Weekly Recap: Bitcoin Plunges to $79,000

Happy weekend, Defiers!

It was a another rough week for crypto markets, with Bitcoin plunging another 11% to $79K at the time of writing. The selloff accelerated into the weekend after President Trump announced the nomination of Kevin Warsh as the new Fed chair.

Ethereum community members are establishing a new DAO Fund to bolster the network’s security, funded by yield earned on unclaimed ETH from the 2016 DAO hack.

Staff at the SEC issued new guidance explaining how existing securities laws apply to tokenized securities, pointing out that securities issued or represented on blockchains remain subject to the same rules as traditional securities.

Meanwhile, HYPE surged this week after hitting a multi-month low as RWA trading activity spiked.

Finally, Tether launched USAT, its regulated dollar-backed stablecoin.

Enjoy!

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Top Stories This Week

Bitcoin Struggles to Hold $83K Level as Risk Sell-Off Deepens

Crypto markets remained under pressure heading into the weekend as risk assets extended yesterday’s losses following renewed macro uncertainty in the United States and globally.

Ethereum OGs Bring The DAO back in $220 Million Security Initiative

Ethereum community members are launching a new fund to use Ether tied to unresolved DAO contracts from 2016 to support Ethereum security.

More than 70,500 ETH will move into a new entity called The DAO Fund. The funds come from unclaimed balances in smart contracts created after the 2016 DAO hack.

SEC Staff Clarifies How Securities Laws Apply to Tokenized Assets

The statement points out that securities issued or represented on blockchains remain subject to the same rules as traditional securities.

HYPE Jumps as TradeXYZ Hits Record Volume Following Silver Rally

Hyperliquid’s native token HYPE rebounded sharply this week as trading activity across the decentralized perpetual exchange’s ecosystem accelerated, driven by record volumes and open interest on TradeXYZ.

Tether Launches Regulated USAT Stablecoin

Tether, the issuer of USDT, the leading stablecoin by market capitalization, has launched its new, federally regulated dollar-backed stablecoin, USAT.

Trending

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• Binance Plans to Buy $1 Billion of Bitcoin
• Bitwise Says Fusaka Improves Ethereum UX But Falls Short on Revenue Expectations
• Ethereum is for Institutions: Danny Ryan Says Tokenization Isn't Enough
• Optimism Unveils OP Enterprise

That’s it for today — have a great weekend! If you enjoyed this newsletter, tell your friends! https://thedefiant.io/subscribe