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- 🥊BTC Breaks $100K: Trade wars paying off?🔥
🥊BTC Breaks $100K: Trade wars paying off?🔥
Plus: WLFI's Big Deal, Rushi Out & New $Stablecoin Launch 🚀
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Hey, Explorers!
Welcome back to WhaleTales, your weekly digest on crypto's hottest stories.
This week has been favourable for Bitcoin HODLers with the prices heating up to $97K🔥for the first time in two months. There is more good news – In light of growing crypto adoption, WLFI founders team up with Binance CZ 🤝. Playtron is gearing up its gaming ecosystem with the launch of a new dollar stablecoin!
But watch out for the latest – Rushi Manche gets suspended for crypto scandal!👀
Check out the headlines.👇
📬 In This Week’s Top News:
Bitcoin prices hike through $100K amid global trade disputes.
WLFI founders join Binance CZ to strengthen crypto adoption.
Movement Labs suspends Rushi Manche amid MOVE dump scandal.
Playtron set to roll out first game dollar stablecoin on the Sui network.
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The Big Story
🔥Bitcoin prices hike through $100K amid global trade disputes 🌍📈
This week, all eyes are on Bitcoin prices! After months of hitting lows, the BTC price finally surpassed $100K on Thursday May 8, fuelling hopes – if this is the beginning of a new bullish trend! 🤔
On May 8, the world’s largest crypto, Bitcoin, soared to $100K, indicating a strong bullish trend, raising hope among crypto investors. Bitcoin climbed 5.3% in 24 hours to hit $101,293 on Thursday.
Following the surge, the global crypto market witnessed a significant surge driving the prices of other altcoins with a bullish momentum. ETH prices gained 11% within 24 hours followed by Dogecoin and Cardano that grew more than 8%.
What boosted the BTC price?
One of the major reasons behind Bitcoin’s sudden price surge was the institutional support from Strategy, one of the biggest Bitcoin holders.
On Thursday, Michael Saylor, Chairman of Strategy (formerly known as MicroStrategy), announced a press release on X. The release shared the first quarter financial results of 2025, and the issuance of $21 billion in equity shares to reinforce the firm’s Bitcoin holdings in the market.
In the past, the bitter political drama and trade war between China and the U.S. also played a key role in influencing Bitcoin prices.
On Friday, the Chinese government has recently expressed its willingness to reconcile and engage in conversations about trade negotiations with the U.S. government.
The Chinese Ministry of Commerce said they are ready for trade negotiations with the U.S. government. In a statement:
“The US has recently taken the initiative on many occasions to convey information to China through relevant parties, saying it hopes to talk with China.”
This is a major diplomatic development between two of the world’s biggest economies, spruced up hope among crypto investors, and impacted Bitcoin prices.
👉 Read More: China is open to trade negotiations with the U.S.
On May 7, the Federal Reserve decided to keep their interest rates steady at 4.25-4.5% allowing stability and risky assets like Bitcoin to thrive in the market.
Marco Lim, Managing Partner of MaiCapital told Decrypt:
The potential for Bitcoin to reach $120,000 is closely tied to the Federal Reserve’s interest rate decisions
Institutional investments also play a major role in bolstering BTC prices. On Wednesday, May 7, Spot Bitcoin ETFs (Exchange-Traded Funds) saw a major inflow of $142 million which can also appeal investors to diversify their portfolio and benefit the overall crypto market prices.
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In the Spotlight
🤝Trump-backed WLFI founders join Binance CZ to strengthen crypto adoption🚀
Source: X
Trump-backed World Liberty Financial (WLFI) founders Zak Folkman, Chase Herro, and Zak Witkoff shared a post on X (formerly Twitter) that they had met with the Binance co-founder Changpeng Zhao to discuss worldwide crypto expansion and adoption of new standards.
Source: X
The meeting took place in Abu Dhabi. Discussions included strategic initiatives for wider crypto adoption, innovation, and setting standardized regulatory protocols in the global crypto industry.
Jack Witcoff stated in his social media handle X:
“The future belongs to the builders, not the bystanders. We’re just getting started.”
