Taurus, Parfin partnership to provide crypto infrastructure to institutions
Fintech companies Taurus and Parfin have partnered to deliver blockchain infrastructure to financial institutions in Europe and Latin America — a move aimed at accelerating the adoption of crypto custody and settlement services across both regions.As part of the partnership, Taurus has integrated its product suite into Parfin’s institutional platform, creating an end-to-end solution for digital asset management, including custody, governance, and compliant token issuance, the companies announced on May 27.Financial institutions using the integrated Taurus-Parfin solution will gain access to custody and tokenization services, real-time wallet execution and a full range of trading capabilities.Taurus is an enterprise digital asset custody and tokenization solution that enables businesses to issue, store and trade a range of crypto products. Parfin, by contrast, is not a blockchain-native company; instead, it offers financial infrastructure and merchant services for small businesses. In December, the company was valued at $750 million following a $100 million late-stage funding round. Taurus said the Parfin partnership gives it deeper inroads into Latin America, a region known for its heightened crypto adoption. Crypto transactions are on the rise in Latin America. Source: ChainalysisRelated: Turkish digital bank Bankpozitif to debut crypto custody with TaurusInstitutional interest in Bitcoin and crypto is growingWhile the relationship between financial institutions and digital assets has been complex and evolving, a wave of positive regulatory developments in the US and globally has spurred broader adoption.Banks are increasingly offering custody services for digital assets, while some institutions now facilitate crypto trading and investment. Several large banks, including JPMorgan, have also experimented with blockchain technology. A significant turning point came in April, when the US Federal Reserve eased restrictions on financial institutions engaging in cryptocurrency activities. Bitcoin (BTC) advocate Michael Saylor called the move a major milestone for banks looking to support digital assets.On May 23, The Wall Street Journal reported that a group of major banks, including Bank of America, Wells Fargo, Citigroup and JPMorgan, has been discussing potentially issuing a stablecoin. If you can’t beat them, join them? An excerpt from NYU professor Austin Campbell’s recent X post claiming that the US banking lobby is “panicking” about yield-bearing stablecoins. Source: Austin CampbellThe report surfaced amid rising speculation that the US banking sector sees yield-bearing stablecoins as a potential threat to its traditional business models.Related: Institutional Bitcoin buying may soon price out retail — LONGITUDE panel
USDC issuer Circle moves forward with initial public offering on NYSE
Circle, the issuer of USDC, the second-largest stablecoin by market capitalization, has launched an initial public offering (IPO) of 24 million shares of its Class A common stock, the company said on May 27.The firm has applied to list its Class A common stock on the New York Stock Exchange (NYSE) under the ticker symbol CRCL. As part of the offering, Circle is issuing 9.6 million shares of Class A common stock, the company said in a news release.The remaining 14.4 million shares of Class A common stock will be offered by selling stockholders. Circle is also expected to grant the underwriters a 30-day option to buy up to an additional 3.6 million shares of Class A common stock to cover over-allotments.The IPO involves participation from several major US investment banks, with JPMorgan, Citigroup and Goldman Sachs acting as joint lead active bookrunners, the announcement added.An excerpt from the title page of Circle’s Form S-1 IPO filing. Source: SECThe offering will also feature European banks, including Barclays, Deutsche Bank Securities and Societe Generale acting as bookrunners.The IPO’s co-managers include BNY Capital Markets, Canaccord Genuity, Needham, Oppenheimer and Santander, while junior co-managers are AmeriVet Securities, Drexel Hamilton, Mischler Financial Group and Roberts and Ryan.IPO price between $24 and $26 per shareCircle currently expects to offer IPO shares at a price ranging from $24 to $26 per share, potentially raising between $576 million and $624 million.In its Form S-1 filing on Tuesday, Circle said it will not receive any proceeds from the sale of shares of Class A common stock by the selling stockholders.