PI Token Crash and Investor Outrage: The PI token, which surged over 100% earlier in May, has been plummeting since May 14, 2025, amid allegations of a sell-off. This has sparked significant investor backlash and raised concerns about the project’s transparency.
Arrest of Blum Co-Founder: Vladimir Smerkis, co-founder of the Telegram-based crypto project Blum and former Binance Russia head, was arrested in Moscow on charges of large-scale fraud. The allegations relate to his earlier ventures, The Token Fund and Tokenbox, with reported investor losses of around $15 million.
Bitcoin $BTC ETF Volume and Liquidations: Spot Bitcoin ETF trading volume has surged to nearly $5 billion, while the crypto market saw $586 million in liquidations over the past 24 hours, with short positions overtaking longs, indicating heightened volatility.
Regulatory Developments: CFTC Commissioner Summer Mersinger suggested that crypto perpetual futures could soon be introduced in U.S. markets, potentially boosting regulated trading. This comes as she prepares to join the Blockchain Association as CEO.
Political Controversy: U.S. lawmakers have called for a Justice Department investigation into a May 22 dinner hosted by President Donald Trump for top memecoin investors, citing concerns over foreign influence and potential violations of the emoluments clause, as many attendees were likely foreign nationals.
$XRP Ledger Developments: Posts on X claim Ripple has acquired Circle (USDC issuer), releasing $61.1 billion into the XRP Ledger for real estate tokenization, and that the Dubai government has issued digital assets directly on the XRP Ledger. These claims lack mainstream confirmation and should be treated as speculative.
Market Performance: The crypto market cap is approximately $3.4 trillion, with Bitcoin dominating at $2.16 trillion. Bitcoin prices have stabilized around $110,750–$115,303, following a rally past $112,000 earlier this week.
#NewsAboutCrypto #MarketPullback
