Dear PointPay Family,
The week is coming to an end, and it's time to recap the top 5 most important crypto news stories! We've gathered the key updates to keep you informed about the latest trends and events.
US Lawmakers Push to Ban Political Memecoins
A new legislative proposal seeks to prevent public officials from leveraging cryptocurrencies for personal gain. The Modern Emoluments and Malfeasance Enforcement Act (MEME Act), introduced by Democratic Congressman Sam Liccardo, aims to bar politicians and their families from issuing or endorsing digital tokens, including memecoins. The bill follows a sharp decline in the value of tokens linked to Donald and Melania Trump, which have lost up to 90% of their value, impacting thousands of investors. The move highlights growing concerns over the lack of regulatory oversight in the memecoin market.
Trump Promises to Make America the Crypto Capital
Former President Donald Trump has pledged to end what he calls the Biden administration’s "war on Bitcoin and crypto," positioning the U.S. as a global leader in digital assets. Speaking at the FII Priority Summit in Miami, he highlighted recent Bitcoin price surges as a sign of market confidence in his economic agenda. Trump also praised Miami as a hub for blockchain innovation and hinted at deregulation efforts to attract further investment in the crypto sector. His remarks signal a shift in U.S. policy toward fostering a more favorable environment for digital currencies.
Lazarus Group Begins Laundering Stolen Bybit Funds
The North Korean hacking group Lazarus has started laundering 5,000 ETH from the $1.5 billion Bybit hack, using a combination of mixers and cross-chain transactions. Blockchain analyst ZachXBT initially traced the stolen funds' movement but later deleted his post. The crypto was first transferred to a new Ethereum address, then funneled through the eXch mixer before being bridged to Bitcoin via Chainflip. The attack highlights ongoing security vulnerabilities in the crypto sector, as hackers continue to exploit weak points in exchanges and laundering mechanisms.
Strategy Expands Bitcoin Holdings to Nearly 500,000 BTC
Bitcoin treasury giant Strategy has acquired an additional 20,356 BTC for $2 billion, bringing its total holdings to 499,096 BTC—over 2.3% of Bitcoin’s fixed supply. The latest purchase was funded through the company’s $2 billion zero-coupon convertible note offering. Co-founder Michael Saylor emphasized that Strategy’s long-term accumulation strategy underscores its commitment to Bitcoin as a primary store of value. With Bitcoin’s price fluctuations, the firm’s aggressive accumulation reinforces its belief in the asset’s long-term potential.
Bitcoin Drops Below $80K Amid Market Uncertainty
Bitcoin’s price fell below $80,000 for the first time since November, triggering a wave of liquidations and uncertainty among traders. Analysts attribute the decline to macroeconomic concerns, particularly new tariff policies introduced by former President Donald Trump. BTC briefly dipped to $79,752, leading to over $100 million in liquidations within an hour, according to CoinGlass. Many had previously expected $82,000 to act as a support level, but the recent drop has forced the market to reassess its outlook for Bitcoin in 2025.
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