Crypto Vesting

Bilal Bin Saqib, head of Pakistan’s crypto council, announced on May 28 that the country is moving to establish a strategic Bitcoin reserve.

Speaking at the Bitcoin 2025 conference in Las Vegas, Nevada, Saqib said the government of Pakistan followed the United States’ lead in establishing a Bitcoin strategic reserve and is embracing pro-crypto regulatory policies. The government official told the audience:

“Today is a very historic day. Today, I announce the Pakistani government is setting up its own government-led Bitcoin Strategic Reserve, and we want to thank the United States of America again because we were inspired by them.”

The announcement represents a significant departure from the government of Pakistan’s previous stance on cryptocurrencies, holding that crypto would never be legal in the country.

Pakistan’s shift reflects the broader trend of nation-states adopting pro-crypto policies following the regulatory shift in Washington, DC under the President Donald

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Shares of video game and collectibles retailer GameStop dropped nearly 11% on May 28 after the company announced its first Bitcoin purchase, triggering a classic sell-the-news reaction.

The stock closed at $31.21 on the New York Stock Exchange, according to Google Finance.

The company announced the purchase of 4,710 Bitcoin (BTC) valued at roughly $513 million on May 28. GameStop confirmed plans to create a BTC treasury strategy on March 26, following months of investor speculation and rumors that it would begin accumulating the cryptocurrency.

Trump Media and Technology Group (TMTG), the parent company of President Donald Trump’s Truth Social platform, also saw its shares plunge after announcing a $2.5 billion capital raise to purchase Bitcoin. Since the May 27 announcement, TMTG stock has dropped over 24%.

GameStop’s stock has experienced a pullback following the company’s first Bitcoin purchase. Source: TradingView

GameStop’s move to adopt Bitcoin as

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Key point:

Bitcoin’s market structure is still bullish, even as a phase of profit taking and consolidation sets in.

Bitcoin (BTC) remains pinned below the breakout level of $109,588, indicating that the bears are fiercely defending the level. Bitfinex analysts said in a market note that profit-taking generally follows after Bitcoin hits a new all-time high after a sharp rally. The report added that a mild retracement or consolidation would be healthy and lay the foundation for the next leg higher.

Glassnode had a similar view. In its latest report, the market intelligence company said that the relative strength indicator (RSI) has weakened, suggesting easing momentum, which could lead to “a potential pause or reversal in the recent bullish trend.”

Crypto market data daily view. Source: Coin360

Even if a correction happens, dips are likely to be purchased. Material Indicators co-founder Keith Alan

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United States Vice President JD Vance took the stage to deliver a keynote address at the Bitcoin 2025 conference in Las Vegas, Nevada, encouraging Bitcoiners to deepen their involvement in politics.

Vance highlighted the strategic and geopolitical importance of Bitcoin, emphasizing that the US should maintain leadership in the crypto industry to remain competitive in the age of digital finance. Vance told the audience:

“What happens in the world of politics, what happens in the world of bureaucracy, will affect even the most transformational and valuable technologies if we do not make the right decisions. The first thing that I would ask you, is to take the momentum of your political involvement in 2024 and carry it forward to 2026 and beyond.”

“Don’t ignore politics because I guarantee you, my friends, politics is not going to ignore this community, not now, and not in the future,” the vice president

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Conduit, a cross-border payments company based in Boston, has raised $36 million in a Series A funding round led by Dragonfly and Altos Ventures. The capital will go to scale its payment system and expand currency offerings across fiat and stablecoins.

Conduit markets its payment system as an alternative to the messaging network SWIFT, or Society for Worldwide Interbank Financial Telecommunications. Banks have relied on the SWIFT protocol to process wire transfers since the 1970s. Conduit claims its platform offers a modern alternative, enabling near real-time cross-border settlements by combining stablecoins with local fiat currencies through crypto infrastructure.

“Traditional cross-border payment systems do not meet the demands of modern businesses,” Kirill Gertman, Conduit CEO, said in a statement.

Additional participants in the funding round include Sound Ventures, Commerce Ventures, DCG, Circle Ventures, and two previous investors, Helios Digital Ventures and Portage Ventures. Conduit claims its clients have saved more than 60,000 hours

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Cork Protocol, a decentralized finance (DeFi) platform, was hit by a smart contract exploit on May 28, resulting in the loss of roughly $12 million in digital assets.

Cybersecurity firm Cyvers said the hack occurred at 11:23:19 UTC and was funded by an address ending in “762B.” According to the firm, the attacker used the exploit to steal roughly 3,761 Wrapped Staked Ether (wstETH), which was converted to Ether (ETH) almost immediately after the attack.

“We are investigating a potential exploit on Cork Protocol and are pausing all contracts. We will report back with more information,” Cork Protocol co-founder Phil Fogel wrote on X.

Cork Protocol smart contract exploit details. Source: Cyvers

The Cork Protocol exploit is the latest hacking incident to impact the crypto industry as cybersecurity continues to be a major issue in the sector, lowering consumer confidence, and prompting calls to <a

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Key points:

Markets increasingly see fewer Fed rate cuts this year, with the first only coming in September.

Despite potential labor market weakness to come, crypto and risk assets lack an overall bullish catalyst, analysis says.

BTC/USD continues to drop toward new multiday lows.

Bitcoin (BTC) sold off at the May 28 Wall Street open as markets continued to price out US interest rate cuts.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
BTC price retreats with Fed rate cut bets

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping below $108,000 to challenge multiday lows.

Ahead of the minutes of the Federal Reserve’s May meeting, the mood among risk assets was cautious.

CME Group’s FedWatch Tool showed decreasing odds of a rate cut — a key tailwind for crypto, stocks and more — before September.

Fed target rate probabilities for September FOMC meeting. Source: CME Group

Informal

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The Katana Foundation, a nonprofit focused on decentralized finance (DeFi) development, is launching its private mainnet, aiming to unlock greater crypto asset productivity via deeper liquidity and higher yields for users.

The Katana Foundation launched a DeFi-optimized, private blockchain, Katana, on May 28, incubated by GSR Markets and Polygon Labs, with the public mainnet launch set for June.

The new blockchain will enable users to earn higher yields and explore DeFi in a “unique, optimized yield environment” that unlocks latent value through an ecosystem that makes every digital asset “work harder,” according to an announcement shared with Cointelegraph.

“DeFi users deserve ecosystems that prioritize sustainable liquidity and consistent ‘real’ yields,” wrote Marc Boiron, the CEO of Polygon Labs and core contributor at Katana, adding: 

“Katana’s user-centric model turns inefficiencies into advantages, establishing a truly positive-sum environment for builders and participants alike.”Source: Katana

Katana aims to solve the crypto industry’s liquidity fragmentation issue, which can

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