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Key takeaways:
Bitwise predicts Bitcoin could hit $200,000 by year-end, with a potential “fair value” of $230,000.
Trump’s proposed tax cuts and rising US debt position Bitcoin as a hedge against sovereign default risks.
Bitcoin’s OTT signal suggests strong momentum after a dip to $100,000.
Bitcoin (BTC) could surpass $200,000 by the end of the year and eventually reach its estimated “fair value” of $230,000, according to Bitwise researchers André Dragosch and Ayush Tripathi.
Trump’s “One Big Beautiful Bill Act” is bullish for Bitcoin
In their weekly crypto outlook, Dragosch and Tripathi cite the US’s soaring federal debt and mandatory spending exceeding revenues, exacerbated by Trump’s proposed “One Big Beautiful Bill Act” tax cuts, as key drivers of their bullish Bitcoin prediction.
The Congressional Budget Office forecasts net interest payments tripling to $3 trillion by 2030, raising default fears.
“Bitcoin’s scarcity and resilience position it uniquely to benefit from both fiscal instability and improving market sentiment,” Bitwise analysts said. If these trends hold, the top crypto could shatter price expectations by year-end.
Related: Bank of Japan pivot to QE may fuel Bitcoin rally — Arthur Hayes
An example of such “sovereign stress” is Bitcoin’s performance in the wake of the Donald Trump-Elon Musk feud last week, driven by the latter’s criticism of the One Big Beautiful Bill Act.
BTC’s price declined 6% to almost $100,000 amid the spat, only to recover sharply over the weekend.
“Despite a short-lived dip to $100K during the Musk-Trump spat, BTC quickly rebounded on short liquidations,” wrote Bitwise, adding:
“The [bullish] backdrop remains constructive.”
Consensus builds on $200,000 BTC price target
Adding to Bitwise’s outlook, a May 28 analysis by Stockmoney Lizards highlights a bullish Bitcoin breakout indicator.
The signal comes from the Optimized Trend Tracker (OTT), which triggered for the first time since mid-2024, suggesting Bitcoin will potentially reach $200,000 in 2025, with a possible extension to $250,000.
Last month, Bitwise CIO Matt Hougan told Cointelegraph that the BTC price will hit $200,000 by the end of 2025, driven by a supply shock from surging institutional demand.
A “power law” model that has accurately called Bitcoin tops and bottoms in the past cycles further hints at BTC price hitting $200,000 by year’s end.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
[ad_2] [ad_1] Bitcoin’s rise to new all-time highs is happening on a backdrop of deep economic strain, according to a new report from Cathie Wood-led ARK Invest. Bitcoin’s 11.1% climb in May, outpaced gold and broke through key resistance levels, said ARK. Gains also coincided with clear signs of stress in the housing and auto sectors, traditionally seen as pillars of U.S. consumer strength. In housing, the number of sellers has far outpaced buyers, a trend ARK links to the Federal Reserve’s steep rate hikes since 2022. With affordability deteriorating, pressure is mounting on prices in what remains the largest source of household net worth. Meanwhile, auto sales, which surged earlier this year in anticipation of tariffs, collapsed in May — falling to 15.6 million units from above 17 million just a month prior. As these markets soften, bitcoin appears to be catching some of the capital looking for yield and resilience, ARK noted. Spot bitcoin ETFs drew $5.5 billion in May — more than triple the inflows seen in gold ETFs, which dropped sharply during the same period. ARK noted that bitcoin’s current rally doesn’t yet reflect speculative excess. Profit-taking behavior remains measured, with unrealized gains sitting well below the levels that marked prior bubbles. For investors moving away from stressed real-world assets, bitcoin may be serving not as a gamble, but as a calculated reallocation in a shifting economic landscape. [ad_1] Cardano has taken a major leap in the decentralized finance world with the launch of its first Bitcoin DeFi protocol, Cardinal, triggering a sharp rise in the price and trading volume of ADA. The Bitcoin DeFi protocol was first unveiled by Charles Hoskinson, the founder of Cardano, during the Bitcoin 2025 conference, where a live demo showcased a bridgeless BTC-to-Cardano transaction using the new system. The protocol is now live. Cardano founder Charles Hoskinson has announced the launch of Cardinal, the first Bitcoin DeFi protocol on the Cardano network. The protocol leverages MuSig2 multi-signature technology to enable non-custodial cross-chain functionality, allowing users to directly use Bitcoin UTXOs… — Wu Blockchain (@WuBlockchain) June 10, 2025 The news quickly rippled through the market, lifting ADA’s price by nearly 4% within 24 hours and pushing its trading volume to over $700 million, according to DefiLlama and market tracking data. Adding fuel to ADA’s bullish momentum is its recent inclusion in the Nasdaq cryptocurrency index, something that is driving institutional interest. For the first time, Bitcoin holders can now access decentralized finance services on Cardano without going through centralized