May 28: CRYPTO MARKET UPDATE-2
• The Most Published News
@GameStop has officially disclosed its purchase of 4,710 $BTC, marking its first publicly announced Bitcoin acquisition. The purchase follows the company's earlier announcement of plans to invest in Bitcoin, financed through a $1.3 billion convertible note offering. Following the news, GameStop's stock price showed positive momentum, reflecting investor optimism about the company's crypto strategy.
Telegram plans to issue $1.5 billion in new bonds with a 9% yield, backed by investors like Citadel and BlackRock, to repurchase its 2021 debt. Despite legal challenges faced by founder Pavel Durov, Telegram posted a $540 million profit in 2024, driven by premium subscriptions and blockchain partnerships. The news triggered a 6% rally in Toncoin, linked to Telegram’s blockchain ecosystem, and the TON Foundation appointed a former Visa executive to lead global payments strategy.
• Current Market Trends
Bitcoin reached new all-time highs near $110,000, buoyed by increasing corporate adoption, strategic reserve accumulation, and its growing perception as an inflation hedge and safe haven asset. Spot Bitcoin ETFs saw a nine-day consecutive net inflow streak, led by @BlackRock's IBIT, signaling strong institutional appetite. Ethereum surged over 45% in a month, driven by upgrades, growing DeFi activity, and boosted by SharpLink's @Ethereum treasury announcement, with spot ETFs also recording steady inflows. Meanwhile, altcoin dynamics remain mixed: Solana faces growth headwinds due to declining memecoin activity and scaling challenges, whereas XRP is positioned for potential bullish momentum supported by ETF catalysts and upcoming developer events. Market volatility remains moderate, with cautious optimism underpinned by macroeconomic stability signs such as easing tariffs and improving U.S. consumer confidence.
• Regulations and Policies
The U.S. stablecoin regulatory landscape is evolving as the GENIUS Act nears final Senate deliberation, aiming to impose licensing, reserve, and transparency standards on stablecoin issuers, favoring compliant tokens like USDC while challenging algorithmic and decentralized stablecoins. The SEC continues to review XRP spot ETFs cautiously, with public comment concluded and decisions expected by October. Congressional and executive initiatives are underway to establish a strategic Bitcoin reserve, supported by bipartisan legislative efforts and backed by former President Trump, with proposals including leveraging mining royalties and tax incentives for methane-powered miners to finance Bitcoin accumulation sustainably. Globally, Luxembourg labeled crypto firms as high-risk for AML in a 2025 report, increasing compliance scrutiny under MiCA regulations.
• Technology and Innovation
StarkWare unveiled S-two, a mobile-capable, zero-knowledge STARK prover delivering up to 39x faster cryptographic proofs on consumer devices, set to integrate with Starknet to enhance privacy and scalability in decentralized applications. The Ethereum layer-2 network also launched Asset Runes to enable Bitcoin-native USDC and real-world token exposure on its platform, broadening Bitcoin ecosystem utility. Cross-chain innovation progressed as Avalanche and Filecoin launched a native data bridge linking Avalanche’s smart contracts to Filecoin's decentralized storage, improving scalability and cost efficiency for enterprise applications. MetaMask integrated the Solana network into its desktop wallet, broadening multi-chain user access. Additionally, Tether partnered with Zengo Wallet to enhance self-custodial stablecoin security leveraging MPC technology.
• Institutional Investor News
Cantor Fitzgerald initiated a $2 billion Bitcoin financing business, providing bitcoin-backed loans to firms such as Maple Finance and FalconX, marking a substantial institutional integration into crypto credit markets. Strive, led by Vivek Ramaswamy, closed a $750 million PIPE financing round targeting innovative alpha-generating Bitcoin strategies and treasury growth. BlackRock increased Bitcoin ETF exposure by 25% and publicly recommended allocating 2% of portfolios to Bitcoin, signaling robust confidence from a leading asset manager. SharpLink Gaming’s institutional funding backed by Consensys and venture firms reflects growing institutional readiness to utilize Ethereum as a treasury asset. GameStop’s Bitcoin treasury initiation and Circle’s IPO filing further signal mainstream institutional endorsement.
• Market Forecasts and Expert Opinions
Experts forecast sustained bullish momentum for Bitcoin, with James Wynn projecting a near-term surge to $118,000 and Michael Saylor envisioning potential growth to $1 million driven by increased Wall Street allocation. Ethereum could reach $4,000 by mid-2025 or higher by 2026, propelled by protocol upgrades and institutional interest. Standard Chartered projects Solana to hit $500 by 2029 but underperform Ethereum in the near term due to network scalability constraints. Market analysts highlight the importance of regulatory clarity and institutional reserve builds for future price appreciation, while cautioning about possible short-term volatility fueled by macroeconomic uncertainties and highly leveraged positions. The Bitcoin options market expresses bullish optimism, though some traders anticipate corrections before major conferences.
• Security and Hacking News
The Sui blockchain’s Cetus decentralized exchange suffered a $223 million exploit due to a math library bug, triggering a community vote and intervention by the Sui Foundation to recover $162 million in frozen funds and reimburse affected users fully. North Korea-linked Lazarus hacking group continued illicit activity, laundering over $5 million in cryptocurrency using mixers like Tornado Cash. Security alerts were raised over OSIRIS Chrome extension trojan threats targeting crypto wallets, emphasizing the ecosystem's persistent vulnerability to sophisticated cyberattacks. Coinbase faces a class-action lawsuit related to regulatory breaches and data incidents, spotlighting ongoing legal and operational risks in crypto firms.
• Conclusion
The cryptocurrency market exhibits strong institutional momentum, highlighted by significant public company treasury acquisitions, major fundraises, and rising ETF inflows amid improving macroeconomic signals. Regulatory frameworks, especially in the U.S., are evolving toward clearer, more robust stablecoin and Bitcoin reserve legislation, reducing uncertainty for investors. Technological innovations in privacy, scalability, and cross-chain interoperability continue to enhance blockchain utility and security, although vulnerabilities persist, underscoring the need for diligent risk management. Retail and institutional investors should watch for upcoming SEC decisions on ETFs, legislative developments, and macroeconomic indicators while adopting prudent position sizing and diversified strategies amid occasional short-term volatility. Long-term accumulation remains favored as Bitcoin and Ethereum solidify roles as foundational digital assets in global finance.
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/zokRJWa91M