It was another eventful week in the crypto world, as Bitcoin and other digital assets cemented their bullish positions for May.
We started off the week with reports of unprecedented growth in the altcoin market. Most notably, our hippo-friendly memecoin, Moo Deng, saw an incredible 600% increase in value in just four days.
On the same day, investors started seeing reports that China and the U.S. may finally be coming to terms with their trading negotiations. On Monday, we reported how President Trump announced that he’d be willing to lower Chinese tariffs by up to 115% amid ongoing negotiations.
The newly arrived SEC Chairman Paul Atkins spoke on this week’s crypto roundtable. The focus of the event was on tokenization, and the potential regulatory framework surrounding digital asset tokenization. Atkins emphasized the importance of clear guidelines to facilitate innovation while maintaining market stability and investor protections.
CPI Report Corroborates Bullish Momentum
On Tuesday, we got to see the most up-to-date data regarding consumer prices in America. After less-than-optimistic readings like a Q1 recession—inflation was in everyone’s target as a potential reason for a market collapse.
However, inflation on consumer prices came in lower than expected, reinforcing optimism that the Federal Reserve may finally begin to work with tangible data that reinforces an interest rate cut decision at the next FOMC meeting.
As if the week wasn’t already packed with market-shaking events, crypto hit another milestone—Coinbase officially secured its spot in the S&P 500. The leading crypto exchange will replace Discover Financial Services, marking a major moment for digital assets entering mainstream finance.
We also saw institutional Bitcoin adoption reach new heights, with Twenty One Capital making waves by purchasing 4,812 BTC worth $458.7 million.
Democrats Going After Trump’s Crypto Ventures
The rest of the week was marked by political clashes in the United States. Senator Elizabeth Warren (D) went after Trump’s crypto ventures at World Liberty Financial on May 14th—calling the President’s cryptocurrency investments “corruption in plain sight”.
Across the Atlantic Ocean, Europol unveiled a $23 million crypto mafia bank scheme—leading to nearly 20 arrests and a sweeping crackdown on illicit financial networks operating across Europe.
Coinbase Hack
As soon as the exchange finished celebrating its entrance to the S&P 500 — Coinbase was hit with terrible news. On May 16, the exchange was hit with a major cyber attack, exposing sensitive customer data and raising concerns about security in the crypto space.
The exchange refused to pay the requested ransom. The event could have cost the company up to $400 million in losses.
It was quite an eventful week for crypto holders all around the world. Stay tuned for the next updates of the upcoming week!
If you’re looking to start trading, BTCC offers up to 10,055 USDT in welcome rewards just for signing up, depositing, and trading. You can trade over 300 crypto futures with leverage up to 500x and access all types of contracts, including perpetual futures and tokenized stocks.