custodians or third-party bridges. Developed by Input Output (IOHK), Cardinal wraps Bitcoin’s unspent transaction outputs (UTXOs) into pegged tokens that users can stake, lend, or borrow while retaining full control over their assets. The protocol employs the MuSig2 multi-signature scheme to handle peg-in and peg-out processes securely, ensuring the original Bitcoin remains locked on its native blockchain. Because of this trust-minimized design, Cardinal is seen as a major innovation compared to traditional wrapped Bitcoin solutions that depend heavily on custodial infrastructure. What sets Cardinal apart is its ability to handle Wrapped UTXOs in a manner that remains transparent and secure while offering flexibility in how users reclaim their native Bitcoin or Ordinals. These wrapped tokens are not only pegged 1:1 with BTC, but they can also be burned at any time by users to retrieve their original assets through a verifiable process. Cardinal also uses BitVMX, an off-chain execution system, to bridge Bitcoin’s scripting limitations and enable interactions with Cardano’s smart contracts. Furthermore, this approach facilitates compatibility with other blockchains such as Ethereum, Solana, and Avalanche, expanding the reach of Bitcoin within multi-chain DeFi environments. Major Cardano-based DeFi platforms including MinswapDEX, SundaeSwap, and Fluid Tokens have already integrated Cardinal, giving users the ability to farm, lend, and trade Bitcoin-linked assets directly. With this integration, Bitcoin can now be used as collateral, traded for other native tokens, or even employed in NFT and Ordinal markets without compromising security or history. Technical director Romain Pellerin emphasized that while Cardinal is already transformative, future upgrades will focus on wallet integration, zero-knowledge proofs, and increased liquidity. These enhancements are expected to deepen the protocol’s appeal and strengthen Cardano’s position in the broader DeFi landscape. [ad_1] [ad_1]
NVIDIA’s JUPITER supercomputer, powered by the Grace Hopper platform, is now Europe’s fastest, offering over twice the speed for AI and HPC tasks. Hosted in Germany, it propels scientific innovation. NVIDIA has announced a significant milestone in the field of high-performance computing with its JUPITER supercomputer, now recognized as the fastest in Europe. This achievement is powered by the NVIDIA Grace Hopper™ platform and promises to accelerate both artificial intelligence and high-performance computing (HPC) tasks, offering more than double the speed of its closest competitors, according to NVIDIA Newsroom. JUPITER is on track to become Europe’s first exascale supercomputer, capable of executing 1 quintillion floating-point operations per second (FP64). This capability is essential for handling the most demanding AI models and simulations, including those related to climate modeling, quantum research, and biomedical innovation. Notably, JUPITER is among the top five systems on the TOP500 list of the world’s fastest supercomputers and is also the most energy-efficient, delivering 60 gigaflops per watt. The supercomputer is built with nearly 24,000 NVIDIA GH200 Grace Hopper Superchips and utilizes the NVIDIA Quantum-2 InfiniBand networking platform. It is expected to achieve over 90 exaflops of AI performance, relying on Eviden’s BullSequana XH3000 liquid-cooled architecture. Furthermore, JUPITER integrates NVIDIA’s comprehensive software stack to optimize performance. Hosted at the Jülich Supercomputing Centre in Germany, JUPITER is owned by the EuroHPC Joint Undertaking. Its computational power is set to catalyze scientific discovery across Europe, significantly impacting areas such as environmental simulations, quantum computing, and drug discovery. “With JUPITER’s extreme performance, Europe has taken a giant leap into the future of science, technology, and sovereignty,” said Anders Jensen, executive director of the EuroHPC Joint Undertaking. The supercomputer is a landmark achievement for European science and technology, facilitating complex research and innovation. JUPITER’s capabilities are expected to advance quantum algorithm and hardware development, benefiting from NVIDIA’s CUDA-Q platform and cuQuantum software development kit. The supercomputer is also poised to transform computer-aided engineering and drug discovery processes through AI-driven simulation and digital twin technologies. The system’s construction was completed in less than nine months, marking a pivotal moment for European high-performance computing. Emmanuel Le Roux, a senior executive at Eviden, Atos Group, praised the technological leadership demonstrated by the consortium responsible for JUPITER’s design and deployment. Researchers across Germany and Europe can apply for access to JUPITER, promising to push the boundaries of scientific research and industrial innovation. Image source: Shutterstock [ad_2] [ad_1] Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas. Bitcoin is trading below $110,000, changing hands at $109.7K, as Asia continues its trading week. The move challenges a prevailing market narrative of summer stagnation, coming