Key points:

Bitcoin analysis identifies the all-important price point to hold into the weekly close as all-time highs loom.

Liquidity is tightly clustered around current spot price, with $106,000 the likely next battleground.

Some traders are expecting the bid to enter price discovery to fail.

Bitcoin (BTC) preserved giant gains into the May 11 weekly close as analysis flagged the key level to hold next.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Analysis: BTC price can “kickstart the breakout process”

Data from Cointelegraph Markets Pro and TradingView showed weekend upside volatility, delivering new multimonth highs of nearly $105,000.

A lack of liquidity during “out of hours” trading contributed to the move, which once more came on the back of positive rumors over a US-China trade deal.

$BTC
almost tagging $105K off again headlines

markets will want to see fruition of Trumps comments regarding a path forward with trade between US & China

Shipping data does already suggest insiders know hence container volume has briefly picked up again pic.twitter.com/AijqalylwS

— Skew Δ (@52kskew) May 10, 2025

Now, popular trader and analyst Rekt Capital confirmed that Bitcoin could even kickstart a return to all-time highs and price discovery.

The all-important weekly close level to flip to support, he said, lay at around $104,500.

“Can Bitcoin do it? Can Bitcoin Weekly Close above the Range High of its recently reclaimed Re-Accumulation Range to kickstart the breakout process?” he queried in a post on X alongside an explanatory chart.

“Bitcoin is on the cusp of beginning Price Discovery Uptrend 2.”BTC/USD 1-week chart. Source: Rekt Capital/X

An additional update calculated the current Bitcoin bull market as 85.5% complete, yet with the most erratic upswings still to come.

#BTC Bull Market Progress:

▓▓▓▓▓▓▓▓░░ 85.5%

(Progress will speed up on Parabolic advances)$BTC #Crypto #Bitcoin pic.twitter.com/Qe88NVmo2z

— Rekt Capital (@rektcapital) May 9, 2025

A look at the latest exchange order book data from monitoring resource CoinGlass showed a large cloud of asks clustered around the area immediately below $106,000 at the time of writing.

Bids were laddered down to $102,000, creating a thickening band of liquidity around spot price into the weekly close.

BTC liquidation heatmap. Source: CoinGlass

Bitcoin can still retrace “entire move”

Some market participants remained bearish on short timeframes.

Related: Is Bitcoin about to go parabolic? BTC price targets include $160K next

On X, popular trader HTL-NL argued that the current push toward all-time highs would end as a “fakeout” to trap late longs.

“Will $BTC close/open the week remaining within the range, will it do a ‘fake out (UTAD)’ or was this really a reaccumulation range as many want to believe,” he wrote on the day. 

“To be honest, although I still favour the first 2 options based on M/Q charts, it being reaccumulation is not impossible.”BTC/USDT 1-hour chart. Source: HTL-NL/X

Another voice of caution, one all too familiar in Bitcoin trading circles, came in the form of fellow trader Il Capo of Crypto.

In his latest X updates, the pseudonymous commentator warned that BTC/USD could correct to the extent that its entire rebound disappears.

“This is the time to scale out, not in,” he argued on May 10. 

“Strong resistances are being tested, and if this is just a correction of the downtrend since January, the entire move could eventually be fully reversed.”

Il Capo of Crypto originally gained notoriety for his $12,000 BTC price targets at the start of the bull market in 2023.

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.

Crypto services platform Nexo shared its plans to reenter the United States market on Monday, marking the eighth major crypto firm to announce such plans since US President Donald Trump took office at the start of the year.

Firms like Circle, Binance and OKX are banking on favorable regulatory clarity in 2025 to herald their US expansion. Bills like the STABLE Act and the GENIUS Act are advancing in Congress, which, if implemented, will lay the groundwork for swift success.

Trump and his family are actively involved in some of these planned expansions. Nexo’s recent announcement was backed by Donald Trump Jr., who said, “We see the opportunity for the financial sector and want to ensure we bring that back to the US.”

