Good Morning,

Here's a quick preview of today’s content: US indicts Chinese nationals using crypto in fentanyl trafficking, Congress moves to ban staff from trading prediction markets, Nvidia faces class action over crypto mining revenue gaps, Goldman Sachs says crypto might have bottomed, White House clears review for crypto in 401k market, and so much more

Friday’s here - Let’s dive in.

Market Snapshot

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• Bitcoin slides below $69,000 as Iran peace talks stall and oil surges back above $93

  • ETH, SOL, and XRP plunge -5% as crypto sells off sharply with XRP hitting 2-week low

  • BTC faces $14B options expiry amid Pentagon preparing 'final blow' in Iran as Trump says he's 'not desperate' to end war

• Bitcoin miners face breakeven pressure as AI pivot accelerates and onchain real-world perps surge

Prediction Markets

• Bettors on Polymarket are predicting Fed rate hike in 2026?

• Track and trade live odds on any event, only on Polymarket

Headline Roundup
^{_{The major headlines driving crypto markets}}

• Fannie Mae enables crypto-backed mortgages with Coinbase (DC)

• David Sacks leaves White House crypto czar role with legislation unresolved (DC)

• Nvidia faces class action over crypto mining revenue gaps (DC)

• White House clears review for crypto in 401k market (TB)

• JPMorgan says bitcoin shows safe-haven demand during war (TB)

• Goldman Sachs says crypto might have bottomed (BM)

• Saylor says retail owns 80% of Strategy’s high yield securities (BBG)

• Cathie Wood's ARK turns to Kalshi for investment strategies (TB)

• Crypto case over money transmitter laws dismissed by judge (DC)

• Goldman Sachs-backed Canton integrates with LayerZero (TB)

• BlackRock's BUIDL fund taps Chronicle for verification layer (TB)

• GameStop turns its $368M bitcoin stash into an options play (CD)

• OKX joins list of crypto firms stepping back from public markets (CD)

• MARA sells $1.1B BTC to buy back convertible debt (DC)

• Circle unfreezes one of 16 blacklisted USDC wallets (TB)

• CoinShares says 20% of Bitcoin miners are unprofitable (CT)

• CFTC says blockchain could help verify AI content (CT)

• Swan Bitcoin subpoenas Cantor Fitzgerald in staff dispute (CT)

• St. Cloud Credit Union surpasses 10 BTC in pilot (BM)

• Anchorage brings Tron 'inside the regulatory perimeter' (TB)

• DeFi lender Moonwell faces governance attack (TB)

• Bitcoin Depot picks ex-MoneyGram boss as CEO (CT)

• Mezo taps Aerodrome to support token trading on Base (CT)

Venture Capital

• XBTO, an crypto solutions firm, secures capital raise up to $217M and enters strategic partnership with ValueLabs (ZW)

• Payment provider Tazapay closes $36M Series B extension led by Circle Ventures (TB)

• XFX, a foreign exchange startup, raises $17M led by Castle Island Ventures (FT)

Access the complete VC deal flow on Fundable.

Launches

• Tether expands gold-backed token to BNB Chain (DC)

• Trust Wallet launches AI agents to execute crypto trades (TB)

• Ripple deploys AI to boost Ledger security (DC)

• Stand With Crypto launches voter hub for candidates (TB)

• Argentine energy giant YPF launches tokenization initiative (TD)

• Felix launches tokenized stocks and ETFs on Hyperliquid (TD)

• LayerZero goes live on institution-focused Canton (TD)

• USDT0 expands to payments blockchain Tempo (TB)

Regulation

• Congress moves to ban staff from trading prediction markets (DC)

• Coinbase declines to support updated Clarity Act draft (TB)

• Brazil passes law to use seized crypto to fund security measures (DC)

• Japan flags KuCoin for OTC derivatives transactions (CT)

Cybersecurity

• Venture firm offers bounty to recover $42M in stolen crypto (DC)

• US indicts Chinese nationals using crypto in fentanyl trafficking (TB)

• UK sanctions crypto marketplace in crackdown on scam centers (DC)

Extra Reads

• DRW founder Don Wilson says public blockchains conflict with how institutions trade and manage risk, limiting adoption - Here’s why banks are building their own private blockchains

• The NYSE’s chief of product development says blockchain technology will be layered into current systems rather than replace them - Here’s why the NYSE wants to bring blockchain to Wall Street

Chart of the Day

Ethereum on exchanges falls to its lowest level in over 10 years

Meme Dump

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*DISCLAIMER: Investment advice provided by Autopilot advisers LLC, an SEC registered investment advisor. Past performance does not guarantee future results. Investing carries risks including the risk of the loss of principal. Performance doesn’t include fees. See more here.