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  • D4vd Charged With Murder in Death of Teen Girl Celeste Rivas

    D4vd Charged With Murder in Death of Teen Girl Celeste Rivas

    D4vd has been charged with murder following his arrest last Thursday for the murder of a teen girl whose decomposed body was found in the trunk of his Tesla.

    At a press conference on Monday, District Attorney Nathan Hochman said that the singer, whose real name is David Burke, would face a first-degree murder charge which could potentially make him eligible for the death penalty. He will also face charges for lewd acts with a child and for dismembering the girl’s body.

    The victim, Celeste Rivas Hernandez, went to Burke’s home in the Hollywood Hills on April 23, 2025, Hochman said. That was the last time she was seen alive, he said. Her body was found five months later. Hochman declined to say how Rivas was killed, but said the coroner’s report would be released shortly.

    “There is physical evidence and there is forensic and digital evidence that we intend to present in court to prove these charges beyond a reasonable doubt,” Hochman said.

    Hochman alleged that Burke was having a sexual relationship with Rivas, who was 14 when she died and 13 when she ran away from home.

    Burke is accused of murder with multiple “special circumstances” that make the case eligible for either the death penalty or life without parole. Those include “lying in wait,” murder for financial gain, and murdering a witness to a crime — as Rivas is considered a witness to the lewd acts charge.

    At the press conference, LAPD Chief Jim McDonnell defended the decision not to release details of the investigation sooner.

    “My duty is not to fuel speculation,” he said. “It’s to deliver justice, and that requires patience and discipline on everybody’s part. This investigation was driven by a single purpose — to secure justice for Celeste Rivas and for those who loved her.”

    Burke was arrested and held without bail last week following a lengthy investigation by the LAPD’s Robbery-Homicide Division.

    The case began back in September 2025, when LAPD officers were called to the Hollywood tow yard to investigate a foul odor emanating from the car, which had been in the yard for days. The police found the decomposed body placed inside of a bag in the front trunk of the Tesla, which was registered in Hempstead, Texas to D4vd. The car was impounded the previous week after being abandoned in the Hollywood Hills, where neighbors complained of a rotting smell.

    Early reports indicated that D4vd was cooperating with the investigation. A week after he was linked to the body’s discovery, he canceled the remaining dates of his U.S. tour.

    The body was soon identified as Rivas, who was reported as missing in 2024 when she was 13. In November, the LAPD confirmed that they were investigating a trip that D4vd had taken to the Santa Barbara area sometime during the spring of 2025 following Hernandez’s disappearance, and the medical examiner’s office said the LAPD had blocked the office from releasing details about the death.

  • Channing Tatum’s ‘Magic Mike’ Live Show Sets Global Expansion With $45 Million Capital Raise (EXCLUSIVE)

    Channing Tatum’s ‘Magic Mike’ Live Show Sets Global Expansion With $45 Million Capital Raise (EXCLUSIVE)

    Finally, an answer to one of life’s great questions: can $45 million fit in the waistband of a man’s G-string?

    That would be a yes, as Channing Tatum’s experiential business Free Association Live has pulled off a significant capital raise to fund the global expansion of “Magic Mike Live” – a theatrical revue of skilled and sexy male dancers adapted from Tatum’s film franchise “Magic Mike.”

    FA Live, co-founded by Tatum, Peter Kiernan, Reid Carolin, and Vincent Marini, has raised $45 million in debt and equity financing to mount more “Magic Mike” shows around the world. The experience has already staged sold-out runs in London and Las Vegas, with New York and Australia up next. A multi-year tour across Asia and Europe is also in the works.

    The fundraise includes a strategic investment from Jeff Bewkes and Kevin Tsujihara’s Alignment Growth, a media and entertainment investor, and debt financing from East West Bank. 

