Latest Crypto News & Market Updates

Arbitrum DAO Votes to Unlock $70 Million for Kelp DAO Exploit Relief

In briefArbitrum DAO has voted in favor of releasing 30,765.67 ETH to a recovery address controlled by Aave, KelpDAO, EtherFi, and Certora.A U.S. court dispute could still complicate the transfer, after plaintiffs with judgments against North Korea sought to restrain the assets.Legal experts warn that executing the DAO vote now risks contempt of court for anyone in the execution chain reachable by U.S. jurisdiction.　　Arbitrum DAO passed a governance vote on Thursday approving the release of roughly $70 million in frozen ETH to a coordinated recovery effort aimed at making victims of the Kelp DAO rsETH exploit whole, though a U.S. federal court order could still block the transfer.　　The proposal, co-authored by Aave Labs, KelpDAO, LayerZero, EtherFi, and Compound, passed with 182.2 million votes in favor, about 90.96%, against negligible opposition.　　The 30,765.67 ETH was frozen by the Arbitrum Security Council last month, days after an attacker exploited a flaw in Kelps LayerZero-powered cross-chain bridge, releasing 116,500 rsETH on without a corresponding source-side burn.　　The attacker then used the unbacked rsETH as collateral on Aave to drain roughly $230 million in ETH belonging to protocol users.　　What next？　　The vote settles where the funds will go, approving their transfer to a 3-of-4 Gnosis Safe controlled

05-08Industry

Cloudflare shocks Wall Street with AI layoffs despite earnings beat

Cloudflare shares fell sharply in after-hours trading on Thursday after the cloud infrastructure company announced major layoffs tied to its push into artificial intelligence.Cloudflare shares fell about 18% after the company announced plans to cut more than 1,100 jobs as part of an AI-focused restructuring.The company reported Q1 revenue of $640 million and adjusted EPS of $0.25, both above Wall Street expectations.Cloudflare said internal AI usage surged over 600% in three months as tech firms increasingly reorganize operations around automation and AI tools.　　According to recent reports, the stock dropped about 18% even after Cloudflare reported first-quarter earnings and revenue that topped Wall Street expectations.　　The company posted revenue of $640 million for the quarter, up 34% from a year earlier and above analyst estimates of $622 million. Adjusted earnings came in at $0.25 per share, also ahead of expectations. However, investors focused instead on Cloudflares decision to cut more than 1,100 jobs globally, or roughly 20% of its workforce, as part of what it called an “agentic AI-first operating model.”　　Chief executive Matthew Prince said Cloudflares internal AI usage has jumped more than 600% over the past three months. According to the company, thousands of AI agent workflows are now being integrated

05-08Industry

SIREN rallies 61% in a week - Technical factors pushing the token to $2

After diving below the $0.225 swing low, SIREN bulls managed to break the $1.88 local high. In recent days of trading, the $0.89 local resistance has also been pushed aside.　　The $1.88 break, retracement, and now the recent bullish momentum make it seem like SIREN has a bullish structure. This argument gains strength when you consider that, after breaking below $0.225, the memecoin has not set a new swing low.　　Meanwhile, the OBV continued to climb higher, and the RSI was also above neutral 50. The OBVs ascent, in particular, suggests that the selling pressure in late March has since been erased, and buyers have the upper hand.　　Traders call to action – Remain fluid　　Technically, the swing structure was bearish, but the OBV hinted otherwise. Traders can use the current momentum to ride the rally higher, to the $1.9-$2.0 resistance zone. Betting on further gains might be dependent on the reaction around $2.　　If the buyers can flip this region to support, and there are no volume or momentum divergences on the higher timeframe charts, the rally might have more room to grow.　　Traders will have to wait and watch, but in the short term, they can expect a move toward the $2 highs once

05-08Industry

Bitcoin Supply Shock: 100K BTC Vanish From Exchanges

They say journalists never truly clock out. But for Christian, that‘s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.　　Christians journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).　　Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his

