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Bitcoin jumps past $71K. Tom Lee Keeps Buying ETH
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This week moved fast. Prices jumped, then pulled back. New rules shook confidence. Big players kept making bold moves. Here’s what happened over the last seven days.
quick weekly news
Bitcoin jumps past $71K as as Trump hints at the end of the Iran conflict soon
Crypto prices jumped on Monday after U.S. President Donald Trump said the country will delay attacks on Iran’s power plants for five days while ongoing talks aimed at ending hostilities continued. In a Truth Social post, Trump said both sides held very good and productive conversations about ending hostilities in the Middle East.
The announcement eased fears of a wider conflict and hinted at a possible path toward peace. Source: goodcryptoX
Soon after, a different report added confusion. Prices pulled back later after Fars, citing an unnamed source, denied any talks, according to Al Jazeera.
The five-day pause does not end the war. Trump says he still stands ready to strike. Iran still strikes targets across the Gulf, and Israel would also need to agree. This is a pause, not a resolution, and the situation remains unstable.
Still, the market thinks that the culmination of the conflict is near the end.
Circle shares drop 20% after new Clarity Act draft puts stablecoin rewards at risk
Circle shares fell hard on Tuesday after a draft of new U.S. stablecoin rules raised fears about limits on yield.Source:goodcryptoX
The stock dropped 20% in one day and ended a rally that pushed it up more than 100% in recent weeks. The trigger was the latest version of the Clarity Act; analysts say it could limit rewards on stablecoin balances.
The bill could block yield for simply holding a stablecoin and restrict any model that looks similar to a bank deposit. If that happens, demand for Circle could weaken in the short term. At the same time, the lack of rewards would make it less attractive to hold USDC on Coinbase in the long term.
Yield has played a big role in the stablecoin story. Platforms offer rewards through lending or other incentives, and that helps attract users. If that disappears, tokens like USDC become much harder to position as more than a payment tool.
The earlier GENIUS Act already blocked issuers from paying yield directly. Instead, companies used a pass-through model. Circle earns interest on the assets that back USDC and shares that income with Coinbase. Coinbase then uses that money to fund rewards for users.
The new draft of the Clarity Act targets that structure. It bans anything that looks economically similar to interest. In simple terms, it removes one of the main incentives for holding stablecoins.
Tom Lee’s Bitmine keeps buying, adding $138M in ETH on a bet that the downturn is ending
Bitmine Immersion Technologies said Monday it bought 65,341 Ether last week. The company keeps increasing purchases as it leans into the market downturn.
The latest buy is worth about 138M dollars at current prices. It pushed total holdings above 4.66M ETH, or about 3.86% of the circulating supply. The company has now raised its buying pace for three straight weeks, up from around 50,000 ETH per week. It also increased its cash position to 1.1B dollars.
Chairman Tom Lee said the faster buying reflects the company’s view that the crypto market is close to a bottom. He said ETH is likely in the final stage of a short crypto winter.
Despite the buying, the company still holds about 7B dollars in unrealized losses on its ETH position, based on DropsTab data. Prices have fallen in recent months, which pushed those losses higher.Source: DropsData
Tether brings in a Big Four firm to conduct a full audit of USDT reserves
Tether, the company behind the largest stablecoin USDT, said Tuesday it chose a Big Four auditing firm to carry out its first full financial audit.Source:X
CFO Simon McWilliams said the firm met strict standards, and the audit will move forward. Tether has published regular reports on the assets backing its 184B dollar stablecoin. A full audit goes further. It reviews assets, liabilities, internal controls, and reporting systems in detail.
Tether did not name the auditor. The Big Four refers to Deloitte, EY, KPMG, and PwC.
The decision follows years of criticism over whether USDT is fully backed by reserves. Tether says it holds mostly U.S. Treasury bills, along with smaller positions in gold, bitcoin, and loans. Critics question how liquid and safe some of those assets are, especially during market stress.
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