    “Our incredibly successful and beloved London and Las Vegas experiences have made it clear that ‘Magic Mike Live’ has tapped into something powerful,” said Kiernan, CEO of FA Live.  “This investment comes at a pivotal moment for the company — it enables us not only to expand the IP globally, but also to think more ambitiously about how we leverage our track record and infrastructure in live entertainment to develop new IP, new formats, and bold new ways of engaging audiences worldwide.”

    Since its debut in 2017, the live show has entertained over 2 million guests from 70+ countries with over 6,000 performances across engagements in Miami, Dallas and Berlin. Earlier this year, Tatum appeared on “Today’ to announce the NYC residency, which counts strong pre-sales for its October debut. Tatum has also personally invested in this latest raise for FA Live, which operates independently from his film and TV production company. FA Live also counts COO Kosha Shah Eisenberg and chief brand officer Cody Carolin.

    “Experiential entertainment continues to be one of our highest-conviction investment themes, fueled by a sustained shift toward immersive, memorable experiences over material goods,” said Tsujihara, managing partner at Alignment Growth. “FA Live has built one of the most successful live entertainment franchises of the past decade.”

    East West Bank managing director Todd Steiner said the institution was “excited to partner with FA Live as they expand. As the largest independent bank headquartered in Southern California, East West Bank brings decades of experience in developing financing strategies tailored to the unique creative and operational complexities of the entertainment industry.

    Next in development is a collaboration with Lionsgate on a live show inspired by the “Step Up” film franchise, set to debut in 2027.

    The Raine Group, Eisner Law, and VirtuGlobal served as advisors to FA Live, which is repped by CAA. Granderson De Rochers served as advisor for Alignment Growth and Loeb & Loeb served as advisor to East West Bank.

  • Ball x Pit’s next update adds 11 more balls to the fray on April 27

    It’s been a whole month since I’ve played some Ball x Pit after the mobile versions went live in March, but I’ll surely be jumping back in again next week. The latest update will arrive on April 27, bringing a host of goodies to the wonderful brick-busting roguelite, which was one of Engadget’s favorite games of 2025.

    Designer Kenny Sun spilled most of the beans about the update on the PlayStation Blog, revealing that it will add two new characters, 11 more balls with special powers, four passive upgrades and a new building. If you opt to play as The Tiptoer, you’ll be able to get close to enemies without fear of them attacking you, but you’ll have lower health and damage. She could be a good partner for The Shieldbearer, so you can right in front of bosses to rapidly bounce back balls and ramp up the damage in no time at all. As for The Tunneller, that character fires balls that wrap around the edge of the screen and return from the other side.

    The latest balls and evolutions include Venom, which slows down targets and can paralyze them in place after hitting them enough times. Other new time-based balls can freeze enemies too. Erosion saps away a percentage of a target’s health, which could weaken bosses very quickly, and the Warp ball jumps to a random place and increases in speed every time it hits an enemy. I can’t wait to see how effective these are after merging them with area-of-effect abilities or ones that spawn more balls with the same powers.

    The Sniper ball sounds interesting too. That will reward precision as it cuts through every enemy in a straight line until it hits a boundary. I prefer a more chaotic approach, though.

    As such, the Full Metal Rapier passive ability seems like one I’ll want. It scales up the damage of each ball depending on how many enemies and baby balls (i.e. ones that don’t inherently have special abilities) are on screen. The Arrow of Fate passive is intriguing as well, as it turns every enemy projectile that hits you into a smattering of baby balls. I smell some synergy between those two.

    On top of that, the new Guildhall building that you can place in the citybuilder side of the game allows you to change upgrades that you’ve already chosen for your character. Looking forward to seeing how that plays out in practice.

    This is the second of three free updates that Sun and publisher Devolver Digital have announced for Ball x Pit. The first one, which introduced more upgrades and an endless mode, dropped in January. The third one is expected in July.

