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Some of the biggest banking companies in the US are reportedly exploring a team-up to launch a crypto stablecoin.

Companies owned by JPMorgan, Bank of America, Citigroup and Wells Fargo have discussed the possibility of jointly issuing a stablecoin The Wall Street Journal reported on May 22, citing people familiar with the matter.

Other financial institutions linked to the potential stablecoin include Early Warning Services, the parent company of digital payments network Zelle, and the payment network Clearing House.

The discussions are still in the early stages, and a final decision on the project could change depending on the regulatory environment and the demand for stablecoins.

A JPMorgan spokesperson told Cointelegraph the company had no comment. Bank of America, CitiGroup, and Wells Fargo did not immediately respond to requests for comment.

On May 20, the US Senate voted 66-32 in favor of advancing discussion on the stablecoin-regulating Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. 

The bill outlines a regulatory framework for stablecoin collateralization and mandates compliance with Anti-Money Laundering laws. The bill is now headed to debate on the Senate floor.

Earlier this week, White House crypto czar David Sacks said he expects the bill will be passed and that it will receive bipartisan support.

However, high-ranking Democrats plan to amend the bill to include a clause prohibiting President Donald Trump and other US officials from profiting off of stablecoins.

Trump and his family launched the crypto platform World Liberty Financial, which crated the USD1 stablecoin in March. Critics argue that President Trump stands to personally benefit from passing favorable stablecoin regulation.

Related:World Liberty Financial brushes off oversight concerns from Congress

Stablecoin demand surges

The demand for stablecoins has been on the rise, with nation state adoption and institutions wanting to incorporate stablecoins.

The total market capitalization of stablecoins has shot up to $245 billion from $205 billion at the start of the year, representing a 20% increase.

Earlier this week, it was reported that yield-bearing stablecoins now account for nearly 4.5% of the entire stablecoin market, with a circulating supply of $11 billion.

Austin Campbell, a New York University professor and founder of Zero Knowledge Consulting, said the American banking lobby is “panicking,” as stablecoins can disrupt the traditional banking business model.

Earlier this month, it was reported that tech giant Meta is exploring ways to incorporate stablecoin payments into its platforms.

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

Artificial intelligence firm Anthropic has launched the latest generations of its chatbots amid criticism of a testing environment behaviour that could report some users to authorities.

Anthropic unveiled Claude Opus 4 and Claude Sonnet 4 on May 22, claiming that Claude Opus 4 is its most powerful model yet, “and the world’s best coding model,” while Claude Sonnet 4 is a significant upgrade from its predecessor, “delivering superior coding and reasoning.”

The firm added that both upgrades are hybrid models offering two modes — “near-instant responses and extended thinking for deeper reasoning.”

Both AI models can also alternate between reasoning, research and tool use, like web search, to improve responses, it said. 

Anthropic added that Claude Opus 4 outperforms competitors in agentic coding benchmarks. It is also capable of working continuously for hours on complex, long-running tasks, “significantly expanding what AI agents can do.” 

Anthropic claims the chatbot has achieved a 72.5% score on a rigorous software engineering benchmark, outperforming OpenAI’s GPT-4.1, which scored 54.6% after its April launch. 

Related:OpenAI ignored experts when it released overly agreeable ChatGPT

The AI industry’s major players have pivoted toward “reasoning models” in 2025, which will work through problems methodically before responding. 

OpenAI initiated the shift in December with its “o” series, followed by Google’s Gemini 2.5 Pro with its experimental “Deep Think” capability.

Claude rats on misuse in testing

Anthropic’s first developer conference on May 22 was overshadowed by controversy and backlash over a feature of Claude 4 Opus.

Developers and users reacted strongly to revelations that the model may autonomously report users to authorities if it detects “egregiously immoral” behavior, according to VentureBeat. 

The report cited Anthropic AI alignment researcher Sam Bowman, who wrote on X that the chatbot will “use command-line tools to contact the press, contact regulators, try to lock you out of the relevant systems, or all of the above.” 

However, Bowman later stated that he “deleted the earlier tweet on whistleblowing as it was being pulled out of context.”

He clarified that the feature only happened in “testing environments where we give it unusually free access to tools and very unusual instructions.”

The CEO of Stability AI, Emad Mostaque, said to the Anthropic team, “This is completely wrong behaviour and you need to turn this off — it is a massive betrayal of trust and a slippery slope.”

Magazine:AI cures blindness, ‘good’ propaganda bots, OpenAI doomsday bunker: AI Eye

Cybercriminals are using fake Ledger Live apps to drain macOS users’ crypto through malware that steals seed phrases, a cybersecurity firm warns. 

The malware replaces the legitimate Ledger Live app on victims’ devices and then prompts the user to input their seed phrase through a phony pop-up message, a team from Moonlock said in a May 22 report.

“Initially, attackers could use the clone to steal passwords, notes, and wallet details to get a glimpse of the wallet’s assets, but they had no way to extract the funds,” the Moonlock team said.

