Cryptocurrency markets experienced a downturn following the release of surprisingly high U.S. Producer Price Index (PPI) data, triggering over $1.1 billion in liquidations. The U.S. government reportedly favors Bitcoin accumulation only if it’s budget-neutral. Data from Arkham indicates the U.S. government holds approximately $24 billion worth of crypto assets. Senator Lummis is reigniting efforts to pass the BITCOIN Act.
Alternative cryptocurrencies (altcoins) are showing declining performance compared to Ethereum (ETH). Currently, $3.2 billion in ETH is awaiting withdrawal from staking platforms. The cryptocurrency HYPE is approaching the $50 mark, fueled by record-high trading volume.
In related news, Google has acquired an 8% ownership stake in Bitcoin mining firm TeraWulf. Atkins is scheduled to discuss “Project Crypto” later today. KindlyMD is planning to raise $540 million specifically for Bitcoin purchases. Abu Dhabi’s sovereign wealth fund possesses $534 million in Bitcoin ETF holdings.
Citigroup is exploring the possibility of offering crypto custody and payment solutions. The Securities and Exchange Commission (SEC) has postponed decisions on spot Solana (SOL) ETFs proposed by Bitwise and 21Shares. Hong Kong is increasing the stringency of custody regulations for crypto exchanges operating within its jurisdiction. American Bitcoin is reportedly seeking listings on Asian exchanges. The U.S. government has imposed sanctions on the Russian cryptocurrency exchange Garantex.