  • The FAA grounds Blue Origin New Glenn rocket after failure to put payload in orbit

    The Federal Aviation Administration (FAA) has grounded Blue Origin’s New Glenn rocket following an incident during Sunday’s launch from Cape Canaveral, according to reporting by Orlando Sentinel and others. The rocket looked good on the way up but was ultimately unable to put its payload into the correct orbit.

    The FAA is calling the incident a “mishap” and is beginning an investigation to “enhance public safety, determine the root cause of the event and identify corrective actions to avoid it from happening again.” The organization said in a statement that a “return to flight is based on the FAA determining that any system, process or procedure related to the mishap does not affect public safety.”

    The company hasn’t provided any information as to what happened with New Glenn that made it mess up the positioning. It was supposed to position a satellite into a 285 mile orbit after completing two burns, but telemetry data shows that the satellite only reached a 95 mile orbit, which is not sustainable.

    This was New Glenn’s third mission, and not the first time the rocket has been grounded by the FAA. Blue Origin was unable to land it after the debut launch and it wasn’t allowed to fly again for nearly three months. The agency hasn’t announced when the rocket will be cleared to fly this time, so we don’t know if it will put a crimp in Blue Origin’s plans to launch a bunch of Amazon Leo broadband satellites. That mission is currently scheduled for later this year and will use the New Glenn rocket.

    The FAA has grounded several rockets due to mishaps in recent years, including the smaller Blue Origin New Shepard. It has also grounded SpaceX’s Falcon 9 and Starship.

  • An Altcoin Will Be Blamed for the Major Crypto Hack That Occurred Over the Weekend – Revealed in the Memos

    An Altcoin Will Be Blamed for the Major Crypto Hack That Occurred Over the Weekend – Revealed in the Memos

    A new development has emerged in the large-scale security breach crisis originating from KelpDAO. According to an internal memo reviewed by CoinDesk, KelpDAO is allegedly preparing to shift responsibility for the approximately $292 million rsETH breach that occurred on Saturday to LayerZero.

    According to the memo, KelpDAO stated that it relied on LayerZero’s documentation, default configurations, and team guidance when building its bridging infrastructure. Therefore, it is implied that the infrastructure and integration processes used were at the root of the security breach.

    Related News JUST IN: U.S. President Donald Trump Makes a Statement on the Iran Ceasefire – “The Likelihood of an Extension Is Very Low”

    As you may recall, the security breach on the rsETH bridge triggered a chain reaction in the DeFi ecosystem, leading to liquidity pressure and “bad debt” concerns in many protocols, particularly Aave. Following the incident, billions of dollars worth of assets were withdrawn from Aave, and utilization rates in some pools reached 100%.

    KelpDAO’s move, which points to LayerZero, has raised potential legal and technical liability issues, but neither party has yet issued an official and detailed statement.

    *This is not investment advice.

  • ‘Israel never talked me into the war with Iran,’ Trump says

    ‘Israel never talked me into the war with Iran,’ Trump says

    United States President Donald Trump has denied being dragged into war with Iran by Israel as he faces increasing criticism over the conflict, including from segments of his own base.

    “Israel never talked me into the war with Iran, the results of Oct. 7th, added to my lifelong opinion that IRAN CAN NEVER HAVE A NUCLEAR WEAPON, did,” Trump wrote in a social media post on Monday.

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    There is no public evidence linking Iran directly to Hamas’s October 7, 2023, attacks against Israel. Trump’s own intelligence chief, Tulsi Gabbard, also testified to Congress in March that Iran is not building a nuclear weapon.

    Over the eight months before the war on Iran, Trump had been saying repeatedly that the US air strikes on the country in June had “obliterated” its nuclear programme.

    Many of Trump’s critics have argued that Iran did not pose an imminent threat to the US and the war only advances the interests of Israel at the expense of the safety and prosperity of Americans.

    Iran responded to the initial US-Israeli strikes of the war – which killed Supreme Leader Ali Khamenei, other top officials and hundreds of civilians on February 28 – by blocking the Strait of Hormuz, sending oil prices soaring.