“The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering,” Circle noted.The company said the shares may not be sold prior to the time the registration statement becomes effective. Crypto-focused investors like Cathie Wood’s ARK Invest have indicated an interest in purchasing up to $150 million of IPO shares, Circle noted in the filing, adding:“However, because indications of interest are not binding agreements or commitments to purchase, the underwriters could determine to sell more, fewer or no shares to any of these potential purchasers, and any of these potential purchasers could determine to purchase more, fewer or no shares in this offering.”Circle reportedly targets a $6.7 billion valuationAccording to a report by Reuters, Circle targeted a valuation of up to $6.71 billion on a fully diluted basis in its IPO offering.The firm previously attempted to go public through a blank-check deal with the special purpose acquisition company Concord in 2021. Initially targeting a preliminary valuation of $4.5 billion, the deal was amended to place Circle at a $9 billion valuation, with the firm eventually terminating the deal by late 2022.Cointelegraph approached Circle for a comment regarding the company’s valuation in the IPO, but had not received a response at the time of publication.Main competitor Tether “doesn’t need an IPO”“For Circle, becoming a publicly traded corporation on the New York Stock Exchange is a continuation of our desire to operate with the greatest transparency and accountability possible,” Circle co-founder and CEO Jeremy Allaire wrote in a letter accompanying the Form S-1.“Operating as a US-listed public company represents our continued dedication to transparency and accountability, as we will become subject to the reporting, corporate governance, and other requirements,” he added.Related: eToro aims for $4B valuation, $500M raise for US IPOFounded in 2013, Circle is a major company in the crypto industry, known as the issuer of USDC (USDC), the second-largest stablecoin by market capitalization after Tether’s USDt (USDT).The top three stablecoins by market capitalization. Source: CoinGeckoAt the time of writing, USDC has a market cap of $61.5 billion, while its main competitor, USDT, has a $152.7 billion market cap, according to CoinGecko.Though a significantly bigger player than Circle, El Salvador-based Tether is apparently not looking to launch an IPO.“Tether doesn’t need to go public,” Tether CEO Paolo Ardoino said in an X post in April.Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
UK outpaces global crypto ownership growth in 2025: Gemini report
Update (May 27, 3:00 pm UTC): This article has been updated to add a comment by Gemini’s head of Europe.The United Kingdom is leading the world in increasing cryptocurrency ownership among its population in 2025, outpacing economies including the United States, according to a new study by Gemini.Gemini, the US-based crypto exchange founded by Cameron and Tyler Winklevoss, on May 27 released its latest “State of Crypto” report, giving insights into changes in the global adoption of cryptocurrencies like Bitcoin (BTC).Based on a survey of 7,200 adults across the US, Europe, Singapore and Australia, the report found that Europe has been leading the way in growing crypto ownership, with the UK in front.The UK saw the biggest year-over-year growth in crypto ownership of the surveyed nations, with the share of respondents indicating crypto holdings rising to 24% as of April from 18% last year, Gemini said in the report shared with Cointelegraph.Crypto sees highest ownership in SingaporeWhile the UK has reportedly seen an increase in new crypto owners, it’s yet to reach the world’s top crypto ownership rate.According to Gemini’s report, Singapore has been the top country globally for crypto ownership in the past two years, with 28% of local survey respondents saying they were invested in crypto as of April. In 2024, that share was 26%.Crypto ownership percentage in the US, UK, France, Singapore, Italy and Australia. Source: GeminiSome European countries have picked up the pace, with 21% of French respondents reporting owning crypto in 2025, up from 18% in 2024. In the US, the indicator grew to 22% from 21%.Overall crypto ownership rate in the US, UK, France and Singapore increased to 24% by April from 21% last year, suggesting that nearly one in four now own crypto globally.Implications of the EU’s MiCA regulation?According to Gemini, the rise of global crypto ownership in the past few years may be attributed to the impact of the Trump administration’s policies on overall positive sentiment following the bear market of 2022.