WLFI is all set to spread its crypto wings – partners with Pakistan Crypto Council
In a groundbreaking event, WLFI has signed a “Letter of Intent” or LOI with the Pakistan Crypto Council (PCC) as a significant step to foster growth and development in the global crypto industry.
The LOI was signed in the presence of the Pakistan Prime Minister and senior officials, and WLFI founders on April 26.
Key areas of discussion:
Set up regulatory sandboxes.
Fuel the development of DeFi protocols.
Foster real-world asset tokenization.
Broaden stablecoin adoption.
Boost blockchain networks.
Strategies for global regulatory initiatives.
In addition, Binance co-founder, Changpeng Zhao, was also appointed as PCC’s Strategic Advisor.
As part of WLFI’s crypto expansion campaign, it has partnered with DWF Labs, an innovative web3 market maker. DWF Labs has reportedly announced the purchase of $25 million worth of WLFI tokens. The partnership aims to foster the expansion and growth of WLFI’s DeFi products, like USD1 stablecoin.
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Also Read
🚫 Movement Labs suspends Rushi Manche amid MOVE dump scandal📉
In a major crypto scandal, Movement Labs suspends co-founder Rushi Manche over a controversial market maker deal brokerage. The news was announced through a public post on May 2 on X.
Source: X
The suspension was made official after a third-party review conducted by Groom Lake as requested by the Movement Network Foundation. The review indicated that Manche, along with middleman Rentech executed a deal with market maker Web3Port, which reportedly gained access to 66 million MOVE tokens (5% of their token supply), causing a major price dump.
Movement Labs co-founder, Cooper Scanlon, who was investigating the matter, stated that the 5% MOVE token manipulation was routed through Rentech. However, Rentech has denied the claim.
Following the incident, Coinbase confirmed that it has delisted the MOVE token amid the major price crash and ongoing investigations.
👉 Also Read: Coinbase suspends trading with MOVE token.
🎮 Playtron set to roll out first game dollar stablecoin on Sui network 💵
Source: X
Good news for game masters! Playtron, a Linux-based gaming operating system, is all set to roll out its first stablecoin for games called “Game Dollar” built on the Sui Network. It has been developed in partnership with MO, the stablecoin development platform, and the payments platform Bridge.
The announcement was made on Sui Basecamp in Dubai on Friday. Playtron aims to launch its new stablecoin on its upcoming game SuiPlay0X1. It is a hand-held gaming console. Players can use it to earn rewards, purchase in-game assets, or pay for subscriptions. Pre-ordered SuiPlay gaming consoles are sold out, and the consoles priced at $599 will be listed for sale at the end of 2025.
Source: X
Playtron plans to launch Game Dollar in Q4 2025.
💡Good To Know
What is a Crypto Pump & Dump?
A crypto pump-and-dump is a fraud scheme in which scammers inflate crypto prices to mislead investors and the general public.
Key points:
Assets are purchased at a lower price, and then overhyped to create demand.
Fraudsters often use social media campaigns to target investors and create a buzz.
During “pump,” the fraudsters purchase huge amounts of crypto assets at a low price, drive up the price, and allure investors.
In the “dump” phase, the perpetrators sell the crypto assets at an inflated price to unsuspecting investors and make huge profits on the price difference.
The unsuspecting investors incur huge losses as these assets have almost little to no value.
⚠️ Always DYOR: Stay Safe, invest wisely.🛡️
🌐 Market Map
The global crypto market cap on Saturday, 10th May, is $3.41 trillion with 🔼 0.3% up over the last 24 hours.
🍿 Quick Bytes
Gala Games will officially shut down the multiplayer survival game “The Walking Dead: Empires.” Decrypt.co
BlackRock wins the best new ETF award for its Bitcoin exchange-traded fund. Cointelegraph.com
Changelly is celebrating its 10th anniversary by launching a special in-app campaign. Cointelegraph.com.
Eric Trump criticizes the modern financial system and believes cryptocurrency is a better and faster alternative. Yahoo finance.
🤡This Week’s Meme Drop
That’s it for this week, guys!
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Disclaimer: The information provided in this newsletter is educational and not intended for any investment or financial advice.