This week’s crypto landscape features significant moves with 21Shares filing for a Dogecoin ETF, while BlackRock’s tokenisation plans gain momentum. Truth Social is launching a utility token, and Ripple aims to acquire Circle at a $20B valuation. Notably, the UK plans to ban borrowing for crypto purchases, MOVE token crashed 22% due to a scandal, and Trump endorsed a bill for the U.S. to buy 1 million Bitcoin. Overall, Bitcoin is climbing, and Cardano shows promising signs as whales stock up on tokens.
It’s been a whirlwind week in the world of cryptocurrency, once again showcasing how dynamic this space can be. From the introduction of potential ETFs to significant corporate moves, we’ve got a lot to unpack. Bitcoin (BTC) and decentralized finance (DeFi) remain the headline acts, amidst a flurry of regulatory chatter and market shifts. Here’s a look at the most relevant news from April 27 to May 3, 2025.
In an exciting development, 21Shares has submitted a filing with Nasdaq to launch the first U.S. spot Dogecoin (DOGE) ETF. This move aims to securely hold actual Dogecoin through Coinbase, a significant leap in introducing a meme coin to American financial markets. Analysts are feeling optimistic about the chances of approval this year—if it happens, it could mean Dogecoin finally steps into the spotlight of mainstream investment.
Not to be outdone, BlackRock is jumping on the tokenisation bandwagon with a filing to the SEC for its Treasury Trust Fund. Named “DLT Shares,” these blockchain-based shares won’t actually hold any crypto but will mirror ownership records via a blockchain ledger maintained by BNY Mellon. This initiative underscores BlackRock’s ambition to stay relevant as the real-world asset tokenisation race heats up, alongside competitors like JPMorgan and Fidelity.
Truth Social, the social media platform linked to Trump, is gearing up to launch a utility token along with a digital wallet for various services and subscriptions. Initially, this token will facilitate payments for its Truth+ streaming service, hinting at plans for future use in broader financial services. It’s said that Trump Media has garnered up to $250M in crypto backing for this venture, but specifics are still a bit murky. Interestingly, fears of competition led to a 10% drop in the TRUMP memecoin.
Meanwhile, Sui is making waves in the Bitcoin DeFi arena by announcing its integration of sBTC, a Bitcoin-backed asset on the Stacks network. This new offering is supported 1:1 by Bitcoin itself, allowing for smart contract capabilities that can inject liquidity into Sui’s burgeoning DeFi landscape. Over the last week, the Bitcoin-based DeFi space has already accumulated more than $9.6B in assets locked in.
In some bittersweet news, Ripple may be significantly increasing its acquisition bid for Circle to around $20B after a previous offer of $5B was turned down. If confirmed, this acquisition would enable Ripple to control the USDC stablecoin, which is vital for cross-border payments. This news comes at a strategic time, as Circle appears to be moving towards a U.S. IPO, and recent successes in regulation have boosted Ripple’s confidence.
On a slightly concerning note, the UK’s FCA is considering banning retail investors from using borrowed funds to purchase cryptocurrency. This decision follows data revealing that 14% of British individuals financed their crypto investments through credit in 2024, significantly up from previous years. The aim here is to mitigate reckless speculation and consumer risk, though the potential exclusion of regulated stablecoins has sparked some debate.
In a shocking turn of events, the MOVE token witnessed a dramatic 22% crash due to a scandal involving token dumping. Reports indicated that a market maker associated with Web3Port dumped a staggering 66 million tokens, leading to the suspension of co-founder Rushi Manche. Major exchanges like Coinbase and Binance acted quickly, curbing trading on the token, which has left investor confidence hanging by a thread.
There’s also buzz in the political arena as Senator Cynthia Lummis unveils the BITCOIN Act, proposing a monumental purchase of 1 million Bitcoins by the U.S. government. President Trump’s endorsement of this bill has stirred excitement among investors in both the political and crypto sectors. If successful, it would represent the largest crypto acquisition ever, with possibilities of price surges on the horizon as Trump pressures the Fed to ease interest rates.
On a more optimistic note, Bitcoin has surged over 30% recently, edging closer to its all-time high of $109K. Analysts, like those at Ark Invest, are predicting an extreme upsurge to around $2.4M by 2030. Three factors fuel this optimism: a five-year low in exchange supply, record ETF inflows hitting $112B, and a long-term pricing chart pointing to strong upward momentum. Many believe that a significant breakout isn’t far off.
Lastly, Cardano (ADA) appears to be preparing for its own surge. In April alone, whales acquired 410 million tokens, and this accumulation gives rise to bullish prospects for ADA. Analysts point to strong technical indicators, with potential price targets between $1.40 and $3.20, and some even mentioning a lofty target of $9. These recent purchases hint at an impending breakout, especially with ADA’s current trading prices hovering around $0.70.
