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2 Jun 2026, 10:15
Cango cuts long-term debt by 94% and launches EcoHash pilots as AI pivot tunes out non-cash losses
Cango Inc (NYSE: CANG) has released the unaudited results of its financial statement for the first quarter of 2026, and it reported a net loss of $261.1 million. However, most of these losses came as a result of non-cash charges. The company also reported that it has wiped out its balance-sheet debt in a single quarter while simultaneously supercharging its entry into the artificial intelligence compute market. Why is Cango’s $261 million loss not a problem? $151.8 million out of the total net loss came from changes in the fair value of bitcoin collateral receivables, a non-cash accounting charge driven by falling bitcoin prices, while a further $49 million reflects impairment losses on mining machines, also triggered by the same price decline. Together, these two items account for more than three-quarters of the reported loss. Bitcoin fell by 22.6% over the first quarter of 2026, and this was driven by delays in key crypto legislation, macroeconomic unease, and uncertainty over Federal Reserve leadership, among other factors. Miner revenue also suffered as a result, collapsing to a post-halving low of roughly $28 to $30 per petahash per second per day by early March. As of June 1, the Bitcoin hash price index is $0.034 for 1 TH/s of hashing power per day, according to The Block data. Public miners are also letting go of their Bitcoins in droves to fund pivots towards AI infrastructure, having collectively sold a record 32,000 BTC during the quarter. Cango recorded $102.0 million in total revenue, with $98.4 million coming from bitcoin mining. The company mined 1,266 bitcoin over the quarter at a total operational hashrate of 37.01 EH/s, comprising 27.98 EH/s of self-mining and 9.02 EH/s of leased hashrate. Cost of revenue fell from $155.3 million in the prior quarter to $99.6 million, driven by lower electricity and hosting costs after the deliberate reduction in hashrate that accompanied the phase-out of older S19 series machines. How much does the debt reduction actually change Cango’s strategic position? Away from its headline loss, Cango reduced its long-term debt from $557.6 million to $30.6 million, a 94.5% reduction, by offloading roughly 4,451 BTC, approximately 60% of its holdings at the time, to repay related-party debt. The company ended the quarter holding 1,026 bitcoin in reserve alongside $7.2 million in cash, down from $41.2 million at year-end 2025. According to Cango’s April 2026 operational update, the company’s average cash cost per bitcoin declined further to $68,061 in April from $76,928 in Q1, a 9% sequential reduction that management attributes to fleet optimization and the ongoing transition from legacy S19 hardware to more efficient S21 series miners. Cango’s Bitcoin reserves rose to 1,057 BTC by the end of April. At 31.58 EH/s, the total operational hashrate was lower than Q1 as the fleet transition continued, but the margin profile improved. Chief Financial Officer Simon Tang stated, “Despite a challenging quarter affected by industry adjustments and non-cash impacts, we made meaningful progress in improving our cost structure and strengthening our balance sheet. We reduced long-term debt and achieved continued declines in mining cash costs through disciplined execution.” How far along is Cango’s AI pivot? During the first quarter, Cango launched EcoHash that built around modular, containerized GPU compute units targeting the AI inference and high-performance computing market. According to Cango, pilot deployments are underway, with the roadmap beginning at GPU leasing and scaling, the company says, toward a global AI compute network. In April, the launch was followed by the completion of a $65 million strategic investment and a $10 million convertible note, indicating external capital is being lined up to fund the expansion. Cango’s CEO, Paul Yu, stated, “By leveraging our global energy network and operational expertise, we are well-positioned to enhance efficiency, capture emerging AI compute opportunities, and drive sustainable long-term value.” While the debt is gone, the work continues for Cango. The company recorded an adjusted EBITDA loss of $154.1 million, which, when compared with the $1.7 million loss it recorded in the same period of 2025, highlights the grounds the business needs to recover.
2 Jun 2026, 10:15
XRP Ledger Payments Volume Surges 10x, Spiking Above 1.5 Billion
XRP Ledger payment volume exploded nearly 10x in a single day, with more than 1.5 billion XRP transferred.
2 Jun 2026, 10:14
Bitcoin Price Prediction: Can BTC Hold $70K Support?
