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U.S. stocks closed mixed on Wednesday, wrapping up a turbulent April marked by economic contraction and trade policy uncertainty.
The S&P 500 rose 0.15%, the Nasdaq Composite lost .086%, and the Dow Jones Industrial Average gained 141 points after new data showed the U.S. economy shrank for the first time since 2022.
According to the Commerce Department, first-quarter GDP fell at a 0.3% annualized rate, reversing a 2.4% gain from the previous quarter.
The contraction was partly attributed to a 41% surge in imports as businesses stockpiled ahead of President Trump’s new tariffs.
Consumer spending also slowed to its weakest pace in over a year, and government expenditures declined, further dragging on growth.
The S&P 500 rose 0.15%, the Nasdaq Composite lost .086%, and the Dow Jones Industrial Average gained 141 points after new data showed the U.S. economy shrank for the first time since 2022.
According to the Commerce Department, first-quarter GDP fell at a 0.3% annualized rate, reversing a 2.4% gain from the previous quarter.
The contraction was partly attributed to a 41% surge in imports as businesses stockpiled ahead of President Trump’s new tariffs.
Consumer spending also slowed to its weakest pace in over a year, and government expenditures declined, further dragging on growth.
A discarded hard drive, a billion-dollar Bitcoin wallet, and a trash-strewn landfill in Wales are now the foundation for a high-stakes docuseries.
Entertainment company LEBUL announced this week that it has acquired exclusive rights to the story of James Howells, the British engineer who famously lost access to 8,000 Bitcoin Bitcoin
btc
-0.19%
Bitcoin in 2013.
Dubbed ‘The Buried Bitcoin: The Real-Life Treasure Hunt of James Howells,’ the multi-platform project will span a premium docuseries, a podcast, and a social-first storytelling campaign.
It aims to dramatize Howells’ decade-long quest to recover the drive—now estimated to be worth more than $800 million, from a municipal dump in Newport, Wales.
“This isn’t just content,” said Reese Van Allen, President of Unscripted Entertainment at LEBUL. “It’s a live-action tech thriller with nearly a billion dollars on the line.”
Entertainment company LEBUL announced this week that it has acquired exclusive rights to the story of James Howells, the British engineer who famously lost access to 8,000 Bitcoin Bitcoin
btc
-0.19%
Bitcoin in 2013.
Dubbed ‘The Buried Bitcoin: The Real-Life Treasure Hunt of James Howells,’ the multi-platform project will span a premium docuseries, a podcast, and a social-first storytelling campaign.
It aims to dramatize Howells’ decade-long quest to recover the drive—now estimated to be worth more than $800 million, from a municipal dump in Newport, Wales.
“This isn’t just content,” said Reese Van Allen, President of Unscripted Entertainment at LEBUL. “It’s a live-action tech thriller with nearly a billion dollars on the line.”
Elderly American identified as victim in $330m Bitcoin theft: ZachXBT
An elderly American has been identified as the victim of a $330.7 million Bitcoin theft—one of the largest crypto heists on record—according to blockchain investigator ZachXBT.
The attack, which occurred on April 28, involved the theft of 3,520 BTC through a sophisticated social engineering scheme, triggering a ripple effect across crypto markets, including a sudden spike in the price of the privacy coin Monero Monero
xmr
-0.05%
Monero.
The stolen Bitcoin Bitcoin
btc
-0.19%
Bitcoin was rapidly funneled through more than 300 wallets and laundered across 20 or more exchanges, with Monero playing a key role in obscuring the transaction.
The spike in demand for XMR coincided with this laundering activity, sending its price surging over 50% — from $228 to $347 — before settling back to $295.
An elderly American has been identified as the victim of a $330.7 million Bitcoin theft—one of the largest crypto heists on record—according to blockchain investigator ZachXBT.
The attack, which occurred on April 28, involved the theft of 3,520 BTC through a sophisticated social engineering scheme, triggering a ripple effect across crypto markets, including a sudden spike in the price of the privacy coin Monero Monero
xmr
-0.05%
Monero.
