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Today in crypto, US lawmakers are drafting an amendment to the GENIUS Act to bar sitting presidents from profiting off stablecoins. Sui-based decentralized exchange Cetus has been exploited, losing more than $200 million. Meanwhile, Bitcoin has broken past the $110,000 mark for the first time.

Senators plan to amend GENIUS Act to address Trump family's stablecoin

Though a majority of members of the US Senate voted to advance a bill to regulate payment stablecoins on May 20, high-ranking Democrats are planning to propose an amendment to the legislation to address President Donald Trump’s connections to the cryptocurrency industry.

According to a May 22 Axios report, Senate Minority Leader Chuck Schumer and Senators Elizabeth Warren and Jeff Merkley will file an amendment to the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, to block a US president from profiting from stablecoins. The proposed amendment would come after 18 Democrats sided with Republicans in the Senate in voting to advance the bill on May 20 after it failed a procedural vote on May 8.

“Passing the GENIUS Act without our anti-corruption amendment stamps a Congressional seal of approval on Trump selling access and influence to the highest bidder,” Merkley said in a May 22 X post.

Trump his three sons are involved in the crypto platform World Liberty Financial (WLFI), which launched its USD1 stablecoin in March. Critics have pointed out that the president could continue to personally benefit from legislation that helps recognize stablecoins like USD1 as financial instruments in the US. 

Sui DEX Cetus hit by suspected hack: Over $200 million in potential losses

Cetus, a decentralized exchange (DEX) built on the Sui blockchain, is suspected to have been hit by a massive exploit that may have drained more than $200 million worth of digital assets.

Pseudonymous Web3 researcher COMDARE3 posted on X that “users report” that Sui-based DEX Cetus is being exploited.” They also shared a screenshot of Cetus market data on DEX Screener, showing many assets losing well over half of their value over the last 24 hours.

The team behind Extractor, an onchain monitoring tool developed by crypto cybersecurity company Hacken, confirmed that “at least $63m was already bridged to Ethereum, 20k ETH was just transferred to a fresh wallet” in a single transaction. A Hacken representative told Cointelegraph that these findings were confirmed by the company’s Web3 researcher, Yehor Rudytsia.

Cetus pool data shows that as of the time of writing, the DEX processed $2.9 billion worth of transactions on May 22, a significant increase over the $320 million reported on May 21. This heightened level of activity may have been caused by funds being siphoned out of the protocol.

Cetus did not immediately respond to Cointelegraph’s request for comments about the suspected exploit. A Sui team representative gave no comment to Cointelegraph regarding the Cetus situation.

Some tokens, such as Lombard Staked BTC (LBTC) or AXOLcoin (AXOL) lost most of their value on Cetus. The top 15 losers all lost in excess of three-quarters of their price.

Bitcoin climbs above $110,000 for the first time

Bitcoin (BTC) rallied above $110,000 for the first time late on May 21 after it gained over 3% in the past day and continued its rally early into May 22 to a high of nearly $112,000 as of 4 am UTC.

The cryptocurrency had well passed a a peak high of $109,458 that it hit earlier in the day, which was the first time it traded above its long-held Jan. 20 peak.

Bitcoin has gained around 20% this year and has nearly doubled since its slump to $75,000 on April 7, triggered by US President Donald Trump enacting sweeping tariffs that tanked global markets.

Bitcoin’s continued climb comes as US stock markets were rattled by a weak 20-year bond auction, which sent treasury yields soaring on May 21. The S&P 500 fell 80 points in half an hour while the Nasdaq and Dow Jones mirrored the move, with all US indexes trading down on the day.

Caroline Bowler, CEO of the Australian crypto exchange BTC Markets, said in a note to Cointelegraph that Bitcoin’s continued highs were “driven by institutional-grade infrastructure and stronger regulatory clarity.”

An American tourist in the United Kingdom was reportedly drugged by an individual posing as a taxi driver, who stole the tourist's $123,000 in Bitcoin stored on a cell phone.

According to a report from My London, Jacob Irwin-Cline went out to a London bar and had several drinks before calling an Uber to take him home.

Cline said that he did not thoroughly check the details of the Uber ride on his phone and left with a random private cab driver resembling the Uber driver at first glance, but driving a different vehicle — a detail Cline would only discover after the incident.

Once inside the vehicle, the US tourist said the driver offered him a cigarette, which Cline said was likely laced with a rare and potent sedative drug called scopolamine. Cline added that the cigarette made him feel extremely docile and tired, causing him to pass out for around 30 minutes before regaining consciousness.

Shortly after Cline woke up, the driver ordered him out of the vehicle. As Cline exited, the driver suddenly sped off, striking him with the car and fleeing with his cellphone, which contained his private keys and access to his crypto accounts.

The unfortunate incident comes amid a recent spate of kidnappings, extortion incidents, armed robberies, and ransom attempts directed at crypto industry executives, investors, and their families.

Related:Chainalysis CEO offers a clue into recent spate of Paris crypto attacks

Crypto community members become the targets of violent crime

Several kidnapping incidents involving crypto investors, industry executives, and their families have occurred in May.

On May 3, the father of an unnamed crypto exchange owner was freed by French police after law enforcement officials raided the property where the individual was being held captive by organized criminals demanding a ransom for his release.

Shortly after that incident, the daughter and grandson of Pierre Noizat, the CEO of the Paymium crypto exchange, were the targets of an attempted kidnapping in Paris.

The incident occurred in broad daylight when the assailants attacked the family and attempted to force them into a parked vehicle. However, Noizat's daughter and another individual were able to fight off the masked attackers.

The rise in violent attacks against crypto investors and professionals has prompted an increase in personal security, including requests for bodyguards and private security measures for those likely to be victimized.

Magazine:China’s ‘point running’ crypto scams, pig butchers kidnap kids: Asia Express

Though a majority of members of the US Senate voted to advance a bill to regulate payment stablecoins on May 20, high-ranking Democrats are planning to propose an amendment to the legislation to address President Donald Trump’s connections to the cryptocurrency industry.

According to a May 22 Axios report, Senate Minority Leader Chuck Schumer and Senators Elizabeth Warren and Jeff Merkley will file an amendment to the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, to block a US president from profiting from stablecoins. The proposed amendment would come after 18 Democrats sided with Republicans in the Senate in voting to advance the bill on May 20 after it failed a procedural vote on May 8.

“Passing the GENIUS Act without our anti-corruption amendment stamps a Congressional seal of approval on Trump selling access and influence to the highest bidder,” Merkley said in a May 22 X post.

Trump his three sons are involved in the crypto platform World Liberty Financial (WLFI), which launched its USD1 stablecoin in March. Critics have pointed out that the president could continue to personally benefit from legislation that helps recognize stablecoins like USD1 as financial instruments in the US. 

Related:US lawmaker introduces anti-corruption bill ahead of Trump’s dinner

An Abu Dhabi-based investment firm said that it would use USD1 to settle a $2-billion investment in Binance, effectively allowing the president’s family to profit from the transaction fees. Democratic lawmakers have already called for an investigation into Trump’s connections to the platform, which was largely dismissed as “flawed” by WLFI co-founder Zach Witkoff.