“Now, within a year, they have learned to steal seed phrases and empty the wallets of their victims,” it added. 

One way the scammers replace the real Ledger Live app with a clone is through the Atomic macOS Stealer, designed to steal sensitive data, which Moonlock said it has found lurking on at least 2,800 hacked websites.

After infecting a device, Atomic macOS steals personal data, passwords, notes and wallet details and replaces the real Ledger Live app with a phony. 

“The fake app then displays a convincing alert about suspicious activity, prompting the user to enter their seed phrase,” the Moonlock team said.

“Once entered, the seed phrase is sent to an attacker-controlled server, exposing the user’s assets in seconds.”

Malware campaign active since August 

Moonlock has been tracking malware that's distributing a malicious clone of Ledger Live since August, with at least four active campaigns, and they think hackers are “only getting smarter.” 

Threat actors on the dark web are offering malware with “anti-Ledger” features. However, one of the examples examined by Moonlock did not feature the full anti-Ledger phishing functionality advertised. The firm speculates those features could “still be in development or is forthcoming in future updates.” 

“This isn’t just a theft. It’s a high-stakes effort to outsmart one of the most trusted tools in the crypto world. And the thieves are not backing down,” Moonlock said. 

“On dark web forums, chatter around anti-Ledger schemes is growing. The next wave is already taking shape. Hackers will continue to exploit the trust crypto owners place in Ledger Live.” 

Related:Ledger secures Discord after hacker bot tried to steal seed phrases

To avoid falling prey to similar malware scams, the cybersecurity firm recommends being wary of any page that warns of a critical error and asks for a 24-word recovery phrase.

At the same time, never share a seed phrase with anyone or input it on any website, no matter how legitimate it looks, and only download Ledger Live from its official source. 

Ledger didn’t immediately respond to Cointelegraph’s request for comment. 

Magazine:ChatGPT a ‘schizophrenia-seeking missile,’ AI scientists prep for 50% deaths

Photos from within US President Donald Trump’s secretive dinner for his top memecoin buyers show attendees were treated to a three-course meal and gift bags as protesters gathered outside the event to accuse Trump of profiting from the presidency.

Pictures posted online by some of the 220 largest holders of the Official Trump (TRUMP) token — one of several crypto ventures critics have said conflicts with Trump’s ethics as president — show attendees were greeted by large posters bearing “Fight Fight Fight,” which also sat atop each table, referencing the company that launched the memecoin.

The White House said it would not publish a guest list of those who attended the dinner, but Tron CEO Justin Sun, Magic Eden CEO Jack Lu and BitMart CEO Sheldon Xia were among those sharing snaps of the dinner held at the Trump National Golf Club in Virginia.

Trump Crypto Dinner！ #TrumpCoin @GetTrumpMemes pic.twitter.com/9ZredNjOEu

— Sheldon (@sheldonbitmart) May 23, 2025

On the menu was a “Trump organic field green salad” to start, which was followed by a filet mignon and pan-seared halibut with mashed potatoes and vegetable medley, with a lava cake for dessert, according to two photos taken by apparent attendees seen by Cointelegraph.

A video of the event shows that attendees were also given a gift bag containing a black hat.

Sun, who the Securities and Exchange Commission charged with securities laws violations before it dropped the case under the Trump administration, was the single largest buyer of Trump’s memecoin leading up to the dinner.

A video shows the Chinese-born crypto entrepreneur, who is also the biggest backer of the Trump’s crypto platform World Liberty Financial, was brought up on stage and ceremoniously gifted a golden Trump-branded watch, which a Trump-linked company sells for $100,000.

As the top holder of $TRUMP and proud supporter of President Trump, it was an honor to attend the Trump Gala Dinner by @GetTrumpMemes.

Thank you @POTUS for your unwavering support of our industry!#MakeCryptoGreatAgain🇺🇸 pic.twitter.com/Yy2TuWEgzT

— H.E. Justin Sun 🍌 (@justinsuntron) May 23, 2025

Sun’s attendance at the event was highlighted by The Wall Street Journal and other media outlets, with many noting that the dinner may have deepened his ties to Trump and his family.

Attendees confronted by fierce protestors on arrival

Bloomberg reported that around 100 protestors gathered outside the event booed and jeered attendees as they arrived at the premises.

BREAKING: In a stunning moment, protesters have swarmed Trump National Golf Club, where Trump is hosting his “Memecoin” dinner tonight.

Outside: fury.

Inside: crypto bros and campaign bundlers toasting corruption like it’s vintage wine.

Americans are done watching billionaires… pic.twitter.com/WrkwtMYiSF

— Brian Allen (@allenanalysis) May 23, 2025

The protesters were holding signs with messages such as: “Stop Trump’s Crypto Corruptio,” and “Democracy Is Not For Sale,” while another said “Cripto Grift Dinner Bribery On Menu.”

Related:Donald Trump gives conflicting answers over memecoin profits

Some protesters called for Trump’s impeachment and removal, while others demanded financial reform in the US.

