Chinese Bitcoin mining hardware firm under investigation in US

Bitcoin is experiencing its worst weekly performance since March, with U.S. demand indicators weakening as evidenced by a significant decline in the Coinbase premium and record volumes in spot ETFs. This downturn reflects a broader bearish trend in the cryptocurrency market, with Bitcoin's price dropping sharply from previous highs.

The U.S. Securities and Exchange Commission (SEC) has expressed support for the evolution of cryptocurrency, positioning market forces as the ultimate judge of value. This positive sentiment reflects a shift towards recognizing the role of digital assets in the financial landscape, suggesting a more open regulatory approach to cryptocurrencies.

A coalition of over 65 crypto firms, led by the Solana Policy Institute, has sent a letter to U.S. President Donald Trump, urging immediate executive action to clarify regulations surrounding digital assets. The firms are advocating for crypto-friendly tax and enforcement policies to foster a more supportive environment for the cryptocurrency industry.

Coinbase has launched Ethereum-backed loans for eligible U.S. customers, allowing users to borrow up to $1 million in USDC without selling their ETH holdings. This new offering aims to enhance liquidity for users while leveraging their existing cryptocurrency assets.

U.S. Senators have released a bipartisan draft that outlines a comprehensive framework for cryptocurrency policy and federal market structure. This initiative aims to establish clear regulations for the cryptocurrency market, addressing the need for oversight and clarity in a rapidly evolving financial landscape.