Bitcoin Depot filed for Chapter 11 in Texas and shut down more than 9,000 Bitcoin ATM machines across North America. CEO Alex Holmes blamed stricter transaction limits, state bans, litigation and enforcement costs for making the business model unsustainable. First-quarter revenue fell 49.2%, the company posted a $9.
Bitcoin price falls below $77K as Trump warns Iran, triggering $500M in crypto liquidations while traders watch the key $76K support level.
Strategy bought 24,869 BTC for $2.01B, lifting holdings to 843,738 BTC as Bitcoin fell below $77K and ETF outflows rose.
Corporate Bitcoin accumulation accelerated again this week as Strategy disclosed another multi-billion-dollar purchase while French-listed treasury firm Capital B expanded its own balance sheet through fresh equity raises tied directly to Bitcoin acquisitions.
Crypto majors are falling and the ETFs are seeing an exodus, while SpaceX had a major debut on Hyperliquid.
Bitcoin fell below $77,000 after repeated rejection near $82,000, extending weakness that began after last week's failed rebound attempts. BTC touched $76,500 for the first time in about three weeks, while its market capitalization slipped to $1.540 trillion and dominance stayed above 58%.
Bitcoin Cash price plunged sharply this week after losing the key psychological $400 support level, raising concerns that the cryptocurrency could revisit its 2025 lows if bearish momentum continues accelerating. According to data from crypto.
Capital B adds more Bitcoin as Bitcoin Depot has announced plans to shut down, and Bitcoin retail activity has also hit a record low.
IRGC-affiliated Fars News reported on May 16 that Iran launched a platform called Hormuz Safe, offering digital insurance for vessels transiting the Strait of Hormuz with premiums settled in Bitcoin. A document cited by Fars's reporter indicated Iran's Economy Ministry had been developing the mechanism since early May, with projected revenue above $10 billion.
Analysts flagged that geopolitical shocks no longer "hit crypto directly" thanks to institutional transmission via ETF flows.
Bitcoin Depot Inc, once the largest operator of Bitcoin ATMs in the world, watched its stock lose more than 40% in the week before Monday's bankruptcy announcement, dragging the year-to-date loss to 67%. When the filing became public, the company's shares, BTM, dropped an additional 20% in overnight trading.
More than $545 million in leveraged crypto positions were liquidated over the past 24 hours, underscoring how quickly risk can unwind when a crowded derivatives market meets renewed downside pressure. The rout was heavily skewed toward bullish bets, with long liquidations accounting for roughly $406 million—about 80% of the total—suggesting that a large share of traders were positioned for continuation upside before prices slipped.