    In the US, energy costs have skyrocketed, fuelling inflation. The price of 1 gallon (3.8 litres) of petrol has remained more than $4, up from less than $3 before the war, more than a week after a ceasefire between Washington and Tehran came into effect.

    A recent poll by NBC News suggested that two-thirds of Americans disapprove of Trump’s handling of the war.

    With dissatisfaction growing, many of the president’s critics have pointed to Israel as the real power behind the war, portraying Trump as a weak leader following Israeli Prime Minister Benjamin Netanyahu.

    “He entered a war – got pulled into it by Bibi Netanyahu. Let’s be clear about that – entered a war that the American people do not want,” Kamala Harris, Trump’s 2024 Democratic opponent, said last week.

    Harris served as vice president in President Joe Biden’s administration, which provided diplomatic and military support for Israel’s genocidal war on Gaza for 15 months.

    During the 2024 campaign, Trump presented himself as the “peace” candidate, promising to end wars that were started under previous administrations.

    Trump’s National Security Strategy, released last year, also said Washington would pivot its foreign policy and military resources from the Middle East to the Western Hemisphere.

    But Netanyahu, who has visited Trump in the US six times in one year, has continued to push for a hard line against Iran. The most vocal supporters of the war in Washington have also been Israel’s closest allies.

    On Monday, Trump renewed his attacks on the mainstream media for its coverage of the war with Iran.

    “I watch and read the FAKE NEWS Pundits and Polls in total disbelief. 90% of what they say are lies and made-up stories, and the polls are rigged, much as the 2020 Presidential Election was rigged,” the US president wrote, referring to the election he lost to Biden.

    He also touted his policies in Venezuela, where the country has remained stable and become more friendly to Washington since US forces abducted President Nicolas Maduro in January.

    In Iran, however, the US-Israeli strikes led to the closure of the Strait of Hormuz and sustained Iranian attacks across the Gulf for nearly six weeks.

    The conflict is now paused, and further talks between US and Iranian officials could take place in Pakistan this week. But both sides have threatened to renew the fighting if a deal is not reached. The two-week ceasefire is due to expire on Wednesday.

    “Just like the results in Venezuela, which the media doesn’t like talking about, the results in Iran will be amazing – And if Iran’s new leaders (Regime Change!) are smart, Iran can have a great and prosperous future!” Trump posted.

  • ‘Superman’ Sequel ‘Man of Tomorrow’ Starts Filming as James Gunn Teases Brainiac, Lex Luthor in Jail

    ‘Superman’ Sequel ‘Man of Tomorrow’ Starts Filming as James Gunn Teases Brainiac, Lex Luthor in Jail

    It’s “Up, Up and Away!” for “Superman: Man of Tomorrow.”

    James Gunn has revealed the comic book sequel has started production, with the director sharing a photo from set of a chess board and Van Kull Prison badge for inmate A. Luthor (a.k.a. the villainous Lex Luthor), as well as a bag of Ruffles potato chips.

    David Corenswet is returning as the Man of Steel in “Superman: Man of Tomorrow,” written and directed by Gunn. In the sequel, Superman is forced to team up with his adversary Lex Luthor (Nicholas Hoult) as they work to defeat an even bigger threat: the super-intelligent antagonist Brainiac (Lars Eidinger).

    Adria Arjona recently joined the cast as Maxima, an alien queen who has been both an antagonist and a potential love interest for Superman in the comics. She’ll be joined by the ensemble of Rachel Brosnahan (who is Superman’s current beau Lois Lane), Skyler Gisondo (Jimmy Olsen), Sara Sampaio (Eve Teschmacher), Isabela Merced (Hawkgirl), Nathan Fillion (Guy Gardner), Edi Gathegi (Mister Terrific) and Aaron Pierre (John Stewart/Green Lantern).