on the heels of a note from QCP Capital that emphasized suppressed volatility and a lack of immediate catalysts. A recent Telegram note from QCP pointed to one-year lows in implied volatility and a pattern of subdued price action, noting that BTC had been “stuck in a tight range” as summer approaches. A clean break below $100K or above $110K, they wrote, would be needed to “reawaken broader market interest.” Even so, QCP warned that recent macro developments had failed to spark directional conviction. “Even as US equities rallied and gold sold off in the wake of Friday’s stronger-than-expected jobs report, BTC remained conspicuously unmoved, caught in the cross-currents without a clear macro anchor,” the note said. “Without a compelling narrative to spark the next leg higher, signs of fatigue are emerging. Perpetual open interest is softening, and spot BTC ETF inflows have started to taper.” That context makes the current move all the more surprising. Over the weekend, Bitcoin surged 3.26% from $105,393 to $108,801, with hourly volume spiking to 2.5x the 24-hour average, according to CoinDesk Research’s technical analysis model. BTC broke decisively above $106,500, establishing new support at $107,600, and continued upward into Monday’s session, reaching $110,169. The breakout coincides with a tense macro backdrop: US-China trade talks in London and a $22 billion U.S. Treasury bond auction later this week have injected uncertainty into global markets. While these events could drive fresh volatility, QCP cautioned that recent headlines have mostly led to “knee-jerk reactions” that quickly fade. The question now is whether BTC’s move above $110K has true staying power, or whether the rally is running ahead of the fundamentals. Ethereum’s critics have long highlighted centralization risks, but that narrative is fading as institutional adoption accelerates, infrastructure matures, and recent protocol upgrades directly address past limitations. “Market participants will pay for decentralization because it’s in their economic interest from a security and principal protection standpoint,” Mara Schmiedt, CEO of institutional Ethereum staking platform Alluvial, told CoinDesk. “If you look at [decentralization metrics] all of these things have massively improved over the last couple of years.” There’s currently $492 million worth of ETH staked by Liquid Collective – a protocol co-founded by Alluvial to facilitate institutional staking While this figure may appear modest compared to Ethereum’s total staked volume of around $93 billion, what’s interesting is that it originates predominantly from institutional investors. “We’re really on the cusp of a truly massive shift for Ethereum, driven by regulatory momentum and the ability to unlock the advantages of secure staking,” she noted. Central to Ethereum’s institutional readiness is the recent Pectra upgrade, a significant development Schmiedt describes as both “massive” and “underappreciated.” “I think Pectra has been a massive upgrade. I actually think it’s been underappreciated, just in terms of the tremendous amount of change it introduces into the staking mechanics,” Schmiedt said. Additionally, Execution Layer triggerable withdrawals—a key component of Pectra—provide institutional participants, including ETF issuers, a crucial compatibility upgrade. This feature enables partial validator exits directly from Ethereum’s execution layer, aligning with institutional operational requirements such as T+1 redemption timelines. “EL triggerable withdrawals create a much more effective path to exit for large-scale market participants,” Schmiedt added. Ultimately, Schmiedt said, “I think we’ll see that a lot more [ETH] in institutional portfolios going forward.” Trump Media (DJT) may be one of the cheapest ways to get bitcoin exposure in public markets, according to a new report from NYDIG, CoinDesk recently reported. As a growing number of companies adopt MicroStrategy’s strategy of stacking BTC on their balance sheets, analysts are rethinking how to value these so-called bitcoin treasury firms. While the commonly used modified net asset value (mNAV) metric suggests that investors are paying a premium for BTC exposure, NYDIG’s Greg Cipolaro argues mNAV alone is “woefully deficient.” Instead, he points to the equity premium to NAV, which factors in debt, cash, and enterprise value, as a more accurate gauge. By that measure, Trump Media and Semler Scientific (SMLR) rank as the most undervalued of eight companies analyzed, trading at equity premiums of -16% and -10% respectively, despite both showing mNAVs above 1.1. In other words, their shares are worth less than the value of the bitcoin they hold. That’s in stark contrast to MicroStrategy (MSTR), which rose nearly 5% Monday as bitcoin crossed $110,000, while DJT and SMLR remained mostly flat—making them potentially overlooked vehicles for BTC exposure. Circle Stock Nearly Quadruples Post-IPO as Bitwise and ProShares File Competing ETFs Two major ETF issuers, Bitwise and ProShares, filed proposals on June 6 to launch exchange-traded funds tied to Circle (CRCL), whose stock has nearly quadrupled