Stablecoins are just one of many potential conflicts, say Democrats

Merkley and Warren are also planning responses to Trump hosting a dinner at his golf club for up to 220 people who purchased the most significant amounts of his personal memecoin. Merkley is expected to attend a protest organized by the consumer advocacy group Public Citizen, in partnership with progressive political organization Our Revolution, outside the Trump venue on May 22. 

Warren held a press conference with Merkley, Senator Chris Murphy and Public Citizen representatives, calling on Trump to “release the guest list” for the dinner event. Though a few of the potential attendees have publicly announced they were the owners of the wallets who purchased the memecoin and intended to go, the majority were still anonymous at the time of publication.

“What is happening tonight — this private, secret dinner — in which individuals who have put money in Donald Trump’s pocket, get access to him, is maybe the most corrupt of all the corruption,” said Murphy, adding:

“They were able to pay their way in to get an audience with the President of the United States to ask for favorable national security concessions.”

Cointelegraph reached out to the White House for comment, but had not received a response at the time of publication.

Magazine:Trump’s crypto ventures raise conflict of interest, insider trading questions

Key takeaways:

• The SEC’s decision on a spot XRP ETF could ignite a significant rally.

• The current $2.2 billion in XRP futures hints at growing institutional investor demand.

The two most bullish events ever imagined by XRP (XRP) advocates happened in 2025, but XRP continues to underperform the cryptocurrency market. On March 6, XRP was listed as a candidate for the United States' “Digital Asset Reserve,” and Ripple Labs settled a years-long complaint with the US Securities and Exchange Commission on May 8.

XRP fell 6% in the three months leading up to May 22, while overall crypto market capitalization rose 10%. Traders remain hopeful for a 45% rally to $3.50, with derivatives metrics signaling rising confidence.

Leverage use ramps up ahead of potential spot XRP ETF listing

The aggregate open interest on XRP futures on major exchanges jumped to 923 million XRP on May 22, up 31% from two weeks prior. The $2.2 billion position in futures markets signals growing interest from traders, but it is not necessarily bullish, as those instruments can also be used to speculate on the XRP price downside.

Some traders argue that the increased demand for leveraged XRP positions indicates growing institutional interest, especially as multiple issuers filed for a spot XRP exchange-traded fund (ETF) listing in the US. However, the final decision by the US SEC should be made in October.

Excessive demand for bullish leveraged XRP causes a positive funding rate, meaning longs (buyers) are the ones paying the carry cost. As cryptocurrency traders are generally optimistic, a 7% to 14% annualized funding rate is expected in neutral markets, while periods of FOMO can push the indicator above 50%.

The annualized funding rate jumped to 19% on May 22, nearing the highest levels in six months. Still, the current optimism level is nowhere near the 100% annualized funding rate from Dec. 4, 2024, which followed an impressive 7-day rally to $2.90 from $1.33. Far from being bearish, the current level leaves room for bullish positioning on XRP futures markets.

Related:Which senators invest in crypto? 11 lawmakers have blockchain-related investments

Favorable regulation opens the door for new partnerships and acquisitions

Part of the limited XRP price upside can be explained by the multiple rejections of US Senator Cynthia Lummis, chair of the Senate Banking Subcommittee on Digital Assets, to meet with Ripple representatives. Ripple CEO Brad Garlinghouse asked on May 19 that the lawmaker “reconsider and be a leader for ALL of crypto,” and discuss “how to make the US the crypto capital of the world.”

There is nothing stopping XRP from hitting $3.50 or even higher, as Ripple Labs is no longer facing direct threats from regulators, which paves the way for partnerships and acquisitions. Historically, XRP has reacted very positively following those announcements, and the $2.2 billion futures open interest could help catapult XRP price above the current $3.25 all-time high.

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.

Cetus, a decentralized crypto exchange (DEX) built atop the Sui blockchain network, said $162 million of over $220 million stolen in a May 22 hack has been frozen.

According to the Cetus team, the DEX is working with the Sui Foundation and other entities within the ecosystem to recover the remainder of the funds. The Sui Foundation also confirmed:

"A large number of validators identified the addresses with the stolen funds and are ignoring transactions on those addresses until further notice. The Cetus team is exploring paths to recover those funds and return them to the community."

The Cetus hack is the latest in a string of such incidents impacting crypto and Web3 in the first half of 2025. Cybersecurity continues to be a major issue in crypto, with many industry executives calling for the sector to police itself and establish more robust defenses or risk increased regulatory scrutiny.

Related:Germany seizes $38M in crypto from Bybit hack-linked eXch exchange

The Cetus hack: the story so far

On May 22, the Cetus DEX was hacked in what is believed to be a smart contract code exploit that saw the DEX drained of approximately $223 million in user funds.

According to the team behind the Extractor Web3 security notification tool, $63 million of the stolen funds were bridged to the Ethereum network.

The Extractor team also identified a wallet address ending in "AF16" used by the threat actors to launder 20,000 Ether (ETH), valued at roughly $53 million.

The recovery efforts and the asset freeze coordinated by different projects, platforms, and validators in the Sui ecosystem drew mixed reactions from the crypto community.

"Good news for the victims, but if validators, 114 only in total, can freeze wallets when they want, it raises a major question about the network's censorship resistance. Sui is anything but decentralized," one user wrote in response.

Magazine:$55M DeFi Saver phish, copy2pwn hijacks your clipboard: Crypto Sec

OpenAI is planning to develop AI “companion” devices that will integrate artificial intelligence capabilities with everyday life, potentially opening the door to a new high-tech innovation used alongside laptops and smartphones.

In an interview with The Wall Street Journal, OpenAI CEO Sam Altman said he and designer Jony Ive are developing these secret devices for mass consumption, with plans to ship 100 million units upon launch.

Ives joined OpenAI after his startup, io, was acquired by Altman’s company in a $6.5 billion deal, the Journal reported on May 21. 

Neither Altman nor Ives specified what these companion devices would look like or how they would operate. Ives simply referred to them as a “new design movement” that would be similar to Apple’s family of hardware and software integrations. 

OpenAI has raised billions of dollars from investors, who view the company as a stalwart in the AI industry following the overwhelming success of its ChatGPT large language model (LLM). As of May, ChatGPT had nearly 800 million weekly active users, according to industry data. 

These usage trends were behind OpenAI’s massive $157 billion valuation as of October 2024 — a figure that nearly doubled to $300 billion by March 2025.

Related:Microsoft and OpenAI renegotiate investment deal: Report

Not the first “secret” project

In addition to its secretive companion devices, OpenAI’s ambitions extend to social media, where the company plans to take on Elon Musk’s X and Mark Zuckerberg’s Meta platforms, according to an April 15 report by The Verge. 

The new social media platform will reportedly combine ChatGPT’s image generation capabilities with a social media feed similar to X’s. It’s unclear whether the new social media platform would launch as a standalone product or be incorporated into ChatGPT.

The blend between AI and social media has also bled into the blockchain industry, with several startups utilizing these technologies to build AI agents, LLM tools and decentralized social media networks.

As Cointelegraph reported, Validation Cloud recently deployed an LLM on the Hedera network, giving decentralized finance users the ability to query blockchain data more easily. 

