Cryptocurrency prices broke down over the past week as Bitcoin (CRYPTO: $BTC) ended May down 4% on the month.
The price of Bitcoin was trading at $74,000 U.S. late on May 29, down from a peak of $82,000 U.S. at the start of the month. Other cryptocurrencies also slid lower, with Ethereum (CRYPTO: $ETH) ending the week and month hovering right around the key support level of $2,000 U.S.
Digital assets continue to sink lower even as stocks indices to hit all-time highs. Investors have rotated capital into technology stocks related to the artificial intelligence (A.I.) trade and out of cryptocurrencies.
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Analysts say that cryptocurrencies continue to be hurt by geopolitical uncertainty, notably the Iran war and rising gasoline prices. There is also weak demand for digital assets among institutional investors and growing outflows from crypto exchange-traded funds (ETFs).
Over the past nine trading sessions, investors have pulled a combined $2.8 billion U.S. from about a dozen Bitcoin ETFs, a record amount of selling.
Here’s what else happened in the cryptocurrency sector over the past week.
JPMorgan Sees ‘Cooling’ Crypto Trade: JPMorgan Chase (NYSE: $JPM) says that steady outflows from Bitcoin ETFs point to a “cooling” debasement trade among investors. The debasement trade refers to investors buying assets such as Bitcoin and gold as hedges against geopolitical instability, currency weakness, and inflation. Bitcoin and gold ETFs have seen large outflows in recent weeks amid a retreat by investors from that debasement trade.
BitMine Purchases 60,000 Ethereum: BitMine (NYSE: $BMNR) purchased an additional 60,000 Ethereum as the price languished near $2,000 U.S. In a social media post, BitMine said that it bought 60,000 ETH worth $126 million U.S., extending its accumulation of the second-largest cryptocurrency. BitMine, led by Chairman Tom Lee, now owns 5.2 million Ethereum valued at $11.1 billion U.S.
Kraken Launches Bitcoin Vault: Cryptocurrency exchange Kraken has launched a new Bitcoin Vault that offers passive yield to long-term holders of the digital asset. Privately held Kraken says its customers can now earn yield on their Bitcoin holdings without selling the cryptocurrency. The Bitcoin Vault product works with Kraken Earn and allows users to win rewards denominated in BTC while maintaining exposure to the crypto’s price movements.
Block Rolls Out Stablecoin Payment Feature: Financial technology firm Block (NYSE: $XYZ) has begun a phased rollout of its new stablecoin payment feature. The company led by CEO Jack Dorsey said that is Cash App has started rolling out its stablecoin payment feature to users. So far, the stablecoin payment is available to 25% of Cash App’s nearly 60 million users, with plans to reach 100% of users by early June.
Mastercard Secures New York BitLicense: Credit card giant Mastercard (NYSE: $MA) has secured a BitLicense from the New York State Department of Financial Services (NYDFS). The license gives the company approval to operate digital asset activities under one of the strictest crypto regulatory frameworks in the U.S., including in financial centre New York City.
Google Employee Charged With Insider Trading: Federal prosecutors in the U.S. have charged an employee of Google parent company Alphabet (NASDAQ: $GOOGL) with fraud related to a bet he made on prediction market Polymarket. Prosecutors allege that Michele Spagnuolo, an engineer at Google, made $1.2 million U.S. off of bets using insider information on Polymarket. Prosecutors claim that Spagnuolo used confidential information to correctly bet that singer d4vd would be Google’s most searched person of 2025.
FalconX Files To Hold IPO: Crypto trading firm FalconX has filed to hold an initial public offering (IPO) in the U.S. California-based FalconX’s IPO is expected to take place towards the end of this year given current conditions in the cryptocurrency market. FalconX is a brokerage and trading firm that primarily serves institutional clients such as hedge funds, asset managers, and pensions.
Tether’s New U.S. Stablecoin Grows 500%: Tether’s U.S.-focused stablecoin USAT (CRYPTO: $USAT) grew more than 500% month-over-month in April. According to the latest reserve report from accounting firm Deloitte, the digital U.S. dollar’s circulating supply reached $140.8 million U.S. as of April 30 this year. That’s up 540% from $22 million U.S. at the end of March.
Canadian Regulator Approves Purchase Of WonderFi: Robinhood Markets (NASDAQ: $HOOD) has received Canadian regulatory approval for its planned acquisition of WonderFi Technologies (TSX: $WNDR), allowing the $250 million deal to be completed by June 1. The Canadian Investment Regulatory Organization has approved the acquisition of WonderFi, clearing the last remaining hurdle related to the deal. Toronto-based WonderFi operates several crypto businesses in Canada, including Bitbuy, Coinsquare, and Bitcoin.ca. Once the deal closes, Robinhood will gain access to a regulated crypto trading network that’s established within the Canadian marketplace.
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