Bitcoin Targets $100K, Ripple Sees Setbacks on Stablecoin, ETF Fronts: Your Weekly Crypto Recap

By: cryptopotato|2025/05/02 23:15:02

The past week was a lot less volatile than the events that transpired at the start of the month, when BTC’s price tumbled hard to a five-month low. In contrast, the cryptocurrency now moves in a much calmer but more positive manner.Recall that bitcoin flew past the $90,000 milestone on April 22 and hasn’t looked back. In fact, the asset kept climbing in the following days and challenged $96,000 on a couple of occasions, but to no avail. Although it was rejected at every turn, the subsequent corrections were nowhere near as painful as the price crashes that occurred in early April.Just the opposite; BTC began trading in a tight range between a lower boundary of $93,000 and an upper one at $96,000. It stood there for several consecutive days, as the bears tried to push it below the support line.However, each attempt was met with immediate buying pressure, which didn’t allow another breakdown. In fact, bitcoin went on the offensive once again yesterday as its price jumped above the upper boundary and kept increasing to a new multi-month peak of over $97,000 as of now. This came as analysts highlighted the formation of a familiar pattern, which has historically led to immediate gains.Miner data also suggests that BTC’s bull run has restarted, as bitcoin’s price recently dropped to a local bottom compared to the average miner cost of production.For now, though, BTC remains inches above $97,000 with all eyes set on the $100,000 target. The asset is up by 3% on a weekly scale, which is better than most larger-cap altcoins, aside from ETH, HYPE, AAVE, and XMR. Perhaps that’s why its dominance continues to chart new multi-year peaks.Market DataCryptocurrency Market Overview Weekly. Source: QuantifyCryptoMarket Cap: $3.133T | 24H Vol: $82B | BTC Dominance: 61.6%BTC: $97,337 (+3%) | ETH: $1,849 (+4.2%) | XRP: $2.23 (+2%)This Week’s Crypto Headlines You Can’t MissMovement Labs Suspends Co-Founder Amid Market Maker Scandal: Full Details. Rushi Manche, Movement Labs’ co-founder, was suspended by the team following revelations of a dubious market-making deal, which led to a substantial $38 million token dump.Bitcoin’s Next Move: 3 Scenarios to Watch in 2025. Following the aforementioned impressive price rally for BTC, in which the asset gained over $20,000 within a couple of weeks, CryptoQuant laid out the three most likely scenarios to take place by the end of the year. Hint: the bearish one is the least expected.Why Was Ripple’s $5 Billion Takeover Offer Rejected by Circle? (Report) As the title of this Market Update reads, Ripple faced some setbacks this week. One of them was the refusal of a mega deal to acquire the company behind the second-biggest stablecoin, Circle. Citing people familiar with the matter, Bloomberg said the offer of around $5 billion was too low.SEC Delays Decision on Spot Ripple, Dogecoin ETF Applications. The second didn’t come as such a big surprise to the community. Staying true to its tactic with the first BTC and ETH ETF applications, the US SEC delayed making a decision on Franklin Templeton’s XRP ETF proposal. Bitwise’s DOGE ETF had a similar fate. The new deadlines are set for June 17 and June 15, respectively.It’s Time to Buy Bitcoin and Altcoins: Arthur Hayes. Speaking during this week’s mega conference in Dubai (Token2049), Arthur Hayes said the real bull market is just getting started. He advised people that “it’s time to go long everything.”$4 Billion in 2 Weeks: Bitcoin Whales Go on Massive Accumulation Spree. Perhaps following the advice from BitMEX’s former CEO, BTC whales went on a massive shopping spree in recent weeks, acquiring roughly $4 billion worth of the asset.ChartsThis week, we have a chart analysis of Ethereum, Ripple, Cardano, Hype, and Solana – click here for the complete price analysis.The post Bitcoin Targets $100K, Ripple Sees Setbacks on Stablecoin, ETF Fronts: Your Weekly Crypto Recap appeared first on CryptoPotato.

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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.

The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.

Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.

Simplified Trading Experience: No KYC Required, Opening a Position in Five Steps

Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.

The trading process has been streamlined into five steps:

· Choose the trading asset

· Select long or short

· Input position size and leverage

· Confirm order details

· Confirm and open the position

The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.

Social-Native Trading: Strategy and Execution Completed in the Same Context

Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:

· End-to-end encrypted private groups supporting up to 1024 members

· End-to-end encrypted voice communication

· One-click position sharing

· One-click trade copying

On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.

By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.

Referral Mechanism: Non-institutional users can receive up to 60% fee split

Mixin has also introduced a referral incentive system based on trading behavior:

· Users can join with an invite code

· Up to 60% of trading fees as referral rewards

· Incentive mechanism designed for long-term, sustainable earnings

This model aims to drive user-driven network expansion and organic growth.

Self-Custody Architecture and Built-in Privacy Mechanism

Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:

· Separation of transaction account and asset storage

· User full control over assets

· Platform does not custody user funds

· Built-in privacy mechanisms to reduce data exposure

The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.

A New Path for On-Chain Derivatives

Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.

The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.

Regulatory Background

Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.

This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."

The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.

About Mixin

Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.

Its core capabilities include:

· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations

· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets

· Decentralization: achieving full user control over assets without relying on custodial intermediaries

· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication

Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

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