“In particular, crypto ownership in France and the UK increased, reflecting a warming regulatory environment for digital assets in Europe,” the report said, referring to the rollout of the European Union’s Markets in Crypto-Assets Regulation (MiCA).Related: UK to become ‘safe harbor’ for crypto with new draft rules — ExpertsHowever, the UK has yet to adopt a national regulatory framework for cryptocurrency.An excerpt from the UK’s draft statutory instrument for crypto regulation. Source: Gov.ukIn April, the UK government published a draft statutory instrument (SI) aimed at regulating crypto exchanges, dealers and agents in order to bolster consumer protection and ensure operational resilience.After conducting a public consultation with last entries accepted before May 23, the UK Treasury expects to finalize the “near-final version” of the SI later this year.UK’s soaring crypto ownership: Why?The UK’s sharp spike in crypto ownership reflects the country’s status as a “central financial hub for many decades,” Gemini’s head of Europe, Mark Jennings, told Cointelegraph.Such a status recognizes the maturity of the market and reasons why investors are keen to get involved in crypto, Jennings noted.“Outside of the US, the UK had the highest rate of non-crypto owners who responded that the Strategic Bitcoin Reserve made them more confident in the value of crypto, showing the positive influence that a pro-crypto US administration has had on the UK,” he added.Jennings also suggested that MiCA would still likely grow outside of its regulatory scope and have an impact on adjacent countries despite not having a direct effect on the UK.Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
France’s Blockchain Group to buy 590 Bitcoin after bond sale
The Paris-based crypto company Blockchain Group is adding more Bitcoin to its growing treasury through a 63.3 million euro ($72 million) bond sale.The company hopes to buy another 590 Bitcoin (BTC) with the funds, increasing its total holdings to 1,437 BTC, the Blockchain Group said on May 26.Bitcoin is trading at over $109,00, and at current prices, the Blockchain Group could buy 658 BTC with the total amount it raised, according to CoinGecko.However, the company said only 95% of the proceeds from the issuance will be used to buy Bitcoin; the remainder is marked for “operational expenses and to pay management fees.”Source: Alexandre LaizetVenture capital firm Fulgur Ventures invested the lion’s share for the bond sale, with 55.3 million euros ($62.9 million), while crypto private investment fund Moonlight Capital invested 5 million euros ($5.7 million). The bonds will be convertible into shares of the Blockchain Group at 3.809 euros ($4.34).The Blockchain Group (ALTBG) is listed on Euronext Paris, Europe’s second-largest stock exchange by market cap. The company’s website says it is focused on “increasing the number of Bitcoin per share over time by leveraging the holding company’s excess cash and appropriate financing instruments.”ALTBG closed May 26 trading down nearly 5.5% at 2.77 euros ($3.16), but has gained nearly 766% so far this year, according to Google Finance. After the company started buying Bitcoin on Nov. 5, the stock spiked 225% to 0.48 euros ($0.52).The Blockchain Group’s stock price has made significant gains since the company announced its Bitcoin buying plan. Source: Google FinanceIn its 2024 financial year results, released April 30, the Blockchain Group listed the current yield from its Bitcoin holdings at over 709%.Meanwhile, its total consolidated revenue for the year was 13,864,000 euros ($15.8 million) compared to 20,408,000 euros ($23.2 million) for the previous fiscal year, representing a decrease of 32.1%.As part of its results, the company said its long-term strategy is to acquire 1% of the total Bitcoin supply over the next eight years, with a target of over 170 by 2032.More companies take the “orange pill”A growing number of public companies are buying Bitcoin to hold for the long term in the hopes of making gains from the asset.Related: Metaplanet is raising another $21M through bonds to buy more BitcoinSwedish health tech company H100 Group AB became one of the latest companies to take the orange pill after announcing a Bitcoin-buying pivot on May 22. Strive Asset Management also announced on May 7 that it will transition into a Bitcoin treasury company.Experts speculate there are tangible long-term benefits for a company holding Bitcoin despite its unpredictable volatility, such as a hedge against inflation, long-term price appreciation and theoretically lower correlation to equity markets over time.Magazine: Rise of MicroStrategy clones, Asia dominates crypto adoption: Asia Express 2024 review
Another suspect to surrender in NYC crypto torture case: Reports