    “Superman” relaunched the Warner Bros. owned DC Universe last summer, earning above $600 million at the global box office to stand as that year’s highest-grossing superhero adventure. “Man of Tomorrow” is scheduled to hit theaters on July 9, 2027. It’s currently one of two DC adaptations that year, including director Matt Reeves and star Robert Pattinson’s “The Batman Part II” on Oct. 1. Before the Last Son of Krypton makes his way back to the big screen, DC has two other comic book tentpoles in 2026, “Supergirl” in June and “Clayface” in October.

  • DaVinci Resolve 21 hands-on: A viable Lightroom alternative for casual users

    Blackmagic Design’s DaVinci Resolve is a highly capable free color grading tool with a history dating way back to the ‘80s, but it has never been thought of as a rival to Adobe’s Lightroom due to its video origins. Now, Blackmagic Design has released a new version in beta that may change people’s minds about that. The new Photo page lets you import RAW images then adjust them using Resolve’s powerful color grading tools. You even get access to advanced VFX and AI features not found in Lightroom.

    When I saw the new feature, I immediately wondered if I could cancel my $20 per month Adobe Photography subscription (with Lightroom CC and Photoshop CC). Apparently, I’m not alone. After trying it out, I believe that I could do so because photos are secondary to video for me. However, photographers who’ve used Lightroom for a long time would likely find it too painful to switch — at least, for now.

    The Photo page and Albums

    I tested the new Photo page functions and many of Resolve’s new filter effects, but beware that the first beta is still buggy. I used it inside the $295 DaVinci Resolve Studio app (which includes free updates for life), because it has a few extra features not found in the free version.

    With that said, DaVinci Resolve 21 now supports RAW photos from Canon, Fujifilm, Nikon and Sony, with other brands to follow. Blackmagic has pledged to support RAW files for new cameras shortly after they’re released like Adobe does with Lightroom. It also supports TIFFs, JPEGs, HEIFs and other photo file formats.

    DaVinci Resolve 21 hands-on: A viable Lightroom alternative for casual users

    Steve Dent for Engadget

    To organize files, you can think of Resolve’s Projects as equivalent to Lightroom Catalogs. You import photos into a Project just as you do video, by dragging and dropping photos or folders into the media pool or using the “import” function. Resolve’s dedicated Media file management page also supports RAW photos. I find Resolve’s import system to be easier and more logical than Lightroom’s, with less steps required. You can import a full or partial Lightroom catalog into Resolve as well.

    Once your photos are in the media pool, you can select and organize them by file name, rating, colors, favorites and other tags. DaVinci Resolve Studio also offers a new feature called AI IntelliSearch that lets you visually identify photos based on their content using terms like “cats” or “dancing.”

    Photos can then be moved from the media pool into Albums, a new feature that’s similar to Lightroom’s Collections. Albums activate several photo-specific features in the Color and Edit pages. In Edit, Albums appear as simplified, single-track timelines, with each photo shown as a two second clip. That way, you can work with photos in the Color and Fusion pages just as you do with video.

    You can reframe and crop images inside Photo (either by typing in the size or dragging) and make basic RAW-style adjustments for settings like exposure, highlights and shadows. For more advanced grading (like you may do in Lightroom’s Develop), you need to jump into the Color page.

    Color and Fusion

    On the Color page, you get the same functions for photos as video: primary and log color correction, curves, qualifiers, power windows, noise reduction and sharpening. You can also employ Resolve’s class-leading scopes, including parades, waveforms, vectorscopes and histograms.

    Once you’ve created an Album, you can select it at the top of the Color page viewer, just as you would a video timeline. You can also label and sort photos as you do in the Photo page.

