Top news in the cryptocurrency market (May 18–24, 2025)

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$ETH Movements of major currencies

• Bitcoin (BTC): The strong upward trend continued, as it recorded a new all-time high on May 21, 2025, at around $110,300, approaching the $112,000 threshold before correcting slightly. The movement was bolstered by strong institutional inflows – for instance, Bitcoin exchange-traded funds led significant inflows ($306 million for BlackRock's share) in the mid-May session.

• Ethereum (ETH): The price of Ethereum surged by about 50% during May, from around $1,800 to $2,700. This coincided with the activation of the major network upgrade 'Pectra' on May 7, which expanded the staking cap (from 32 to 2,048 ETH) and improved the platform's operational efficiency.

• XRP (Ripple): The CME Group announced the launch of futures contracts based on XRP starting May 19, which was considered a consolidation of XRP's position after the conclusion of the Ripple lawsuit phase (a U.S. judge rejected a request to reduce Ripple's fine to $50 million). In contrast, the U.S. Securities and Exchange Commission (SEC) postponed its decision on applications for spot trading funds on XRP and Dogecoin, paving the way for further regulatory review.

Technical updates and new projects

• 'Pectra' Upgrade for Ethereum: As mentioned, Ethereum executed a significant upgrade on May 7, 2025, considered the largest since the 'Merge' in 2022. This expanded staking capabilities and facilitated the use of smart wallets, enhancing investor confidence in the network.

• Banking and financial institutions sector: News about global banking technologies attracted market attention, as HSBC launched a digital banking deposit service (Tokenised Deposit Service) in Hong Kong using blockchain that allows for instant financial transfers 24/7. Reports also indicated that major U.S. banks (JP Morgan, Citi, and Wells Fargo) are discussing issuing their own joint stablecoin as part of the trend towards integrating traditional aspects with digital assets.

• New trading products: Some platforms integrated multi-asset services; in a notable move, Bybit launched the ability to trade major company stocks (such as Apple and Tesla) against USDT through the MetaTrader 5 trading platform, paving the way for opening traditional financial markets to cryptocurrency traders.

Regulations and legislation

• Stablecoin Act (GENIUS Act) in the United States: The U.S. Senate unanimously approved (66-32) the 'Guaranteed Strong Monetary Projects' (GENIUS) bill, which is the first comprehensive legislation on stablecoins to make significant progress. The legislation allows companies to issue stablecoins backed 100% by dollars or treasury bonds and prohibits the trading of foreign stablecoins on U.S. centralized platforms. It is worth noting that this law does not include direct decentralized stablecoins.

• Local legislation: In the states, the Texas Senate passed Bill SB21 before the governor's signature, to establish a state 'Bitcoin Reserve'. If the law is ratified, Texas will become the second U.S. state (after New Hampshire) to have a Bitcoin-denominated reserve fund in its treasury.

• Oversight of trading funds: On the regulatory front, the SEC extended the review period for applications to create spot ETFs on XRP and Dogecoin and announced the opening of public comments on these applications, meaning approval decisions are likely to remain delayed until the third or fourth quarter.

Security incidents and breaches

• Coinbase Hack: The Coinbase platform was subjected to an organized cyber attack in May 2025 through bribing external employees, resulting in the leakage of personal data (names and addresses) for a small portion of its customers. The company anticipated losses between $180 and $400 million from this incident and refused to pay a ransom of $20 million demanded. Coinbase announced that it would hold itself accountable by compensating those affected and strengthening security measures.

• Cetus Hack (Sui/Aptos): The Cetus protocol – the largest decentralized exchange on the Sui and Aptos networks – suffered a massive theft estimated at around $223 million. The hackers exploited vulnerabilities in one of the software packages to siphon liquidity, leading to the freezing of $162 million of at-risk assets through a vote from Sui operators. The team responded by patching the vulnerability and launching a comprehensive investigation, offering a $5 million bounty and a 'dispute resolution' conversation in exchange for the return of the stolen funds.

• Other breaches and manipulations: The market recorded several scandals. In criminal engineering, a U.S. court convicted SafeMoon founder Braden Karony of fraud after he amassed millions of dollars by misleading investors through a liquidity tax mechanism. Similarly, Vladimir Smirkis, one of the founders of the Blum project (and former head of Binance operations in Russia), was arrested for defrauding digital fund investors of amounts estimated at around $15 million.

Positions and analyses of major institutions

• MicroStrategy: The company, led by Michael Saylor, continued to intensify its Bitcoin purchases. Between May 5 and 11, for example, it acquired 13,390 BTC valued at $1.34 billion (an average of $99,856 per Bitcoin), raising its total holdings to 568,840 BTC. To support this strategy, it launched (May 22) a program to offer $2.1 billion in preferred shares for market placement (ATM), with proceeds earmarked for buying more Bitcoin.

• BlackRock and Bitcoin Funds: Increasing institutional optimism proved strong, as spot Bitcoin funds witnessed a wave of strong inflows. On May 19 alone, these funds attracted $667 million in new investments, with the iShares Bitcoin Trust (IBIT) of BlackRock accounting for about $306 million of that. By the end of the first half of 2025, total inflows into IBIT reached about $6.96 billion, surpassing the inflows of the largest gold fund in the world. This performance reflects institutional confidence in Bitcoin compared to traditional assets.

• Grayscale: Grayscale (the operator of the famous GBTC fund) stands out with its dual strategy; it launched a new low-fee fund in March 2025 called 'Bitcoin Mini Trust' (0.15% annual fees) to capture a segment of cost-conscious investors. Despite significant withdrawals, the traditional GBTC fund (1.5% fees) still generates huge revenues (~$268.5 million annually) thanks to its asset volume of about $17.9 billion.

• Other institutions and small companies: Semler Scientific represented an example of investor enthusiasm; this health company invested $50 million in Bitcoin in mid-May, raising its BTC holdings to over 4,264 coins. These companies continue to emerge as new players enhancing institutional demand for major cryptocurrencies.

*Sources: * A mix of news reports and analytical sources (Cointelegraph, Coindesk, Reuters, Bloomberg, Coinpedia, CryptoBriefing, and others).Vibe