In a bid to contain Zimbabwe’s escalating economic turmoil, the Reserve Bank of Zimbabwe (RBZ) has sharply devalued its gold-backed currency, the Zig, by over 40% against the U.S. dollar. This drastic move, made on Friday, signals mounting challenges in the country’s efforts to restore financial stability. The new exchange rate sets the Zig at 24 to $1 (or £0.75), according to a statement from the RBZ’s Monetary Policy Committee.
The central bank’s decision, which was reported by Reuters, marks a significant shift in the government’s economic policy. By allowing greater exchange rate flexibility, the RBZ hopes to address “emerging exchange rate risks,” as well as to stabilize inflation and prices in the short term. Yet, this devaluation highlights the ongoing struggle to gain public confidence in the new currency, launched just over six months ago.
A Devalued Dream – The Zig’s Struggles
Although the Zig—short for Zimbabwe Gold—had initially maintained its official value, the situation on the black market paints a different picture. Most Zimbabwean businesses source U.S. dollars from this informal market, where the Zig has lost more than half of its value since its launch. This currency collapse reflects the broader economic crisis, exacerbated by the population’s historical mistrust of the central bank.
Many Zimbabweans have been reluctant to abandon the U.S. dollar, which remains legal tender alongside the Zig. Memories of the 2008 hyperinflation crisis, when the government printed trillion-dollar Zimbabwean banknotes as inflation soared out of control, have left deep scars. Confidence in the local currency, even one backed by gold, remains fragile.
Demand for U.S. Dollars Soars
The Zig’s steep devaluation is largely driven by the increasing demand for U.S. dollars. This pressure intensified following warnings from major retailers that they would be forced to close stores if the exchange rate remained fixed. For Zimbabweans, access to U.S. dollars provides a lifeline amid the country’s ongoing inflation struggles, further complicating efforts to encourage widespread adoption of the Zig.
Despite its gold-backing, the Zig’s volatility on the black market suggests that even tangible assets cannot counter the country’s entrenched economic challenges. The government’s sixth currency in just 25 years, the Zig was intended to stabilize the economy, yet its rapid depreciation indicates that the country’s financial woes are far from over.
The Road Ahead
As the RBZ takes drastic measures to contain the currency crisis, the future of the Zig remains uncertain. The central bank’s efforts to restore economic stability through devaluation could provide short-term relief, but the long-term success of Zimbabwe’s financial recovery hinges on rebuilding public trust.
For now, Zimbabweans are left grappling with yet another devaluation, as the country’s economy remains stuck in a cycle of instability. Whether the Zig can rebound and provide a stable alternative to the U.S. dollar remains to be seen, but the central bank’s latest move is a stark reminder of the difficulties in stabilizing a fragile economy.
As the RBZ continues to adjust its monetary policies, many will be watching closely to see if this latest effort can anchor inflation and prevent further economic deterioration.
On Tuesday morning, US President Donald Trump announced that a ceasefire between Israel and Iran was now “in effect,” offering relief from days of sustained pressure across global markets.
Following the announcement, major digital assets, including Bitcoin and Ethereum, have seen modest rebounds. As crypto prices increase, attention is turning to US-listed crypto-related equities that may benefit from renewed momentum.
LQWD Technologies (LQWD)
LQWD rose 107% during Monday’s trading session, making it one of the crypto stocks to watch as the market rebounds today.
This three-digit spike followed the company announcement of the grant of 788,000 stock options to its team, signaling internal confidence and long-term commitment. The options, priced at C$3.70 (approximately $2.70 USD) and vesting over 24 months, suggest strategic alignment among executives and stakeholders.
Readings from the LQWD/USD one-day chart show that the stock climbed to an all-time high of $9.34 during Monday’s session. On that day, its Chaikin Money Flow (CMF) also rose to a high of 0.76, confirming the high demand for the stock.
If demand remains high once trading begins today, LQWD could rally to new price peaks.
On the other hand, if it sees a surge in profit-taking, it could fall to $7.22.
IREN Limited (IREN)
IREN shares are up 2% in pre-market trading on Tuesday, still enjoying momentum following the issuer’s successful closing of a $550 million offering of 3.50% convertible senior notes due 2029.
On the daily chart, IREN’s Relative Strength Index (RSI) is at 65.34 and is in an uptrend, signalling a high demand for the asset.
The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.
IREN’s RSI, at 65.34, confirms the buy-side pressure. If this persists, the stock’s price could climb to $11.72.
However, if demand falls, the stock’s value could fall toward $10.46.
BIGG Digital Assets Inc (BIGG)
BIGG Digital Assets shares are climbing today following the launch of a new PlayStar Casino activation within its immersive virtual platform, the Intraverse, developed by its subsidiary TerraZero Technologies.
The initiative allows users to access the virtual casino directly via mobile or desktop. It generates affiliate revenue for each verified account sign-up and drives organic traffic through upcoming artist-led campaigns and customizable fan experiences.
BIGG closed strongly on Monday, with the stock surging by 4%. If trading volume climbs further once trading resumes today, BIGG could extend its gains and climb toward $0.135.
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 as we analyze Standard Chartered’s Bitcoin (BTC) price projections. According to the bank, Bitcoin price could hit $500,000 as global institutions accumulate Strategy’s MSTR stock for indirect exposure to Bitcoin.
Crypto News of the Day: Standard Chartered’s Bold Bitcoin Prediction
Bitcoin was trading for $105,178, up by a modest 2.27% in the last 24 hours. In recent developments, the pioneer crypto market capitalization has ascended to an all-time high of $2.09 trillion.
However, analysts hold that institutional interest has much to do with Bitcoin’s value surge. Firstly, Bitcoin ETFs (exchange-traded funds), which offer Traditional Finance (TradFi) players indirect exposure to BTC, drive institutional interest.
