Cantor Fitzgerald is hurtling toward the launch of a $3 billion Bitcoin acquisition vehicle, garnering support from industry heavyweights. While the launch hangs in the balance, experts like Syncracy Capital co-founder Ryan Watkins are describing it as a MicroStrategy clone.
Cantor To Launch $3 Billion Bitcoin Venture
According to a Financial Times report, Cantor Fitzgerald is pooling resources to float a Bitcoin SPAC in the near future. The move has garnered the backing of industry heavyweights like SoftBank, Bitfinex, and Tether.
Per the report, Tether has pledged to seed the bitcoin acquisition vehicle with $1.5 billion worth of Bitcoin. Japanese investment giant SoftBank is putting skin in the game with a $900 million capital injection, while Bitfinex will contribute $600 million.
The trio will prop Cantor with $3 billion to pursue its Bitcoin acquisition ambitions. The venture will be steered via Cantor Equities Partners, which will create a new corporate entity dubbed 21 Capital.
Per the report, Brandon Lutnick, son of US Commerce Secretary Howard Lutnick will lead 21 Capital. Howard Lutnick is the Chairman of Cantor Fitzgerald, a brokerage with significant interest in Bitcoin and cryptocurrencies.
Previously, Cantor Fitzgerald has rolled out a $2 billion Bitcoin financing business, tapping Anchorage as custodial partner. Cantor also manages Tether’s reserves with the stablecoin issuer indicating an interest to invest in the BTC financing business.
Is The Move Mirroring MicroStrategy?
Syncracy Capital co-founder Ryan Watkins has described Cantor’s new venture as an attempt to mirror MicroStrategy’s Bitcoin accumulation blueprint. He warns that the move to accumulate Bitcoin may trigger bubble behaviour that may trigger unwindings in the future. MicroStrategy latest acquisition of 6556 BTC follows a lengthy streak of similar purchases by the publicly traded company.
“So another MicroStrategy clone, by Cantor, SoftBank, and Tether, with $550M of dry powder to start,” said Watkins. “One is an outlier, two is a trend. Dozens starts to look like bubble behaviour.”
However, crypto lawyer John Deaton argues that the move is in line with US President Trump’s decision to launch a Strategic Bitcoin Reserve. Trump’s executive order mandates Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent to acquire Bitcoin in budget-neutral ways.
Bitcoin price reacted positively to the report, climbing to a two-week high of $93,000. Despite the glowing price, there are fears that the BTC rally might be fake with the spectre of a drop to $80K lurking in the shadows.
Hyperliquid’s native crypto token HYPE has recently experienced a significant 40% price decline. However, the altcoin is showing signs of recovery.
Traders have become increasingly bullish on HYPE, with many believing it can regain the losses sustained in the recent downturn. This renewed confidence, supported by positive market movements, has sparked hopes of a price rebound.
Hyperliquid Finds Strong Support
Over the past 24 hours, the Open Interest for Hyperliquid has risen by $44 million, bringing the total to $428 million. This increase follows a recent uptick in price, which added momentum to the ongoing recovery.
The growth in Open Interest suggests that traders are becoming more confident in HYPE’s potential for a price rise. This influx of interest has fueled optimism among investors and traders alike, with many viewing this as a sign of further upside.
As a result, there is a renewed sense of enthusiasm among HYPE enthusiasts, who believe the altcoin is well-positioned to reclaim lost value. This positive sentiment could contribute to continued price growth, particularly as market conditions remain favorable for a recovery.
The overall macro momentum of Hyperliquid has shown significant improvement in recent days. Key technical indicators, such as the Moving Average Convergence Divergence (MACD), reflect a shift from a bearish to a bullish trend this week.
This change marks the end of a month-long bearish crossover and signals the potential for further upward momentum.
As the bullish momentum rises, it provides HYPE with the room needed to continue its recovery. The shift in the MACD reflects a positive shift in market sentiment, suggesting that the altcoin may be in a stronger position moving forward.
HYPE’s price is currently trading at $16.10, up by 14% over the last 24 hours. The altcoin is just under the $16.50 resistance level, having already recovered about half of its recent 40% decline. This price movement shows that Hyperliquid has significant upside potential.
Given the current momentum, there is a possibility that HYPE will breach the $16.50 barrier and continue its upward trajectory. If this occurs, the altcoin could move toward $19.16, potentially reaching $20.00 in the near future.
However, if the $16.50 resistance level proves too strong, HYPE may struggle to maintain its upward momentum. In this case, the price could fall back to $13.44, invalidating the bullish outlook and erasing recent gains.
XRP’s price is showing some positive signs, even though it’s still going through a short-term cool-off. At the time of writing, XRP is trading at $2.31 and is eyeing to break some important resistance levels.
According to the latest analysis, XRP remains in a bullish trend on the daily chart because it continues to form higher lows and higher highs. This kind of price movement is usually seen as a healthy sign in the market.
Meanwhile, the stock market and several other cryptocurrencies have also started to bounce back slightly, which could support XRP’s price in the short term. Adding to this, analysts have noticed the early signs of a bullish divergence on XRP’s 6-hour Relative Strength Index (RSI).
This happens when the price keeps moving lower or stays flat, but the RSI slowly begins to rise, forming higher lows and higher highs. This is often a signal that the market could soon see a short-term recovery or at least a break from its recent downward trend.
Key Support and Resistance Levels to Watch:
However, it’s important to remember that this signal alone doesn’t guarantee a major rally. It might lead to a small upward move or some sideways price action, giving traders and investors a break from the bearish pressure seen recently.
Looking at the bigger picture, XRP still holds a larger bullish trend on the daily time frame, at least for now. In terms of price levels, XRP is facing light resistance around the $2.35 mark, with more resistance expected at $2.44. The strongest resistance area is currently between $2.55 and $2.62. On the other hand, XRP has significant support between $2.10 and $2.15, along with another key support level close to $2.30.