The stolen Bitcoin Bitcoin
btc
-0.19%
Bitcoin was rapidly funneled through more than 300 wallets and laundered across 20 or more exchanges, with Monero playing a key role in obscuring the transaction.
The spike in demand for XMR coincided with this laundering activity, sending its price surging over 50% — from $228 to $347 — before settling back to $295.
Coinbase to Supreme Court: IRS crypto dragnet was unconstitutional
Coinbase filed an amicus brief in a U.S. Supreme Court case involving crypto and potential IRS privacy violations.
In a case challenging the Internal Revenue Service’s handling of user crypto data, Coinbase was the latest to weigh in. On April 30, the exchange filed an amicus brief to the U.S. Supreme Court in the Harper vs IRS case, advocating for more privacy protections when it comes to crypto transactions.
Back in 2016, the IRS requested data on 14,000 of Coinbase’s customers, in an attempt to find any evidence of tax evasion. The agency relied on the third-party doctrine, which states that once users voluntarily share data with a third party, like a crypto exchange, they forfeit their privacy protections. In response, Bitcoin researcher James Harper sued the IRS in 2020, accusing it of overreach.
Coinbase filed an amicus brief in a U.S. Supreme Court case involving crypto and potential IRS privacy violations.
In a case challenging the Internal Revenue Service’s handling of user crypto data, Coinbase was the latest to weigh in. On April 30, the exchange filed an amicus brief to the U.S. Supreme Court in the Harper vs IRS case, advocating for more privacy protections when it comes to crypto transactions.
Back in 2016, the IRS requested data on 14,000 of Coinbase’s customers, in an attempt to find any evidence of tax evasion. The agency relied on the third-party doctrine, which states that once users voluntarily share data with a third party, like a crypto exchange, they forfeit their privacy protections. In response, Bitcoin researcher James Harper sued the IRS in 2020, accusing it of overreach.
Why SUI may pull back before the next bullish expansion
After a sharp 75% rally, SUI is now showing signs of exhaustion as it approaches a key resistance area. Although the trend remains bullish, technical indicators suggest a healthy pause may be on the horizon before the next leg of expansion.
The impulsive nature of SUI’s (SUI) recent rally reflects strong bullish momentum. However, price is now facing clear rejection from a resistance zone where both the range high and the 0.618 Fibonacci level are stacked in confluence.
After a sharp 75% rally, SUI is now showing signs of exhaustion as it approaches a key resistance area. Although the trend remains bullish, technical indicators suggest a healthy pause may be on the horizon before the next leg of expansion.
The impulsive nature of SUI’s (SUI) recent rally reflects strong bullish momentum. However, price is now facing clear rejection from a resistance zone where both the range high and the 0.618 Fibonacci level are stacked in confluence.
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The Federal Open Market Committee (FOMC) is indeed holding a two-day policy meeting on May 6-7, 2025. Here's what we know so far ¹ ² ³:
- *Interest Rate Decision*: Markets widely expect the Fed to keep its benchmark interest rate steady at 4.25%-4.50%, consistent with expectations.
- *Previous Meeting*: In their last meeting on March 19-20, 2024, the FOMC decided to hold rates at a 23-year high of 5.25%-5.50% and signaled three rate cuts in 2024.
- *Economic Projections*: The Fed's economic projections, including the "dot plot," will likely provide insights into future policy decisions.
- *Inflation and Growth*: The Fed's stance on inflation and growth will be closely watched, given the current economic conditions.
Some key takeaways from previous FOMC meetings include ²:
- *Rate Cuts*: The Fed expects to cut rates by 0.75 percentage points in 2024, with some policymakers debating the timing and extent of rate cuts.
- *Inflation*: The Fed's inflation forecast remains a key factor in determining policy decisions, with a target inflation rate of 2%.
- *Economic Growth*: The Fed's growth projections have been revised upward, reflecting a resilient economy.
We'll have to wait for the meeting's outcome to understand the Fed's current stance on monetary policy.
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