[May 20: CRYPTO MARKET UPDATE-1]• The most published news@JPMorgan announced that its clients will soon be able to buy Bitcoin, marking a significant shift in the bank's stance towards digital assets. Jamie Dimon, who previously criticized Bitcoin, noted that while the bank will facilitate purchases, it won't custody the asset. This development follows similar moves by other top U.S. banks, reflecting increasing institutional acceptance of cryptocurrency.Justin Sun (@justinsuntron), founder of Tron, will attend a Gala Dinner hosted by former U.S. President Trump in Washington, D.C. on May 22 as the largest holder of TRUMP tokens, possessing over 1.43 million tokens. The $TRUMP project plans to invite its top 220 token holders to the event, with the top 25 granted a private session with Trump and a White House tour. This event highlights the growing engagement of cryptocurrency communities with political figures and token-related initiatives.• Current market trendsBitcoin spot ETFs experienced a total net inflow of $667 million on May 19, marking four consecutive days of net inflows. BlackRock's IBIT ETF led the inflows with $306 million on a single day, accumulating a historic total of $45.859 billion. The total net asset value of Bitcoin spot ETFs reached $124.973 billion, representing nearly 6% of Bitcoin's total market capitalization.Santiment reports that only 4.9% of Ethereum's total supply remains on exchanges, marking the lowest level in its history. Bitcoin's exchange supply has also dropped to 7.1%, the lowest since November 2018. Over the last five years, significant amounts of $ETH and $BTC have been withdrawn from exchanges, signaling a trend of reduced available tokens on centralized platforms.• Regulations and policiesThe U.S. Senate voted 66-32 to advance the GENIUS Act, a bill that would establish the first federal regulatory framework for stablecoins. The bipartisan support follows amendments to address consumer protection, financial stability, and ethics concerns. While a final vote is expected after Memorial Day 2025, the bill marks significant progress towards clearer stablecoin regulations.SEC Chairman Paul Atkins announced plans to draft new rule proposals aimed at reducing long-term regulatory uncertainty in the crypto market. He emphasized that the SEC should foster innovation rather than hinder it. Additionally, U.S. lawmakers are considering legislation to clarify the responsibilities of the SEC and CFTC in regulating digital assets.• Technology and innovation@Ripple expands its network in the UAE with blockchain-powered cross-border payment solutions through partnerships with Zand Bank and Mamo. Parallelly, StraitsX launches the $XSGD stablecoin on the $XRP Ledger, underscoring continued advancements in blockchain payment systems.• Institutional investor news@circle, the company behind $USDC, is exploring a potential sale to either Coinbase or Ripple, seeking a valuation of at least $5 billion. Ripple’s bid, which would include significant $XRP payments, has been viewed as less attractive compared to Coinbase due to pricing and strategic ties. Alongside these takeover discussions, Circle remains committed to its IPO plans despite macroeconomic uncertainties affecting similar ventures.• Market forecasts and expert opinions@Fidelity’s Jurrien Timmer emphasizes Bitcoin’s improved store-of-value status as its Sharpe ratio converges with that of gold. Despite gold outperforming Bitcoin in early 2025, renewed ETF inflows and bullish forecasts point to significant upward potential for $BTC. Analysts predict Bitcoin could hit anywhere between $110,000 and $444,000 in 2025, reinforcing its appeal as a non-sovereign hard asset.• Security and hacking newsVladimir Smerkis, former @binance regional director in the CIS and co-founder of the Telegram-based crypto game Blum, was arrested in Moscow on allegations of large-scale fraud. The investigation centers on his role in ICO-era investment platforms that led to estimated losses of $15 million. This arrest comes as part of a wider crackdown on fraudulent activities by crypto executives worldwide, with additional cases involving notable figures from Celsius and Cred.Daily crypto market update is an AI summarization of important news published in major crypto media in the last 24 hours at the time of sending. The full news story can be found at the URL below.https://t.co/zokRJWaGRk
