BREAKING: $435 million has been liquidated from the cryptocurrency market in the past 12 hours.

On May 4, on-chain sleuth ZachXBT called out PolyArb as a deceptive prediction market product—its website features a wallet swapper. Additionally, the project’s official account has been posting controversial replies under tweets from various top prediction market accounts to drive traffic and lure user participation.

On May 4, trade.xyz launched GME stock contracts offering up to 10x leverage, per official sources. Separately, GameStop has officially submitted a takeover bid for eBay, according to prior reports.

As of May 4, per data from trade.xyz’s official website, the position limit for its first pre-IPO perpetual contract tied to Cerebras Systems has been raised to $10 million. As of press time, the contract’s current open interest stands at $4.26 million, with 24-hour trading volume hitting $2.52 million. Per trade.xyz documentation, if Cerebras Systems (ticker: CBRS) lists on Nasdaq before May 30, the trading pair will convert to a standard perpetual contract. If not, it will be settled based on TWAP. Cerebras Systems is an AI chip and supercomputing firm planning to go public on Nasdaq in mid-May under the ticker CBRS. Its core AI chip tech—the Wafer-Scale Engine (WSE)—treats an entire 300mm silicon wafer as a single processor, rather than slicing it into smaller chips.

May 4 US-Iran talks saw positive de-escalation over the weekend, though the US, Israel, and Iran remain prepared for potential conflict. With Trump launching “Operation Liberty,” the Strait of Hormuz control power struggle is set for a major turning point this week. Markets will stay on edge as peace talks and war risks hang in the balance. On the macro front, traders will focus on key US labor data next week, led by Friday’s nonfarm payrolls report. Key releases (ET): - Wednesday 8:15 PM: US April ADP Employment Change - Thursday 7:30 PM: US April Challenger Job Cuts - Thursday 11:00 PM: US April New York Fed 1-Year Inflation Expectations - Friday 8:30 PM: US April Unemployment Rate, Nonfarm Payrolls, Average Hourly Earnings (YoY/MoM) - Friday 10:00 PM: US May 1-Year Inflation Expectations (Preliminary), US May University of Michigan Consumer Sentiment Index (Preliminary), US March Wholesale Sales (MoM) Forecasters project Friday’s April nonfarm payrolls will show s

May 4 — Video game retailer GameStop has made a voluntary proposal to acquire U.S. online marketplace eBay for approximately $56 billion, The Wall Street Journal reported. GameStop CEO Ryan Cohen noted the company currently holds about 5% of eBay’s shares and is offering a cash-and-stock deal valued at $125 per share — a roughly 20% premium over eBay’s closing price last Friday. If eBay rejects the proposal, Cohen said he is prepared to launch a proxy contest and bring the proposal directly to eBay’s shareholders.

On May 4th, per Onchain Lens monitoring, a new address deposited $1 million into Hyperliquid and opened a 10x long position on WTI crude oil.