Related:OpenAI’s Altman appears to reject Musk’s $97.4B bid for control

Key takeaways:

• Solana’s bull flag pattern projects a rally to $260, but low spot buy volumes have analysts advising caution.

After briefly dropping to $160 from $184, Solana (SOL) is attempting to reclaim a position above its key resistance at $180 for a second consecutive week. With Bitcoin (BTC)hitting an all-time high, market speculators are banking on eventual capital rotation, which could pump major altcoins like SOL toward new highs.

Solana shows promising signs on the daily chart, forming a textbook bull flag pattern after a strong uptrend. While SOL prices currently trade under $180, a breakout above this level could propel SOL toward its first target at $200, with further upside potential to $220 if momentum sustains.

The trend remains bullish, supported by the relative strength index (RSI) at 64.30, indicating healthy momentum without overbought conditions. However, SOL needs a clear market structure break (MSB) or a decisive bullish breakout above $180 to trigger the next leg of the rally. 

Declining volumes during the consolidation phase suggest caution, as a lack of buying pressure could stall the breakout. 

If SOL fails to breach $180, the immediate key area of interest is between $140-150, and the bull flag pattern would be invalidated. The support range is a daily order block, which should provide higher time frame (HTF) support in case of a price correction. 

Related: Bitcoin could go much higher due to lack of FOMO and futures market euphoria — Analysts

Solana price fractal aims for $260

Crypto trader Robert Mercer shared a chart identifying a price fractal pattern similar to October 2024. Mercer emphasized two critical zones: one around late 2024, where SOL broke past $180 after consolidation, and a current zone mirroring that setup. He predicts a breakout above $180 could trigger a sharp upward rally, mirroring the late 2024 rally that saw $SOL peak near $260.

Likewise, technical analyst Javon Marks identified a hidden bullish divergence on Solana's 3-day chart, a pattern that previously triggered a 1,332% surge in 2024. Marks suggested that if this pattern breaks out again in 2025, Solana could reach a price target of $450.

Popular crypto trader XO also remained on the lookout for a long opportunity, but suggested waiting to see if Solana could flip the $180 level into support.

Related: BTC price eyes $112K as risk assets 'ignore bad news' on unemployment

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.

Crypto exchange Kraken is planning to offer non-US customers the option of trading tokenized US stocks, part of the company’s push to offer more traditional assets via tokenization.

The products will be offered through Backed, a new Kraken partner, according to a statement shared with Cointelegraph. Tokens representing the stocks will be stored on the Solana blockchain due to its “unmatched performance, low latency and thriving global ecosystem,” the statement said.

“The whole point of crypto is that we're able to see things very transparently,” Kraken co-CEO Arjun Sethi said during Solana's Accelerate event on May 22. ”It's decentralized. It is open-source. You can innovate as quickly as possible, and there's no reason why companies like us can't morph to do that."

The decision to incorporate more traditional investment options may indicate a shift by Kraken to compete less with crypto-native exchanges like Coinbase and more with larger brokerages like Robinhood, which provide a wide range of investment options.

On April 14, Kraken opened access to exchange-traded funds and stock trading to US clients based in New Jersey, Connecticut, Wyoming, Oklahoma, Idaho, Iowa, Rhode Island, Kentucky, Alabama and the District of Columbia.

In 2021, cryptocurrency exchange Binance launched a similar initiative but ultimately canceled it due to issues with regulatory agencies in various countries worldwide.

According to Sethi, Kraken is building “a set of microservices" to scale out its products to customers.

Related:Crypto exchange Kraken exploring $1B raise ahead of IPO: Report 

Kraken’s tokenization move

Real-world assets (RWA) tokenization has been a central topic in crypto over the past few months. The sector's market capitalization has climbed from $15.9 billion on Jan. 3 to $22.7 billion on May 20, representing a 42.8% jump in the period.

Tokenized private credit and US Treasurys are dominant assets in the market, while stocks account only for $373.4 million.

Robinhood is also moving to offer tokenized stocks. According to a recent announcement, the brokerage is working on a blockchain for tokenized securities that will offer European investors exposure to US-listed companies.

RWA tokenization is gaining traction among brokerages, exchanges, and firms due to several key advantages. It reduces upfront costs by minimizing reliance on traditional financial infrastructure. Additionally, tokenization helps democratize access to investment opportunities, enabling retail investors to participate in markets that were previously limited to accredited investors.

Magazine:TradFi is building Ethereum L2s to tokenize trillions in RWAs — Inside story

California Representative Maxine Waters, ranking member of the US House Financial Services Committee, has announced plans to introduce legislation “to block [Donald] Trump’s memecoin and stop his crypto corruption.”

In a May 22 notice, Waters said the Stop Trading, Retention, and Unfair Market Payoffs (TRUMP) in Crypto Act of 2025 bill would be aimed at blocking the US president, vice president, members of Congress and their families from engaging in “crypto crime.” The US lawmaker referred to Trump and his wife, Melania, issuing personal memecoins in January, his family launching a stablecoin, USD1, through the crypto platform World Liberty Financial, and the president attempting to establish a national Bitcoin (BTC) reserve as his sons back a BTC mining venture.

“Donald Trump is preparing to dine with the top donors of his memecoin who’ve made him, and his family, richer,” said Waters, adding:

“Trump’s crypto con is not just a scam to target investors. It’s also a dangerous backdoor for selling influence over American policies to the highest foreign bidder.”

Waters’ bill was one of many actions announced to oppose the president’s dinner to reward memecoin holders. Senators Chris Murphy and Elizabeth Warren are expected to attend a press event with representatives for the consumer advocacy group Public Citizen, and two Democratic organizations are set to protest at the Trump National Golf Club outside Washington, DC, where the memecoin dinner will be held.

Majority of participants have stayed anonymous ahead of dinner

The number and names of attendees to the May 22 dinner were still largely unknown, but several revealed their intentions through social media and news outlets to apply for background checks and meet the president. Bloomberg reported that more than half of the participants eligible for the dinner and “VIP Tour” — a separate experience limited to the top 25 memecoin holders — were likely foreign nationals.

Among those claiming to attend included Tron founder Justin Sun, Hyperithm co-CEO Oh Sangrok, Kronos Research chief investment officer Vincent Liu, and Synthetix founder Kain Warwick. Sun posted to X on May 21, showing him appearing to gain access to the Eisenhower Executive Office Building in Washington, DC, which is part of the White House compound.

Related:What to expect at Trump’s memecoin dinner

Addressing members of the press on May 22, White House Press Secretary Karoline Leavitt said Trump was attending the dinner “in his personal time.” She denied that the event would be taking place at the White House, despite the memecoin project’s website previously stating the top 25 holders would be eligible for a tour of the government building.

Since the launch of the TRUMP memecoin on Jan. 17, many lawmakers and industry figures, including some generally supportive of the president’s policies, have criticized the project. In a May 20 article, The Wall Street Journal Editorial Board called on the White House to disclose the names of those attending the dinner, adding that Trump would “help himself by calling off his Thursday gala.”

