Hyperliquid surges as meme coin PURR, ecosystem project KNTQ, and treasury firm stock all rise

On May 21, U.S. initial jobless claims for the week ending May 16 came in at 209,000, slightly below the 210,000 consensus estimate, and lower than the prior week’s 211,000 reading.

May 21 — Forbes reports that as tensions in the Middle East continue to escalate, U.S. officials are working to sever financial channels tied to the Iranian regime and stepping up efforts to crack down on Iran’s growing use of cryptocurrency. A new estimate from a threat intelligence firm finds Iran controls roughly $7.7 billion in digital assets. Industry insiders believe Washington could ramp up pressure further by threatening to disconnect cryptocurrency exchanges from the U.S. banking system.

May 21st: Wang Qiao, co-founder of AllianceDAO, has outlined two market cap targets for ZEC relative to Bitcoin (BTC)’s total value. The conservative goal sees ZEC reach 3% to 5% of BTC’s market capitalization, a move driven by BTC holders allocating a portion of their portfolios to ZEC as a hedge. The aggressive target is far higher: 15% to 20% of BTC’s market cap, a ratio matching the historical silver-to-gold exchange rate. Qiao also noted that if BTC faces a catastrophic event—such as a massive sell-off by Michael Saylor, a quantum attack, or another major crisis—ZEC could even flip BTC entirely. ZEC has surged over 25% in the past month, pushing its market cap past the $10 billion mark. As of press time, ZEC’s market cap stands at $10.9 billion, while BTC’s is roughly $1.54 trillion. If Qiao’s projections pan out, ZEC still has a potential 3x to 6x price upside from current levels.

May 21st – Per an official announcement, Binance Alpha has begun distributing the second wave of its ETHGas (GWEI) airdrop. Eligible users, defined as those holding at least 230 Alpha points, can claim their 250 GWEI tokens via the platform’s dedicated Alpha activity page. If the total airdrop pool hasn’t been fully distributed, the points requirement will automatically drop by 5 points every 5 minutes.

May 21: Coinglass data shows Bitcoin’s negative premium on Coinbase stands at -0.1011%, hitting its lowest level since April. Analysts note that while Bitcoin has recorded a recent rebound amid eased Iran-related tensions, the continuously widening negative premium signals U.S. investors are accelerating their exit from the cryptocurrency.

On May 21, Kraken’s parent company Payward announced it has received preliminary approval for a brokerage, asset management, and investment license from the Dubai Virtual Asset Regulatory Authority (VARA) in the UAE. This authorization allows Payward to expand its cryptocurrency business in the region. The firm plans to offer spot, margin, and OTC trading, staking services via a locally regulated entity, plus Kraken Prime for institutional clients, and support peer-to-peer cryptocurrency transfers.