OVERVIEW

wow summit, much disappoint, many yawn 💤 

Before we dive in, here’s today’s crypto market heatmap:

Source: Santiment

And here’s a look at crypto’s total market and altcoin market cap charts:

Source: TradingView

NEWS
White House Crypto Summit 🫢 

The most crypto thing to ever happen at the first-ever crypto summit at the White House was President Trump kicking things off by giving a FIFA bigwig airtime to show off the new World Cup trophy. 🏆️ 

Then it somehow got even more crypto-ey. Cryptier. Cryptoish. Whatever.

FIFA’s head honcho casually asked the roomful of crypto bosses if anyone was up for launching a FIFA coin—LIVE.

And from there, it was a nothing burger. 🍔 

More of a repeat of the same stuff we’ve already heard:

• Commitment to stop the attacks on crypto.

• A BTC.X ( ▼ 3.2% )/crypto reserve.

• An end to Operation Chokepoint 2.0.

Many of us who have been in the crypto space though this would have more substance. Instead, we got Fire Festival-ed. 🧯 

And as of 4:30 PM EST, the market is saying: sell.

BTCUSD Daily Chart – Click to enlarge.

Let’s see what kind of bloodbath or surprise the weekend gives us. 📆 

NEWS IN THREE SENTENCES
Crypto News 📰

🔑 Circle’s Modular Wallets Now Use Passkeys—Because Seed Phrases Are Too Hard

Circle finally figured out crypto UX sucks and introduced Modular Wallets with Passkeys, allowing users to authenticate USDC.X ( ▲ 0.0% ) transactions with Face ID and biometrics instead of scribbling down seed phrases on Post-it notes destined for coffee spills. The Passkey integration promises passwordless onboarding, phishing resistance, and multi-device syncing—essentially all the things wallets should’ve had five years ago. Circle.

📉 NFT Volumes Collapse as Traders Suddenly Remember JPEGs Aren’t Food

NFT trading volumes tanked over 60%. The crypto market downturn dragged NFTs down faster than a celebrity-endorsed rug pull, with even DappRadar analysts unable to sugarcoat the numbers. Ironically, PFP NFTs still topped sales, proving that vanity dies last, even as overall sales volumes continue their slow descent toward sanity. CryptoNews.

🤡 Meme Coin Bubble Pops After Insiders Remember to Cash Out Early

The meme coin carnival ended abruptly thanks to insider dumps and one-too-many rug pulls (shocker, right?), leaving retail investors holding bags emptier than promises from Pump.fun. CoinGecko’s Bobby Ong points out the obvious: meme coins peaked with Trump-themed coins and fully collapsed with the disastrous LIBRA launch. Investors now pivot back to boring assets like Bitcoin and Ethereum, likely until the next meme coin circus convinces everyone it’s “different this time.” CoinPaper.

🏂 Former Olympian Trades Snowboards for Snow, Lands on FBI’s Top Ten List

Former Olympic snowboarder Ryan Wedding graduated from carving slopes to allegedly trafficking kilos, landing himself on the FBI’s Most Wanted list for orchestrating murders and running drugs through half the Western Hemisphere. With a bounty of up to $10 million on his head, authorities hope someone finally snitches before Wedding expands his criminal résumé further. FBI.

NEWS
It’s Official: The Strategic Bitcoin Reserve Is Now A Thing 🪙 

Last night, President Donald Trump just inked an executive order creating a Strategic Bitcoin Reserve and Digital Asset Stockpile—but don’t get too excited. 🤦

The government’s shiny new Bitcoin piggy bank won’t involve active market buys; instead, it’ll rely solely on hoarding seized crypto assets, ensuring taxpayers don’t cough up an extra dime.

Hoarding Criminal Crypto Without Spending a Dime 💵 

Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick are now tasked with crafting “budget-neutral” schemes to pad the nation’s crypto wallet. Basically, the U.S. will stockpile Bitcoin and other crypto seized from criminals without selling it.

Remember those 198,000 BTC from the Silk Road case? The government cashed out early for $366 million—hold that Bitcoin today, and we’re talking $17 billion. Nice one, Uncle Sam. 😠 

Turning Gold Bars into Bitcoin? 🤔 

Speaking of regrets, Sacks criticized the past handling of seized Bitcoin as shortsighted, pointing out a strategic reserve could have easily leveraged the crypto’s long-term value. “First, let’s stop selling seized Bitcoin,” Bessent told CNBC bluntly. “Then we’ll talk about accumulating more.” Sacks and Bessent both agree.