since its IPO late last week, CoinDesk previously reported. ProShares is aiming for a leveraged product that delivers 2x the daily performance of CRCL. At the same time, Bitwise plans a covered call fund that generates income by selling options against held shares, two very different ways to capitalize on the stock’s explosive rise. CRCL surged another 9% Monday in volatile trading, continuing to draw interest from both traditional finance and crypto investors. The proposed ETFs have an effective date of August 20, pending SEC approval. If approved, they would further blur the lines between crypto and conventional finance, giving investors new tools to play one of the hottest post-IPO names of the year. [ad_1] A crypto founder has been arrested in New York for allegedly using his crypto firm, Evita Pay, to funnel around $530 million into the US from sanctioned Russian banks to help Russians access highly sensitive American technology. Iurii Gugnin was hit with a 22-count indictment and will face charges related to wire and bank fraud, money laundering and operating an unlicensed money transmitting business, among others, the US Department of Justice said on Monday. If convicted, Gugnin could spend life behind bars. It’s the latest case involving the use of crypto to attempt to bypass sanctions and launder funds. The DOJ alleges that Gugnin operated a sprawling money laundering scheme from June 2023 to January 2025, processing stablecoin Tether (USDT) transactions on behalf of Russian clients tied to blacklisted banks like Sberbank, VTB, Sovcombank and Tinkoff. According to John A. Eisenberg, assistant attorney general for national security, Gugnin turned his crypto company into a “covert pipeline for dirty money,” moving around $530 million through the US financial system to aid sanctioned Russian banks and help Russian end-users acquire sensitive American technologies: “The Department of Justice will not hesitate to bring to justice those who imperil our national security by enabling our foreign adversaries to sidestep sanctions and export controls.” Gugnin allegedly lied to US banks about Evita’s Russian ties, manipulated invoices to hide client identities and ignored Anti-Money Laundering rules despite registering Evita Pay as a money transmitting business in Florida using false statements, the DOJ said. Cointelegraph reached out to Evita Pay for comment but didn’t receive an immediate response. Gugnin also allegedly conducted web searches like: “Am I being investigated” and “signs you may be under criminal investigation,” according to the DOJ, which claims those searches signaled an awareness that he was breaking the law. Related: Tether USDT stablecoin seen on Bolivian store price tags “What are the best ways to find out if you’re being investigated and what can someone do when they think they might be under investigation,” Gugnin also allegedly searched on the web. Gugnin faces up to 30 years in prison for each count of bank fraud, a maximum of 20 years for each wire fraud count, and up to 10 years for failing to implement an effective Anti-Money Laundering program and failure to file suspicious activity reports. The crypto founder could receive up to five years in prison for conspiracy to defraud the US. Magazine: Baby boomers worth $79T are finally getting on board with Bitcoin [ad_2] [ad_1] [ad_1]
The broader cryptocurrency market edged modestly higher on Monday, but sentiment remains tentative as traders digest the fallout from last week’s sharp sell-off. Focus has shifted to the US-China trade negotiations in London, where US Treasury Secretary Scott Bessent is expected to meet with Chinese Vice Premier He Lifeng. The outcome of these talks is seen as a potential catalyst for markets, particularly given the fragile diplomatic truce and heightened sensitivity to macroeconomic signals. For now, price action remains range-bound, with traders closely watching both macro developments and intra-day technical cues. With Bitcoin struggling to mount a sustained breakout above key resistance, retail investors are increasingly shifting their focus to high-risk, high-reward tokens such as Bitcoin Pepe, which is nearing the close of its presale phase. Speculative capital continues to rotate into early-stage crypto projects, driven by a hunt for momentum plays that offer the potential for outsized returns. This risk-on appetite has lifted interest in smaller, narrative-driven tokens that could benefit from a broader market rebound. In this environment, Bitcoin Pepe has emerged as a standout among retail traders, positioning itself as a preferred bet for those seeking exposure to speculative upside as the presale window narrows. Paris-based cryptocurrency firm The Blockchain Group plans to raise over $340 million to expand its Bitcoin treasury, reflecting growing institutional interest in crypto across Europe. The company, which bills itself as Europe’s first dedicated Bitcoin treasury firm, aims to raise €300 million ($342 million) through a tranche-based offering modeled on the US “At the Market” (ATM) structure. Shares will be sold under market conditions set by the company’s counterparty, with