Bitcoin made history this week, eclipsing Amazon’s market valuation at $2.205 trillion on “Bitcoin Pizza Day” (May 22) as its price surged to a record $111,970. While BTC later retraced to $110,700, analysts argue the rally remains fundamentally sound, with low overheating risks compared to past cycles.
Despite short-term volatility, technical metrics such as funding rates and profit-taking activity suggest a “healthy upward phase,” according to CryptoQuant. Analysts emphasize that indicators like short-term capital inflows remain subdued relative to previous peaks, signaling room for further growth.
This recap delves into regulatory developments, institutional adoption trends, and emerging altcoin narratives shaping the crypto landscape.
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TOP CRYPTO NEWS RECAP (May 18-May 24, 2025)
- Bitcoin ‘Looks Exhausted’ As Next Bear Market Yields $69K Target
- Hong Kong Passes Stablecoin Bill, Set To Open Licensing by Year-End
- US House Members Call for Investigation Into Trump’s Memecoin Dinner
- CZ Refutes Claims in Latest WSJ Article on Trump-Linked Crypto Dealings
- Kraken To Offer Tokenized US Stocks to Non-US Clients
- FIFA Taps Avalanche To Launch Dedicated Blockchain for NFT Platform
Bitcoin ‘Looks Exhausted’ As Next Bear Market Yields $69K Target
Bitcoin may be nearing the end of its current bull cycle, with analysts forecasting a potential peak in Q4 2025, followed by a bear market drop back to the $69,000 level — a previous all-time high. Historical patterns and technical indicators, like significant deviations from key EMAs and bearish RSI divergences, suggest the asset looks "exhausted.” While institutional buying remains strong, many traders expect a short-term pullback or broader correction. Some choose to reduce exposure, warning that the momentum driving this rally may soon run out, much like it did in 2021.
Hong Kong Passes Stablecoin Bill, Set To Open Licensing by Year-End
Hong Kong has passed its Stablecoin Bill, setting the stage for a licensing regime by year-end that allows fiat-backed stablecoin issuers to operate legally. The legislation signals Hong Kong’s ambition to become a leading global hub for Web3 and digital finance. Lawmaker Johnny Ng emphasized the bill’s potential to boost innovation in payments, trade, and peer-to-peer transactions. The framework mandates that stablecoins be backed by fiat, and Ng also supports offering interest to holders to increase market competitiveness. With over $11 billion in yield-bearing stablecoins already circulating, Hong Kong is positioning itself at the forefront of stablecoin adoption and regulation.
US House Members Call for Investigation Into Trump’s Memecoin Dinner
More than 30 U.S. House members are urging the Justice Department to investigate a private May 22 dinner hosted by Donald Trump for top investors in his $TRUMP memecoin. Lawmakers suspect potential violations of the Constitution’s emoluments clause and federal bribery laws, particularly due to the presence of foreign nationals possibly linked to crypto exchanges. Critics argue the dinner may have allowed foreign actors to gain political influence. Protesters and media identified Tron founder Justin Sun among attendees. The controversy is now influencing crypto-related legislation, with new proposals aiming to curb political access to digital assets amid concerns over “crypto corruption.”
CZ Refutes Claims in Latest WSJ Article on Trump-Linked Crypto Dealings
Binance founder Changpeng Zhao (CZ) has strongly refuted claims in a recent Wall Street Journal article linking him to Trump-associated crypto dealings. The WSJ reported on WLFI, a project that raised over $600 million and allegedly lacks transparency about its investors, aside from known figures like Tron’s Justin Sun. CZ called the article part of a broader “anti-crypto” agenda, accusing the WSJ of pushing false narratives and being a mouthpiece for forces trying to stifle the crypto industry in the U.S. He also suggested that WSJ employees were paid to damage his reputation and discredit global crypto leaders.
Kraken To Offer Tokenized US Stocks to Non-US Clients
Kraken is launching tokenized U.S. stock trading for non-U.S. clients through a partnership with Backed, using the Solana blockchain for its speed and scalability. This move aligns with the growing trend of real-world asset (RWA) tokenization, offering investors broader access to traditional financial products through decentralized platforms. Kraken’s co-CEO, Arjun Sethi, emphasized transparency and innovation as key drivers. The initiative positions Kraken to compete with brokers like Robinhood, not just crypto-native exchanges. With tokenized stocks still a small segment of the $22.7B RWA market, Kraken aims to scale these offerings and capitalize on rising global interest in digital asset-backed securities.
FIFA Taps Avalanche To Launch Dedicated Blockchain for NFT Platform
FIFA is partnering with Avalanche to launch a dedicated layer-1 blockchain designed to power its NFT platform, FIFA Collect. This move aims to enhance digital fan engagement through faster transactions, lower fees, and greater scalability. The new Avalanche-powered network will support FIFA’s NFT marketplace and future digital collectibles, offering smoother integration with EVM-compatible wallets like MetaMask. FIFA selected Avalanche after a detailed review of performance, security, and customization capabilities. As a result, it will phase out support for Algorand-based wallets. This strategic shift positions FIFA to expand its Web3 ecosystem and deliver more immersive digital experiences to its global fanbase.
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