Wall Street’s already sniffing around how to fund Trump’s Bitcoin vault without taxpayer tears. Geoff Kendrick from Standard Chartered floated the intriguing idea of flipping some gold—worth $760 billion—for Bitcoin. Kendrick even suggested tapping the Exchange Stabilization Fund’s $39 billion pot, traditionally reserved for financial meltdowns, though that might stir some feathers. 🪶 

ON-CHAIN ANALYSIS
Burnt Bag Briefing 🔥 

Want to know whether the bulls or bears are feeling the most pain today? Well, this is the place to look. 👀

24-Hour Liquidation Heat Map – Source: coinglass – Click to enlarge.

In the past 24 hours, 154,879 traders were liquidated, with total liquidations reaching nearly $565.55 million.

The largest single liquidation occurred on Bitfinex, a BTCUSD pair valued at $15.48 million.

Longs lost $383.76 million, while shorts were hit for $181.79 million. 🤕

NEWS IN THREE SENTENCES
Metaverse, NFT, & Gaming News 🎮️

🎮 Fetch.ai Partners With The Game Company—Gaming AI Now Slightly Smarter Than Your Average Fortnite Opponent 

Fetch.ai and The Game Company joined forces, integrating Fetch’s decentralized AI, ASI-1 Mini, into TGC’s cloud gaming platform. The AI enhances gameplay with smarter NPCs, faster rendering, and less annoying matchmaking. FET.X ( ▼ 6.1% ) CEO bragged about AI “reshaping industries,” basically confirming AI gaming bots are about to get way smarter—and probably better at gaming than actual humans. Fetch.ai.

🪓 Crypto: The Game Season 3 Hits Unichain—Let the Backstabbing Resume

CTG is back for Season 3, this time on Resurrection Island, ensuring players can betray, strategize, and lose friends faster than ever before. Partnering with Farcaster, OpenSea, and Boys Club means even more ways to form fake alliances and get eliminated dramatically for the entertainment of the masses. Mint your NFT to fund the prize pool, and watch 800 crypto degenerates destroy each other’s trust—all on UNI.X ( ▼ 0.28% )’s Unichain L2, because stabbing people in the back feels smoother with low gas fees. Uniswap.

NEWS IN THREE SENTENCES
DeFi, DEX, and Lending Protocol News 🏦

💰 Sui Just Made Bitcoin Useful Again

Sui integrated Lombard’s LBTC, finally giving Bitcoin maxis something productive to do. Now you can stake, lend, borrow, and trade LBTC across DeFi apps on SUI.X ( ▼ 5.25% ) instead of letting your BTC sit around collecting dust and Twitter likes. Sui.

⚔️ Carbon DeFi Makes Centralized Exchanges Look Like Toys

Onchain trading apparently wasn’t just catching up to centralized exchanges—it’s actually leapfrogged them, leaving your precious CEXs looking outdated. BNT.X ( ▼ 4.24% )’s Carbon DeFi limit, range, and recurring orders automate everything you used to do manually at Binance, except now without that soul-crushing slippage and hidden fees. Bancor.

🔗 1inch Adds Ledger Integration and ZKsync Cross-Chain Swap

1inch Wallet expanded hardware wallet support to Ledger’s fancy new devices—Ledger Stax and Ledger Flex—perfect for people who still manage to lose money trading crypto despite military-grade hardware security. They also connected cross-chain swaps to ZKsync, giving traders lower fees and faster transactions. 1inch.

🔥 Synthetix Finally Kills Liquidation—Your Debt’s Funeral Is Scheduled

Synthetix’s SIP-420 is live, turning staking from a debt-management nightmare into a laid-back yield paradise—assuming you like getting debt forgiven linearly over a year (which, let’s face it, you do). The 420 Pool wipes your c-ratio anxiety away, killing liquidation risk and managing your debt for you. Future perks include juicy protocol-managed yields from heavy hitters like ENA.X ( ▲ 16.81% ) and AAVE.X ( ▼ 5.59% ), plus buybacks, meaning your SNX.X ( ▲ 4.1% ) just upgraded from headache to passive-income machine. Synthetix.

LINKS
Links That Don’t Suck 🔗

👍️ Crypto.com adds USDC support on Hedera

🤠 Texas Senate passes bill creating Bitcoin reserve in effort to move towards digital future

🙄 Sen. Warren Questions crypto czar Sacks on crypto ethics amid White House crypto summit

🤯 Pump.fun: Trader nets $40M profit despite Solana memecoin slump

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