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Solv brings RWA-backed Bitcoin yield to Avalanche blockchain

Solv Protocol has launched a yield-bearing Bitcoin token on the Avalanche blockchain, giving institutional investors more exposure to yield opportunities backed by real-world assets, or RWAs.

On May 16, the protocol unveiled SolvBTC.AVAX, a token that connects Bitcoin (BTC) to real-world assets like US Treasurys and private credit offered by BlackRock and Hamilton Lane.

The new token was developed through a seven-way partnership involving Solv, Avalanche, Balancer, Elixir, Euler, Re7 Labs, and LFJ, the company said.

Solv Protocol founder Ryan Chow said the token is a way to link Bitcoin to “real-world economic cycles” in uncorrelated assets such as US government bonds and private credit, as opposed to BTC’s typical boom-and-bust four-year cycle.

The token uses a multi-protocol strategy to generate yield involving Elixir’s deUSD stablecoin, Treasurys provided by BlackRock and Hamilton Lane via Elixir, and incorporated on the

Altcoins are on the verge of ‘most powerful rally’ since 2017 — Analyst

Key takeaways:

The total altcoin market cap (excluding ETH) gained $126 billion in Q2, fueling speculation of an altseason.

The altcoin market cap, excluding Ether (ETH), has added $126 billion in Q2, sparking enthusiasm from analysts who have been waiting for an altseason. Crypto analyst Javon Marks noted a breakout that could rival the explosive 2017 bull run.

In a recent post on X, Marks highlighted a chart comparing the TOTAL3 index (total market cap of altcoins excluding Bitcoin (BTC) and Ethereum) against the US money supply, suggesting that altcoins may be on the verge of a significant rally.

A rise in TOTAL3 against the US money supply suggests that altcoins are gaining value relative to the total liquidity in the US economy, reflecting increased investor interest and capital inflow into altcoins.

TOTAL3/US Money supply. Source: X.com

Marks emphasized that altcoins

Galaxy Digital lists on Nasdaq, seeks to tokenize shares — Reports

Galaxy Digital shares began trading on the Nasdaq stock exchange May 16, completing a years-long process that CEO Mike Novogratz called unfair and infuriating, CNBC reported.

The crypto and infrastructure company, which is also listed in Canada, opened trading at $23.50 in its Nasdaq debut.

Trading began on the same day Galaxy disclosed that it is working with the US Securities and Exchange Commission (SEC) to tokenize its shares. According to Bloomberg, the tokens representing Galaxy Digital’s shares could be used in decentralized finance applications, like borrowing or lending.

Galaxy is among several crypto companies looking to access the US markets under a friendlier regulatory regime in the country. Companies that are also exploring or working on a US listing include Metaplanet, Circle, Kraken, and <a data-ct-non-breakable="null"

Bitfinex Bitcoin longs total $6.8B while shorts stand at $25M — Time for BTC to rally?

Key takeaways:

Bitfinex margin longs fell 18%, despite Bitcoin price rising 24% in 30 days.

$6.8 billion in long positions far outweight the current $25 million in shorts.

Bitcoin options positioning and spot BTC inflows point to confidence from institutional investors.

Bitcoin (BTC) price climbed 23.7% over the past 30 days, yet traders on Bitfinex have cut their leveraged long positions by more than 18,000 BTC during this time. This wave of profit-taking in margin markets has led to speculation that professional traders may not be fully confident in the current $104,000 price level.

Bitfinex BTC margin longs, BTC. Source: TradingView / Cointelegraph

Bitfinex margin longs dropped from 80,387 BTC to 65,889 BTC between April 16 and May 16. This shift marks a reversal from the strong bullish margin demand seen between mid-February and mid-March, a period when Bitcoin’s price fell from $97,600 to $82,500. The current decrease in margin longs

World Liberty Financial brushes off oversight concerns from Congress

Zach Witkoff, one of the co-founders of the Donald Trump family-backed crypto platform World Liberty Financial (WLFI), has rebuffed efforts by US lawmakers to investigate the president’s potential conflicts of interest.

In a May 15 letter to Senator Richard Blumenthal, lawyers for World Liberty Financial claimed a call to investigate the crypto platform was based on “fundamentally flawed premises and inaccuracies.” Witkoff did not specifically address any allegations, claiming that WLFI was “too busy building” for oversight.

