Méliuz Buys the Dip, Eric Trump Says 'Everybody' Is Hoarding Bitcoin

By Omkar Godbole (All times ET unless indicated otherwise)

The global crypto corporate-adoption narrative continues to thrive even as bitcoin and the wider crypto market take a slight breather, potentially establishing a base for another push toward new highs.

Méliuz, a publicly listed Brazilian fintech firm, announced Thursday the purchase of 274.52 BTC. It now holds 320.2 BTC valued at over $33.3 million.

A1 Abraaj Restaurants Group, listed in Bahrain, disclosed on Wednesday an initial purchase of 5 BTC with plans to scale up its holdings significantly.

Eric Trump, the second-eldest son of President Donald Trump, summed up the prevailing sentiment at day 2 of CoinDesk's Consensus Toronto event: "I'm traveling. I'm on a plane. Everybody in the world is trying to hoard bitcoin right now. Everybody. I hear it from sovereign wealth funds. I hear it from the wealthiest families. I hear it from the biggest companies."

While the global adoption race is certainly heating up, some recent developments might dampen the bullish mood.

Bipartisan support for the GENUIS Act, which aims to create a national regulatory framework for payment stablecoins, appears to be crumbling.

And there's some bad news from the U.S.:

Coinbase (COIN) shares plummeted 7% on Thursday after the exchange confirmed an ongoing SEC probe into potentially inflated user metrics from 2021.

Plus, inflows into U.S.-listed spot BTC exchange-traded funds (ETFs) have slowed, as seen in the Chart of the Day.

Large sell orders are also visible at around the $105,000 mark.

FTX creditors are set to receive over $5 billion in distributions starting May 30, as part of the second phase of the bankrupt exchange's court-approved recovery plan.

This news indicates that there could be some scope for price volatility in the short term.

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