pricing tied to the higher of the previous day’s closing price or the volume-weighted average price, capped at 21% of daily trading volume. This fundraising follows a recent $68 million Bitcoin purchase by The Blockchain Group, bringing its total holdings to 1,471 BTC, valued at over $154 million. Despite Bitcoin’s short-term volatility, its growing adoption by institutional players is creating a foundation for broader market momentum. In this environment, investor focus is returning to speculative segments, with meme coins rapidly attracting capital. Bitcoin Pepe is emerging as a notable project in this space, combining meme culture with serious blockchain infrastructure goals. Recognised as one of the most watched crypto presales of 2025, Bitcoin Pepe distinguishes itself with the ambition to “build Solana on Bitcoin,” seeking to merge Bitcoin’s strong security with Solana’s scalability. Unlike typical meme tokens driven largely by hype, Bitcoin Pepe is backed by a defined technical roadmap. The presale has raised more than $14 million so far, ahead of a planned listing announcement on June 17. To support its Layer 2 ecosystem, Bitcoin Pepe has formed several strategic partnerships with Super Meme, Catamoto, GETE Network, and Plena Finance. With capital shifting toward early-stage projects, Bitcoin Pepe is poised to capitalise on this trend as it approaches the conclusion of its token sale. [ad_2] [ad_1] Solana’s SOL posted a solid recovery over the past 24 hours, rising as much as 4.83% before retreating to trade around $152.16. While volatility remains elevated, the cryptocurrency has formed a pattern of higher lows, suggesting underlying strength amid a fragile macro backdrop. The broader market remains focused on renewed trade talks between the United States and China, which kicked off Monday in London. The meetings bring together top officials, including U.S. Commerce Secretary Howard Lutnick and Chinese Vice Premier He Lifeng, to address longstanding tensions over tariffs and tech restrictions. While the two sides struck a temporary truce last month, both have since accused each other of backsliding. Analysts say the rare earth export curbs and AI chip controls remain key sticking points that could influence global market sentiment—including for risk assets like cryptocurrencies. Amid this uncertainty, Solana’s network continues to show expansion potential, with some institutions projecting price targets as high as $420–$620 in 2026. In the near term, traders will likely watch how macro developments affect appetite for risk-on trades in assets like SOL. Technical Analysis Highlights Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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No Froth Yet, Says ARK Invest
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ADA price jumps as Cardano launches first Bitcoin DeFi protocol
Cardinal brings Bitcoin to Cardano’s DeFi ecosystem
Wrapped UTXOs and cross-chain compatibility
Cardano DeFi platforms are already adopting Cardinal
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Still Standing: The Russian Ruble Is 2025’s Best-Performing Currency to Date
The rise of the Russian ruble has less to do with a rise in confidence in the currency and more with the Central Bank of Russia’s economic maneuvers and the establishment of capital controls amid the ongoing conflict. The Russian Ruble Is 2025’s Best-Performing Currency. But Why? According to Bank of America, the Russian ruble […]
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NVIDIA’s JUPITER Becomes Europe’s Fastest Supercomputer, Boosting AI and HPC
Luisa Crawford
Jun 10, 2025 01:54
Exascale Performance and Energy Efficiency
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Advancing Research and Development
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Bitcoin Slips Below $110K as ‘Signs of Fatigue’ Emerging
Good Morning, Asia. Here’s what’s making news in the markets:
A ‘Massive Shift’ in Institutional Staking May Drive ETH’s Next Rally
News Roundup
Trump Media May Be the Cheapest Bitcoin Play Among Public Stocks, NYDIG Says
Market Movements:
Elsewhere in Crypto
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Russian Crypto Founder Charged Laundering $530M Into US
Crypto founder suspected he was under investigation
Gugnin faces life in prison
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Tether CEO Announces Plans to Open-Source Bitcoin Mining Operating System
Tether CEO Paolo Ardoino announced that the company will work towards open-sourcing its Bitcoin Mining Operating System (MOS), aiming to enable a new wave of bitcoin mining companies to enter the market and enhance network security. The MOS is designed to create a level playing field by reducing the reliance on third-party hosted software, thereby […]
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Where is Bitcoin Pepe headed as another company plans major BTC acquisition?
Blockchain Group to raise $340M for BTC treasury
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SOL Steadies at $152 While US-China Trade Talks Resume
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