Weekly Update: 23rd of May
What happened between the 26th and the 23rd of May?
- Bitcoin broke through the $110,000 mark, driven by institutional interest, monetary uncertainty, and growing demand for hard assets such as gold and stablecoins. Read more
- JPMorgan now offers clients access to Bitcoin trading, driven by growing customer demand and institutional crypto adoption, despite CEO Dimon's ongoing skepticism. Read more
- Coinbase confirmed that customer data was stolen after employees were bribed; hackers are demanding $20 million in ransom to prevent the leak. Read more
- Bybit is launching stock trading with USDT, allowing users to access traditional markets via their crypto wallet without needing a bank. Read more
- Bitcoin ETFs see record inflows due to rising institutional adoption, while Ethereum ETFs show modest growth amid regulatory and scalability uncertainty. Read more
Bitcoin surges past $110,000 to new All-Time Highs
This week, Bitcoin hit a new all-time high, nearly reaching $112,000. The remarkable rally is primarily driven by global monetary uncertainty, pushing investors toward hard assets like gold, precious metals, and increasingly, Bitcoin. The surge is further supported by clear signs of institutional adoption, with major asset managers and pension funds entering the market through regulated instruments such as ETFs. Progress in stablecoin regulation also boosts market sentiment, as legal clarity around digital currencies increases confidence among large investors.
JPMorgan Opens Bitcoin Trading for Clients
JPMorgan Chase, the largest bank in the United States, has announced it will begin offering Bitcoin trading to its clients. This marks a major shift for the bank, which—under the leadership of CEO Jamie Dimon—has long been critical of cryptocurrencies. Despite Dimon’s personal skepticism, he acknowledged that the bank “can’t ignore client demand” and will now provide access to Bitcoin through regulated channels. Both retail and institutional clients will be able to trade Bitcoin via JPMorgan’s platform. The move is seen as a milestone in the institutional acceptance of crypto and highlights the growing demand for digital assets within traditional finance.
Coinbase victim of data breach
Following earlier reports of phishing attacks targeting Coinbase users, the exchange has now confirmed a large-scale data breach. Hackers reportedly accessed the personal data of approximately 70,000 users by bribing customer service staff. The breach resulted in unauthorized access to sensitive customer data, including contact details and transaction history. The cybercriminals are now demanding $20 million in ransom in exchange for not leaking or selling the information. Coinbase has implemented additional security measures and is investigating the internal vulnerabilities that enabled the breach.
Bybit to offer stock trading via USDT
Crypto exchange Bybit will soon allow users to trade stocks directly using USDT, a dollar-pegged stablecoin. This move positions Bybit among the few platforms bridging crypto and traditional stock trading. Previous initiatives from FTX and eToro have already shown demand for such services, especially from younger, crypto-savvy investors. By pairing stocks with stablecoins, global users can easily access U.S. equities without a traditional bank account. Bybit calls the initiative a key step toward financial inclusion and decentralization. The trading will take place on a regulated EU-based platform to ensure compliance and transparency. Regulatory responses remain to be seen, but the experiment reflects a broader trend of convergence between traditional and decentralized finance.
Bitcoin ETFs see record inflows, Ethereum lags
As Bitcoin hits new all-time highs, related ETFs are also experiencing massive inflows. BlackRock’s iShares Bitcoin Trust (IBIT) alone now holds over 300,000 BTC, worth more than $33 billion. This surge highlights growing institutional interest in Bitcoin, supported by the availability of regulated investment vehicles. Unlike past bull markets, this rally is being fueled not only by retail investors but increasingly by large institutions. Ethereum ETFs are seeing modest inflows but still trail far behind their Bitcoin counterparts. Analysts cite regulatory uncertainty, scalability challenges, and competition from other smart contract platforms as key factors. Still, the growing popularity of Bitcoin ETFs points to broader adoption of digital assets in mainstream portfolios, with Bitcoin clearly leading as the dominant crypto asset.
In other digital assets news
- On May 22, Donald Trump hosted a controversial dinner for the top 200 holders of his cryptocurrency, $TRUMP.
- OpenAI founder Sam Altman raised $135 million for his crypto project Worldcoin to continue development.
- Crypto.com has obtained a MiFID license in Europe, allowing it to offer derivatives to European clients.
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