    DaVinci Resolve 21 hands-on: A viable Lightroom alternative for casual users

    Steve Dent for Engadget

    Resolve’s node-based workflow really shines for photo editing. You can add nodes in series or parallel to build complex grades, then save and apply those grades to multiple images or an entire photo album. Resolve’s system for doing this via “stills” that show your grade is more visual and powerful than the one in Lightroom. You also get support for Resolve’s functions used for video like Look-Up Tables (LUTs) and the new Film Look Creator effect.

    All of Resolve’s filter-style effects — like Vignette, Lens Blur and Film Damage — are available directly from the Photo page. Those include some of DaVinci Resolve Studio’s new AI effects (not available in the free version) like AI CineFocus, AI Face Age Transformer and AI Ultrafocus. This gives the app a leg up over Lightroom, which only offers comparable features via third-party plugins.

    If you want even more advanced effects, the Fusion page is Resolve’s equivalent to After Effects. There, you’ll find tools like warping, lights and Paint, which lets you do Photoshop-like cloning. Resolve 21 now includes the Krokodove filters with features like warping and text animation.

    This raises the question of whether you can do multi-image compositing in the Photo page like you can in Photoshop or After Effects. In short, it’s not possible as Photo only supports one image at a time. However, once you’ve adjusted a RAW image, you can drop it into a video timeline where your color adjustments and other tweaks will carry over. Then, you can stack multiple images and use any of Resolve’s compositing tools from the Edit or Fusion pages. This is pretty clunky compared to using Photoshop, but it’s the only way to combine multiple images for now.

    DaVinci Resolve 21 hands-on: A viable Lightroom alternative for casual users

    DaVinci’s Resolve 21’s updated export page for photos (Steve Dent for Engadget)

    Once you’ve finished grading and adjusting images, there are two ways to export them. One is by the Quick Export function that provides minimal settings like file type, name and resolution. The better method is via Resolve’s Deliver page, which now has dedicated photo functions when you’re working with an Album. There, you can control size parameters like short and long side, width and height or percentage. You can also change the file type, resolution and quality. This function is severely lacking compared to Lightroom though, which offers advanced settings missing from Resolve, like content credentials, watermarking and post-processing.

    Finally, another new dedicated feature within the Resolve Photo page is Capture Live View for camera tethering, which only supports Canon and Sony cameras for now. It allows you to connect a camera to your PC via USB-C and control aperture, shutter speed, ISO and exposure compensation directly from the app. You can also view your images using Resolve’s scopes and tweak RAW settings like white balance, temperature, shadows, highlights and more.

    Wrap-up

    DaVinci Resolve’s new Photo page can do most of what Lightroom does in terms of image adjustments, while adding powerful effects tools that its Adobe counterpart lacks. It’s not yet a substitute for Photoshop, though, as it lacks the organizing, exporting, compositing and pixel-level editing tools found in that app.

    For now, the Photo page is ideal for filmmakers who dabble in photo editing, along with hobbyists and power users familiar with Resolve’s formidable grading tools. However, professional photographers may want to stick with Lightroom, because Resolve still lacks certain advanced features, particularly around organization and exporting.

    The new DaVinci Resolve Photo page only just launched and is bound to improve greatly over time. If you’re on the fence, download the free version and see if it works for you. A lot of video editors made the same switch from Premiere and have never looked back. Given the current grumbling about Adobe’s subscriptions, I could see many people making the same move from Lightroom to Resolve.

  • Deezer says AI-made songs make up 44 percent of daily uploads

    AI-generated music is spreading like wildfire, according to Deezer, who reported receiving nearly 75,000 uploads of AI-made tracks a day on its platform. The alternative music streaming service based in Paris published a report revealing that 44 percent of its daily uploads are AI-generated songs, accumulating to around 2 million flagged songs a month. If that figure doesn’t alarm you, Deezer said that more than 13.4 million songs were detected and flagged as AI-generated across 2025.

