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The crypto rally accelerated with broader market participation, as total market cap excluding BTC jumped 10% to $1.1T—its highest since March 6. The sharp move caught many traders offside, triggering ~$1.2B in liquidations over the past 24 hours. ETH stole the spotlight, logging its second-best daily performance since 2022 on surging volumes, pushing ETHBTC up 30% in just two sessions. With short positioning elevated ahead of the move, price action appears more driven by forced unwinds than a clean rotation. Deribit's ETH DVOL surged 11%, while BTC DVOL remained stable, signaling a market bracing for outsized ETH volatility relative to BTC. Alts exploded higher, driving a sharp reversal in BTC dominance that could be signaling a local top—and potentially the start of altseason. SUI continues to outperform, helped by speculation around Meta’s rumored stablecoin revival and a possible Pokémon partnership.
In regulatory headlines, Celsius founder Alex Mashinsky was sentenced to 12 years in prison for securities and commodities fraud tied to the collapse of his crypto lending platform. He admitted to misleading investors and manipulating CEL token prices for personal gain.
On the macro front, Trump doubled down on his hardline trade stance, floating an “80% tariff on China” ahead of this weekend’s U.S.-China trade talks in Switzerland. Meanwhile, a preliminary trade deal with the UK was announced, though a 10% baseline tariff will remain—likely to be the floor for other nations moving forward.
The News Room
XRP payments coming to 6,000 US pharmacies in new $50M healthcare deal
Wellgistics Health, a pharmaceutical supply chain and technology firm, has announced the integration of XRP as a treasury asset and payment infrastructure across its network of over 6,000 independent U.S. pharmacies. This initiative is supported by a $50 million capital facility arranged through LDA Capital, allowing Wellgistics to draw funds as needed, potentially issuing shares in exchange for capital. By utilizing the XRP Ledger, the company aims to streamline transactions between pharmacies, distributors, and manufacturers, reducing settlement times from days to seconds and lowering transfer fees to fractions of a cent. Wellgistics CEO Brian Norton stated that this move positions the firm at the intersection of healthcare and fintech, aiming to disintermediate slow, manual financial processes within healthcare logistics.
UAE state-owned Emarat partners with Crypto.com to integrate Bitcoin, crypto payments at gas stations
UAE state-owned fuel retailer Emarat has partnered with Crypto.com to introduce cryptocurrency payments at its gas stations, marking a significant step in the region's digital finance adoption. Initially, customers can pay for fuel using Bitcoin and other digital assets at 10 Emarat stations across Dubai, with plans to expand this service throughout Emarat’s network. This initiative positions the UAE at the forefront of retail crypto adoption in the Middle East and North Africa. Additionally, Emarat and Crypto.com plan to launch a flagship co-branded service station in Dubai, named “Emarat x Crypto.com Service Station,” which will serve as a hub for innovation in mobility, payments, and retail design. This collaboration aligns with the UAE's broader ambition to become a global leader in digital asset regulation and infrastructure, further embedding digital assets into everyday life.
GENIUS Act stalls in Senate, lawmakers eye new proposal next week
The GENIUS Act, a bipartisan bill aimed at establishing a regulatory framework for stablecoins, failed to advance in the U.S. Senate due to a 49–48 vote against invoking cloture. The bill's progress was hindered by concerns over former President Donald Trump's involvement in cryptocurrency ventures, including a $2 billion stablecoin deal with a Dubai firm, raising potential conflict-of-interest issues. In response, Senate Democrats introduced the End Crypto Corruption Act to prohibit federal officials and their families from issuing or promoting digital assets. Despite the setback, lawmakers are considering new proposals to address stablecoin regulation in the near future.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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