Crypto market hit by closures and accelerating institutional sell-off
MSN·- Five crypto firms, including Fantasy.top, Everclear, and Bitcoin Depot, are closing due to weak demand, revenue shortfalls, and regulatory pressure. - Coinbase's premium has dropped to its lowest this month, indicating increased U.S. institutional selling, alongside $1 billion in weekly outflows from U.S.-listed spot Bitcoin ETFs. - While prediction markets foresee further Bitcoin declines, some executives believe it is trading within a robust support zone.California regulators shut down Hermes Bitcoin ATMs over 14,000 violations
Crypto Briefing·- California's Department of Financial Protection and Innovation (DFPI) has ordered Hermes Bitcoin to close its 42 digital asset kiosks and permanently banned the company from operating in the state due to numerous compliance failures. - The violations included over 14,120 instances of improper disclosures, fees exceeding legal limits, and multiple anti-money laundering failures, resulting in a settlement that requires kiosk closures by May 20, 2026. - While the impact on crypto markets is minimal, the case highlights the consequences for businesses that fail to adhere to regulatory standards.BTM Q1'26 Earnings: EPS estimate is (0.60) USD
TradingView·- BTM (Bitcoin Depot Inc.) will announce its Q1'26 results on May 20 at 8:00 AM ET. - For Q1'26, revenue is estimated at 99.95 million USD with an anticipated EPS of (0.60) USD. - Comparatively, Q1'25 reported revenue was 164.23 million USD, highlighting a significant decrease in projected earnings for Q1'26.