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Here are the top three news stories presented to you by U.Today.
Coinbase buys Deribit for nearly $3 billion
Following Ripple's $1.25 billion purchase of Hidden Road, the crypto industry has been shaken by another staggering acquisition. As reported by the Wall Street Journal, Coinbase, the leading U.S. crypto exchange, has agreed to buy crypto options trading giant Deribit for $2.9 billion. This marks the largest deal for Coinbase and the cryptocurrency industry in general. As stated in the report, the deal was financed with $700 million in cash and 11 million shares of the exchange's Class A common stock. Following the news, Coinbase's shares rose nearly 5% in premarket trading, coinciding with a surge in Bitcoin's price. With the help of this acquisition, Coinbase aims to strengthen its position in the growing crypto derivatives market. Earlier this year, Bloomberg reported that the two companies were in "advanced discussions," but it was not clear whether any final agreement had been reached back then.
Ripple settlement agreement filed by SEC
Yesterday, May 8, the U.S. SEC has filed a letter to Judge Analisa Torres, confirming that it has reached a settlement agreement with Ripple. The parties are jointly requesting an indicative ruling from Judge Torres. Previously, the Second Circuit paused the appeal to let the parties finalize their settlement. Once the case is remanded, the district court can formally approve the settlement, allowing Ripple and the SEC to drop their appeals. The letter confirms that Ripple's penalty has been reduced to $50 million from $125 million; the remaining amount would be returned to the company. Additionally, an injunction imposed by Judge Torres will need to be lifted as part of this agreement. The parties have also agreed that they will not seek to vacate or amend any part of the court's summary judgment order dating back to July 2023.
6,700,000,000,000 Shiba Inu (SHIB) in 24 hours, bull run beginning?
According to the recent on-chain data, over the previous 24 hours, 6.71 trillion SHIB tokens have moved through the network. This marked a new seven-day high for large transaction volumes, suggesting a potential bullish shift in the market. SHIB has recovered from the 50 EMA, indicating that mid-range support is still in place. At press time, SHIB is trading at $0.00001496, up 8.79% over the past 24 hours, per CoinMarketCap. The chart shows a tightening consolidation pattern with increasing on-chain activity, particularly from institutional investors, which could lead to significant price movements. If SHIB can break and hold above $0.0000140, it may quickly target the 200 EMA near $0.000016, a critical resistance level. However, if it fails to maintain this upward momentum, a retracement to the $0.0000125-$0.0000127 range is likely before any larger trend reversal can occur in Q2.
Vladislav Sopov