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The £3 bus fare cap could be scrapped after December 2025, the transport secretary has suggested.

Sir Keir Starmer recently confirmed that the £2 cap, which has been in place in England since 1 January 2023, will rise to £3 at the start of next year.

The government has said the £3 cap would stay in place for another year, until December 2025.

But speaking on Sunday morning with Trevor Phillips, Transport Secretary Louise Haugh indicated the government was considering abolishing the cap beyond that point to explore alternative methods of funding.

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She said: “We’ve stepped in with funding to protect it at £3 until 31 December next year. And in that period, we’ll look to establish more targeted approaches.

“We’ve, through evaluation of the £2 cap, found that the best approach is to target it at young people.

“So we want to look at ways in order to ensure more targeted ways, just like we do with the concessionary fare for older people, we think we can develop more targeted ways that will better encourage people onto buses.”

Pressed again on whether that meant the single £3 cap would be removed after December 2025, and that other bus reliefs could be put in place, she replied: “That’s what we’re considering at the moment as we go through this year, as we have that time whilst the £3 cap is in place – because the evaluation that we had showed, it hadn’t represented good value for money, the previous cap.”

It comes after Ms Haigh also confirmed that HS2 would not run to Crewe.

The northern leg of HS2, which would have linked Birmingham to Manchester, was scrapped by former prime minister Rishi Sunak during the Conservative Party conference last year.

There had been reports that Labour could instead build an “HS2-light” railway between Birmingham and Crewe.

But Ms Haigh said that while HS2 would be built from Birmingham to Euston, the government was “not resurrecting the plans for HS2”.

“HS2 Limited isn’t getting any further work beyond what’s been commissioned to Euston,” she added.

Last month the prime minster confirmed the £2 bus fare cap would rise to £3 – branded the “bus tax” by critics – saying that the previous government had not planned for the funding to continue past the end of 2024.

He said that although the cap would increase to £3, it would stay at that price until the end of 2025 “because I know how important it is”.

Manchester mayor to keep £2 cap

The cap rise has been unpopular with some in Labour, with Greater Manchester mayor Andy Burnham opting to keep the £2 cap in place for the whole of 2025, despite the maximum that can be charged across England rising to £3.

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The region’s mayor said he was able to cap single fares at £2 because of steps he took to regulate the system and bring buses back into public ownership from last year.

He also confirmed plans to introduce a contactless payment system, with a daily and weekly cap on prices, as Greater Manchester moves towards a London-style system for public transport pricing.

Under devolution, local authorities and metro mayors can fund their own schemes to keep fares down, as has been the case in Greater Manchester, London and West Yorkshire.

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Crypto sentiment recovers, but weekend liquidity risks remain

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Crypto sentiment recovers, but weekend liquidity risks remain

Crypto sentiment recovers, but weekend liquidity risks remain

Crypto investor sentiment has seen a significant recovery from global tariff concerns, but analysts warn that the market’s structural weaknesses may still result in downside momentum during periods of weekend illiquidity.

Risk appetite appeared to return among crypto investors this week after US President Donald Trump adopted a softer tone, saying that import tariffs on Chinese goods may “come down substantially.”

However, the improved investor sentiment “does not guarantee that Bitcoin will avoid volatility over the weekend,” analysts from Bitfinex exchange told Cointelegraph:

“Sentiment improvements reduce fragility, but they do not eliminate structural risks like thin weekend liquidity.” 

“Historically, weekends remain vulnerable to sharp moves — especially when open interest is high and market depth is low,” the analysts said, adding that unexpected macroeconomic news can still increase volatility during low liquidity periods.

Related: Trump fought the bond market, the bond market won: Saifedean Ammous

Bitcoin (BTC) staged a near 11% recovery during the past week, but its rally has previously been limited by Sunday liquidity dynamics.

Crypto sentiment recovers, but weekend liquidity risks remain
BTC/USD, 1-year chart. Source: Cointelegraph

Bitcoin fell below $75,000 on Sunday, April 6, despite initially decoupling from the US stock market’s $3.5 trillion drop on April 4 after US Federal Reserve Chair Jerome Powell warned that Trump’s tariffs may affect the economy and raise inflation.

The correction was exacerbated by the lack of weekend liquidity and the fact that Bitcoin was the only large liquid asset available for de-risking, industry watchers told Cointelegraph.

Related: US banks are ‘free to begin supporting Bitcoin’ — Michael Saylor

“While improved sentiment creates a more stable foundation, cryptocurrency markets are still susceptible to rapid movements during periods of reduced trading volume,” according to Marcin Kazmierczak, co-founder and chief operating officer of RedStone blockchain oracle firm.

“The sentiment recovery provides some cushioning, but traders should remain cautious as weekend liquidity constraints can still amplify price movements regardless of the current market mood,” he told Cointelegraph.

Crypto investors may have “maxed out on tariff-related fears”

Cryptocurrency markets may have priced in the full extent of tariff-related concerns, according to Aurelie Barthere, principal research analyst at crypto intelligence platform Nansen.

“It feels like we’ve maxed out on tariff-related fear,” she told Cointelegraph, adding:

“While many remain uncertain about where things are headed over the next month or so, it also seems like markets were just waiting for the slightest signal that we’re back in the game.”

“Whether the rally is sustainable depends on whether we can break through previous resistance levels, at least in isolation. It could have legs, as markets now seem to believe there’s a ‘Trump put’ under equities, the US dollar and US Treasurys,” Barthere added, warning of more potential volatility amid the upcoming negotiations.

Nansen previously predicted a 70% chance that crypto markets will bottom and start a recovery by June, but highlighted that the timing will depend on the outcome of tariff negotiations.