Two organizations behind the TRUMP token are tied directly to the president and control roughly 80% of the total supply, opening up the potential for a rug pull in the future. In the previous 24 hours, the price of the memecoin has risen more than 11%, to $15.76 from $14.13.

Magazine:Trump’s crypto ventures raise conflict of interest, insider trading questions

Key points:

• Mixed results for US jobless claims fail to dent risk-asset enthusiasm.

• Despite concerns over the bond market, Bitcoin and stocks enjoy stability at the start of the Wall Street trading session.

• BTC price expectations remain lofty amid low volatility and a curious lack of profit-taking.

Bitcoin (BTC) focused on $111,000 around the May 22 Wall Street open as record highs met mixed US unemployment data.

Bitcoin, stocks brush off jobs uncertainty

Data from Cointelegraph Markets Pro and TradingView showed BTC price volatility cooling in line with stocks.

The latest US macroeconomic data painted a conflicting picture of labor market resilience to inflation trends.

Initial jobless claims came in below expectations at 227,000, while continuing claims exceeded their target by 13,000.

Far from a wary reaction, however, risk assets maintained prior levels, leading analysts to bullish conclusions over market sentiment.

“Initial Jobless Claims came in cooler than expected. Continuing Claims came in hotter than expected,” Blacknox, cofounders of trading resource Material Indicators, wrote on X. 

“BTC is in price discovery, and the market wants to celebrate the good news and ignore the bad news.”

Fellow co-founder Keith Alan described the jobless numbers as “a bit more fuel for BTC momentum.”

“Keep watching Bitcoin and Gold,” trading resource The Kobeissi Letter continued.

Kobessi added that it expected some form of government intervention in the bond market after stocks’ volatility kicked in the day prior.

On today's episode of the bond market:

The US 30Y Bond yield just hit 5.15% for the first time since October 2023.

Other than October 2023, 30Y Yields have not been this high since July 2007.

We expect attempted intervention by Trump and Bessent as the Fed refuses to cut… https://t.co/GUptlBLyCK pic.twitter.com/0DONKceum6

— The Kobeissi Letter (@KobeissiLetter) May 22, 2025

Bitcoin due “bigger move” amid low profit-taking

Comparing the latest all-time highs to previous cycles, meanwhile, Bitcoin market participants revealed surprising behavior.

Related:Bitcoin 'looks exhausted' as next bear market yields $69K target

Volatility and mass profit-taking, they noted, were both conspicuously lacking at $111,000.

“Can't recall a time in history where $BTC just casually traded around in a 1% range at all time highs,” popular trader Daan Crypto Trades told X followers. 

“Bigger move following once it breaks this local tiny range. Quite a lot of positions being build up on both sides.”

Order book liquidity data from monitoring resource CoinGlass thickening bids and asks around spot price. 

Elsewhere, onchain analytics platform Glassnode flagged steadfast resolve among hodlers despite 100% supply profitability.

“When $BTC hit all-time high yesterday, total profit-taking volume was around $1.00B - less than half the amount realized when Bitcoin first crossed $100K last December, which hit $2.10B,” it noted on the day. 

“Despite a higher price, profit realization was far more muted.”

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.

Key takeaways:

• Bitcoin’s rally to new price highs happened as funding rates and trading sentiment remained unusually subdued.

• Rising stablecoin supply and global M2 growth indicate untapped liquidity and the potential for further price increases.

• Long-term holders are not aggressively selling, reflecting their expectation for continued Bitcoin price appreciation.

Bitcoin (BTC) hit a new all-time high on May 21, with prices rising to $111,860 on Binance on May 22, but the markets lack the state of frenzy associated with new highs. Economist and crypto commentator Alex Krüger noted that “this is the least euphoric new all-time highs” for Bitcoin, after highlighting subdued funding rates for Bitcoin across crypto exchanges.

The chart illustrates that the current BTC funding rate is significantly below previous market highs observed during March and November 2024. The funding rate was six times higher in Q1 and three times higher in Q4 last year.

These low rates indicate minimal speculative activity in the futures market, with the rally driven by spot buyers rather than leveraged traders, reducing the risk of over-leveraged corrections. 

Such a scenario also indicates that Bitcoin might not have reached a state of euphoria yet. 

The availability of untapped liquidity in the crypto ecosystem underscores the potential for further growth. Stablecoin market capitalization, often a leading indicator of incoming capital, has risen to 14% in 2025. Tether’s (USDT) market cap jumped to $152 billion from $139 billion in January, while Circle’s USDC supply has increased by 35% to $58 billion. 

Stablecoins often act as a bridge for new capital entering the crypto market, and their growth suggests a substantial pool of liquidity that has yet to be fully deployed into Bitcoin and other crypto assets. 

Additionally, global liquidity trends provide further tailwinds. The global M2 money supply, which measures the total money in circulation across major economies, grew by 5% in Q1 2025, driven by monetary policy adjustments in the US, EU, and Japan.

Cointelegraph reported a strong correlation, exceeding 80%, between Bitcoin’s price and global liquidity, typically with a 60-day lag, pointing to further buying pressure in the coming months.

Related: These 4 memecoins can outperform Bitcoin this cycle

“Muted” profit-taking reflects confidence in Bitcoin

Glassnode data adds another layer of insight into Bitcoin’s current market dynamics. Despite the new highs, profit-taking among Bitcoin holders remains restrained. The data analytics platform noted,

“When $BTC hit all-time high yesterday, total profit-taking volume was around $1.00B - less than half the amount realized when #BTC first crossed $100K last December, which hit $2.10B. Despite a higher price, profit realization was far more muted.”

This muted activity suggests that long-term holders are not rushing to cash out, which typically reflects confidence in further price appreciation.

The lack of widespread participation indicates that Bitcoin’s rally is not a crowded trade, leaving room for new capital to enter the market. The restrained profit taking, combined with low speculative activity in the futures market, paints a picture of a market far from overheated or “euphoria”.

Related: Bitcoin tops Amazon market cap on ‘Pizza Day’ as price sets new highs

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.

DeLorean launched an onchain reservation system and non-fungible token (NFT) marketplace for its upcoming electric vehicle launch, introducing a new blockchain-based approach for reserving and reselling cars.

According to DeLorean, its Build Slot NFT collection grants holders priority access to purchase DeLorean’s upcoming electric car, Alpha 5 EV. The model is the carmaker’s first vehicle in over 40 years, inspired by the iconic flux capacitor from the movie Back to the Future.

The company created an exclusive marketplace for its NFT holders, in which users can buy or trade the NFTs using the USDC (USDC) stablecoin on the Sui network and will be able to earn rewards.

DeLorean says that each vehicle’s history and performance data will be recorded onchain through the FLUX protocol, including key data such as battery health, maintenance records, accident history, and verified odometer readings. 

This detailed data makes it easier for auto enthusiasts to bid on or resell vehicles in the secondary market, the company said.

“Since DeLorean’s emergence in the 1980s, the brand has stood as a symbol of vision, rebellion, and futuristic innovation,” according to Cameron Wynne, the chief brand officer at DeLorean. “By using blockchain technology, we're setting a new standard for the automotive industry,” Wynne said.

The NFT-based reservation system and the tokenization of an electric vehicle signal DeLorean’s interest in digital assets. The company is also the first carmaker to introduce a utility token, the DeLorean ($DMC) token.

