The Daily: Coinbase’s wrapped XRP and DOGE land on Base, bitcoin bulls target $125K in June while bears warn of fading momentum, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Thursday! On the latest episode of The Crypto Beat podcast, Thrive Protocol founder Daniel Jacobs broke down how AI review systems are reshaping crypto funding by rewarding real builders over extractive players.

In today’s newsletter, XRP and DOGE wrapped tokens go live on Base, analysts say the near-term bitcoin bull case may hinge on rate cut expectations, Michelle Bowman becomes the Fed’s new vice chair for supervision in what Sen. Lummis calls a win for crypto, and more.

Meanwhile, the U.S. government seizes crypto funds tied to a darknet marketplace called BidenCash.

Let’s get started.

Coinbase’s wrapped XRP and DOGE tokens land on Base

Crypto exchange Coinbase has launched wrapped XRP (cbXRP) and Dogecoin (cbDOGE) on its Ethereum Layer 2 network Base.
Each wrapped token is backed 1:1 by XRP and DOGE held in Coinbase’s custody, ensuring full collateralization.

• The new tokens allow cross-chain use of XRP and DOGE, which serve as the native assets of the XRP Ledger and Dogecoin blockchain, within Ethereum-based DeFi apps on Base.
• “The launch of these assets expands Coinbase’s wrapped asset offerings, and with Base’s open and permissionless platform, it makes it easier for anyone to participate in the onchain economy,” a Base spokesperson said.
• Users minted over 2.3 million cbXRP ($5 million) and 10.4 million cbDOGE ($1.9 million) within the first day after launch.
  The move builds on the September launch of Coinbase Wrapped Bitcoin, cbBTC, which has since reached a market capitalization of $4.7 billion.
• Coinbase plans to expand wrapped offerings further, with cbLTC and cbADA also in development.

Bitcoin bulls target $125K in June while bears warn of fading momentum

Analysts at Bitfinex said bitcoin could rally toward $125,000 in June if a weak U.S. jobs report on Friday triggers a domino effect toward earlier-than-anticipated Fed rate cuts.

• However, stronger-than-expected labor data may delay cuts and see bitcoin fall back to $95,000, they said, highlighting the market’s sensitivity to macro data.
• Meanwhile, BRN Lead Research Analyst Valentin Fournier warned that mounting bearish signals point toward near-term profit-taking.
• “Despite strong macro data and easing inflation, crypto markets are failing to respond,” Fournier said. “The spike in IPO activity signals frothy valuations and a desire by insiders to exit while prices are still elevated. Combined with shrinking ETF inflows and declining prices, we interpret this as a sign of a tired market running out of fuel.”

Fed’s Bowman confirmed as vice chair for supervision; Lummis calls it a win for crypto

The U.S. Senate confirmed Michelle Bowman as the Federal Reserve’s new vice chair for supervision in a narrow 48-46 vote, succeeding Michael Barr in the central bank’s top regulatory role.

• Senator Cynthia Lummis hailed Bowman’s confirmation as a win for crypto and a shift toward evidence-based regulation that “signals a brighter future for digital assets.”
• Bowman, who has served as a Fed governor since 2018 and received President Trump’s nomination in March, previously criticized the complexity of U.S. financial regulations but did not mention crypto during her April nomination hearing.
• The Crypto Council for Innovation also welcomed Bowman’s appointment, citing her openness to blockchain and digital asset innovation.

Singapore court declines WazirX’s restructuring plan after $230 million exploit

The Singapore High Court rejected crypto exchange WazirX’s proposed restructuring plan following its Lazarus Group-linked $230 million exploit last year.

• WazirX said it is weighing an appeal against the court’s decision and continues to explore legal options to move forward with creditor distributions.
• The plan had secured support from over 93% of voting creditors in April, representing nearly 95% of total claims.
• The exchange also noted that if the court had approved the proposed restructuring, the initial distribution to creditors would have occurred within 10 business days of the scheme’s effective date.

Solo bitcoin miner beats the odds to win $330K block reward

A solo bitcoin miner earned over $330,000 by solving block 899,826 on Thursday using solo mining software from CKpool, likely after renting additional hash power to boost their chances, according to the pool’s developer, Con Kolivas.

• The miner temporarily ramped up their hash rate from 6.1 PH/s to 261 PH/s, vastly increasing their odds against Bitcoin’s 796 EH/s total network average.
• While rare, this marks the 300th block solved on CKpool by a solo miner, highlighting the slim but real odds of scoring big — in this case, about 1 in 3,050.

In the next 24 hours

• Eurozone GBP data are released at 5 a.m. ET on Friday. U.S. nonfarm payroll and unemployment rate figures are out at 8:30 a.m.
• ECB President Christine Lagarde will speak at 4:30 a.m.
• Bitget Token and Moca Network are set for token unlocks.

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