SpaceX reported reserves of 18,712 BTC, Elon Musk lost a lawsuit against Sam Altman and OpenAI, Iran proposed ship insurance in Bitcoin, and other events from the past week.
Bitcoin Faces Resistance at $77,000
The leading cryptocurrency started the week above $78,000 but fell below this level on May 21. Market pressure stemmed from ongoing outflows from Bitcoin ETFs and weak demand in the spot market.
On May 23, the asset's price dropped below $75,000. The correction began the previous day due to concerns over potential new U.S. strikes on Iran.
On Sunday, the price began to recover following U.S. President Donald Trump's statement about continuing negotiations between the countries and reopening shipping in the Strait of Hormuz. However, at the time of writing, the cryptocurrency had not managed to hold above $77,000.
Hourly chart of BTC/USD on Binance. Data: TradingView.Over the week, Bitcoin's price lost approximately 2.1%.
Leading altcoins showed mixed performance. Dogecoin, XRP, and Ethereum significantly outperformed Bitcoin with declines of 7.9%, 4.5%, and 4.2%, respectively. Solana's price fell by 1.2%. Meanwhile, HYPE surged by 45.4%. BNB and TRON also saw gains of 2.4% and 0.5%, respectively.
Source: CoinMarketCap.Spot Bitcoin ETFs ended a six-week streak of net inflows, losing $1.26 billion. On Monday, investors withdrew $648.6 million from these products—the largest single-day outflow since January.
Source: SoSoValue.Ethereum funds lost $216 million over the week, continuing their negative trend.
Source: SoSoValue.The cryptocurrency fear and greed index fell alongside Bitcoin's price from 27 to 25 points, entering a zone indicating extreme investor fear.
Source: Alternative.me.The total market capitalization increased by 3% during the period, reaching $2.57 trillion. Bitcoin's dominance decreased to 59.9%, while Ethereum's share fell below 10%.
SpaceX Reveals Bitcoin Reserves in IPO Filing
Elon Musk's SpaceX has filed a public IPO application with the SEC. According to the S-1 form, as of March 31, the company held 18,712 BTC, acquired for $661 million.
The average purchase price was $35,300 per coin, with the market value of the reserve estimated at $1.29 billion at the end of the quarter.
SpaceX plans to list on Nasdaq under the ticker SPCX. Media estimates suggest the company's market value could be around $1.75 trillion.
If approved, SpaceX will become one of the largest public companies with a corporate reserve in the leading cryptocurrency, surpassing Coinbase, which holds 16,492 BTC.
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Iran Launches Ship Insurance Platform with Bitcoin Payments to Bypass SWIFT
The Iranian authorities have launched a digital platform, Hormuz Safe, for insuring ships in the Persian Gulf and the Strait of Hormuz. The service accepts payments in Bitcoin and other cryptocurrencies.
The project is overseen by the country's Ministry of Economy. The main goal of the platform is to bypass the SWIFT system and Western intermediaries amid sanctions. The insurance covers risks of inspection, detention, and confiscation of vessels.
According to Fars, Iranian officials expect to earn over $10 billion if the platform succeeds. Previously, industry representatives discussed collecting transit fees from tankers in Bitcoin or yuan, with such payments potentially reaching $2 million per vessel depending on the cargo volume.
Musk Loses Lawsuit Against Sam Altman and OpenAI
A federal court in Oakland dismissed Elon Musk's lawsuit against Sam Altman, Greg Brockman, OpenAI, and Microsoft due to late filing.
The nine jurors concluded that the claims were barred by the statute of limitations. The deliberation took less than two hours.
In the case, Musk argued that OpenAI abandoned its original non-profit mission and effectively became a profit-driven entity.
A key factor in the jury's decision in favor of the AI company was the timing of the lawsuit. Judge Yvonne Gonzalez Rogers also criticized the amount of damages claimed by the plaintiff, ranging from $78.8 billion to $135 billion.
Also on ForkLog:
- Imec unveiled the first device using quantum dot qubits
- AmericanFortress proposed another way to protect Bitcoin from quantum threats
- Saudi Arabia launched its first quantum computer
- The U.S. will invest $2 billion in quantum technologies amid competition with China
Trump Signs Order for Crypto Firms' Access to Payment Infrastructure
On May 19, U.S. President Donald Trump signed an order to integrate digital assets into the traditional financial system and review the rules governing crypto companies' access to payment infrastructure.
Within 90 days, heads of federal financial regulators must analyze existing regulations and determine which ones hinder companies from obtaining banking licenses and deposit insurance. The implementation of measures to support innovation will take 180 days following the review.
A separate section of the order pertains to the Federal Reserve System (FRS). The White House instructed the agency to assess within 120 days the feasibility of providing direct access to payment accounts and services of reserve banks for "uninsured depository institutions and non-bank financial companies."
The FRS has already proposed a "streamlined" version of access to central bank infrastructure for crypto firms and the fintech sector. This initiative involves the introduction of a new type of accounts—payment accounts—focused solely on clearing and settlement.
Further Reading
We analyzed how the hedge fund of former OpenAI employee Leopold Ashenbrenner caught Wall Street's attention with one of the most profitable AI portfolios in the last two years.
We explored what remains in the Web3 industry from the original ideology of cypherpunk laid out in Bitcoin by Satoshi.
We compiled the most notable security events of the week in our traditional digest.