In the same way, institutions are gaining indirect exposure to Bitcoin via Strategy’s MSTR stock. A recent US Crypto News publication indicated that Strategy (formerly MicroStrategy) held 576,230 BTC as of May 19.
Holding a significant amount of Bitcoin on its balance sheet, Strategy’s MSTR stock price correlates closely with Bitcoin’s price movements.
MSTR vs. BTC performance in the past year. Source: ivanhoff.com on X
Analysts ascribe this correlation to a dynamic where Bitcoin is the base layer while MSTR operates as a vehicle with different risks, mechanics, and rewards.
Against this backdrop, BeInCrypto contacted Geoff Kendrick, Head of Digital Assets Research at Standard Chartered. According to Kendrick, Bitcoin is still on course to hit $500,000 before the end of Trump’s second administration.
Kendrick ascribes this to deepening institutional adoption, particularly through indirect exposure via MicroStrategy’s MSTR shares.
Standard Chartered Says Increasing Allocations to MSTR Is Bullish for Bitcoin
Newly released Q1 2025 13F filings from the US SEC (Securities and Exchange Commission) support the bank’s bullish thesis. Specifically, Strategy saw increasing allocations to MSTR by a range of global sovereign and quasi-sovereign entities.
“As more investors gain access to the asset and as volatility falls, we believe portfolios will migrate towards their optimal level from an underweight starting position in Bitcoin,” Kendrick said in an email to BeInCrypto.
While direct holdings of Bitcoin ETFs declined slightly overall, largely due to the State of Wisconsin Investment Board selling its entire 3,400 BTC-equivalent position in BlackRock’s IBIT ETF, other entities quietly increased exposure via MSTR, which Kendrick described as a “Bitcoin proxy.”
“Government entities increased their holdings of Strategy Incorporated (MSTR), which typically trades like a Bitcoin proxy. Entities in Norway, Switzerland, and South Korea reported significant MSTR increases, and Saudi Arabia added a very small position for the first time,” Kendrick told BeInCrypto.
The Standard Chartered executive emphasized that while Bitcoin ETF flows were “unexciting,” the MSTR accumulation trend was the real story this quarter.
“The MSTR ownership detail was where the excitement was,” he added.
Geoff Kendrick went further, detailing Standard Chartered’s analysis of the filings. Based on their analysis:
Norway added 700 BTC-equivalent via MSTR, now holding 6,300 BTC-equivalent.
Switzerland also added 700 BTC-equivalent, reaching 2,300 BTC-equivalent.
South Korea added 700 BTC-equivalent, bringing its total to 1,300 BTC-equivalent.
US state funds (California, New York, North Carolina, Kentucky) added 1,000 BTC-equivalent collectively, now at 3,300 BTC-equivalent.
Saudi Arabia’s Central Bank opened a small MSTR position—its first.
Meanwhile, Abu Dhabi’s quasi-sovereign wealth fund Mubadala added 300 BTC equivalent via ETF holdings, increasing its position to 5,000 BTC equivalent.
“SEC 13F data for Q1 supports our thesis that Bitcoin is attracting a wider range of buyers. While data on Bitcoin ETF holdings was disappointing, MSTR – a Bitcoin proxy – saw increased buying. Overall sovereign positions were unchanged due to the Wisconsin pension fund selling its ETF holdings,” Kendrick concluded.
The data reinforce Standard Chartered’s outlook that institutional and sovereign flows—both direct and indirect—will be a key driver of Bitcoin’s ascent to $500,000 in the coming years.
Chart of the Day
Governement holdings of BTC ETFs and MSTR. Source: Standard Chartered
This chart illustrates the total government holdings of Bitcoin ETFs and MicroStrategy’s MSTR stock from Q4 2023 to Q1 2025, measured in ‘000 (thousands) BTC equivalents. Based on the chart, holdings have grown steadily, peaking in Q1 2025 at around 18,000 BTC.
The chart shows that key contributors include Abu Dhabi (ETFs), Norway, Sweden, South Korea, France, New York, Wisconsin (ETFs), Michigan (ETFs), Switzerland, Liechtenstein, California, North Carolina, Saudi Arabia, and Kentucky, with varying contributions across quarters.
Byte-Sized Alpha
Here’s a summary of more US crypto news to follow today:
dYdX, the leading decentralized trading platform, today announced its integration with Crypto.com’s Onchain app, Crypto.com’s non-custodial digital asset wallet, enabling seamless access to sophisticated trading features directly within the mobile experience.
dYdX, which has processed over $1.49T in volume to date and ranks among the top perpetuals decentralized exchanges globally, brings its proven trading infrastructure to Crypto.com’s extensive user base. With over 70% of digital asset trading volume coming from perpetual and futures markets, Crypto.com Onchain wallet users will be able to trade the industry’s most popular financial instrument with the backing of the industry’s longest-standing, most trusted derivatives platform.
“The goal has always been to make trading perpetuals simple and accessible. Seeing dYdX now integrated with Crypto.com helps do exactly that. This partnership brings dYdX perps to a wider audience of traders globally,” said Antonio Juliano, Founder of dYdX.
The integration positions both companies to capture growing demand for sophisticated trading products as retail interest has surged alongside institutional adoption.
“We are excited to combine Crypto.com’s trusted Onchain platform with dYdX’s cutting-edge trading technology,” said Esther Wong, SVP, Cards and Onchain Product Lead at Crypto.com. “Our users can now access advanced trading tools that were previously available only to institutional traders, all within a seamless and secure interface.”
Advanced trading on Crypto.com powered by dYdX is available immediately to eligible users.
