|
|
South Korea police probe Polymarket users over illegal gambling claims
Gangwon Provincial Police in South Korea have begun an illegal gambling probe into users of the prediction market Polymarket.
The investigation, which was requested by the National Police Agency, is part of a crackdown on unauthorized prediction and betting platforms in the country. Currently, Sports Toto is the only state-authorized sports betting platform. Polymarket users could face fines of up to 10 million won ($6,500).
Polymarket has faced increasing legal scrutiny in a number of countries, including Singapore, Poland, Portugal, Hungary, Ukraine, Brazil, the United States and Indonesia.
Coinbase to launch crypto mortgage payments this summer
American crypto exchange Coinbase will soon allow homeseekers to use Bitcoin (BTC) and stablecoin USDC as collateral on home loans.
Coinbase and finance company Better Home & Finance will reportedly launch the offering by summer 2026. The new collateral policy will pertain to qualified borrowers funding mortgages backed by Fannie Mae (the Federal National Mortgage Association).
Better Home & Finance CEO Vishal Garg said that the new policy will help expand home ownership and “fix an ongoing issue: buyers who qualify on every measure that matters but cannot clear the down payment hurdle because their wealth isn’t where the system expects to find it.”
Crypto PAC-supported candidates sweep US state primaries after media buys
Candidates supported by crypto political action committees (PACs) have swept primary elections in three US states: California, New Jersey and South Dakota.
In California, Democrats Jacqui Irwin, Ted Lieu, Zoe Lofgren, Dave Min, Mike McGuire, Hilda Solis, George Whitesides, Lou Correa and Lateefah Simon won their elections for seats in the US House of Representatives. In New Jersey Democrat Rob Menendez won the primary for the state’s 8th district, while Republican Mike Rounds won the Senate primary in South Dakota.
All were beneficiaries of large media buys by crypto PACs Protect Progress and Defend American Jobs, themselves affiliates of crypto Super PAC Fairshake. As of January, Fairshake has a war chest of some $193 million.
US lawmakers push back on Labor Department plans to include crypto in 401(k)s
Lawmakers in the US Congress are still uncertain about whether it’s appropriate to allow crypto investment in 401(k) plans, a form of retirement plan in the US.
Top Democrats on Senate and House committees called on the US Labor Department to cancel plans to allow “alternative assets” like cryptocurrencies in US retirement plans. They said this would “expose retirement accounts to exceptionally volatile assets, like digital currency.”
Senators Bernie Sanders and Elizabeth Warren said that the rapidly evolving enforcement standards have created unequal consumer protections for would-be crypto investors. “This lack of sufficient guardrails is likely to harm investors.”
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $62,405, Ether (ETH) at $1,675 and XRP (XRP) at $1.12. The total market cap is at $2.15 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin winners of the week are Humanity (H) at 117%, Worldcoin (WLD) at 80.48%, and Audiera at 41.77%.
The top three altcoin losers of the week are Cardano (ANA) at -30.70%, Sei (SEI) at -26.58% and Stacks (STX) at -26.24%.
Top prediction of the week
Bitcoin crash into maximum fear could actually be a good sign, say analysts
The Bitcoin Fear & Greed Index has seen Bitcoin slip into “Extreme Fear,” as the price dropped to $65,000 earlier this week.
While many market observers are despondent, commentary account Cryptic Trades said the collapse could trigger a relief bounce. “A relief rally on $BTC IS COMING,” the account wrote.
Despite bearishness among most sentiment indicators, the analyst said that, in the long-term, their outlook is still bullish. “Engagement is low, the sentiment is terrible, the social media interest has collapsed, and bearishness is everywhere. Ironically, that is exactly why I continue to remain bullish on the high timeframes.”
Top FUD of the week
Bitcoin copying 2022 ‘almost perfectly’ as trader sees key support failing
Crypto Trades may be optimistic, but others are less so. Trader and analyst Rekt Capital noted the 50-month exponential moving average (EMA) of Bitcoin price.
“Over time, Bitcoin is likely to breakdown from this EMA and continue macro downside in this Bear Market,” he said.
If history repeats itself, and the market acts as it did in 2022, there could be a relief bounce before it returns to the 50-month EMA, which would then fail as a support.
Historically, Bitcoin tends to rebound initially from the 50-Month EMA but then loses it as support as the Bear Cycle progresses,” he said.
Russian ruble stablecoin A7A5 grows despite Western sanctions: CertiK
Despite being the target of sanctions in the US and EU, Russian ruble-backed stablecoin A7A5 has grown. Its $110 billion in transactions account for 43% of the global non-US dollar stablecoin market.
A7A5 was issued in January 2025 by Old Vector LLC, a Kyrgyz entity acting on behalf of Russian payments firm A7 LLC. The latter is itself connected with Promsvyazbank, which finances the Russian military.
Numerous investigations have connected A7A5 to weapons and technology procurement for the Russian armed forces.
Top Magazine stories of the week
Bitcoin miners are pivoting to AI, so why is the hashrate near ATHs?
Bitcoin miners are pivoting to AI infrastructure for billions in new revenue, but the network’s hashrate continues to tread near record highs.
Korea’s first memecoin rug-pull case, China’s crypto rules review: Asia Express
Samsung has agreed to acquire 4% stake in Upbit operator, CEO of defunct Singpaore lender charged over Terra statements, and more.