A second person suspected of being involved in a high-profile crypto kidnapping case in New York City is expected to turn himself in to police, according to several reports.The second man is a Swiss crypto investor who allegedly assisted business partner Joel Woeltz, who is accused of kidnapping Michael Valentino Teofrasto Carturan and torturing him in a Soho apartment in an attempt to pressure him into revealing his crypto wallet phrase, ABC7 New York reported on May 26.A separate NBC report said the Swiss trader — who is not named — would turn himself over to police within a week. However, FOX5 New York reported that the man may already be in custody, citing conflicting sources.The New York Post reported that the man is the co-founder of a Swiss trading firm.Woeltz, known as the “crypto king of Kentucky,” is facing several charges, including kidnapping, unlawful imprisonment and assault. He allegedly held the victim at his apartment for 17 days.Woeltz’s assistant, Italian-born Beatrice Folchi, was also arrested, however, she was freed, and no charges have been laid against her.The arrests came after Teofrasto Carturan, aged 28 from Italy, managed to escape the apartment on May 23 — the day he had allegedly been told would be his “death day.”CNN reported that Teofrasto Carturan agreed to give up his crypto seed phrase, which was stored on his laptop in another room, and as he went to get his laptop, Woeltz turned his back, allowing him to bolt to the exit.Several New York news outlets shared videos of the victim running outside, barefoot, toward a traffic officer.Sometime after, police arrested Woeltz at his Soho apartment and took him into custody.He remains detained, and his next court date is set for May 28.Alleged victim shares ordealTeofrasto Carturan claimed to police that he arrived from Italy on May 6 and went to the Soho apartment to meet his “business partners.”Sometime later, he claimed his passport was token he was tortured to reveal his crypto seed phrase. NBC New York reported that Teofrasto Carturan has an estimated net worth of around $30 million.Related: NYC Mayor doubles down on crypto push ahead of city summitPolice said Teofrasto Carturan was tied up with electrical cords and electrocuted. His feet were also tased while submerged in water and the alleged perpetrators held an electric chainsaw to his leg, threatening to cut off his limbs.Police claimed they found a Polaroid of the alleged perpetrators torturing Teofrasto Carturan, one showing him bound to a chair with a gun to his head. Teofrasto Carturan was also allegedly forced to smoke crack cocaine and was urinated on in the Soho apartment, described by NBC New York reporters as a “high-end frat house” with stripper poles and expensive liquor scattered throughout the five-story building.Carturan spent some time being treated at a hospital after escaping, the New York Post said.Magazine: AI cures blindness, ‘good’ propaganda bots, OpenAI doomsday bunker: AI Eye
Bitlayer secures 31.5% of Bitcoin's hashrate to bring smart contracts to BTC
Bitlayer’s Bitcoin smart-contract system is being implemented by mining pools behind 31.5% of the network’s hashrate, a development that will help ensure that its system will operate on the Bitcoin blockchain, the company said.According to a May 27 announcement shared with Cointelegraph, Bitlayer’s BitVM implementation will be supported by major Bitcoin (BTC) mining pools including Antpool, F2Pool, and SpiderPool. Antpool CEO Andy Chow said:"Antpool has become the bridge operator for Bitlayer to support Bitcoin innovation and protect miners’ interests.”BitVM (Bitcoin Virtual Machine) is a framework that enables complex smart contracts to be deployed on the Bitcoin blockchain without changing the base protocol. The idea was introduced by Robin Linux in 2023, and allows for the complex computation involved in smart contract systems to be verified onchain and executed offchain in a way resembling optimistic rollups.Related: Here’s how Bitcoin is transforming into Web3’s backboneA BitVM implementationBitlayer is a BitVM implementation, aiming to allow Bitcoin to flow through decentralized finance (DeFi) systems and layer-2 networks. According to Chow, the implementation might lead to heightened activity in Bitcoin’s network and generate revenue for miners:“This expansion of Bitcoin’s use cases will drive more network activity, generating additional transaction fees and revenue opportunities for miners. As block rewards decrease over time, growing fee markets are critical for miners’ sustainable income.