Here’s a quick recap of the crypto landscape for Wednesday (May 6) as of 11:00 a.m. UTC.
Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrencymarket news
Bitcoin (BTC) was priced at US$82,298.09.68, up by 0.6 percent over the last 24 hours.
Chart via TradingView
Bitcoin price performance, May 6, 2026.
Ether (ETH) was priced at US$2,411.26, down by 0.4 percent over the last 24 hours.
Altcoin price update
- XRP (XRP) was priced at US$1.45, up by one percent over 24 hours.
- Solana (SOL) was trading at US$89.37, trading 3.3 percent higher over the past 24 hours.
Today’s crypto news to know
Coinbase slashes 14 percent of workforce
Major cryptocurrency exchange Coinbase (NASDAQ:COIN) is laying off roughly 14 percent of its workforce, impacting about 700 employees as the firm restructures to navigate sluggish market conditions.
CEO Brian Armstrong detailed the harsh cuts in a company-wide email that was later shared on X, citing a convergence of cyclical crypto downturns and massive leaps in artificial intelligence.
Armstrong noted that AI tools have dramatically accelerated development, allowing engineers to ship code in days instead of weeks and enabling non-technical staff to push production-ready features.
To capitalize on these extreme efficiencies, the company is fundamentally flattening its corporate hierarchy to a maximum of five layers below the executive suite. The new structure effectively eliminates “pure managers,” requiring all leaders to actively contribute as hands-on player-coaches alongside their teams.
Furthermore, the exchange is experimenting with hyper-concentrated “AI-native pods,” floating the idea of one-person teams where a single employee acts as an engineer, designer, and product manager all at once.
Laid-off workers in the US are receiving a comprehensive severance package that includes 16 weeks of base pay, equity vesting, and continuous healthcare coverage.
Coinbase isn’t the only crypto heavyweight citing AI as a catalyst for downsizing. Industry rivals like Crypto.com and Gemini have also recently reduced their headcount by 12 and 30 percent respectively.
Strategy abandons “Diamond Hands” policy
Corporate Bitcoin whale Strategy has officially walked back its famous “never sell” philosophy.
During a brutal first-quarter earnings call on Tuesday (May 5), leadership announced that the software firm will begin actively managing its cryptocurrency reserves to maximize its Bitcoin-per-share metric.
This reversal comes on the heels of a jaw-dropping US$12.54 billion net loss for the quarter, largely fueled by a $US14.46 billion unrealized hit on its massive digital asset portfolio.
Strategy currently holds a staggering 818,334 BTC—roughly 4 percent of the global supply—but that aggressive hoarding strategy has generated around US$1.5 billion in annual liabilities from debt interest and preferred stock dividends.
To service those massive financial commitments, CEO Phong Le and Executive Chairman Michael Saylor confirmed that selling portions of their stash is now a highly viable option. Saylor likened the new approach to a real estate development firm, where the company leverages credit to acquire prime assets, allows them to appreciate, and selectively sells them off to fund operations.
The executive explicitly noted that they will likely sell some coins soon just to “inoculate the market” and prove that the firm’s capital structure remains agile.
Ripple distributes North Korean hacker intel to strengthen industry defenses
Blockchain payments firm Ripple is teaming up with the nonprofit Crypto ISAC to distribute vital internal threat intelligence regarding North Korean cyberattacks across the digital asset industry.
The shared data provides enriched profiles of suspected IT workers attempting to infiltrate crypto companies, along with specific wallet addresses and active indicators of compromise.
Security experts are raising alarms as state-sponsored operatives from the Lazarus Group abandon quick technical exploits in favor of incredibly patient, months-long social engineering campaigns.
This shift in tactics has been devastatingly effective, with blockchain intelligence firm TRM Labs attributing 76 percent of all crypto theft in 2026 directly to a handful of North Korean operations like the recent Drift and KelpDAO exploits.
However, these aggressive defense mechanisms are currently sparking intense legal friction within the decentralized finance community. Lending protocol Aave filed a federal court memorandum demanding the release of US$71 million caught in that Arbitrum freeze, arguing the funds rightfully belong to its users rather than the hackers.
Don’t forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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