05-08Industry

BTC falls under $80K as Bitcoin ETFs record first May outflows

U.S.-listed spot Bitcoin ETFs recorded $277.5 million in net outflows on Thursday. Spot Bitcoin ETFs recorded $277.5 million in outflows, ending five days of strong inflows Thursday.Fidelity and BlackRock led redemptions as Bitcoin slipped below $80,000 during volatile intraday trading sessions.Morgan Stanleys MSBT still attracted inflows, showing uneven demand across U.S. Bitcoin ETF products Thursday.　　The move ended a five-day inflow streak worth nearly $1.7 billion, according to SoSoValue data.　　The reversal came as Bitcoin fell below $80,000 after trading above $82,000 a day earlier. Current market data showed Bitcoin (BTC) near $80,000, after an intraday low of $79,250.　　Fidelity and BlackRock lead outflows　　Fidelity‘s Wise Origin Bitcoin Fund led the daily redemptions with $129 million in outflows. BlackRock’s iShares Bitcoin Trust followed with $98 million in outflows, based on Farside figures.　　The outflows showed a sharp change from the early May trend. Bitcoin ETFs had drawn strong demand as Bitcoin reclaimed the $80,000 area and investors returned to spot funds after Aprils recovery.　　Moreover, Morgan Stanleys Bitcoin Trust ETF was one of the few funds to record inflows on the day. MSBT added $7.3 million and has not logged a daily outflow since launching on April 8, 2026.　　The fund has accumulated 2,920 BTC, worth about

05-08Industry

Exclusive: Fahmi Syed says Midnight can fix the problem JP Morgan, Goldman and Citi are creating

Cryptopolitan sat down for a chat with Fahmi Syed, President of Midnight Foundation, at Consensus Miami, where he told Karnika E. Yashwant, better known as Mr. KEY, founder and CEO of KEY Difference Media, that every bank on Wall Street wants its own lane, but clients still need to deal across the whole road.　　Fahmi pointed at JPMorgan Chase (NYSE: JPM), Goldman Sachs (NYSE: GS), and Citigroup (NYSE: C) as examples of major institutions building private blockchain systems that may improve things inside each bank while making life harder across banks.　　OpenSea CMO says private bank chains are creating a new access problem for clients　　Fahmi said the irony is hard to miss. “Who would have thought five years ago JP Morgan would be at a Web3 convention？” he said.　　“So what their JP Morgan coin allows is internally for them, for their clients to utilize that rail. It gives better transparency across departments, better maybe efficiencies across global entities. But actually, its… less efficient than the existing TradFi rails.”　　A client at Morgan Stanley (NYSE: MS) still cannot simply settle or buy an asset from another banks chain, like all these shiny systems magically understand each other. Fahmi said that right there is the

05-08Industry

Gilead Sciences (GILD) Stock Drops Despite Q1 Beat on Massive Acquisition Charges

Shares declined nearly 2% during after-hours trading Wednesday, and continued their descent with a 1% drop to $132.60 in Fridays premarket session.　　The biopharmaceutical company reported first-quarter revenue of $6.96 billion, narrowly beating the Streets $6.91 billion estimate. On the bottom line, adjusted earnings per share reached $2.03, comfortably ahead of the $1.91 analyst consensus compiled by FactSet.　　Building on these quarterly results, Gilead increased its full-year revenue outlook to a range of $30 billion to $30.4 billion, representing an upward adjustment from the previous $29.6 billion to $30 billion guidance.　　However, the earnings outlook painted a starkly different picture.　　Management now projects a full-year adjusted loss ranging from $0.65 to $1.05 per share. This represents a dramatic departure from the companys earlier guidance of $8.45 to $8.85 in positive earnings. The Street had anticipated $8.65 per share.　　The company attributed this guidance reversal to $11.5 billion in in-process research and development (IPR&D) expenses, combined with elevated financing costs stemming from several recent acquisitions.　　HIV Franchise Delivers Robust Performance　　Biktarvy, Gilead‘s leading HIV treatment, continued its strong momentum. The drug generated $3.4 billion in sales, reflecting 8% growth and representing approximately half of the company’s total quarterly revenue. The overall HIV segment demonstrated solid 10% year-over-year expansion.　　The