“Mining pools such as Chow’s Antpool play a critical role in the adoption of BitVM implementations because they directly determine the inclusion and validation of new types of transactions and scripts at the consensus layer.BitVM requires miners to include custom Taproot-based transactions that encode interactive verification logic. Mining pools must agree to include these non-standard or computationally intensive scripts in blocks, otherwise the protocol would simply not function.Related: StarkWare researchers propose smart contracts for Bitcoin with ColliderVMMining pool supportAccording to Hashrate Index data, Antpool controls 17.2% of Bitcoin’s hashrate as of May 26, while F2Pool controls 8.2% and Spiderpool 6.1%. This results in a total supporting hashrate of 31.5%.Bitcoin hashrate distribution between mining pools. Source: Hash Rate IndexThis is enough to secure transaction inclusion in under one in every three blocks. This is presumably enough for testing, prototyping and early-stage applications.With this percentage of supporting hashrate, developers can build functional systems with the assumption that, despite some latency, BitVM transactions will be processed. So while it is hard to view this hashrate as allowing a fully functional deployment, it is likely enough for the early phases of BitVM development.A Bitlayer representative told Cointelegraph that “should collective hashrate support weaken or policy shifts occur within Bitcoin Core, we have a multi-layered contingency plan.” This plan includes the “expanded mining pool partnerships,” referring to the company’s intention to keep onboarding more mining pools.Magazine: ZK-proofs are bringing smart contracts to Bitcoin — BitcoinOS and Starknet
Dubai launches first licensed tokenized real estate project in MENA region
Dubai has launched the first licensed tokenized real estate project in the Middle East and North Africa (MENA) region, previewing appetite for real-world tokenization in one of the world’s burgeoning crypto hubs.Partners in the project include the Dubai Land Department (DLD), the Central Bank of the United Arab Emirates, and the Dubai Future Foundation, according to an announcement from the Dubai government. The tokens will be tradeable on the newly launched “Prypco Mint” platform, with Zand Digital Bank appointed as the bank for the project’s pilot phase.On May 19, Dubai’s Virtual Assets Regulatory Authority (VARA) updated its rules to include real-world asset (RWA) tokenization, allowing such tokens to be traded on secondary markets.Related: UAE saw 41% increase in crypto app downloads in 2024 — AppsFlyerThe project will allow individual investors to buy tokenized shares in “ready-to-own properties in Dubai,” with investments starting at 2,000 Emirate dirham ($545). During the pilot phase, all transactions will be carried out in the dirham (AED), with no cryptocurrency to be used. Although the pilot program will be limited to those with UAE ID holders, there are plans to expand it globally.In April, the DLD and VARA agreed to link Dubai’s real estate registry with the tokenization of property. The stated goal was to attract global investors and enhance liquidity in Dubai’s real estate market. The project was initially announced in March.A sought-after destination for crypto entrepreneurs, the United Arab Emirates is positioning itself as a crypto hub. In May, Dubai, an emirate within the country, partnered with Crypto.com to help facilitate crypto payments for government services.Related: Dubai crypto regulator grants VASP license to RWA-friendly L1 blockchainReal estate tokenization market may reach $19.4B by 2033Real estate is one of many areas of RWA tokenization that is poised for a breakthrough over the next few years. It fulfills some key promises of blockchain technology, providing liquidity to relatively illiquid assets and granting greater accessibility to retail investors.According to Custom Market Insights, the global real estate tokenization market is expected to reach a $19.4 billion market cap by 2033, growing at a compound annual rate of 21%. All three types of real estate — residential, commercial, and industrial — will play a role.Global real estate tokenization market over time. Source: Custom Market InsightsSome of the companies that specialize in tokenizing real estate include RealT and Metlabs. However, many others have struggled in their efforts, largely due to the complexities of navigating regulatory requirements.Magazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs — Inside story
Bitcoin stalls at $110K but institutional investors continue gobbling up BTC