Bitcoin is retesting key support near the weekly Hull Moving Average while the daily chart shows a tight cluster between $73,000 and $71,300. A strong bounce could send BTC back toward $78,000, but a clean breakdown may open the door to $65,000. Bitcoin Price Retests Hull Moving Average as Analyst Compares Past Cycle Breakouts Bitcoin has retested its weekly Hull Moving Average after a recent breakout attempt, according to a chart shared by Super฿ro on X. The analyst compared the current BTC setup with similar weekly structures from 2014, 2018, and 2022, when Bitcoin also broke above the Hull Moving Average and later retested it. Bitcoin Weekly HMA Chart. Source: Super฿ro on X The chart shows four separate Bitcoin weekly cycle examples. Each panel marks the yellow Hull Moving Average, with breakout and retest areas highlighted. In the 2014 example, BTC broke above the Hull Moving Average and later retested the same area before continuing through a recovery structure. The chart also shows a second retest later in that cycle. The 2018 panel shows a faster move. Bitcoin broke above the Hull Moving Average and continued higher without a clear retest in the highlighted zone. The 2022 panel shows another breakout and retest structure. BTC moved above the Hull Moving Average, pulled back into the same area, and later continued higher. The 2026 panel shows Bitcoin now testing the weekly Hull Moving Average again. The chart places the HMA near $70,188, while BTC trades close to the same area. Super฿ro said the retest was discussed two weeks earlier and has now arrived. He said previous retests felt weak at the time, but historically appeared near periods when long term positioning improved. However, the current setup still needs confirmation. Bitcoin must hold near the Hull Moving Average and recover from the retest area before the comparison with earlier cycles becomes stronger. A clean break below the moving average would weaken the setup. In that case, the retest would look more like failed support than a repeat of the previous breakout structures. For now, the chart shows Bitcoin at a higher timeframe decision point. The next weekly candles will show whether the Hull Moving Average works as support again or whether sellers push BTC back below it. Bitcoin Price Tests Critical Support as BTC Faces $65K Breakdown Risk Bitcoin is testing a major support cluster between $73,000 and $71,300, according to a daily chart shared by Ali Charts on X. The analyst said a strong reaction from this area could push BTC back toward $78,000. However, a breakdown below the support cluster could expose the $65,000 area. Bitcoin Daily Chart. Source: Ali Charts on X The chart shows Bitcoin pulling back after failing to hold the upper part of its rising channel. BTC moved lower through several marked levels and is now sitting near the lower support zone. The main support cluster includes $74,020, $72,630, and $71,305. These levels sit close together, making the area important for the next move. Ali Charts said Bitcoin needs a strong reaction from the $73,000 to $71,300 range. If buyers defend this zone, BTC could attempt a recovery toward $77,887, which aligns with the analyst’s upside area near $78,000. Above that, the chart marks higher resistance near $82,811 and $89,071. Bitcoin would need to clear the lower resistance first before those levels become more relevant. On the downside, a clean break below $71,305 would weaken the support setup. In that case, the chart points to $68,589 first, followed by deeper support near $65,230. The chart also shows a lower level near $59,789, but BTC would need to lose the $65,000 area before that zone comes into focus. For now, Bitcoin is at a key daily support test. The next move depends on whether buyers defend the $73,000 to $71,300 cluster or sellers push BTC toward $65,000.
2 Jun 2026, 10:06
Robinhood Just Acquired Canada’s Biggest Crypto Platform — And Brought 300,000 New Customers With It
Robinhood Markets has closed its acquisition of WonderFi, a Canadian leader in digital asset products and services, marking the US trading platform’s formal entry into Canada and pushing its total international funded customer base past 1 million for the first time, per the company’s official announcement on June 1, 2026. Related Reading: The Bitcoin Retracement Rally And The Resistance Level That Could End It All WonderFi operates two of Canada’s longest-standing regulated crypto platforms — Bitbuy and Coinsquare — both of which will now carry the Robinhood brand. The approximately 300,000 funded customers already using those platforms transfer directly into Robinhood’s ecosystem, per the announcement, representing one of the more meaningful immediate user acquisitions any crypto-facing platform has made through an M&A transaction in recent memory. BTC's price trends to the downside on the daily chart, Source: BTCUSD on Tradingview What Canadian Users Get For Canadian customers, the Robinhood acquisition delivers a concrete upgrade on cost and experience. Under the new structure, users will be invited to download the Robinhood app, gaining access to a flat 0.5% fee per CAD trade — a pricing model Robinhood describes as lower than existing market rates — alongside Robinhood’s consumer interface and its globally scaled platform infrastructure, per the official announcement. WonderFi’s existing institutional relationships in Canada will be maintained under Robinhood’s ownership, with the company stating it will continue building on those partnerships alongside the institutional business it has already established through Bitstamp, the European exchange Robinhood acquired in 2023, per the press release. Johann Kerbrat, SVP and General Manager of Robinhood Crypto and International, said in the announcement that WonderFi’s extensive experience operating regulated crypto platforms — serving both beginner and advanced users — made it an ideal partner to accelerate Robinhood’s mission