05-08Industry

Solana Price Prediction: Crypto Bill Markup Next Week as SOL ETFs Cross $1B

The daily structure tells a cautious story. After losing multiple Break of Structure levels from the February highs near $150, SOL has been compressing inside a rising wedge since the March lows around $70. Price is currently pressing the 0.382 Fibonacci retracement at $90.65, which has acted as a ceiling through late April and into May.　　Above that sits a layered Fair Value Gap cluster between $105 and $125, with the 0.618 Fib at $104.98 and 0.705 at $110.25 marking the key recovery targets. The MACD on the daily is flat but curling, signal line and histogram both compressing near zero, suggesting the market is coiling before a directional move.　　Key levels to watch for May 9:Resistance: $90.65 (0.382 Fib), $97.82 (0.5 Fib), $104.98 (0.618 Fib)Support: $83 wedge base, $70 March lowFVG overhead: $105–$125 zone　　SOL Spot ETF Flows Are Building Quietly　　Cumulative net inflows crossed $1.05B as of May 7, with Bitwise‘s BSOL leading on assets at $676.52M. Daily inflows came in at $6.67M on May 7, following $21.30M the prior session. Total net assets across all SOL spot ETFs sit at $937.82M, representing 1.82% of SOL’s market cap.　　Inflows have been consistent through late April and early May, even as price stagnated. That

05-08Industry

ECB Chief Lagarde Warns Euro Stablecoins Pose Systemic Risk To Financial Stability

Tech　　ECB Chief Lagarde Warns Euro Stablecoins Pose Systemic Risk To Financial Stability　　European Central Bank President Christine Lagarde has issued a stark warning against the adoption of euro-denominated stablecoins, arguing that such digital assets could undermine financial stability and disrupt the transmission of monetary policy across the Eurozone. Speaking in remarks reported by Bloomberg, Lagarde pushed back against the notion that stablecoins could serve as a practical tool for strengthening the euros international role, describing the potential costs as outweighing any short-term benefits.　　Stablecoins Seen as Threat, Not Opportunity　　Lagarde acknowledged that euro stablecoins might offer some near-term advantages, such as lower financing costs for certain transactions or expanded influence in global digital payments. However, she argued that these gains are eclipsed by significant risks to the Eurozone‘s financial architecture. She emphasized that the core challenge for Europe is not to replicate financial tools developed elsewhere, but to build a secure and reliable asset base that supports capital market integration and reinforces the euro’s standing globally.　　The ECB President‘s position places her at odds with Joachim Nagel, President of Germany’s central bank, the Bundesbank. In February, Nagel expressed public support for euro stablecoins, viewing them as a potential avenue for innovation and competitiveness in

05-08Industry

Cloudflare shocks Wall Street with AI layoffs despite earnings beat

Cloudflare shares fell sharply in after-hours trading on Thursday after the cloud infrastructure company announced major layoffs tied to its push into artificial intelligence.Cloudflare shares fell about 18% after the company announced plans to cut more than 1,100 jobs as part of an AI-focused restructuring.The company reported Q1 revenue of $640 million and adjusted EPS of $0.25, both above Wall Street expectations.Cloudflare said internal AI usage surged over 600% in three months as tech firms increasingly reorganize operations around automation and AI tools.　　According to recent reports, the stock dropped about 18% even after Cloudflare reported first-quarter earnings and revenue that topped Wall Street expectations.　　The company posted revenue of $640 million for the quarter, up 34% from a year earlier and above analyst estimates of $622 million. Adjusted earnings came in at $0.25 per share, also ahead of expectations. However, investors focused instead on Cloudflares decision to cut more than 1,100 jobs globally, or roughly 20% of its workforce, as part of what it called an “agentic AI-first operating model.”　　Chief executive Matthew Prince said Cloudflares internal AI usage has jumped more than 600% over the past three months. According to the company, thousands of AI agent workflows are now being integrated

05-08Industry