Key takeaways:Bitcoin is stuck below $110,000 due to macroeconomic uncertainty and as Nvidia earnings anticipation caps risk appetite.Strong spot BTC ETF inflows and Bitcoin options data are hints that US economic clarity could unlock BTC highs.Investor sentiment improved on May 26 after US President Donald Trump postponed his retaliatory European Union 50% tariffs on imports. European stock markets responded positively to the development, but Bitcoin (BTC) was unable to hold the $110,000 level, leading traders to question whether a new all-time high remains within reach.Even if Bitcoin revisits the $105,000 mark, rising institutional interest and robust derivatives markets indicate that bullish traders are neither overleveraged nor concerned about a potential correction.Bitcoin 2-month futures annualized basis rate. Source: laevitas.chDemand for leveraged long Bitcoin positions grew, as evidenced by the BTC futures premium increasing to 8% on May 26. Although this was a modest rise from 6.5% the previous day, the metric still sits comfortably within the neutral range of 5% to 10%. For context, in December 2024 the Bitcoin futures premium surged to 20% when BTC surpassed $100,000 for the first time.Will Nvidia earnings and US economic data ignite Bitcoin price? Trump’s decision to delay the EU import duties until July 9 reduced some market uncertainty, yet the broader economic consequences of the ongoing tariff conflict have yet to show up in corporate earnings. Investor risk appetite now hinges in part on Nvidia's (NVDA) May 28 earnings report, and anticipation for this possibly explains Bitcoin’s inability to break through its previous highs.Bitcoin options markets are signaling an increased probability of upward movement. This suggests that whales and market makers remain confident, even with BTC trading just 2.6% below its record high of $111,957.Bitcoin options 30-day delta skew (put-call) at Deribit. Source: laevitas.chThe negative 6% Bitcoin options delta skew indicates that put (sell) options are trading at a discount, a typical characteristic of bullish markets. Readings closer to zero reflect a more balanced demand between put and call (buy) options — a trend observed on May 25.It’s likely that the persistent institutional demand for Bitcoin is gradually shifting the risk perception among the world’s largest investment firms. Michael Saylor’s company, Strategy, acquired $427 million worth of Bitcoin between May 19 and May 25 at an average price of $106,237. Meanwhile, spot Bitcoin exchange-traded funds (ETFs) saw another $2.75 billion in inflows during the same period.During JPMorgan’s Annual Investor Day on May 19, CEO Jamie Dimon announced that the bank would finally allow clients to purchase spot Bitcoin ETFs. While the move does not include custody or official recommendations of cryptocurrencies, it opens the door to indirect Bitcoin exposure for the bank’s $6 trillion in customer deposits.Related: Bitcoin’s new highs may have been driven by Japan bond market crisisUS markets are closed on May 26 in observance of the Memorial Day holiday. As a result, any optimism stemming from the delayed US–EU tariffs may be tempered by ongoing concerns surrounding US government debt and the threat of a potential economic recession. The recent 5.1% drop in MBA Mortgage Applications for the week ending May 23 prompted traders to adopt a more cautious stance.While Bitcoin derivatives metrics remain healthy, upcoming economic data will be critical for market sentiment. Investors are closely watching the Richmond Fed manufacturing index due on May 28, followed by the PCE inflation data on May 30. These indicators will likely influence risk appetite and the chances of Bitcoin breaking above the $112,000 mark in the short term.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Crypto industry urges SEC to clarify staking stance
Cryptocurrency industry groups are urging the US Securities and Exchange Commission (SEC) to issue formal guidance on staking, citing continued regulatory uncertainty for Web3 infrastructure providers, according to Allison Muehr, head of staking policy for the Crypto Council for Innovation, a trade group.Clarifying the SEC’s position on staking has become a top priority for the crypto industry, Muehr said during Solana’s Accelerate conference in New York.