Trump’s tariff war and pause theory has given many ups and downs to the crypto market. Following the current market sentiment, Ethereum’s price recently made a push past $1,550, even touching $1,687 at one point, but the rally was short-lived. The asset has since lost steam, slipping below key resistance levels and trading under $1,580. As the price faces a new bearish trend line, bulls are in a tight spot; they either break through and regain momentum or dive down toward the $1,500 support zone.
Similar Cycle, But Slower Pace
According to crypto analyst Benjamin Cowen, Ethereum’s underperformance isn’t random, it’s echoing a pattern from 2019. In his latest YouTube video, Cowen explains that Ethereum appears to be repeating the same structural movements as in the last cycle, only this time, the cycle is stretched out significantly. The slowdown, he says, is due to ongoing macroeconomic pressure, specifically, the extended period of quantitative tightening (QT) by the U.S. Federal Reserve.
QT is when the Fed reduces its balance sheet to tighten money supply, usually to fight inflation. This creates a tougher environment for risk assets like Ethereum. Unlike the previous cycle where QT ended well before Bitcoin’s halving, this time it has persisted even into the post-halving year.
QT May End Soon—A Turning Point?
Cowen points to a recent Federal Open Market Committee (FOMC) summary from January, which suggests the Fed might end QT by mid-2025. If this timeline holds, Ethereum could begin gaining traction again once liquidity returns to the market. Until then, Cowen implies we may continue to see sluggish growth from ETH compared to more speculative or faster-moving altcoins.
At the time of Cowen’s video, Ethereum was trading around $1,652, up 12% in the last 24 hours. Despite the recent uptick, it’s still struggling to outperform the broader crypto market. The mixed technical scenario, along with bearish trend lines and key resistances followed by macroeconomic drag, is making it harder for ETH to lead the current cycle.
In short, Cowen believes Ethereum’s slow momentum isn’t a failure of the asset itself but a symptom of extended economic tightening. If QT ends as projected, ETH may finally have the breathing room to run. Until then, it’s a game of patience.
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Recently, several crypto media outlets mistakenly reported that the SEC had approved ProShares’ XRP ETFs for an April 30 launch. The confusion stemmed from an old filing dated April 15, which resurfaced online and was incorrectly shared as a new development. Despite the rumors spreading quickly across social media, ProShares made no official announcement.
According to Bloomberg ETF analyst James Seyffart, while the U.S. Securities and Exchange Commission (SEC) has indeed given its approval, the launch date has been pushed back and is now expected sometime in the short to medium term. Meanwhile, Brazil has already taken the lead by approving the first XRP ETF.
ProShares Gears Up for Major XRP Futures Products
ProShares has ambitious plans for XRP exposure. The company is preparing to launch three XRP futures ETFs:
Ultra XRP ETF offering 2x leveraged returns
Short XRP ETF offering -1x inverse returns
Ultra Short XRP ETF providing -2x inverse exposure
These products are aimed at institutional investors looking for regulated ways to speculate on XRP’s price swings—without the complications of holding the asset directly. Futures ETFs also help bypass many of the security and regulatory hurdles typically associated with direct crypto ownership.
Teucrium Breaks Ground, ProShares Poised to Follow
Teucrium made history earlier this month by launching the first XRP futures ETF on the New York Stock Exchange on April 8. The fund saw encouraging trading volumes from day one, signaling strong market appetite for XRP-based investment vehicles. ProShares’ upcoming entries are expected to further deepen the XRP ETF market.
Spot XRP ETFs: Still in Limbo
While futures ETFs are gaining momentum, spot XRP ETFs remain stuck in the regulatory pipeline. ProShares, along with firms like Grayscale and 21Shares, is still waiting for the SEC’s green light. After facing initial delays in April, most applications are now looking toward a second decision window by late May. Some cases may not see a final verdict until mid-October.
Despite the uncertainty, optimism is building. JPMorgan estimates that XRP ETPs could attract between $4 billion and $8 billion in net inflows if they achieve adoption rates similar to Bitcoin and Ethereum ETFs.
The post ProShares XRP ETF Won’t Launch on April 30, Says Bloomberg Analyst James Seyffart appeared first on Coinpedia Fintech News
Recently, several crypto media outlets mistakenly reported that the SEC had approved ProShares’ XRP ETFs for an April 30 launch. The confusion stemmed from an old filing dated April 15, which resurfaced online and was incorrectly shared as a new development. Despite the rumors spreading quickly across social media, ProShares made no official announcement. According …
Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee to view the market from the eyes of financial experts across TradFi and crypto. Given the more established financial channels, there is growing overlap, with Bitcoin (BTC) inadvertently benefiting from TradFi woes.
Crypto News of the Day: Max Keiser Says Bitcoin and Saylor Are the Future
Warren Buffett made the ultimate case for Bitcoin as the American investor considers stepping down as CEO of Berkshire Hathaway.
Pending board approval, Buffett could step aside at the end of the year, giving way for Greg Abel, vice chair of non-insurance operations, to become Berkshire’s new chief.
This revelation came at Berkshire Hathaway’s annual shareholder meeting on May 3, 2025, where Buffett also offered a stark warning about the long-term value of the US dollar.
He noted that every system eventually debases its currency. According to Warren Buffett, government decisions make paper money lose value over time.
“In the end, if you get people to control the currency, you can issue paper money, and you will,” Buffett told shareholders in Omaha.
Warren Buffett Slams US Fiscal Policy at Berkshire Hathaway Annual Shareholder Meeting
Without naming alternatives such as Bitcoin, the 93-year-old investor cautioned against holding assets denominated in a currency he said was systematically devalued by government policy.
“The natural course of government is to make the currency worth less over time… Some places devalue at breathtaking rates… it’s not evil, it’s just their job,” he added.