Luxury brands exploring blockchain, NFTs

NFTs are becoming digital passports for luxury goods, linking to full lifecycle benefits such as reservation, maintenance, resale, and membership services.

By tokenizing luxury products using NFTs, brands can enhance their technological appeal while reinforcing a sense of scarcity and community value.

Global fashion brand Louis Vuitton ventured into NFTs in 2023, offering NFT holders exclusive access to certain products like a $6,400 digital mini trunk, a $9,000 bag and a varsity jacket worth around $8,400.

LVMH Group launched the blockchain-based AURA platform, where luxury items are represented as unique NFTs containing information such as the origin of raw materials, production date and maintenance history.

Magazine:Pranksy: Inside the anonymous life of an NFT legend — NFT Collector

Opinion by: Ahmad Shadid of O.xyz

Semiconductors scored a rare exemption from US President Donald Trump’s aggressive reciprocal tariffs, but the relief is symbolic at best. Most semiconductors enter the US embedded in servers, GPUs, laptops, and smartphones. 

The finished goods remain heavily tariffed, some with duties reaching up to 49%. The exemption looks good politically but delivers little practical benefit. Nvidia’s DGX systems, crucial for training advanced AI models, do not fall under the exempted HTS codes. Nvidia could pay effective tariffs nearing 40% on these vital components. Such costs threaten to stall critical AI infrastructure projects across the country. 

Semiconductor tariffs may compromise the goal of the CHIPS Act. The act promised tens of billions of dollars in subsidies to support domestic chip manufacturing. Yet advanced lithography machines — key equipment from countries like the Netherlands and Japan — face 20%–24% tariffs. Ironically, tariffs designed to boost American production increase the cost of essential manufacturing equipment.

The effect of new tariffs is already slowing progress in critical supply chains — just as generative AI and large language models are gaining momentum across sectors like finance and defense. Any delays or cost increases now could blunt America’s technological advantage.

Indirect costs undermine exemptions for AI

Modern semiconductor supply chains are global and highly integrated. An exemption on raw silicon means nothing when servers, GPUs and other finished products face steep tariffs. Tariffs indirectly inflate costs, eliminating any competitive advantage from domestic manufacturing.

Indirect tariff costs hit high-end systems disproportionately hard. The effect ripples through AI model training, data center expansions and major infrastructure projects, significantly slowing the industry’s momentum.

Tariff impasse halts investment

So far, it’s clear that the US president’s tariff plan didn’t follow any conventional economic trends or calculated strategy. The uncertain tariff situation stalls investment decisions across the technology sector. Companies need predictable costs to justify large capital expenditures. Ongoing tariff volatility prevents them from committing resources to new data centers and manufacturing lines.

This mirrors the supply chain chaos of 2020. At that time, uncertainty caused massive order cancellations and slowed industry recovery for years. If tariff ambiguity continues, we could see similar waves of cancellations in 2025. This would further compound existing inventory and revenue issues in the semiconductor sector.

Domestic production is not optimal

The border argument for these tariffs is that they’re meant to boost domestic production. They do little, however, to encourage genuine domestic semiconductor production. Despite subsidies under the CHIPS Act, most US semiconductor companies still rely on international foundries for manufacturing. Instead, they face increased equipment and operational costs.

Recent:How trade wars impact stocks and crypto

The idea that tariffs promote domestic production ignores the reality of global semiconductor manufacturing. Costs rise across the board, putting American companies at a disadvantage rather than offering protection.

AI projects face heightened risk

The blockchain and crypto sectors, particularly AI-driven projects, also feel the pinch. Projects depend heavily on GPUs and high-performance servers for mining, validating transactions and running decentralized AI computations. Increased hardware costs directly affect profitability and growth, potentially stalling innovation in blockchain applications. 

AI developments have just started to pick up the pace in the blockchain and Web3 space. The industry saw increased interest from investors and VCs just a year ago. So, they are still on tighter budgets. Elevated costs can, however, lead to stagnation. We might see innovators and developers exiting the market. The ripple effect extends beyond the general technology sector and could threaten future digital economies. 

Moreover, these cost pressures disproportionately affect startups and smaller tech firms. Industry giants can absorb additional expenses, but innovative, smaller players face existential threats. This dynamic risks stifling innovation at the grassroots level, harming the entire tech ecosystem.

What to expect 

Semiconductors have momentarily escaped direct tariffs, but the exemption provides little benefit. Tariffs continue to hit finished products, driving up indirect costs across the industry. Instead of boosting domestic manufacturing, these tariffs create economic paralysis, stall critical infrastructure projects, and threaten America’s lead in AI innovation. Policymakers must acknowledge these realities and adjust their approach before irreversible damage is done to the nation’s technological future.

Opinion by: Ahmad Shadid of O.xyz.

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.

As the question of stablecoin regulation heats up in the US Senate, so has the issue of which members are personally invested in cryptocurrencies and cryptocurrency firms.

On May 19, the Senate voted to invoke cloture and move ahead with the GENIUS Act, which would provide a regulatory framework for stablecoins. The measure passed 66-32, with 16 Democrats supporting the bill.

Democratic concerns over corruption and politicians’ ties to cryptocurrency firms made the bipartisan move controversial. After the vote was finished, Colorado Senator Michael Bennet introduced the STABLE GENIUS Act. The bill would prevent members of Congress from issuing or investing in digital currency and require them to put their crypto in a blind trust while in office.

Bills to prevent members of Congress from investing in companies they regulate have had little success. However, lawmakers are still required to disclose rough estimations of their, their spouse’s and their children’s investments. Here are 11 US senators who have invested in crypto firms.

Montana

Tim Sheehy, Republican

Tim Sheehy is a newcomer to the Senate, first securing his election in the 2024 cycle. In his campaign, Sheehy contrasted himself against his opponent, former Senator Jon Tester, stating, “Crypto represents the future of finance and the internet, and thousands of jobs for America.”

Investments:According to a June 2024 filing, Sheehy has an investment between $1,001 and $15,000 in Intercontinental Exchange, which offers futures contracts on cryptocurrencies.

Steve Daines, Republican

Steve Daines has been in the US Senate for 10 years, assuming office in 2015. In recent years, he has become a proponent of the crypto industry, rubbing elbows with industry bigwigs like Bitcoin (BTC) evangelist and Strategy CEO Michael Saylor and receiving a Digital Future Award from the Crypto Council for Innovation. 

Investments:In a November 2024 filing, Daines reported selling shares in cryptocurrency-related exchange-traded funds (ETFs).

They included Valkyrie Bitcoin and Ether Strategy ETF, Vaneck Bitcoin Strategy ETF, Proshares Bitcoin Strategy ETF, Bitwise Crypto Industry Innovators ETF and Proshares Bitcoin Strategy ETF.

Nevada

Jackey Rosen, Democrat

Senator Jacky Rosen is currently serving her second term in office, first getting elected to the Senate in the 2018 midterm elections. Her platform states that blockchain and crypto are “ushering in a new era for the digital economy,” stating that Washington needs to develop solid legal frameworks to keep up.

