Month: May 2026

Kraken Cuts 150 Staff, Citing Rising AI Use

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Crypto exchange Kraken has reportedly laid off some of its staff as a cost-cutting measure, which could delay its planned initial public offering in the US until next year. The company, whose corporate name is Payward, laid off about 150 workers due to efficiencies from deploying artificial intelligence across the business, Bloomberg reported on Friday, citing a person familiar with the matter. The person said AI is being used more extensively throughout Kraken, but the company is not planning further job cuts at the moment. Crypto-related companies have cut more…

Verus Ethereum Bridge Reportedly Exploited for $11.58 Million

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Verus Protocol’s Ethereum bridge was reportedly exploited on Monday through a fake cross-chain transfer message that allowed a hacker to fraudulently transfer out at least $11.58 million in cryptocurrency. Onchain security platform Blockaid said in an X post on Monday that its detection system identified an ongoing exploit on the Verus-Ethereum bridge and shared a transaction on Etherscan showing a transfer of 1,625 Ether (ETH), 147,659 USDC (USDC) and 103.57 tBTC v2, worth over $11.5 million. Blockchain security company PeckShield also called the transfer an exploit, with onchain data showing…

Tom Lee Says Oil Prices Are Ethereum’s Biggest Headwind

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Rising oil prices since the US-Israeli war have been a consistent weight on the price of Ether for the last three months, according to Fundstrat co-founder Tom Lee.  “If one is wondering why Ethereum has been under selling pressure … to me, rising oil prices is the biggest headwind,” Lee said on X on Monday. Lee said the inverse correlation between Ether prices and oil is at a record high. Crude oil prices have surged 66% from $65 to more than $100 per barrel since the US-Israeli war began on…

Ethereum Price Tumbles Hard, Bears Tighten Grip On Market Momentum

Ethereum price started a fresh decline and traded below $2,050. ETH is now consolidating below $2,150 and might struggle to recover. Ethereum started a downside extension below the $2,150 zone. The price is trading below $2,150 and the 100-hourly Simple Moving Average. There is a connecting trend line forming with support at $2,050 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it stays below the $2,150 zone. Ethereum Price Extends Losses Ethereum price failed to remain stable above $2,220 and…

Iran Reportedly Mulls Strait of Hormuz Toll Platform Paid in Bitcoin

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Iran is reportedly considering a plan to exercise control over the Strait of Hormuz through an “insurance-based model,” with some speculating, based on an unverified website, that it could be paid in Bitcoin.  On Saturday, Fars News Agency, an Iranian news outlet closely affiliated with the Islamic Revolutionary Guard Corps, reported that the Iranian Ministry of Economic Affairs plans to manage the Strait of Hormuz through insurance, citing a state document it obtained.  However, other reports say Iran is looking to take payments for the “insurance” in Bitcoin through a…

Bitcoin Price Extends Decline, Downside Pressure Builds Aggressively

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Bitcoin price started a fresh decline below the $78,500 zone. BTC is consolidating and might struggle to stay above the $76,500 support. Bitcoin failed to stay above $78,500 and extended losses. The price is trading below $78,000 and the 100 hourly simple moving average. There is a bearish trend line forming with resistance at $77,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might extend losses if it stays below the $77,700 and $78,500 levels. Bitcoin Price Dips Further Bitcoin price failed to stay…

Senate Crypto Bill Might Pass as Late as August: NYDIG

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The US Senate’s crypto market structure bill could take until August to pass and risks not advancing at all if lawmakers cannot pass it before the midterms, said Greg Cipolaro, head of research at financial services firm NYDIG. Patrick Witt, a senior White House crypto adviser, said earlier this month that he was targeting July 4 for the Senate’s crypto bill to pass, saying there was enough time for a Senate markup, floor vote and House vote.  “This may represent an aspirational benchmark rather than a fixed legislative deadline,” Cipolaro…

Bitcoin Analysts Debate ‘Sell in May’ Pattern

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Crypto analysts are divided over whether markets will see a major Bitcoin sell-off in May, a pattern that has emerged in the last two bear markets during US mid-term election years.  In May 2018, Bitcoin crashed from nearly $10,000 to about $7,000 by the end of the month. It happened again in May 2022, when Bitcoin fell nearly 30% from about $40,000 to $28,500 before falling further in June to $20,000.  With 2026 also a bear market year coinciding with a US mid-term election, there are concerns it could happen…