $0.09. However, the exchange token remains down 90% from its 2021 all-time high of just under a dollar. Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest
Bitcoin price hits 7-week high as Trump softens tone on trade war
Bitcoin has broken above $93,000 for the first time in seven weeks, extending its post-Easter rally as recent macro events have analysts expecting more upside.Bitcoin (BTC) has climbed 5.62% over the past 24 hours and surpassed $93,000 on April 22 for the first time since March 3, continuing a 12% price rally its seen over the past seven days, according to CoinMarketCap.Bitcoin traders eye “craziest one-minute candle”Bitcoin quickly jumped from just below $91,500 to $93,000 in minutes, leaving traders guessing where the rally could go next.“This is the craziest one-minute candle I’ve ever seen on the Bitcoin chart,” Bitcoin commentator Michael Sullivan said in an April 22 X post.Edit the caption here or remove the textPseudonymous crypto trader Crypto General said Bitcoin “is going as planned, as stated in the last post, a breakout was eyes and today we witnessed our breakout.”Just hours before Bitcoin’s upside swing, crypto commentator “Ted” told his 158,200 X followers that Bitcoin is “going to catch up” with gold and the $100,000 price level, which it hasn’t seen since Feb. 3, is “loading.”It comes amid an improvement in crypto market sentiment, more money flowing into spot Bitcoin exchange-traded funds and US President Donald Trump’s softer tone on the trade war.On the same day, Trump said he had “no intention of firing” US Federal Reserve Chair Jerome Powell after previously criticizing him for not cutting interest rates. It comes only days after Trump called for his termination again in an April 17 Truth Social post, which led to speculation that he would follow through on threats and find a way to remove Powell.Trump just ticked “bullish boxes,” says traderAlongside this, Trump said tariffs on Chinese goods will “come down substantially,” though they “won’t be zero,” which led to an uptick in positive sentiment among crypto analysts.Related: Bitcoin-to-gold ratio risks 35% decline following Wall Street’s $13T wipeoutIn an April 22 X post, economist and crypto trader Alex Kruger said, “Trump just ticked most de-escalation/bullish boxes.” Investing with Brandon said the news was “bullish” too. Meanwhile, the day before, the 11 US spot Bitcoin ETFs saw a joint net inflow of $381.3 million.Traditional financial markets also ended the April 22 trading day in the green, with the S&P 500 up 2.51%, the Nasdaq rising 2.87%, and the Dow Jones gaining 2.66%, according to Google Finance data.Magazine: Former Love Island star’s tips on how to go viral in crypto: Van00sa, X Hall of FlameThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Australia’s top court sides with Block Earner, dismisses financial regulator's suit
The Federal Court of Australia has sided with fintech firm Block Earner in an appeal against a ruling that found it was required to hold a financial services license for its now-discontinued crypto-related products. Block Earner’s crypto-linked fixed-yield earning product is not a financial product, or a managed investment scheme, and is not a derivative under the Corporations Act, Justices David O’Callaghan, Wendy Abraham and Catherine Button said in an April 22 judgment. The trio said Block Earner’s yield product couldn’t be classed as an investment or financial product because users loaned crypto under fixed terms for interest payments and didn’t pool contributions to generate further benefits. The terms and conditions framed it as a loan, and users had no exposure to the firm’s business outside of the agreed interest rate, they added.A court has dismissed the legal proceedings against Block Earner and ordered Australia’s financial regulator to pay costs. Source: ASICThe Australian Securities and Investment Commission (ASIC), which first brought the case, has been ordered by the court to pay costs for the proceedings, including appeals. The regulator said in an April 22 press release that it is currently “considering this decision.”Block Earner’s chief commercial officer, James Coombes, told Cointelegraph the court decision brings clarity that crypto assets shouldn’t be treated differently from other asset classes when applying existing laws. “Our product was simply defined as one where customers would lend their assets to us for a fixed return, there was no share in the upside of the pool of assets and as such no Managed Investment Scheme existed,” he said. “The fact that it included crypto assets should not alter that simple definition, and I believe this case forms a bedrock for ambitious brands around Australia to build from.”An ASIC spokesperson declined further comment.Earner product won’t make a return Despite the win in court, Block Earner will not be reviving its Earner product after axing it when legal proceedings began, but Coombes said that “crypto-backed loans products remain the core focus of the company.”“Regulation going forward is not an easy task, and we empathise with the regulators on this point,” Coombes added. “We hope a collaborative process can bring about positive change.” Related: Australia outlines crypto regulation plan, promises action on debankingASIC launched civil legal proceedings in November 2022, arguing that Block Earner needed an Australian Financial Services License to offer its three crypto-linked fixed-yield earning products.In February 2024, an Australian court initially found the fintech firm would need a financial services license to operate its crypto yield-bearing products. Another June 2024 ruling released Block Earner from any financial penalties because it had “acted honestly” and pursued its legal opinions before launching the products, which ASIC appealed.Magazine: SEC’s U-turn on crypto leaves key questions unanswered