Investments:According to a July 24 filing, Rosen has an investment in PayPal. The payments giant first launched its stablecoin in April 2023.

Alaska 

Dan Sullivan, Republican

Senator Dan Sullivan is currently in his second term, first taking office in January 2015. While not as outspoken as his colleagues about cryptocurrencies and blockchain technology, he co-sponsored the GENIUS Act and supported a joint resolution with the House of Representatives to change accounting standards for crypto companies.

Investments:According to an August 2024 filing, Sullivan owns shares in BlackRock, which offers crypto-centered ETFs.

Oklahoma

Markwayne Mullin, Republican

Senator Markwayne Mullin took office in January 2023 after winning a special election against Democrat Kendra Horn in 2022. Before assuming office, Mullin lauded crypto as a potential retirement investment and said his state could offer Bitcoin miners favorable terms. While in the Senate, he has supported GENIUS and the repeal of Staff Accounting Bulletin (SAB) No. 121.

Investments:As of an August 2024 filing, Mullin owns shares in Intercontinental Exchange and BlackRock, while his wife owns shares of PayPal. 

Alabama

Tommy Tuberville, Republican

Senator Tommy Tuberville is currently serving his first term in the US Senate, first getting elected in 2020. While in office, Tuberville has come out in support of crypto. In April 2025, he introduced a bill letting Americans put crypto in their retirement funds. He has also vocally supported the establishment of a Bitcoin reserve. 

Investments:According to a July 2024 filing, Tuberville has investments in PayPal.

Katie Britt, Republican

Senator Katie Britt was first elected to the Senate during the 2022 midterms. While campaigning, she accepted donations in cryptocurrency from donors. In 2024, she advocated to “Get Gensler Out” of the Securities and Exchange Commission, saying that the Biden administration was stifling innovation. 

Investments:Britt’s husband has common stock in crypto-friendly payments firm Block, according to a July 2024 filing.

Ohio

Bernie Moreno, Republican

Bernie Moreno is new to the Senate, securing his seat in the 2024 federal elections. While on the campaign trail and in the Senate, Moreno called for more favorable regulations for the industry. In January, he supported President Donald Trump’s “day-one” nomination of Paul Atkins to head the SEC.

Investments:According to an August 2024 filing, Moreno owns between $500,000 and $1 million in shares in online trading platform eToro, which offers crypto trading services. 

West Virginia

Shelley Capito, Republican

Senator Shelley Capito has served in the Senate since 2015. During her tenure, she raised concerns about how cryptocurrencies could be used for terrorism financing. Her voting record is crypto-friendly; she supported both the GENIUS Act and the joint resolution to repeal SAB 121.

Investments:According to a May 2024 filing, her husband had between $15,001 and $50,000 invested in BlackRock. 

Pennsylvania

Dave McCormick, Republican

Senator Dave McCormick, who previously served as under secretary of the treasury for international affairs under President George W. Bush, is a first-term senator, getting elected in 2024. While campaigning, McCormick boosted his state’s Bitcoin mining industry. Industry figures like Coinbase CEO Brian Armstrong have also spoken out in favor of his position on crypto.

Investments:A March 2025 filing shows a number of purchases in the Bitwise Bitcoin ETF.

Rhode Island

Sheldon Whitehouse, Democrat

Sheldon Whitehouse is the senior senator of his state, serving in Congress since 2011. In the last several years, he has raised concerns over the energy consumption of Bitcoin mining, as well as the potential for Russia to use crypto to evade US sanctions. He has voted against the GENIUS Act and co-sponsored the Digital Asset Anti-Money Laundering Act of 2023, which Stand With Crypto rated as “very anti-crypto.” 

Investments:According to an August 2024 filing, Whitehouse has investments in Tesla, Block and PayPal. All investments are between $1,001 and $15,000. 

This list is not exhaustive; there are plenty of companies in which lawmakers invest that are affected by cryptocurrency price movements and market effects. It also does not include any members of the House of Representatives, where crypto regulation is similarly in the works. 

Lawmakers will likely become more interested in investing in crypto as it becomes more mainstream and potential obstacles to congressional investments flounder and fail to move forward. 

Cryptocurrencies and non-fungible tokens (NFTs) can help investors protect their eroding purchasing power during an era of exponential currency debasement, according to analysts and industry leaders.

Investing in digital assets is becoming increasingly important in the “world of the exponential age and currency debasement,” according to Raoul Pal, founder and CEO of Global Macro Investor.

“You don’t own enough crypto. When you do, you don’t own enough NFT’s, as art is upstream of wealth. Both will never be this cheap again,” Pal said.

NFTs are “the single best long term store of wealth I know and you get to buy it before network effects kick in,” he added in another response.

“There is some validity to the statement that NFTs, and in extension art, become a vehicle for the wealthy once a certain level of wealth is reached,” wrote Nicolai Sondergaard, research analyst at Nansen, calling it a “natural move” for asset diversification.

“For traders and investors, further down the wealth curve, NFTs are partially about speculating on future returns,” he told Cointelegraph, adding that NFTs also benefit from the allure of strong communities, beyond just wealth creation.

Related:German gov’t missed out on $2.3B profit after selling Bitcoin at $57K

Art NFTs may see a resurgence as “digital ownership gains acceptance among younger, tech-savvy cohorts,” if collections manage to move past the “speculative fervor,” according to Anndy Lian, author and intergovernmental blockchain expert.

Still, Lian said broader adoption depends on blockchain networks improving scalability and security to “instill confidence.” He added that art NFTs “must transcend hype, anchoring value in cultural significance or utility.”

Some digital artists made millions of dollars through NFTs. Digital artist Mike Winkelmann, also known as Beeple, auctioned his “Everydays: The First 5000 Days,” NFT artwork for a record-breaking $69 million in March 2021.

Meanwhile, the largest NFT collections continue to lack upside momentum, unable to recover toward their 2021 highs.

CryptoPunks, the largest NFT collection by market capitalization, is currently trading at a floor price of 46 Ether (ETH), 59% down from its peak of 113.9 ETH, recorded on Oct. 9, 2021, NFTpricefloor data shows.

Related:GENIUS Act ‘legitimizes’ stablecoins for global institutional adoption

NFT market set for recovery in early 2026, after Bitcoin cycle top

Despite the temporary lack of interest, NFTs could be poised to see more momentum after the profits from Bitcoin’s (BTC) cycle top start rotating into other digital assets.

“That likely puts the peak of the NFT market in Q1 2026, but don’t expect a repeat of the 21/22 euphoria that we saw in NFTs,” according to Yehudah Petscher, strategist at CryptoSlam NFT data platform and SlamAI.

“We’re likely an entire cycle away from NFTs having a parabolic run,” Petscher told Cointelegraph, adding:

“There is a perfect storm brewing for 2030: BTC at $1 million, a matured metaverse, AI reshaping labor economics (whether through universal basic income or universal high income, falling production costs, etc), AR/VR adoption, and NFT ownership equaling ownership of a brand.”

However, the previous NFT bull market was driven largely by metaverse speculation and wealthy traders, Petscher noted — factors that are mostly absent in the current cycle.

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.