Amid concerns of conflicts of interest and blatant token shilling by the Trump family, it remains to be seen whether these upcoming regulations will adequately protect everyday investors. Regardless, these are the eight firms that have banked on big bucks in the US this year.

Binance.US resumes USD services; CZ seeks clemency 

Binance.US officially reinstated USD deposit and withdrawal services less than a month into Trump’s presidency. 

They were halted on June 13, 2023, on the back of a civil enforcement action by the Commodity Futures Trading Commission (CFTC), claiming willful evasion of US laws and operating illegally in the country. Binance later settled for $2.7 billion; then-CEO Changpeng Zhao paid $150 million.

Soon after halting USD on- and off-ramps, the Securities and Exchange Commission sued Binance and its then-CEO, Changpeng Zhao, with a lawsuit. The agency claimed Zhao and Binance “engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law.”

In November 2023, Binance and CZ agreed on a settlement with the Department of Justice that included pleading guilty to federal charges, including violating Anti-Money Laundering laws, a $4.3-billion fine, CZ’s dismissal as CEO and a prison sentence.

Zhao has sought clemency from President Trump, who has pardoned a number of crypto executives. 

Zhao (right) discusses his clemency request. Source: Farokh Radio

eToro files for US IPO after 2024 enforcement action

Online trading platform eToro publicly filed its registration statement for a proposed initial public offering (IPO) on the Nasdaq Global Select Market under the ticker symbol “ETOR.” The IPO is anticipated to occur as early as Q2 2025, pending market conditions, with eToro seeking a $4-billion valuation with plans to raise $500 million by offering 10 million Class A shares. 

The trading platform ran into some trouble with the SEC in 2024, when the agency claimed eToro “operated an unregistered broker and unregistered clearing agency in connection with its trading platform that facilitated buying and selling certain crypto assets as securities.”

As a result, eToro paid a fine and agreed to reduce its crypto offerings for US customers to Bitcoin (BTC), Bitcoin Cash (BCH) and Ether (ETH).

The move signals growing investor confidence in the future of retail cryptocurrency trading platforms in the US as the jurisdiction reorients its rules defining cryptocurrencies and loosens restrictions that made it more difficult for such platforms to receive banking services. 

OKX relaunches in the US months after $500-million settlement

OKX, a major global cryptocurrency exchange, announced its reentry into the US market in April 2025. The company is implementing a phased rollout plan throughout the year and has established a new regional headquarters in San Jose, California. The firm also named Roshan Robert, recently of Barclays, as head of its US operations. 

Edit the caption here or remove the text

The relaunch comes just months after the firm announced a settlement with the US Department of Justice (DOJ). US attorneys alleged that the platform “knowingly violated anti-money laundering laws and avoided implementing required policies to prevent criminals from abusing our financial system” for over seven years.

OKX paid a hefty $500-million fine, pleaded guilty to operating an unlicensed money-transmitting business, and agreed to pay for an external compliance consultant. In a statement, OKX said, “There were no allegations of customer harm, no charges against any Company employee and no government appointed monitor as part of the settlement.

Related: OKX to restart DEX with anti-abuse upgrades after Lazarus ‘misuse’

Robert told Fortune that the firm was ramping up its compliance and risk management infrastructures ahead of the relaunch.

He also cited the improving regulatory landscape as a contributor to the relaunch. “The rulemaking will take some time, but there is a path that we can see,” he said.

Nexo returns to US markets after deadlock with regulators

Nexo, a global digital assets wealth platform, announced its return to the US market on April 28, 2025, at an event in Sofia, Bulgaria. According to industry media, US customers will have access to Nexo’s asset-backed credit lines, crypto savings accounts and advanced trading options.

Nexo left the US in 2022 after 18 months of negotiations with federal regulators reached an impasse. Eight different state regulators had charged Nexo with allegedly failing to register its Earn Interest Product.