The post Ripple News: XRP Price Prediction For May 28 appeared first on Coinpedia Fintech News
XRP’s price is showing some positive signs, even though it’s still going through a short-term cool-off. At the time of writing, XRP is trading at $2.31 and is eyeing to break some important resistance levels. According to the latest analysis, XRP remains in a bullish trend on the daily chart because it continues to form …
The week was notably bullish for the crypto market, with Bitcoin (BTC) reaching record highs of $111,980 and more optimistic predictions emerging. US states’ investment trends and regulatory developments dominated the spotlight, while Pi Network’s price surge also drew attention.
The following is a roundup of some of the most important developments in the crypto market this week.
14 US States Disclose $632 Million Stake in MSTR
One of the most notable developments this week in crypto was the revelation of US states’ $632 million holdings in Strategy’s MSTR stock. BeInCrypto reported that in Q1 2025, the holdings increased by an average of 42%.
“14 US states have reported $632 million in MSTR exposure for Q1, in public retirement and treasury funds. A collective increase of $302 million in one quarter,” Bitcoin Laws founder Julian Fahrer posted.
US State MSTR Stock Holdings. Source: Data Curated by BeInCrypto
California, through its state teachers and public retirement fund, led the pack with $276 million in MSTR shares, followed by Florida, North Carolina, and New Jersey. Despite a recent veto on a Bitcoin reserve bill, Arizona also increased its MSTR holdings.
Other states like Utah and Colorado showed substantial growth in MSTR investments, with the former’s holdings growing by 184% in the last quarter. On the other hand, while boosting its MSTR position by 26%, the Wisconsin Investment Board sold off its entire $300 million stake in BlackRock’s Bitcoin ETF.
Pi Network has been widely discussed since its open network launch in late February 2025. This week, Pi Coin (PI) dominated headlines due to its 11% price appreciation. BeInCrypto highlighted that the catalyst behind this uptick was an 86 million withdrawal from the OKX exchange.
This reduced OKX’s PI token balance to just 21 million. This mass movement suggested investors were holding rather than selling. This bullish signal is often associated with confidence in future price appreciation.
“This isn’t just a withdrawal—it’s a POWER MOVE by the Pi community. Scarcity is kicking in, and the market is feeling the heat!” a Pioneer posted on X.
Nonetheless, the high was fleeting. After the rise, more declines followed. Over the past day alone, Pi Coin’s value depreciated by 4.7%.
Along with its underwhelming price performance, Pi Network has faced significant criticism due to its inability to secure a listing on major exchanges like Binance or Coinbase. Concerns regarding its lack of recognition on price tracking platforms, token distribution, node centralization, and migration challenges further add to the growing list of issues.
Blum Co-Founder Vladimir Smerkis Arrested in Moscow
Another crypto-related incident this week involved the co-founder of the Telegram-based crypto project Blum. On May 18, the Zamoskvoretsky District Court in Moscow arrested Vladimir Smerkis, who previously managed Binance’s operations in Russia. Smerkis allegedly committed ‘large-scale fraud.’
“The Zamoskvoretsky District Court granted the investigator’s petition for the preventive measure of detention for Vladimir Smerkis, who was arrested in connection with a case of large-scale fraud (Article 159 of the Criminal Code of the Russian Federation),” local media reported.
In response to the arrest, Blum quickly distanced itself from Smerkis and his involvement in the project.
“We would like to inform our community that Vladimir Smerkis has stepped down from his role as CMO and is no longer involved in the development of the project or in any co-founder capacity,” Blum’s official statement read.
Fred Krueger Predicts Bitcoin Could Reach $600,000 by October 2025
This week in crypto, Bitcoin took center stage with its impressive rally. BeInCrypto was the first to report that Bitcoin reclaimed its all-time high of $108,900 after four months. However, the rally didn’t stop there, as the price continued to climb.
Yesterday, BTC peaked at a new record of $111,980, a high yet to be surpassed. Yet, analysts are increasingly optimistic about Bitcoin’s prospects moving forward.
Mathematician and analyst Fred Krueger predicted that Bitcoin’s price could surge to $600,000 by October 2025. His forecast hinges on a series of speculative developments that will begin on July 21, with BTC priced at $150,000.
“THE FINAL RUN: BITCOIN TO $600,000. Timeframe: 90 days — from Monday, July 21, 2025. Starting BTC: $150,000, Ending BTC: $600,000. Final Gold: $10,400. DXY: Collapses from 96 → 68. US 10Y Yield: Spikes to 9.2% before being “frozen” by the Fed. SPX: Collapses 50%,” Krueger stated.
The supposed catalysts for Bitcoin’s rise to $600,000 include a failed US Treasury auction, BRICS nations launching a Bitcoin-backed payment system, countries shifting reserves to Bitcoin, rising Treasury yields, a collapse in US real estate, tech companies adopting Bitcoin, and a potential restructuring of the US dollar at an October summit.
The bill, which aims to create a state-level Bitcoin Reserve, now only requires Governor Abbott’s signature to be finalized. Notably, as BeInCrypto pointed out, Governor Abbott is pro-crypto.
In fact, he posted an article about the Texas Strategic Bitcoin Reserve on his X account today, which signals a likely approval.
“It’s happening. Texas Governor, Greg Abbott, will sign Texas’ Bitcoin Reserve into law. One of the richest states will be buying Bitcoin. Get ready!!!” crypto commentator Kyle Chassé remarked.
With the Texas Senate session ending on June 2, Governor Abbott has until then to make a decision. If signed into law, Texas will become the second US state to establish its own Bitcoin Reserve, following New Hampshire.