Magazine:Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

What if a financial system could run itself not by burning electricity, but by rewarding good behavior? That’s the promise of staking, a mechanism that powers many modern blockchains by turning users into network operators. 

In this week’s episode of The Clear Crypto Podcast, hosts Gareth Jenkinson and Nathan Jeffay sit down with StarkWare’s Noam Nisan to unpack how this trustless engine works, why it matters and what’s really at stake.

Understanding staking

Jeffay began by highlighting how staking is part of the backbone that keeps the blockchain running, and runs itself, with volunteers.

“By doing this, they’re saying, OK, we’re taking this task of running the blockchain seriously. Here's some of our money. We're putting it down. We're showing that we're serious about doing this.”

To help unpack this topic further and examine the deeper mechanics behind staking, the hosts are joined by Noam Nisan, principal researcher at StarkWare and a widely respected computer scientist who has held roles at Google and Princeton.

Related:How to handle crypto trading gains and losses on your balance sheet

“So we have this general system with operators... Why would they want to do that? The system, the protocol, incentivizes them to actually run the system,” Nisan explained. “Basically, it can give them tokens for operating the system.”

Staking offers what Nisan describes as two distinct types of security: computer science-based guarantees and economic disincentives for bad actors. 

“If a majority or supermajority, maybe two-thirds of the parties of the token of the staked amount are behaving properly... we can prove that the system acts correctly,” he said.

“But you also have what I would call an economic guarantee... if they destroy the system, very likely the value of the token... will go down. So they are the one losing.”

PoW vs PoS

Jenkinson, a vocal Bitcoin (BTC) supporter, posed the classic comparison: proof-of-work vs proof-of-stake. “Do you have any strong feelings about one or the other?” he asked.

“The truth is that it’s not clear.. it's really a social question, I think.”

Nisan noted that both mechanisms involve trade-offs around cost, control, and decentralization. The episode also explores the role of staking in tokenomics and system design. Nisan unpacks how fee mechanics and inflation controls, such as Ethereum’s minting curve, help keep the ecosystem in balance.

To hear the full conversation on The Clear Crypto Podcast,  listen to the full episode on Cointelegraph’s Podcasts page, Apple Podcasts or Spotify. And don’t forget to check out Cointelegraph’s full lineup of other shows! 

Magazine: ZK-proofs are bringing smart contracts to Bitcoin — BitcoinOS and Starknet

Key takeaways:

• Memecoins like Fartcoin, WIF, SPX6900, and Popcat are outperforming Bitcoin in the short term amid renewed crypto market euphoria.

• Bullish technical patterns signal more upside for top-performing memecoins.

• Popcat stands out with a potential 350% rally, while Fartcoin and WIF also eye significant gains in the coming weeks.

Bitcoin (BTC) has surged 7.35% over the past three days, hitting a new all-time high near $112,000 on May 22, but memecoins are stealing the spotlight.

Fueled by BTC’s rally, several high-risk tokens are posting even larger gains, stoking possibilities that they could continue to outperform Bitcoin as the crypto bull run accelerates.

Fartcoin ascending channel hints at more gains

Solana-based Fartcoin (FARTCOIN) memecoin has surged 30% in the last three days to hit $1.57 as of May 22, its highest level in the last four months.

The rally extends Fartcoin’s strong year-to-date (YTD) performance—up 74.50%—amid the ongoing memecoin frenzy. In comparison, Bitcoin has risen 18% so far in 2025.

Technically, Fartcoin is trading within a well-defined ascending channel that began forming in early March, suggesting sustained bullish momentum.

The memecoin has also broken above its 50-day exponential moving average (50-day EMA; the red wave), currently near $1.06, a key support level in uptrends.

FARTCOIN’s relative strength index (RSI) was hovering near 64 as of May 22, suggesting there is room to run before selling conditions emerge near the overbought threshold at 70.

If the uptrend holds, Fartcoin could retest the channel’s upper boundary near $2.74 by June, up 80% from the current price levels.

Dogwifhat price could double

Like FARTCOIN, Dogwifhat (WIF) has outperformed Bitcoin during the recent rally, up over 27% in the past three days. But the Solana memecoin has underperformed the top cryptocurrency year-to-date, down about 38%.

But a bull pennant formation may put Dogwifhat in a position to catch up in the coming weeks.

As of May 22, WIF’s price was testing the pennant’s upper trendline for a breakout, with its technical target at around $2.50, up about 125% from the current price levels.

The upside target aligns with the 0.5 Fibonacci retracement line, which has served as resistance during WIF’s consolidation phase between November 2024 and January 2025.

SPX6900 eyes 50% gains following breakout

Ethereum-based SPX6900 (SPX6900) has surged 35% in the last three days, paring its 2025 losses. It is, therefore, underperforming Bitcoin on a YTD timeframe but, like WIF, shows the potential of outperforming BTC this cycle in percentage terms.

At the core of this bullish outlook is SPX6900’s ongoing bullish reversal attempts. As of May 22, the memecoin had entered the breakout stage of its prevailing ascending triangle pattern, eyeing a rally toward $1.34 by June.

The upside target is up 50% from the current price levels, which was the resistance in January.

Popcat preps 350% rally setup

Solana’s Popcat (POPCAT) gained 30% during Bitcoin’s rally, reaching its record high, but it remains an underperformer YTD.

Related:Bitcoin 'looks exhausted' as next bear market yields $69K target

However, a convincing cup-and-handle formation on POPCAT’s daily chart increases its potential of outperforming Bitcoin in the coming weeks or months.

As of May 22, the memecoin was testing the pattern’s neckline at $0.57 for a breakout toward $2.50, up by over 350%. This target is obtained by adding the neckline—a potential breakout point—to the cup-and-handle’s maximum height.

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.

Key takeaways:

• XRP price has gained 4% over the last 24 hours to $2.43, and its open interest has risen by 25%.

• Positive spot market activity flips the futures funding rate positive, suggesting a return of investor optimism.

• XRP could rally to $14 if a classic bull flag pattern is confirmed.

XRP printed a “bull flag” triangle on the weekly chart, a technical pattern associated with strong upward momentum. Breaking above this technical setup and a surge in XRP futures demand could signal a rally to $14.

Increasing OI rising with XRP price

XRP (XRP) rose in tandem with the wider crypto market on May 22, fueled by Bitcoin’s rally to fresh all-time highs above $111,000. 

XRP price followed with as much as 5.5% gains to an intraday high of $2.45 on May 22 from a low of $2.33 on May 21. 

Its open interest (OI) climbed 25% over the last 24 hours to $4.95 billion on May 22, signaling the return of derivatives traders and more capital into the market.

Historically, significant leaps in OI have preceded major rallies in XRP price. For example, the current scenario mirrors the XRP price rise when US President Donald Trump directed the creation of a crypto strategic reserve to include XRP, Solana (SOL), and Cardano’s ADA (ADA) in early March, leading to a 46% jump in OI to $4.63 billion from $3.05 billion between March 2 and March 3.

Related:Why is the crypto market up today?

This accompanied a 36% rise in XRP price to a high of $2.96 from a low of $2.17 over the same period.