Nexo co-founder Antoni Trenchev credited the crypto-friendly approach of President Trump with his firm’s relaunch: “America is back — and so is Nexo.”

“Nexo is returning to America — stronger, smarter, and determined to win,” he added.

Circle relocates to NYC ahead of IPO

Circle, the issuer of the USDC (USDC) stablecoin, is relocating its global headquarters from Boston to New York City in early 2025. The move to One World Trade Center aligns with Circle’s plans for an initial public offering and reflects its commitment to integrating with traditional financial markets. 

Circle filed for its IPO on April 1 and plans to list on the New York Stock Exchange. JPMorgan Chase and Citigroup are serving as lead underwriters. The firm is seeking a $5-billion valuation. 

Circle CEO Jeremy Allaire said, “Our new headquarters near the top of One World Trade Center is a symbol of the trust, security and stability we’re building as a critical infrastructure provider for the future of finance.”

Circle initially sought to go public via a blank-check firm in 2022, but the deal fell through. The deal would have valued Circle at $9 billion at the time. 

Crypto.com introduces stock and ETF trading

Crypto.com is expanding its services in the US throughout 2025, including introducing trading for stocks and ETFs. 

The company is rolling out these offerings in phases as part of its 2025 roadmap, including significant expansions of its banking, crypto, stock and credit card services for US customers. 

The plan shows the company’s broader strategy of integrating crypto with traditional finance, a theme recurring with many crypto and finance firms operating in the US.

Travis McGhee, Crypto.com managing director and head of global capital markets, said that the firm is letting clients “marry up that capability [trading stocks and ETFs] with your crypto trading, as well as your crypto derivative trading.” 

McGhee added that “there’s a lot of tailwinds” pushing the industry ahead, including an “administration that is […] looking to put a regulatory framework into place.” 

“That just bodes well for a strong market and a strong future for crypto.”

a16z returns to US after initial UK move

Andreessen Horowitz (a16z) announced that it is closing shop in the UK and focusing its efforts on the US. 

In a Jan. 24 X post, Anthony Albanese, chief operating officer of Andreessen Horowitz’s crypto arm, said the firm will be closing its UK branch despite the “enthusiasm for crypto building and adoption” in the country.

According to Sifted, the UK government had spent five years wooing a16z to move to London, just for the firm to leave 18 months after it opened its offices there.

Related: A16z leads $25M funding for Miden blockchain project

A16z launched offices in London in 2023, citing the regulatory environment under former President Joe Biden as too unfriendly to the blockchain industry. Albanese said there was “strong momentum” behind the crypto industry with the inauguration of President Trump.

Per TechCrunch, other factors driving a16z’s relocation were the slow progress on crypto in the UK and the Labour government shifting its priorities away from digital assets.

Coinbase acquires Deribit in bid to capture derivatives market

US-based crypto exchange Coinbase bought crypto derivatives platform Deribit for $2.9 billion on May 8. 

The merger makes Coinbase the largest crypto derivatives platform by open interest, per an exchange blog post. 

The deal comes as major crypto exchanges like Coinbase, Kraken and Robinhood jockey to dominate the growing global crypto derivative market. On the day of the announcement, Coinbase’s international derivatives exchange saw $10 billion in trading.

Source: Coinbase

Magazine: ChatGPT a ‘schizophrenia-seeking missile,’ AI scientists prep for 50% deaths: AI Eye

Ethereum’s latest network upgrade, Pectra, introduced powerful new features aimed at improving scalability and smart account functionality — but it also opened a dangerous new attack vector that could allow hackers to drain funds from user wallets using only an offchain signature.

Under the Pectra upgrade, which went live on May 7 at epoch 364032, attackers can exploit a new transaction type to take control of externally owned accounts (EOAs) without requiring the user to sign an onchain transaction.

Arda Usman, a Solidity smart contract auditor, confirmed to Cointelegraph that “it becomes possible for an attacker to drain an EOA’s funds using only an offchain signed message (no direct onchain transaction signed by the user).”

