Bitcoin smashes $111K as the dollar breaks down

Bitcoin breaks $111K as the dollar stumbles 

Is this the new macro hedge?

Bitcoin just printed a fresh all-time high, crossing $111,000 for the first time ever. The breakout coincided with the U.S. dollar falling to multi-week lows — and for good reason.

This isn’t a coincidence. It’s a shift in the macro narrative.

What happened:

• The U.S. Treasury’s $16B 20-year bond auction flopped. The yield came in at 5.047% — well above market expectations — and spiked to 5.127% post-sale. That’s the highest since late 2023.

• Traders saw this as a warning: foreign buyers are demanding higher returns to hold U.S. debt, or backing away entirely.

• At the same time, Trump’s $4.5 trillion tax cut proposal is collapsing under Republican infighting. The projected impact? Up to $5 trillion in added debt over the next decade.

• Moody’s has already downgraded U.S. credit. Now, even the bond market is blinking.
  

Bitcoin didn’t miss a beat.

After holding firm above $106,000 earlier this week, BTC ripped through $109,588 — its January peak — and went straight to $111K.

ETF flows supported the move.

Spot Bitcoin ETFs posted $609M in net inflows on May 21, the sixth straight day of gains. Ethereum also saw inflows, but the spotlight was firmly on Bitcoin.

Why it matters:

This wasn’t just a price breakout. It was a signal that the capital was rotating.

• Risk isn’t leaving the market. It’s just moving to assets that aren’t exposed to sovereign debt.

• Bitcoin is increasingly viewed as a hedge against fiat volatility — especially as bond yields rise and political chaos mounts.

• For the first time, traditional institutions are treating Bitcoin like gold in a debt crisis.

Morgan Stanley captured the moment best in its new report:

The bank expects the dollar to weaken further as global yields converge and investor patience with U.S. deficits thins out.

What’s next:

• With no major resistance ahead, analysts are already eyeing $120,000 as the next technical target.

• If ETF inflows continue and dollar sentiment stays bearish, Bitcoin’s role as a macro hedge may only grow stronger.

💼 Deal Flow

Worldcoin raises $135M from A16Z and Bain Capital to fund global expansion

World Assets, the team behind Sam Altman’s Worldcoin project, has secured $135 million through a strategic sale of WLD tokens — the largest raise in the project’s history.

Backers include Andreessen Horowitz (A16Z), Bain Capital Crypto, Selini Capital, and Arctic Digital. The raise came at current market prices, signaling continued institutional confidence despite the project’s regulatory friction in several countries.

What the funds are for:

• Expand Orb-based biometric ID issuance globally with a renewed focus on the U.S.

• Accelerate development on Worldchain, a centralized Ethereum L2 chain for verified identities.

• Support future self-sufficiency through protocol fees as the project matures.
  

The funding lifts total known capital raised by Worldcoin to nearly $375M, with earlier support from Coinbase Ventures and other top-tier VCs.

Why it matters:

• Worldcoin’s vision is still controversial. With 26M+ verified users, the project wants to become the global backbone for proof-of-personhood in a future dominated by AI.

• WLD traded around $1.22 after the raise — up from recent lows but still far from its 2021 peak above $11.

• Analysts say if the 2025 bull market holds, WLD could break out above $3, but token dilution and limited utility (no DeFi, minimal apps) remain key risks.

📊 Market Watch

Trump-linked stablecoin USD1 goes live on Binance

World Liberty Financial’s stablecoin, USD1, is now officially listed on Binance — less than two months after its launch and just days after the U.S. Senate approved the GENIUS Act, the first federal framework to regulate stablecoins.

What happened:

• USD1 began spot trading on Binance on May 22, with deposits now open and withdrawals scheduled for May 23.

• The stablecoin is issued by BitGo Trust Company, a regulated South Dakota entity, and is pegged 1:1 to the U.S. dollar.

• It now joins a market dominated by Tether and USDC, which collectively handle over 60% of all stablecoin transactions.
  

Why it matters:

USD1 isn’t just another stablecoin. It’s backed by World Liberty Financial, a firm closely linked to President Trump’s digital asset ambitions. Earlier this year, Abu Dhabi’s MGX fund pledged $2B in USD1 for Binance liquidity, marking one of the largest single investments into a digital asset to date.

With the GENIUS Act moving swiftly through Congress — and expected to clear the House soon — this listing could offer USD1 first-mover advantage under the new rules. The legislation would grant official regulatory status to stablecoins like USD1, USDC, and PayPal’s PYUSD if they meet compliance benchmarks.

💼 Web3 Jobs: This Week’s Top Picks

From protocol giants to VC titans, the Web3 job market is heating up. This week, we spotlight 10 high-impact roles hiring across tech, marketing, and operations — with salaries touching $270K+ and most roles fully remote.

Tech & Engineering

• Dfinity – Senior Software Engineer | $175K–$235K | Hybrid (USA)
  TypeScript, React, Rust, UI Architecture

• Chainalysis – Blockchain Engineer II | $133K | Remote
  AWS, Java, SQL, Terraform

• Kraken – Backend Crypto Engineer L1 | $127K | Remote
  Node.js, Rust, Cryptography, Docker

 Marketing, Sales & Design

• Bitpanda – Marketing Manager – Web3 | $91K–$117K | Remote
  Web3 Campaigns, Data Analysis

• Consensys – Director, Product Marketing | $146K–$215K | Remote
  Go-to-Market, Consumer Growth

• Uniswap Labs – Staff Designer, Marketing | $213K–$236K | Remote
  Brand Strategy, AI Integration

Operations

• Ripple – Business Development Manager | $156K–$195K | Hybrid (USA)
  Payments, Stablecoins, BD

• a16z – Senior Recruiter | $239K–$278K | Hybrid (USA)
  Talent Strategy, VC Hiring

• Lucia Protocol – Web3 BD Lead | $150K | Remote
  Crypto Protocols, On-Chain Analytics

🔗 Browse and apply for all jobs here: Web3 Jobs Board

🧵 Tweet of the day by @CPOfficialtx

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