“We’re about 25% of the way there,” Muehr said. “The SEC has done more constructive engagement with us in the past four months than in the last four years, but we still don’t have formal staking guidance.”Allison Muehr, right, the Crypto Council for Innovation’s head of staking policy, speaks at Accelerate. Source: CointelegraphRelated: SEC acknowledges slew of crypto ETF filings as reviews, approvals accelerateChanging regulatory stanceUnder the previous US presidential administration, the SEC brought enforcement actions against several crypto firms for offering staking services it alleged were unregistered securities offerings.Since President Donald Trump took office in January, the SEC has softened its stance.In February, the agency issued guidance stating that memecoins do not qualify as investment contracts under US law. In April, the regulator clarified that stablecoins also do not qualify as securities if they are marketed solely as a means of making payments.Still, the agency has yet to approve staking in exchange-traded funds (ETFs) or issue formal guidance on how staking services can be offered compliantly in the US.Other policy goalsMuehr said she is optimistic the SEC will eventually approve staking for cryptocurrency ETFs, including for proposed Solana (SOL) funds.“Getting there means first getting the SEC comfortable with the structure,” she said, noting the industry has recently had “some productive meetings with the agency.”“I’m hopeful we’ll see a Solana ETF and even a staked Solana ETF in the US sometime soon.”The SEC is not the only agency the crypto industry is looking to persuade. Muehr said the Internal Revenue Service (IRS) — the top US tax authority — has also taken a position the industry opposes.“The IRS finally issued a statement saying staking rewards are service income,” she said. “We disagree with that interpretation and continue to engage.”Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
Key points:Bitcoin ETPs continue to witness solid buying, signaling that the bulls expect the uptrend to continue.Several major altcoins witnessed a pullback, but lower levels continue to attract buyers.Bitcoin (BTC) is attempting to sustain above $109,588, indicating buying on every minor dip. Bitcoin has risen for seven consecutive weeks, and if buyers can extend the streak to eight weeks, it clears the path for further upside. Crypto analyst and trader Carpe Noctom said in a post on X that Bitcoin has only seen three instances of eight consecutive weekly positive closes, and every time, Bitcoin has been higher in the following six- and 12-month time period.Institutional investors sense a long-term opportunity and, hence, have continued to pump money into Bitcoin exchange-traded products (ETPs). CoinShares reported on May 26 that Bitcoin ETPs witnessed $2.9 billion in inflows last week, which is a quarter of the total inflows for 2024.Crypto market data daily view. Source: Coin360Although most analysts remain bullish over the long term, some are warning of a possible short-term pullback in Bitcoin. CryptoQuant contributor Crazzyblockk wrote in a QuickTake blog post that the data shows buyer exhaustion and increasing volatility, which could start a short-term correction toward $105,000. Could buyers catapult Bitcoin to a new all-time high, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.S&P 500 Index price predictionThe S&P 500 Index (SPX) turned down from 5,968 and reached the 20-day exponential moving average (5,759).SPX daily chart. Source: Cointelegraph/TradingViewIf the price rebounds off the 20-day EMA, the index could gradually climb toward the overhead resistance of 6,000. Sellers are expected to pose a strong challenge in the 6,000 to 6,147 zone.The short-term advantage will favor the bears on a break and close below the 20-day EMA. The index could then plummet to the 50-day simple moving average (5,584), which is likely to attract buyers. US Dollar Index price predictionThe bulls tried to push the US Dollar Index (DXY) above the 20-day EMA (100.15) on May 22, but the bears held their ground.DXY daily chart. Source: Cointelegraph/TradingViewSellers are trying to strengthen their position by pulling the price below the 99 support. If they manage to do that, the index could continue its slide to the solid support at 97.92. Buyers are expected to defend the 97.92 level with all their might because a break below it may sink the index to 95.67.Buyers will have to drive and maintain the price above the 50-day SMA (101.26) to indicate that the corrective phase may be over.Bitcoin price predictionBitcoin bulls are trying to push and sustain the price above $109,588, indicating that every minor dip is being purchased.BTC/USDT daily chart. Source: Cointelegraph/TradingViewThe upsloping moving averages and the RSI near the overbought territory signal that the path of least resistance is to the upside. If buyers shove the price above $111,980, the BTC/USDT pair could skyrocket to $130,000.The 20-day EMA ($104,886) is the vital support to watch out for on the downside. A break and close below the 20-day EMA could tempt short-term buyers to book