The investing icon said that if his late partner, Charlie Munger, had to choose a second area besides stocks, he would have gone into foreign exchange.
These remarks suggested an openness to non-traditional assets. Bitcoin advocate and broadcaster Max Keiser responded to the remarks in an interview with BeInCrypto.
Max Keiser interprets Buffett’s comments as a tacit validation of the thesis behind Bitcoin.
“Executive chairman and co-founder of MicroStrategy Michael Saylor is the Warren Buffett of the 21st century. He saw what Buffett described and built his strategy around it,” Keiser started.
“Warren Buffett built his empire on money printing. Most of his holdings over the years have been in banks, insurance companies, and financial services,” Keiser claimed.
In his view, Buffett benefited from having political leverage in Washington, particularly during the 2008 financial crisis. During this time, Keiser says, his [Buffett] investments in Wall Street institutions aligned with government-led rescue efforts.
Buffett’s Role During The 2008 Financial Crisis Is Well Documented
Michael Saylor, meanwhile, has taken a dramatically different approach. Under his leadership, MicroStrategy (now Strategy) began acquiring Bitcoin in 2020 as part of its corporate treasury strategy. The firm cited concerns about the long-term debasement of fiat currencies.
As of early 2025, the company holds more than 200,000 BTC, worth tens of billions of dollars at current market prices. A recent US Crypto News publication revealed one of Strategy’s latest Bitcoin purchases.
Buffett has long been critical of Bitcoin, famously calling it “rat poison squared” in 2018. However, some in the digital asset space have interpreted his recent comments about currency debasement as aligning with core arguments made by Bitcoin proponents.
Based on his remarks, the American investor and philanthropist is concerned about the US fiscal policy.
His comments allude that while he may not like Bitcoin, he clearly understands why it exists. Sentiment on X (Twitter) shows that community members took notice.
Responses suggest that if Warren Buffett understands money and its flaws manifested in fiat form, why does he not endorse Bitcoin as the solution?
“Warren Buffet talks about the virtues of Bitcoin without mentioning Bitcoin,” one user on X quipped.
Meanwhile, others hope Buffett’s prospective replacement as CEO will see the next Berkshire Hathaway chief to lead the company in a different direction, potentially adopting Bitcoin.
A spokesperson for Berkshire Hathaway did not immediately respond to a request for comment on Keiser’s remarks.
Elsewhere, and in line with Buffett’s statement about foreign exchange, QCP Capital analysts cite a remarkable 8% rally in the Taiwanese Dollar (TWD) on Monday.
They cite this as the TWD’s sharpest move in decades, alongside gains in other APAC currencies with strong current account surpluses. According to the analysts, speculation over a potential US-Taiwan trade deal drove this rally, as did insurer-hedging flows, pushing TWD’s 1Y NDF spread to its widest since 2008.
While Taiwan’s trade surplus supports the TWD, capital outflows have historically balanced it. This shift mirrors past foreign exchange dislocations like the 2023 JPY carry unwind.
For crypto, the move signals possible macro volatility ahead, with gold up 3% and BTC facing a binary path tied to global capital flows and trade diplomacy.
“In a market where correlations are fraying, FX may once again be the canary in the macro coalmine,” wrote QCP analysts.
Chart of the Day
US dollar index (DXY) performance year-to-date. Source: TradingView
The chart shows the US Dollar Index (DXY) trend from 2025, reflecting fluctuations in the value of the US dollar against a basket of major currencies. It indicates a downward movement from February to May, with a recent slight recovery.
Byte-Sized Alpha
Here’s a summary of more crypto news to follow today:
A new discussion draft introduces a framework to reduce market concentration and foster innovation. The bill clarifies jurisdiction between the SEC and CFTC, emphasizing decentralized systems and providing regulatory clarity for digital asset markets.
Richard Kim, founder of Zero Edge, a defunct “crypto casino,” was arrested and subsequently released on bail in a federal securities fraud case. After an arrest on Tuesday, Kim posted a $250,000 bond using $100,000 in cash as collateral.
Before Zero Edge, Kim had an esteemed career at major institutes like JP Morgan and Goldman Sachs. The Southern District of New York (SDNY) is hearing this case.
How Richard Kim’s Crypto Casino Collapsed
Before everything fell apart, Richard Kim was ostensibly a successful crypto entrepreneur. A former executive at Galaxy Digital, an attorney, and an elite trader, he left in March 2024 to found Zero Edge.
This “crypto casino” would bring classical gambling onto the blockchain, according to a recent court document:
“In particular, Kim represented to prospective investors that Zero Edge would ‘develop a number of onchain games,’ beginning with craps, and operate both a ‘free to play / social casino version of the game’ in which players could win virtual currency, as well as a real money version of the game. KIM wrote that he would serve as the ‘chief architect’ of the company,” it read.
Kim leveraged his former connections, including those at Galaxy, to raise over $7 million in seed funding. However, Kim’s casino never opened.
According to his public statements, Kim initially lost $80,000 to a phishing scam and blew through $3.8 million by chasing losses in “high-risk leveraged crypto trades.” This happened within a week of his initial funding round.
From there, he misled investors for months before finally coming clean last June, describing himself as a gambling addict. Several of the casino’s investors, including Galaxy, filed complaints that progressed to federal charges this week.
The FBI arrested Kim on charges of wire fraud and securities fraud, and he is being tried in the Southern District of New York (SDNY).
In the grand scheme of things, Kim’s aborted attempt to open a digital casino is on the smaller end of crypto crimes. Nonetheless, it’s important that the federal government actually seeks to prosecute him.
This may be a small win for justice, but fresh crypto cases are being tried. Kim is currently out on bail, but he still faces repercussions for his failed casino. Whatever happens, its results will be an important data point for US crypto enforcement.