The tariff negotiations may only be “posturing” for the US to reach a trade agreement with China, which may be the “big prize” for Trump’s administration, according to Raoul Pal, founder and CEO of Global Macro Investor.

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Deloitte predicts $4T tokenized real estate on blockchain by 2035

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Deloitte predicts T tokenized real estate on blockchain by 2035

Deloitte predicts T tokenized real estate on blockchain by 2035

Over $4 trillion worth of real estate could be tokenized on blockchain networks during the next decade, potentially offering investors greater access to property ownership opportunities, according to a new report.

The Deloitte Center for Financial Services predicts that over $4 trillion worth of real estate may be tokenized by 2035, up from less than $300 billion in 2024. The report, published April 24, estimates a compound annual growth rate (CAGR) of more than 27%.

The $4 trillion of tokenized property is predicted to stem from the benefits of blockchain-based assets, as well as a structural shift across real estate and property ownership.

Deloitte predicts $4T tokenized real estate on blockchain by 2035
Global tokenized real estate value, growth predictions. Source: Deloitte

“Real estate itself is undergoing transformation. Post-pandemic work-from-home trends, climate risk, and digitization have reshaped property fundamentals,” according to Chris Yin, co-founder of Plume Network, a blockchain built for real-world assets (RWAs).

“Office buildings are being repurposed into AI data centers, logistics hubs and energy-efficient residential communities,” Yin told Cointelegraph.

“Investors want targeted access to these modern use cases, and tokenization enables programmable, customizable exposure to such evolving asset profiles,” he said.

Related: Blockchain needs regulation, scalability to close AI hiring gap

The uncertainty triggered by US President Donald Trump’s import tariffs has boosted investor interest in the RWA tokenization sector, which involves minting financial products and tangible assets on a blockchain.

Both stablecoins and RWAs have attracted significant capital as safe-haven assets amid the global trade concerns, Juan Pellicer, senior research analyst at IntoTheBlock, told Cointelegraph.

The tariff concerns also led tokenized gold volume to surpass $1 billion in trading volume on April 10, its highest level since March 2023 when a US banking crisis saw the sudden collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank

Related: US banks are ‘free to begin supporting Bitcoin’ — Michael Saylor

Blockchain innovation could drive regulatory clarity

Growing RWA adoption may inspire a more welcoming stance from global regulators, Yin said.

“While regulation is a hurdle, regulation follows usage,” he explained, likening tokenization to Uber’s growth before widespread regulatory acceptance:

“Tokenization is similar — as demand increases, regulatory clarity will follow.”

He added that making tokenized products compliant with a wide range of international regulations is key to unlocking broader market access.

However, some industry watchers are skeptical about the benefits introduced by tokenized real estate.

Deloitte predicts $4T tokenized real estate on blockchain by 2035
The Truth Behind Tokenization and RWA panel. Source: Paris Blockchain Week

“I don’t think tokenization should have its eyes directly set on real estate,” said Securitize chief operating officer Michael Sonnenshein at Paris Blockchain Week 2025.

“I’m sure there are all kinds of efficiencies that can be unlocked using blockchain technology to eliminate middlemen, escrow, and all kinds of things in real estate. But I think today, what the onchain economy is demanding are more liquid assets,” he added. 

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Crypto banking rule withdrawal by Fed ‘not real progress’ — Senator Lummis

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Crypto banking rule withdrawal by Fed ‘not real progress’ — Senator Lummis

Crypto banking rule withdrawal by Fed ‘not real progress’ — Senator Lummis

United States Senator Cynthia Lummis suggests the crypto industry may be celebrating too soon over the US Federal Reserve softening its crypto guidance for banks.

“The Fed withdrawing crypto guidance is just noise, not real progress,” Lummis said in an April 25 X post. Lummis called the Fed’s April 24 announcement — withdrawing its 2022 supervisory letter that had discouraged banks from engaging with crypto and stablecoin activities — “just lip service.”

Lummis’ tone was different from the rest of the crypto industry

Lummis, a pro-crypto advocate known for introducing the Bitcoin (BTC) Strategic Reserve Bill in July 2024, pointed out several flaws in the Fed’s announcement, even as Strategy founder Michael Saylor and crypto entrepreneur Anthony Pompliano suggested it was a step forward for banks and crypto.

Cryptocurrencies, United States
Source: Anthony Pompliano

She argued that the Fed continues to “illegally flout the law on master accounts” and still relies on reputational risk in its bank supervision practices. It comes as the Federal Insurance Deposit Corporation (FDIC) is working on a rule to stop examiners from considering reputational risk when reviewing a bank’s operations, according to a recent Bloomberg report.

Lummis also highlighted the Fed’s policy statement in Section 9(13), which hasn’t been withdrawn, stating that Bitcoin and digital assets are considered “unsafe and unsound.”

She also reiterated many of the same staff behind Operation Chokepoint 2.0 are still involved in crypto policy today.

“We are NOT fooled. The Fed assassinated companies within the industry and hurt American interests by stifling innovation and shuttering businesses. This fight is far from over.”

“I will continue to hold the Fed accountable until the digital asset industry gets more than a life jacket, Chair Powell — they need a fair shake,” Lummis said.

Related: If Trump fired Powell, what would happen to crypto?

Custodia Bank founder and CEO Caitlin Long seemed to share a similar view to Lummis.

“THANK YOU for seeing this for what it is,” Long said.

Cryptocurrencies, United States
Source: David Sacks

However, many crypto executives praised the Fed’s announcement as a positive development for the industry. Saylor said in an April 25 X post that the Fed’s move means that “banks are now free to begin supporting Bitcoin.”

Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum, said the Fed’s decision “is a significant development, as it will simplify the path to institutional adoption.”

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