Today in crypto, the industry observers are focused on crypto PAC spending in Alabama, Robinhood’s cutting 10% of its workforce despite CEO Vlad Tenev saying the business “has never been stronger” and Bitcoin’s recovery that remains tied to prospects for a US-Iran deal.
Crypto PAC has $12M stake in Senate primary runoff as Alabama voters head to polls
Defend American Jobs, the cryptocurrency company-backed political action committee (PAC) affiliated with Fairshake, reported spending millions of dollars to support a Republican candidate’s run for a US Senate seat in the party’s Tuesday primary runoff in Alabama.
As of Tuesday, filings with the Federal Election Commission (FEC) showed that Defend American Jobs had spent more than $4.7 million on media and ads to back Republican Barry Moore’s candidacy in a runoff for one of Alabama’s US Senate seats, adding to the $7.4 million it reported spending ahead of his May 20 primary. Moore, who also has the endorsement of US President Donald Trump, is running against Jared Hudson, another Republican vying to replace Tommy Tuberville, who announced that he would not be seeking reelection, as he is focused on becoming the state’s next governor.
The Alabama runoff will be another test of the crypto industry’s influence in US elections, with Fairshake and its affiliates having already poured millions of dollars into media for candidates facing primaries in Texas and California. Following Tuesday’s vote in Alabama, the PACs will also have stakes in Maryland and New York later this month, backing Democrats Adrian Boafo and Ritchie Torres with about $5 million and $500,000 in media buys for House seats, respectively.
Source: Federal Election Commission
Robinhood cuts 10% of workforce as Tenev touts business strength
Stock and crypto trading platform Robinhood is cutting 10% of its workforce as it restructures its organization, a move the company said will improve efficiency.
Tenev told staff the company is reducing 10% of its full-time employees as part of “flattening” its org structure, according to a statement on X by Robinhood on Tuesday.
In an internal memo, Tenev said the company cannot “default to operating as a heavily-layered organization” if it wants to scale its mission, adding that Robinhood must “continuously raise” its performance bar.
The rationale mirrors explanations offered by major crypto companies such as US exchange Coinbase and Jack Dorsey’s Block, which have also linked layoffs this year to reducing management layers and improving efficiency.
Source: Robinhood Comms
Bitcoin recovery rests on US-Iran deal as momentum remains weak
Bitcoin’s continued recovery is hinged on a successful peace deal between the US and Iran as Swissblock shows on-chain metrics signal the cryptocurrency remains weak despite its recent recovery.
LVRG Research director Nick Ruck told Cointelegraph that despite Bitcoin (BTC) reclaiming $67,000 on Monday, its “momentum remains weak, with declining volume and stagnant on-chain metrics indicating that the recovery lacks conviction and could quickly fade.”
Swissblock said on Monday that Bitcoin’s price momentum, measuring the strength of its price movements, and on-balance volume (OBV), which measures buying and selling pressure, remain in a “weak momentum and participation regime.”
Price momentum and OBV remain at bear market lows. Source: Swissblock
Ruck said that if the peace deal between the US and Iran breaks down, the following geopolitical instability and potential oil shocks would see Bitcoin “face a volatile path” as geopolitical catalysts “continue to dominate crypto price action.”
US President Donald Trump said on Sunday that the US had completed a peace deal with Iran to end months of conflict, which is expected to be signed on Friday. Much of the deal remains unknown, but Trump said it would see the Strait of Hormuz reopen and the US lift its blockade.