“The Company rejects the false choice between innovation and oversight,” said the letter. “What it opposes is the misuses of regulatory authority and uncertainty to suppress lawful innovation.”

May 15 letter to Sen. Blumenthal. Source: Zach Witkoff

Blumenthal, the ranking member of the US Senate Permanent Subcommittee on Investigations, was one of many Democrats calling for investigations and legislative changes in

Judge sentences SEC hacker to 14 months in prison

A federal judge has sentenced Eric Council Jr., one of the individuals responsible for posting a fake message announcing regulatory approval of spot Bitcoin exchange-traded funds, to 14 months in prison.

Following a May 16 hearing in the US District Court for the District of Columbia, the Justice Department announced that Council would serve 14 months in prison after pleading guilty to one count of conspiracy to commit aggravated identity theft and access device fraud. He was part of a group that compromised the X account of the US Securities and Exchange Commission (SEC) in January 2024 and said the regulatory body would be approving spot Bitcoin (BTC) ETFs.

Prosecutors had requested that the judge impose a two-year sentence, while Council’s lawyers asked for one year and one day. Court filings showed he earned roughly $50,000 through SIM swap attacks like

CFTC commissioner to leave agency on May 31

Christy Goldsmith Romero of the US Commodity Futures Trading Commission (CFTC) will step down on May 31, leaving three seats open at the financial regulator.

In a May 16 announcement, Romero said her last day at the agency would be on May 31, ahead of her initial plans to leave if the Senate confirmed former commissioner Brian Quintenz as the new chair. Her departure will come just one day after Commissioner Summer Mersinger is expected to step down to join the crypto advocacy organization the Blockchain Association as CEO.

“It has been a tremendous honor to conclude my 23 years of federal service at an agency with such an important mission to ensure that financial markets perform their critical role in the US and global economies,” said Romero.

Romero and Mersinger’s upcoming departures would leave the CFTC with only two Senate-confirmed members: acting

Basel Medical shares down 15% on $1B Bitcoin buying plans

Shares of Basel Medical Group are down around 15% after the healthcare company announced plans to buy $1 billion in Bitcoin for its corporate treasury.

On May 16, Singapore-based Basel said it was “in advanced discussions with a consortium of institutional investors and high-net-worth individuals […] to acquire a US$1 billion BTC through an innovative share-swap arrangement.

The company said the benefits of its planned purchase include creating “one of the strongest balance sheets among Asia-focused healthcare providers” and providing “unmatched financial flexibility for mergers and acquisitions.”

It also said the Bitcoin (BTC) treasury would help Basel “[e]stablish “a diversified asset base to weather market volatility.”

But the company’s shareholders weren’t sold. Basel’s stock, BMGL, has dropped around 15% on the announcement, according to data from Google Finance.

Basel Medical’s shares are down 15% intraday on May 16. Source:

Price predictions 5/16: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI, LINK, AVAX

Key points:

A Bitcoin price close above $105,000 could accelerate momentum and trigger a rally to $130,000.

Ether continues to gain strength, which is being mirrored by many altcoins.

Bitcoin (BTC) has been consolidating between $100,718 and $105,819 for the past few days, indicating a balance between supply and demand. A positive sign is that the price has held above the psychologically crucial $100,000 level, signaling that the bulls are hanging on to their positions as they anticipate another leg higher.

Market intelligence firm Santiment highlighted in a post on X that the failure to rise above $105,000 has caused impatience among retail traders, which “historically is a bullish sign for prices.”

Crypto market data daily view. Source: Coin360

However, repeated failure to push the price to the all-time high of $109,588 could tempt short-term buyers to book profits. That puts

Crypto miner turned AI provider CoreWeave adds billions in market cap

Shares of AI cloud computing company CoreWeave (CRWV) surged on May 16 after chip giant Nvidia revealed a large ownership stake, signaling growing corporate and institutional interest in the newly public company.

CRWV stock climbed as much as 26.3% in New York trading, pushing its market capitalization above $38 billion. Trading volumes were more than double the daily average, according to Yahoo Finance data.

The stock was last seen trading around $81, up 23% on the day.

CRWV has climbed to $81 a share on May 16. Source: Yahoo Finance

CoreWeave’s rally was sparked by regulatory filings from Nvidia showing that the company owned $900 million of CRWV stock at the end of the first quarter. The value of the holdings has more than doubled since March 31, assuming Nvidia hasn’t sold any shares since then.

As CNBC reported, Nvidia’s ownership stake at