Meanwhile, XRP’s eight-hour perpetual contracts funding rate stood at 0.0126% on May 22, an improvement from the 0.0033% level observed on May 21. It is now significantly higher than the -0.0005% recorded three weeks ago. This suggests increasing bullishness among derivatives retail traders.

Is XRP price headed for double digits?

The XRP/USD pair is well-positioned to resume its bullish momentum as it paints a classic bullish pattern on the chart.

XRP’s price action has led to the formation of a bull flag pattern on the weekly chart since Nov. 5, 2025, as shown in the figure below. A weekly candlestick close above the flag’s upper boundary at $2.48 would produce another rally.

The target is set by the flagpole’s height, which comes to be around $14.50, an approximately 500% increase from the current price.

Other bullish indicators include the support provided by the simple moving averages sitting between $2.20 and $2.30 on the daily timeframe and the relative strength index resetting just above the 50 mark.

Several analysts have also predicted further gains for XRP, citing chart technicals and the price holding above key support levels. 

Market analyst Dom highlighted that XRP price has held perfectly above the monthly and quarterly volume-weighted average prices (VWAPs) of $2.32 and $2.27. 

The analyst emphasized that the altcoin must flip the all-time high VWAP at $2.47 to sustain a bullish continuation.

“The trigger for a leg up will be clearing the ATH VWAP (green). Watching closely for bulls to make this happen shortly.”

As Cointelegraph reported, XRP price could rise to between $5.24 and $17 in 2025 based on a symmetrical triangle target and Fibonacci projections.

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.

The United Kingdom’s Court of Appeal partially dismissed a lawsuit brought by Bitcoin SV investors against major crypto exchanges, including Binance, for allegedly conspiring to delist the token in 2019.

In a judgment handed down on May 21, the court ruled that investors who held BSV through the delisting period (classified as “sub-class B”) were not entitled to billions in speculative damages based on BSV’s hypothetical growth.

These investors had claimed over 8.9 billion British pounds ($11.9 billion) in damages, asserting that Binance’s delisting deprived holders of the chance to profit from BSV’s potential rise to a “top-tier cryptocurrency” like Bitcoin (BTC) or Bitcoin Cash (BCH).

The court rejected this “foregone growth effect” theory, stating, “BSV was obviously not a unique cryptocurrency without reasonably similar substitutes,” pointing to the representative’s own use of Bitcoin and Bitcoin Cash as comparators.

Sub-class B’s central claim was that delisting led to a missed opportunity to benefit from price appreciation. However, the court determined that those investors had ample opportunity to mitigate losses by selling or reinvesting in other crypto assets.

“They had a duty to mitigate their losses,” wrote Master of the Rolls Sir Geoffrey Vos. “They cannot recover losses that they could reasonably have mitigated.”

Related:Bitcoin SV investors attempt to resurrect 2019 Binance lawsuit

Court strikes down “loss of a chance” argument

The appeal also challenged the Tribunal’s application of the “market mitigation rule,” arguing that such issues should be left for trial.

The court dismissed that notion, stating the rule clearly applies to freely tradable assets like BSV, and that the damages must be measured shortly after the delisting.

An additional argument concerning the “loss of a chance” to benefit from future price gains was also struck down. The court ruled it “flawed as a matter of principle,” noting that “cryptocurrencies are, by their nature, volatile investments.”

Binance’s limited strike-out application ultimately succeeded, with the court stating that even if some holders were unaware of the delisting, “they could never claim more than the total value of their holding before the delisting events plus any quantifiable consequential losses.”

Related:Binance wants arbitration for all members of securities class suit

Binance seeks to dismiss FTX lawsuit

On May 16, Binance filed a motion to dismiss a $1.76 billion lawsuit filed by the FTX estate, arguing that the claims are legally flawed and an attempt to shift responsibility for FTX’s collapse.

The exchange stated the downfall of FTX stemmed from internal fraud, not external manipulation, citing Sam Bankman-Fried’s conviction on multiple fraud charges.

Binance has asked the court to dismiss all claims with prejudice. The FTX estate has not yet filed its response.

Magazine:TradFi is building Ethereum L2s to tokenize trillions in RWAs: Inside story

Update (May 22, 2025, 1:27 pm UTC): This article has been updated to add further data and statements by Hacken.

Cetus, a decentralized exchange (DEX) built on the Sui blockchain, is suspected to have been hit by a massive exploit that may have drained more than $200 million worth of digital assets.

Pseudonymous Web3 researcher COMDARE3 posted on X that “users report” that Sui-based DEX Cetus is being exploited.” They also shared a screenshot of Cetus market data on DEX Screener, showing many assets losing well over half of their value over the last 24 hours.

The team behind Extractor, an onchain monitoring tool developed by crypto cybersecurity company Hacken, confirmed that “at least $63m was already bridged to Ethereum, 20k ETH was just transferred to a fresh wallet” in a single transaction. A Hacken representative told Cointelegraph that these findings were confirmed by the company’s Web3 researcher, Yehor Rudytsia.

Cetus pool data shows that as of the time of writing, the DEX processed $2.9 billion worth of transactions on May 22, a significant increase over the $320 million reported on May 21. This heightened level of activity may have been caused by funds being siphoned out of the protocol.

Cetus did not immediately respond to Cointelegraph’s request for comments about the suspected exploit. A Sui team representative gave no comment to Cointelegraph regarding the Cetus situation.

Far-reaching consequences for the market

Some tokens, such as Lombard Staked BTC (LBTC) or AXOLcoin (AXOL) lost most of their value on Cetus. The top 15 losers all lost in excess of three-quarters of their price.

Knock-on effects have already become apparent, with the Sui-based money market, Scallop, halting all borrowing on its protocol. The protocol said in an X post that a further announcement would be made when operations resume, but assured users that funds are safe.

Outside Cetus, LBTC appears to have gained over 4% in value over the last day, according to CoinMarketCap data. Others, such as Axol (AXOL), have not been as fortunate, with CoinMarketCap data showing a loss of nearly 99.5%.

The alleged exploiter’s address contains nearly $52 million of Sui (SUI) tokens, $4.9 million of Haedal Staked SUI (HASUI), over $19.5 million of Toilet (TOILET), nearly $19.5 million of wrapped USDt (USDT) and many other assets.

The official Cetus X profile confirmed that an incident on the protocol was detected, and the smart contract was paused for safety. It added that an investigation was ongoing.

Related:Coinbase hacker trolls ZachXBT onchain after $42.5M THORChain swap

Suspicious fund transfers raise alarm

However, blockchain analysts and compliance firms are raising concerns about the project’s transparency. A representative from AMLBot told Cointelegraph:

“We’re seeing $212 million being bridged to Ethereum at a rate of $1 million per minute. That level of urgency suggests there may be more to the story than a simple bug.”

Related:AI tool claims 97% efficacy in preventing ‘address poisoning’ attacks

The AMLBot representative — referring to statements made by Cetus team members on Discord — further explained that while the Cetus team “is calling this incident ‘just a bug,’ — the timing raises questions.”

Onchain data service Onchain Lens stated in an X post that “the attacker gained control of all SUI-denominated pools, exploiting over $200M, and has also started moving $USDC.”

Magazine:DeFi’s billion-dollar secret: The insiders responsible for hacks

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