profits. That could sink the pair to the psychologically crucial $100,000 level, where buyers are expected to mount a strong defense.Ether price predictionEther (ETH) turned up from the 20-day EMA ($2,425) on May 25, indicating solid demand at lower levels. ETH/USDT daily chart. Source: Cointelegraph/TradingViewThe bulls will try to drive the price above the $2,738 obstacle again. If they succeed, the ETH/USDT pair could soar to $3,000. The bears will try to halt the up move at $2,850, but the bulls are likely to prevail.If the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, it suggests that the bulls are losing their grip. The pair could dip to $2,323 and then to $2,111.XRP price predictionXRP (XRP) has been oscillating between $2.65 and $2, signaling equilibrium between buyers and sellers.XRP/USDT daily chart. Source: Cointelegraph/TradingViewThe flattish 20-day EMA ($2.34) and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price turns up and breaks above $2.48, the bulls will have another go at the $2.65 resistance. If they clear the overhead hurdle, the XRP/USDT pair could soar to $3.On the other hand, a break and close below the 50-day SMA could sink the pair to the solid support at $2. Buyers are expected to vigorously defend the $2 level because a break below it may sink the pair to $1.61.BNB price predictionBNB (BNB) has started to move toward the overhead resistance of $693 after taking support at the 20-day EMA ($652).BNB/USDT daily chart. Source: Cointelegraph/TradingViewThe upsloping 20-day EMA and the RSI in the positive territory indicate an advantage to buyers. If bulls kick the price above $693, the BNB/USDT pair could rally to the $732 to $761 overhead zone.Contrarily, if the price turns down and breaks below the 20-day EMA, it suggests that the bears are trying to seize control. The pair could slump to $633 and subsequently to the 50-day SMA ($617).Solana price predictionSolana (SOL) took support at the 20-day EMA ($169) on May 25, indicating that the sentiment remains positive and traders are buying on minor dips.SOL/USDT daily chart. Source: Cointelegraph/TradingViewThe bulls will again attempt to drive the price above the $188 overhead resistance. If they can pull it off, the SOL/USDT pair could surge to $210 and eventually to $220. Sellers will have to pull the price below the 20-day EMA to prevent the upside. The pair could then plunge to the 50-day SMA ($151), which is likely to act as solid support. A bounce off the 50-day SMA could signal a few days of range-bound action between $153 and $188.Related: Solana following Bitcoin? Network activity, chart pattern point to $300 SOL priceDogecoin price predictionDogecoin (DOGE) has been trading between $0.26 and $0.21, signaling buying near the support and selling close to the resistance.DOGE/USDT daily chart. Source: Cointelegraph/TradingViewThe price has bounced off the 20-day EMA, opening the gates for a rally to the overhead resistance of $0.26. Buyers will have to pierce the $0.26 level to start the next leg of the uptrend to $0.30 and then to $0.35.Alternatively, a break and close below the $0.21 support suggests the bears are back in the game. The DOGE/USDT pair could then swing inside a large range between $0.26 and $0.14 for some time.Cardano price predictionBuyers are trying to keep Cardano (ADA) above the neckline of the inverse head-and-shoulders pattern but have failed to start a strong rebound.ADA/USDT daily chart. Source: Cointelegraph/TradingViewThe 20-day EMA ($0.75) is flattening out, and the RSI is near the midpoint, indicating a balance between supply and demand. Buyers will have to propel the price above $0.86 to tilt the advantage in their favor. If they manage to do that, the ADA/USDT pair could rally to $1.01. Contrary to this assumption, if the price turns down and breaks below the neckline, it suggests that the bulls have given up. The pair could then drop to the $0.60 support, which is likely to attract buyers.Hyperliquid price predictionHyperliquid (HYPE) has been in a strong uptrend for the past several days. Buyers asserted their supremacy by pushing the price above the $35.73 resistance on May 25.HYPE/USDT daily chart. Source: Cointelegraph/TradingViewThe bulls will try to maintain the momentum and push the price to $42.25, where the bears are expected to step in. If buyers do not give up much ground from $42.25, the uptrend could extend to $50.The immediate support on the downside is $35.73. If the HYPE/USDT pair rebounds off $35.73, it increases the likelihood of a rally above $42.25. Sellers will gain the upper hand on a break below $32.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
