News Roundup — Ethereum Surges Double Digits to $2,400 Following Pectra Upgrade

Major news stories this week;

1. Ethereum Surges Double Digits to $2,400 Following Pectra Upgrade
2. Coinbase to Acquire Deribit: Becoming the Most Comprehensive Global Crypto Derivatives Platform
3. US Senate Votes Against GENIUS Act After Democrat Pushback‍
4. UAE State-Owned Emarat Partners With Crypto.com to Integrate Bitcoin, Crypto Payments at Gas Stations
5. Tether’s Upcoming AI Platform Set to Integrate Bitcoin and USDT Payments

Story Summaries;

1. Ethereum surged nearly 29% to over $2,400 following its major Pectra upgrade, which improved user experience, scalability, and staking flexibility. This marks its first time above $2,000 since March, aided by easing global trade tensions after a U.S.–UK trade deal. Despite the rally, Ethereum spot ETFs in the U.S. have seen consistent outflows. The broader crypto market rose 3.5% to a $3.37 trillion cap.
2. Coinbase is acquiring Deribit, the leading crypto options exchange, for $2.9 billion in cash and stock. This move makes Coinbase the global leader in crypto derivatives, adding options to its existing spot, futures, and perpetuals offerings. Deribit’s strong institutional client base and profitability will enhance Coinbase’s global reach and revenue stability. The deal is expected to close by year-end, pending regulatory approval.
3. The U.S. Senate blocked the GENIUS Act, a stablecoin regulation bill, in a 48-49 vote, falling short of the 60 needed to advance. Despite earlier bipartisan support, Democratic concerns over illicit finance, foreign issuers, and Trump’s crypto ties derailed progress. Senators Hawley and Paul opposed the bill, and Majority Leader Thune flipped his vote to allow reconsideration. While stalled for now, lawmakers suggest the bill could return with revisions next week.
4. Emarat, the UAE’s state-owned fuel retailer, has partnered with Crypto.com to enable Bitcoin and other crypto payments at 10 fuel stations in Dubai, with plans to expand across its network. They will also launch a flagship “Emarat x Crypto.com” station as part of Project Landmark, highlighting innovation in payments and retail.
5. Tether CEO Paolo Ardoino announced that the upcoming Tether AI platform will support Bitcoin and USDT payments via a peer-to-peer network using the company’s wallet development kit. Designed to be open-source, scalable, and device-agnostic, the platform reflects a vision inspired by Asimov’s sci-fi. Tether is also developing AI tools like Translate, Voice Assistant, and Bitcoin Wallet Assistant, and plans to launch a separate U.S.-based dollar stablecoin later this year.
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And that’s all for last week’s news! Wishing you a great week ahead!