🕒 Posted on: 6/6/2025 3:45:08 AM UTC

Uber Explores Stablecoins to Cut Costs as Bitcoin Surges Past $101.5K Amid Corporate Accumulation

The cryptocurrency market continues to evolve as major corporations explore blockchain-based financial solutions. Uber, the global ride-sharing giant, is now in a "study phase" of integrating stablecoins to reduce operational costs. Meanwhile, Bitcoin (BTC) has surged past $101,500, with analysts eyeing $120K amid growing corporate accumulation.

This article examines Uber’s stablecoin considerations, Bitcoin’s bullish momentum, regulatory developments, and other key crypto market updates.

Uber in ‘Study Phase’ of Stablecoin Adoption for Cost Efficiency

Uber CEO Dara Khosrowshahi recently confirmed that the company is exploring stablecoins as a potential tool to lower transaction costs when moving money globally. While no specific stablecoin was named, this marks another instance of Uber showing interest in crypto integration.

Historically, Uber has considered cryptocurrency payments before—first in 2021 and again in 2022—but has yet to implement them. If adopted, stablecoins could help Uber streamline cross-border payments, reduce foreign exchange fees, and improve financial efficiency.

However, Khosrowshahi emphasized that the company is still assessing feasibility rather than committing to an immediate rollout.

Bitcoin Trades Above $101.5K as Analysts Predict $120K Target

Bitcoin (BTC) has demonstrated resilience despite macroeconomic uncertainties, holding steady above $101,500 during Asian trading hours. Analysts suggest that continued corporate accumulation could push BTC toward $120K by year-end.

Polymarket traders currently assign a 69% probability that Bitcoin will reach $120K before December 31, 2024. Gabeljic of Pythagoras Investments noted BTC’s relatively lower volatility compared to other digital assets amid recent U.S. tariff announcements.

This bullish sentiment aligns with increasing institutional interest, as more companies adopt Bitcoin treasury strategies—a trend popularized by MicroStrategy’s Michael Saylor. However, Standard Chartered has warned of risks for firms imitating this strategy if BTC faces a sharp downturn.

DOJ Seizes $7.74M in Crypto Linked to North Korean Laundering Scheme

The U.S. Department of Justice (DOJ) intensified its crackdown on illicit crypto activities by seizing $7.74 million tied to North Korea’s cybercrime operations. The funds were allegedly laundered through fake IT jobs and blockchain fraud schemes aimed at financing weapons programs.

This enforcement action highlights ongoing regulatory efforts to combat crypto-related financial crimes, particularly those linked to state-sponsored actors like North Korea’s Lazarus Group.

SEC Commissioner Advocates for Streamlined Crypto Regulations

SEC Commissioner Hester Peirce has pushed for clearer and more accommodating crypto regulations to foster innovation while protecting investors. She emphasized:

Reducing regulatory red tape
Expanding custody options for digital assets
Encouraging investor-friendly policies

Peirce’s stance contrasts with the SEC’s traditionally cautious approach under Chair Gary Gensler, signaling potential shifts in U.S. crypto oversight.

Trump-Musk Spat Triggers Bitcoin Dip, Liquidating $308M in Longs

Bitcoin faced short-term volatility amid broader macroeconomic tensions and a public dispute between former President Donald Trump and Elon Musk. The price drop led to $308 million in long position liquidations within 24 hours, underscoring the market’s sensitivity to high-profile events.

Despite this dip, Bitcoin quickly regained stability above $101K, reinforcing its strong bullish trend.

Meta Oversight Board Criticizes Weak Enforcement on Deepfake Scams

Meta’s Oversight Board reprimanded the company for failing to remove a viral deepfake ad featuring Cristiano Ronaldo promoting a fraudulent investment scheme. The board called for stricter enforcement against AI-generated scams exploiting celebrity likenesses—a growing concern in social media fraud prevention.

Toncoin Whales Accumulate Despite Holder Losses

Toncoin (TON) has seen significant whale accumulation even as many retail investors remain at unrealized losses. Analysts suggest this divergence could signal an impending breakout if buying pressure continues while weak hands exit their positions.

Sei Network Hits 621K Wallets & $930M TVL—But Risks Remain

Sei Network has achieved explosive growth with 621,000 wallets and a Total Value Locked (TVL) of $930 million. However, short-term liquidity concerns suggest caution despite its rapid expansion in users and capital inflows.

Conclusion: Corporate Crypto Adoption Gains Momentum

Uber’s exploration of stablecoins reflects broader corporate interest in blockchain-based financial solutions for cost efficiency and global transactions. Meanwhile, Bitcoin’s surge past $101K underscores institutional confidence despite short-term volatility risks highlighted by Standard Chartered. Regulatory clarity from figures like SEC Commissioner Peirce could further accelerate adoption—provided enforcement actions against illicit activities continue strengthening market integrity.