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Bitcoin miners' revenue from network transactions has fallen to 0.69% of total earnings, a decade low. Mining one bitcoin costs $78,254 while the price is around $64,100, making mining unprofitable without a price rise.
The network's computing power dropped 33% since October last year, from 1.3 ZH/s to 898 EH/s. Many firms now shift their supercomputers to AI tasks.
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Hyperliquid currently blocks US users due to regulatory risks. Its Policy Center is negotiating with the CFTC to establish a workable framework for on-chain decentralized perpetual futures.
In May, the CFTC approved the first regulated perpetual futures in the US, such as those on Kalshi, and eased routing through foreign platforms. However, direct access to Hyperliquid remains closed for US residents. HYPE rose 2% briefly.
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Trump Media launched Truth API, offering traders and hedge funds ultra-fast access to posts from ten key Truth Social accounts, including Trump, for about $1.2 million per year.
The Intercept and Freedom of the Press Foundation, backed by CREW, sued Trump over selling early access to his official statements. They argue this gives paying clients earlier access to government info than journalists and the public, violating the First and Fifth Amendments.
For $1.2 million annually, clients get Trump's posts milliseconds before others, a potential edge for algorithmic trading.
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Netflix announced the premiere date for the series The Altruists, which depicts the collapse of FTX on November 19. The story centers on Sam Bankman-Fried and Caroline Ellison, two idealists accused of embezzling $8 billion. FTX went bankrupt in November 2022, and Bankman-Fried was arrested the following December.
Julia Garner and Anthony Boyle star as Ellison and Bankman-Fried. The eight-episode series is partly based on articles from New York Magazine.
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The OCC conditionally approved World Liberty Trust Co.'s national trust bank license. 38% is owned by an entity linked to Trump and his family.
This license lets World Liberty issue stablecoins independently, no longer relying on BitGo. Capital still needs to be raised to complete the process.
Senator Elizabeth Warren, who opposed the application, called the approval "the most brazen act of self-dealing" in US finance and announced a bill to limit bank ownership by presidents and officials.
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