Global markets were mixed on Friday, with the Dow Jones (-0.29%) and S&P 500 (-0.07%) edging lower, while the Nasdaq (0.0%) was unchanged. Investors weighed the potential impact of a US-UK trade deal, which aims to reduce tariffs, against ongoing uncertainty surrounding US-China trade talks, where President Trump suggested openness to slashing China tariffs to 80%. The US-UK agreement, while seen as a positive sign, lacks clarity in crucial areas, according to trade experts. Meanwhile, ECB's Schnabel warned that higher prices from tariffs could limit rate cuts, and the Bank of England governor cautioned that uncertainty is here to stay despite the trade deal. Sentiment could now shift this after the US and China reached a surprise agreement in Geneva this morning to significantly roll back tariffs for the next 90 days. Under the deal, the US will reduce tariffs on Chinese goods from 145% to 30%, while China will slash duties on US imports from 125% to 10%.
In crypto, the global crypto market cap increased over 3% over the weekend to $3.34tn. The total crypto market 24h volume decreased 12% to over $125bn in the past day. The stablecoin market cap decreased 11.8% to $226.53bn. Bitcoin is up 1.4% in the past 24h, currently trading around $105.3k, while Ether is up 3.8% in the past 24h, trading around $2,590.
In the past 24 hours, crypto liquidations decreased 22% and totaled $339.91m, with 63% of them long positions. ETH liquidated positions made up 31% of all liquidated positions, with ETH liquidated longs amounting to $76.76m.
According to data from SoSo Value, US Bitcoin spot ETFs recorded a net inflow of $321.46 million on May 9, 2025, continuing the streak of institutional accumulation. The inflow is almost entirely driven by BlackRock’s IBIT, which pulled in $356.2 million, followed by Fidelity’s FBTC with $45 million. All other ETFs saw zero flows, while Grayscale’s GBTC recorded a net outflow of $65.16 million , and Bitwise’s BITB posted –$14.59 million . The day’s total brought the weekly inflow to $920.9 million, after two strong weeks of $3.033 billion and $1.81 billion—marking a cooldown in pace but still extending a broader recovery from several weeks of muted or negative flows, with the last weekly inflow of similar magnitude having been recorded during the week of January 19. US spot ETH ETFs recorded a net inflow of $17.61 million on May 9, 2025, marking the first positive flow in four sessions and reversing some of the week’s prior losses. The entire inflow came from BlackRock’s ETHA fund, while all other ETFs posted flat flows. For the week, the total net outflow narrowed to –$38.14 million, following Friday's positive momentum.
Hackers exploited the Mobius Token smart contracts on the BNB Chain, draining $2.15 million worth of funds by deploying a malicious contract and converting 28.5 million MBU tokens into stablecoins in a targeted attack detected on May 11.
El Salvador has continued to accumulate Bitcoin, now holding 6,173 BTC valued at over $637 million, despite the IMF agreement stipulating it should halt public-funded Bitcoin purchases.
Ledger's Discord server was compromised when an attacker gained access to a moderator's account and posted scam links to trick users into revealing their seed phrases, but the issue was quickly contained and the company has taken additional security measures to prevent similar incidents.
The Ethereum network's Pectra upgrade has introduced a new attack vector that could allow hackers to drain externally owned accounts without requiring the user to sign an onchain transaction, exploiting a vulnerability in the setcode transaction feature introduced by Ethereum Improvement Proposal 7702.
On May 11, the Lido decentralized autonomous organization initiated an emergency vote to rotate a compromised oracle, which was drained of its Ether balance after being hacked, in order to prevent further issues and maintain the security of its liquid staking protocol.
German authorities have seized approximately $38 million in cryptocurrency from the eXch platform, which was allegedly used to launder funds from several high-profile hacks, including the $1.4 billion Bybit hack, and has been shut down along with its server infrastructure.
Microsoft is in talks with OpenAI to renegotiate their investment deal, potentially giving up some equity in exchange for continued access to OpenAI's products and models beyond 2030, when some terms of their original $13 billion deal are set to expire.
The Northern Mariana Islands Senate has voted to override the governor's veto of a bill that would allow the local government of Tinian to issue a stablecoin, potentially making it the first US public entity to do so, pending approval from the territory's House.
Metaplanet, a Japanese investment firm, has added $129 million worth of Bitcoin to its treasury, bringing its total holdings to 6,796 Bitcoin, valued at around $707 million, with the company's CEO stating they are "just getting started" in their Bitcoin investment journey.
Redotpay, a Hong Kong-based fintech firm, has launched cryptocurrency-enabled payment cards in South Korea, allowing users to make transactions at Visa-supported merchants with minimal verification requirements, as part of its global expansion efforts to disrupt traditional payment markets.
Gemini has received a MiFID II license from the Malta Financial Services Authority, enabling the cryptocurrency exchange to offer regulated crypto derivatives across the European Union and European Economic Area, as part of its expanding presence in the region.
Galaxy Digital has been approved by the SEC to redomicile in the US and is on track to list on the NASDAQ stock exchange by mid-May, pending shareholder and regulatory approvals, in a move that could significantly enhance the crypto investment company's profile and legitimacy.
Cybersecurity researcher Zachxbt claims that law enforcement mistakenly detained a former Yuga Labs security researcher, Sam Curry, for a 2022 scam involving the theft of over $1 million worth of Bored Ape NFTs, when stronger leads on the actual perpetrator existed.