    Those statistics are made possible with Deezer’s patent-pending AI music detection tool, which was launched in January 2025. A few months following the release, Deezer announced that it saw around 20,000 AI-generated tracks uploaded a day, which made up roughly 18 percent of its overall uploads. Despite the swell of AI music on its platform, Deezer said that only about 1 to 3 percent of total streams on the platform involve AI-generated music and that a majority of these streams are marked as fraudulent and demonetized.

    Deezer said its proprietary tool can detect AI-generated music, particularly from two of the most popular offerings right now: Suno and Udio. Despite these two AI music tools getting hit with lawsuits in their early days, some major record labels have had a change of heart and later struck deals with the startups. On the other hand, other music streaming platforms are employing their own verification tools to fortify the floodgates holding back music made by AI. Similar to Deezer, Coda Music uses “AI Artist” labels and even let users flag suspicious artists.

  • Bitcoin faces near-term pressure as liquidity tightens, Hilbert Group CIO says

    Bitcoin faces near-term pressure as liquidity tightens, Hilbert Group CIO says

    Global liquidity is set to deteriorate sharply, according to Russell Thompson, chief investment officer at crypto asset manager Hilbert Group (HILB), who said even a quick geopolitical resolution in Iran is unlikely to sustain a rally in risk assets without policy support.

    Liquidity conditions have stabilized in parts of the financial sector following the rollout of the reserve maturity program (RMP), Thompson said, but a broader tightening of 20%–25% is approaching, a significant drag that could leave bitcoin struggling in the near term.

    “Even with a resolution quickly in Iran, I do not believe that risk assets will rally for any sustainable time without outside help,” Thompson said in the report published last week.

    Thompson said he expects U.S. policymakers to respond. He pointed to likely measures including reform of the supplementary leverage ratio (SLR), a sizable drawdown of the Treasury General Account (TGA) without offsetting Federal Reserve bill issuance, and a series of rate cuts under a potential new Fed chair.

    The SLR is a banking regulation that sets how much capital large banks must hold against their total leverage. The TGA is the U.S. Treasury’s main cash account at the Federal Reserve.

    When the Treasury draws down the TGA (spends money from it), liquidity is effectively injected into the financial system; when it builds the TGA, liquidity is drained.

    Bitcoin’s performance over the past six months has been marked by sharp volatility, a clear shift from late-2025 exuberance to a more fragile, macro-driven market.

    After hitting an all-time high above $126,000 in October 2025, bitcoin entered a sustained drawdown through the end of the year and into early 2026. By February, prices had fallen to roughly $63,000, a decline of about 50% from the peak, amid a broader crypto market sell-off and tightening financial conditions. This period was characterized by weaker demand, exchange-traded fund (ETF) outflows and a more risk-off macro backdrop, with BTC underperforming equities in some stretches.

    Bitcoin is currently trading around $75,600, leaving it significantly off its peak but no longer in freefall. The last six months, in short, have seen a full cycle: from peak euphoria, to a deep correction, to a tentative stabilization phase, with macro liquidity, policy expectations and investor positioning now the dominant drivers.

    Advances in crypto regulation could also provide support. Thompson said he anticipates legal clarity on key measures before the summer recess and a faster-than-expected expansion of the Fed’s balance sheet as disinflationary pressures build.

    Higher oil prices, he argued, could ultimately weigh on growth, while a softening labor market and emerging stress in private credit may add to the disinflationary backdrop.

    Markets remain overly focused on the Federal Reserve as the primary source of liquidity, Thompson said, but the U.S. Treasury has significant capacity to inject funds into both the real economy and financial markets. With Treasury leadership experienced in deploying such tools, he expects a more proactive approach.

    The result: short-term pressure on bitcoin, but improving conditions over the medium term.

    Thompson said he expects bitcoin to be “significantly higher” by year-end as liquidity dynamics evolve. Even in a more protracted scenario, he sees liquidity bottoming around 2027, a timeline that could coincide with fresh all-time highs.

    Read more: U.S. crypto adoption is rebounding, bitcoin still dominates, Deutsche Bank says