US Stock Futures, Crypto Prices Drop as White House Flaunts Positive Trade Talks With China

TNB has reported a significant increase in electricity theft related to illegal crypto mining in Malaysia, with cases rising from 610 in 2018 to 2,397 in 2024. The company attributes this surge to miners tapping subsidized electricity, leading to financial losses and grid instability.

Beat Holdings Ltd., a Tokyo-listed firm, has increased its investment in Bitcoin-related exchange-traded funds, with a current unrealized gain of over $681,000. The company raised its cap on crypto investments from $6.8 million to $34 million and drew $2.8 million from a credit facility for further purchases.

Vice President JD Vance is scheduled to headline Bitcoin 2025, following President Trump's appearance at Bitcoin 2024. Vance, who previously disclosed owning Bitcoin, will be the first vice president to speak at a crypto event, showcasing public support for the cryptocurrency industry.

Meta is considering re-entering the stablecoin market, prompting U.S. Senator Elizabeth Warren to advocate for legislation preventing tech giants from issuing their own money. The GENIUS Act, aimed at regulating stablecoins, faces revisions following opposition from Democrats in the Senate.

Coinbase's Q1 earnings showed a 10% decrease in total revenue, with trading revenue dropping 19% but subscription and services revenue increasing by 9%. The acquisition of Deribit is expected to give Coinbase a strong foothold in the derivatives space.

Coinbase has launched 24/7 Bitcoin and Ethereum futures trading for U.S. traders, responding to high demand from crypto-native traders. The service allows clients to manage risk by reacting to price movements and market events in real time, including weekends.

Solana-based meme tokens like Moo Deng (MOODENG) and Peanut the Squirrel (PNUT) surged in value, with PNUT up 60% and MOODENG up 180% in 24 hours. Other meme coins like Fwog (FWOG) and Unicorn Fart Dust (UFD) also saw significant gains.

Coinbase's revenue and net income dropped in the first quarter, with a 10% decrease in top-line revenue and a 94% fall in net income compared to the same period last year. Despite this, XRP performed well on the exchange, surpassing Ethereum and Solana in transaction revenue.

Square Enix is expanding its blockchain game Symbiogenesis to Sony’s Ethereum layer-2 network, Soneium, connecting it with two other games for players to earn NFT collectibles. The move comes as Symbiogenesis wraps up its final season on Polygon.