in Canada. A Global Expansion Play With Real Infrastructure The WonderFi deal is not Robinhood’s first international move but it is among its most structurally complete. Rather than building a Canadian regulatory presence from scratch, Robinhood acquired two established licensed platforms with existing user bases, compliance frameworks, and institutional relationships — a considerably faster path to meaningful market presence than organic entry would have allowed. Related Reading: Binance Unveils Trading Access To Over 7,000 US Stocks, ETFs—And Adds A New Tokenization Plan The Canadian headquarters Robinhood established in Toronto in 2024 as an engineering hub now sits alongside more than 240 employees based in the country — a workforce that, combined with WonderFi staff, gives Robinhood a substantial operational footprint north of the border from day one, per the announcement. This development marks a pivotal moment for the nascent sector’s consolidation phase in North America. Robinhood entering Canada through a regulated acquisition — not a gray-area expansion — reflects the same institutional playbook reshaping crypto exchange ownership in South Korea and Europe simultaneously: established financial platforms acquiring regulated local infrastructure rather than testing regulatory limits from the outside. Cover image from ChatGPT, BTCUSD chart from Tradingview
2 Jun 2026, 10:05
MoneyGram launches MGUSD stablecoin on Stellar for US users
🚀 MoneyGram launched the MGUSD stablecoin for US users on Stellar. Now people can hold and send digital dollars easily in $MGUSD. 🌎 The global expansion of MGUSD is planned for the near future. Continue Reading: MoneyGram launches MGUSD stablecoin on Stellar for US users The post MoneyGram launches MGUSD stablecoin on Stellar for US users appeared first on COINTURK NEWS .
2 Jun 2026, 10:02
Pundit Says Buy XRP Before Apple Makes This Announcement
Crypto commentator John Squire has attracted attention within the XRP community after sharing a tweet encouraging investors to consider buying XRP before any potential announcement involving Apple. The post was accompanied by a video in which Squire explained his reasoning, emphasizing the importance of identifying opportunities before major news events become public. In the post, Squire stated, “Buy XRP before Apple announces it.” While the message was brief, the attached video provided additional context on his perspective on investing and the role he believes anticipation can play in market performance. Buy $XRP before Apple announces it. pic.twitter.com/SttzQxN1zq — John Squire (@TheCryptoSquire) May 31, 2026 Squire Explains His Investment Approach In the video attached to the post, Squire addressed a question he said he receives frequently regarding why someone might choose to buy XRP before any announcement from a major technology company such as Apple. According to Squire, some of the largest gains in financial markets often occur before widely anticipated news becomes public. He argued that investors who identify potential opportunities ahead of official announcements may position themselves more effectively than those who wait for confirmation. He noted that when a company as large as Apple announces a new technology, partnership, or integration, market reactions can occur within minutes. As a result, he believes that a substantial portion of any price movement may already have taken place by the time the broader market responds to the news. Squire clarified that his position is not based on any expectation that Apple will specifically launch XRP or formally announce support for the digital asset. He also stated that he does not possess insider information regarding Apple or any plans involving blockchain technology. Instead, he said his interest in XRP comes from what he views as the possibility that large global corporations could eventually adopt technologies connected to blockchain infrastructure, digital assets, and related financial systems. In his view, XRP could potentially benefit if such developments occur in the future. Community Members Question the Claim The post quickly generated responses from community members, with some expressing concern about the implications of linking XRP to a potential Apple announcement without supporting evidence. One commenter, Altcoin, argued that posts of this nature can be harmful to the XRP community when they are not based on credible sources. The commenter warned that creating expectations around unconfirmed developments could ultimately lead to disappointment among investors. Another user, OnlySats, took a more critical stance. The commenter accused Squire of giving people false hope and questioned why he continues to promote XRP. The response also suggested that discussions should focus on actual market performance rather than speculative narratives. We are on X, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) June 15, 2025 Supporters Point to Potential Payment Industry Connections Not all reactions were negative. Some community members expressed support for Squire’s outlook and argued that the idea should not be dismissed outright. One commenter, Lily Harris, suggested that Apple’s move into digital payments or stablecoins could require fast and compliant transaction infrastructure. According to Harris, XRP is already positioned as a blockchain-based payment solution, making any future connection between Apple and digital asset infrastructure potentially significant. While no evidence has emerged indicating that Apple plans to integrate XRP or announce any related initiative, Squire’s post reflects a viewpoint held by some investors who prefer to position themselves ahead of potential developments rather than wait for official confirmation. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on X , Facebook , Telegram , and Google News The post Pundit Says Buy XRP Before Apple Makes This Announcement appeared first on Times Tabloid .
