📰 Crypto Market Highlights – May 21, 2025
📈 Bitcoin Nears Record High
Bitcoin $BTC briefly surged to $107,998, approaching its all-time high of $109,224 set in January, before settling around $106,500. This represents a 2% gain over the past 24 hours and a 14% increase for the year. Ether and $XRP also saw gains, rising 2.2% and 1.2% respectively. Recent regulatory developments, including the U.S. Senate advancing a bill aimed at regulating stablecoins, have bolstered market sentiment. Market analyst Chris Weston described Bitcoin's current technical setup as “outright bullish,” noting that limited pullbacks may pave the way for a new record high.
🇵🇰 Binance Founder Joins Pakistan Crypto Council
Pakistan has announced that Changpeng Zhao (CZ), the founder of Binance, has joined the recently established Pakistan Crypto Council (PCC) as its strategic adviser. This appointment is seen as a significant step in integrating blockchain technology into Pakistan's financial landscape. The PCC, officially launched in March 2025, aims to regulate and advance digital finance in the country.
🇭🇰 Hong Kong Advances Stablecoin Regulation
Hong Kong's legislature has passed a significant stablecoin bill, establishing a licensing framework for fiat-referenced stablecoin issuers. Under this new regime, any entity issuing stablecoins in Hong Kong or backed by Hong Kong dollars must obtain a license from the Hong Kong Monetary Authority (HKMA$). The bill outlines requirements for reserve asset management, redemption procedures, and risk controls, aiming to safeguard public and investor interests. This move is part of Hong Kong’s strategy to enhance its competitiveness as a global hub for digital assets and develop its own stablecoin.