At the center of the risk is EIP-7702, a core component of the Pectra upgrade. The Ethereum Improvement Proposal introduces the SetCode transaction (type 0x04), which enables users to delegate control of their wallet to another contract simply by signing a message.

If an attacker obtains this signature — say, via a phishing site — they can overwrite the wallet’s code with a small proxy that forwards calls to their malicious contract.

“Once the code is set,” Usman explained, “the attacker can invoke that code to transfer out the account’s ETH or tokens—all without the user ever signing a normal transfer transaction.”

Source: Vladimir S. | Officer’s Notes

Related: Ethereum Pectra upgrade adds new features

Wallets can be altered with offchain signature

Yehor Rudytsia, onchain researcher at Hacken, noted that this new transaction type introduced by Pectra allows arbitrary code to be installed on the user’s account, essentially turning their wallet into a programmable smart contract.

“This tx type allows the user to set arbitrary code (smart contract) to be able to execute operations on the user’s behalf,” Rudytsia said.

Before Pectra, wallets could not be modified without a transaction signed directly by the user. Now, a simple offchain signature can install code that delegates complete control to an attacker’s contract.

“Pre-Pectra, users needed to send transaction (not sign message) to allow their funds to be moved… Post-Pectra, any operation may be executed from the contract which user approved via SET_CODE,” Rudytsia explained.

The threat is real and immediate. “Pectra activated May 7, 2025. From that moment, any valid delegation signature is actionable,” Usman warned. He added that smart contracts relying on outdated assumptions, such as using tx.origin or basic EOA-only checks, are particularly vulnerable.

Wallets and interfaces that fail to detect or properly represent these new transaction types are most at risk. Rudytsia warned that “wallets are vulnerable if they do not analyze Ethereum’s transaction types,” especially transaction type 0x04.

He emphasized that wallet engines must clearly display delegation requests and flag any suspicious addresses.

This new form of attack can be easily executed through common offchain interactions like phishing emails, fake DApps, or Discord scams.

“We believe it will be the most popular attack vector regarding these breaking changes introduced by Pectra,” Rudytsia said. “From now on, users have to carefully validate what they are going to sign.”

Source: Noir

Related: Pectra features already in use: Ethereum EIP-7702 wallets roll out

Hardware wallets are not safer anymore

Hardware wallets are no longer inherently safer, Rudytsia said. He added that hardware wallets from now on are at the same risk as hot wallets from the perspective of signing malicious messages. “If done—all the funds are gone in a moment.”

There are ways to stay safe, but they require awareness. “Users should not sign the messages they do not understand,” Rudytsia advised. He also urged wallet developers to provide clear warnings when users are asked to sign a delegation message.

Special caution should be taken with new delegation signature formats introduced by EIP-7702, which are not compatible with existing EIP-191 or EIP-712 standards. These messages often appear as simple 32-byte hashes and may bypass normal wallet warnings.

“If a message includes your account nonce, it’s probably affecting your account directly,” Usman warned. “Normal sign-in messages or offchain commitments don’t usually involve your nonce.”

Adding to the risk, EIP-7702 allows for signatures with chain_id = 0, meaning the signed message can be replayed on any Ethereum-compatible chain. “Understand it can be used anywhere,” Usman said.

While multisignature wallets remain more secure under this upgrade, thanks to their requirement for multiple signers, single-key wallets — hardware or otherwise — must adopt new signature parsing and red-flagging tools to prevent potential exploitation.

Alongside EIP-7702, Pectra also included EIP-7251, which raised Ethereum’s validator staking limit from 32 to 2,048 ETH, and EIP-7691, which increases the number of data blobs per block for better layer-2 scalability.

Magazine: Bitcoin eyes ‘crazy numbers,’ JD Vance set for Bitcoin talk: Hodler’s Digest, May 4 – 10