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Bitcoin Sees Selling at $97K, Cardano’s ADA Leads Majors Gains Ahead of FOMC Meeting

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Bitcoin surged above $97,000 late Tuesday, then slid to $96,500 in Asian hours Wednesday as India conducted airstrikes in parts of Pakistan to intensify tensions from the past few weeks.

A planned meeting to discuss U.S. and China tariffs sent risk assets higher in the hours since the U.S. stock market closed on Wednesday, as reported, but those gains reversed as news of India’s “Operation Sindoor” emerged in the early hours.

Traders expect to see more volatility in the days ahead as the regional tussles further damage risk-taking sentiment among traders, though eventually leading to a move higher as bitcoin is perceived as a hedge.

“Volatility in the markets is soaring as bitcoin surges to $97K from the intensifying conflict between India and Pakistan,” Nick Ruck, director at LVRG Research, told CoinDesk in a Telegram message.

“This is in addition to plans by the US and China to discuss a trade deal this week. This upward movement came as a surprise, as investors were de-risking positions ahead of a decision by the Fed about changing interest rates. Geopolitical uncertainty and macroeconomic volatility may send Bitcoin to new highs as a hedge against greater market risks,” Ruck added.

Cardano’s ADA led gains among majors with a 3% bump in the past 24 hours, adding to gains from Tuesday. Dogecoin (DOGE), XRP, BNB Chain’s BNB and ether (ETH) added less than 2%, while legacy tokens Bitcoin Cash (BCH) and Litecoin (LTC) surged as much as 10%.

The broad-based CoinDesk 20 (CD20), a liquid index tracking the largest tokens by market cap, added nearly 2%.

Meanwhile, some traders said bitcoin’s surge in the past weeks was coupled with a spike in active addresses — a metric of wallet activity that some consider a sign of oncoming volatility.

“Bitcoin’s recent rally to the $87,500–a spike in active addresses backs $97,500 range (now at a 6-month high) pointing to rising demand and renewed network activity,” Ryan Lee, chief analyst at Bitget Research, told CoinDesk in a Telegram message.

“This surge supports a bullish case for a potential breakout toward $100K, though confirmation depends on multiple indicators aligning,” Lee said, mirroring separate analyst commentary from the past week.

“Traders should also monitor macro conditions, Bitcoin dominance, currently nearing the 55% mark, and rising hash rates. Meanwhile, Ethereum trades in a narrower $1,600–$1,900 range, still lagging behind BTC’s momentum, with sentiment more muted amid fewer catalysts and cautious capital rotation into altcoins,” Lee added.

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OCC: Banks Can Buy and Sell Their Customers’ Crypto Assets Held in Custody

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The U.S. Office of the Comptroller of the Currency, which regulates national banks, has continued its about-face to earlier resistance to cryptocurrency in banking, issuing interpretive letters that say the institutions can — at their customers’ behest — buy and sell crypto assets in custody.

The newly explained policy stance released by the OCC on Wednesday also clarified that the bankers can outsource crypto activities to third parties, including custody and executive services. As long as it all still checks the boxes of the watchdog’s safety-and-soundness requirements, the OCC is giving the banks more crypto freedom.

This week’s move follows the agency’s March reversal of a longstanding policy that demanded bankers check with their government supervisors before moving ahead with new crypto business. «These letters signal a shift in the OCC’s approach,» Katherine Kirkpatrick Bos, Starkware general counsel and a former chief legal officer at Cboe Digital, noted on social media site X. She said the agency now seems to be melding crypto into traditional banking. And the additional guidance that third-parties are okay «is a boon to regulated crypto native service providers.»

Read More: OCC Says Banks Can Engage in Crypto Custody and Certain Stablecoin Activities

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Fed Stagflation Risk Signal Could Be Bullish for Bitcoin, Analyst Says

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The Federal Reserve is growing increasingly alert to stagflation risks—an uneasy mix of slowing growth and rising inflation that could challenge policymakers.

While Chair Jerome Powell insisted that the economy is in «good shape» and emphasized that the central bank is in “a good position to wait and see,” prior to shifting policy, subtle changes in the central bank’s policy statement pointed to heightened concerns over the economy’s direction.

Holding its benchmark interest rate steady today, the U.S. central bank acknowledged the growing risk of rising inflation and unemployment — roughly the definition of stagflation, which last made an appearance throughout a sizable chunk of the 1970s. That scenario would leave the central bank with limited room to maneuver to stimulate a weakening economy without further fueling inflation.

“The Fed is worried about stagflation,” Zach Pandl, head of research at Grayscale, posted on X after the decision. “We think that outcome would be good for bitcoin.”

In an earlier report, Pandl argued that rising tariffs contribute to stagflation, which historically hurts traditional assets but benefits scarce stores of value like gold. “Bitcoin was not around for past stagflations,” he wrote, “but can be considered a scarce digital commodity and is increasingly viewed as a modern store of value.”

Bitcoin traded in a tight range following the Fed’s announcement and Powell’s remarks. It briefly touched $97,500 earlier Wednesday on optimism around U.S.-China trade talks before settling back to $96,500 — up 1.6% over the past 24 hours.

The CoinDesk 20 Index (CD20), a broader gauge of the crypto market, was up just 0.3% over the same period, weighed down by 1%-3% declines in XRP, AVAX, UNI, NEAR, and AAVE.

Meanwhile, equities recovered modestly from earlier losses, with the S&P 500 and Nasdaq closing 0.4% and 0.3% higher, respectively.

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Trump Crypto Advisor David Bailey In Talks to Launch Bitcoin Investment Company: The Information

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David Bailey, CEO of BTC Inc., the owner of Bitcoin Magazine, is planning to launch a publicly traded bitcoin (BTC) investing company, The Information reported, citing people familiar with the matter.

Bailey, who advised Donald Trump on crypto policy during his 2024 presidential campaign, is reportedly seeking $200 million through a private share sale and an additional $100 million in convertible debt to fund a small publicly traded firm to buy bitcoin.

The company—whose name is not known yet—will merge with BTC Inc. and be named “Nakamoto” after bitcoin creator Satoshi Nakamoto, according to the people. The deal could be announced as soon as next week.

His plans follow those of several other companies, building on the success of Strategy executive chairman Michael Saylor, who was able to push the company’s stock price by over 3,000% since holding bitcoin as its main treasury reserve asset and rebranding it as a bitcoin strategy company.

Last month, powerhouses SoftBank, Tether and Cantor Fitzgerald announced a $3.6 billion bitcoin investment vehicle with the intention to buy bitcoin. Earlier today, Strive Asset Management said it was merging with Asset Entities to become a publicly traded bitcoin asset management company.

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