Trump-linked entities reportedly cashed in around $100 million in trading fees from the TRUMP token that launched two days before Trump was inaugurated as president on Jan. 20.

On March 24, Trump Media also signed a non-binding agreement with Crypto.com to launch a series of “Made in America” exchange-traded products in the US.

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

Bitcoin futures open interest (OI) has hit record levels on crypto derivatives exchanges as traders anticipate the cryptocurrency will continue and reach new all-time highs. 

Bitcoin (BTC) futures open interest reached a peak of just over $80 billion on May 23, according to CoinGlass. It’s an increase of 30% since the start of May as derivatives speculators load up on leverage in anticipation of higher Bitcoin prices.

Open interest is the total number of outstanding futures contracts that allow traders to bet on the future price of Bitcoin, which have not been settled or closed, showing the total amount of current market speculation.

When OI surges, it indicates massive leveraged positions are built up in the market, with lots of traders holding large positions with borrowed money. 

If Bitcoin’s price moves against these over-leveraged positions, traders get forcibly liquidated, and the flushout can create selling pressure on Bitcoin, which can cause a rapid drop in prices and high volatility.

However, analysts suggest the surge in spot Bitcoin exchange-traded fund (ETF) inflows, which have seen more than $2.5 billion this week, can counter some of that extended leverage.

Related:Crypto perp futures coming ‘very soon,’ says CFTC’s Mersinger

Bitcoin options markets show a similar pattern with open interest over $1.5 billion at the $110,000 and $120,000 strike prices on the Deribit exchange. There is also more than $1 billion in OI at strike prices of $115,000, $125,000, and $130,000.

Around $2.76 billion worth of notional value contracts are due to expire on May 23 with a put/call ratio of 1.2%, meaning there are more short (put) sellers than longs (call), and a max pain point of $103,000, where most losses will be made on expiry, according to Deribit. 

Bitcoin slips below $111,000

Meanwhile, Bitcoin has slightly lost its recent gains and briefly slipped below $111,000 on Coinbase,  according to TradingView. 

The asset has now gained almost 20% since the beginning of the year and almost 50% since its crash to $75,000 on April 7 following US President Donald Trump’s announcement of global tariffs. 

Bitcoin hit an all-time high of $112,000 on May 22 and had mostly traded just above $111,000 over the last 24 hours, but had again slipped below the level at 4:15 am UTC on May 23.

Magazine:Crypto scam hub expose stunt goes viral, Kakao detects 70K scam apps: Asia Express

TL;DR

Spotting the next big crypto project before it explodes demands data, discipline and a sharp eye for real signals. This guide explores how to identify early winners by analyzing onchain metrics, tokenomics, dev activity and community traction while avoiding the common traps of hype-driven pumps and red-flag projects.

Despite the crypto space being crowded, fast-moving and full of noise, some investors manage to consistently find promising projects while they’re still under the radar.

So, how do they do it? 

Crypto trendspotters know how to read onchain data. They understand tokenomics. They read GitHub commits and follow the money. It takes more than jumping on the hype bandwagon ahead of the crowd.

This guide breaks down how to find crypto projects with real potential using lessons from past winners like Solana, Arbitrum, Chainlink and even memecoins like Pepe. Along the way, it will highlight the tools that matter, red flags to avoid and the difference between organic growth and manufactured buzz.

How the real winners took off

Solana

When Solana launched in 2020, few outside of developer circles had heard of it. But it had one big edge: speed. Solana’s proof-of-history tech made it one of the fastest chains around, and it quickly became a magnet for builders, especially in DeFi and NFTs. By 2021, its ecosystem exploded with apps like Serum and Magic Eden.

Early adopters who paid attention to onchain growth — like wallet activity and DEX volume — could see something brewing. Solana (SOL) went from under $1 to $50+ in less than a year. 

Arbitrum 

Arbitrum launched in 2021 as an Ethereum layer 2, but its big moment came with the Arbitrum (ARB) token airdrop in March 2023. At launch, Arbitrum was already processing more transactions than many layer 1s and had billions in total value locked (TVL) in decentralized applications (DApps).

Smart investors were watching. Even before the token, the signs were there: user activity, rising liquidity and growing app adoption. When ARB dropped, the pump stuck because the foundation was real.

Chainlink

Chainlink is a classic example of a project with long-term utility. It doesn’t have flashy branding or meme power, but it does one thing incredibly well: feed real-world data into smart contracts.

By 2024, it had become the backbone of much of DeFi, gaming and even tokenized real-world assets. If you were watching closely in 2019-2020, you saw LINK (LINK) getting integrated everywhere. That kind of early utility often flies under the radar — until price action catches up.

PEPE Coin (PEPE)

Let’s not pretend memes don’t matter. Pepe (PEPE) launched in 2023 with no roadmap, no utility and no VC backing. But it hit a nerve, and the internet ran with it. The coin hit a billion-dollar market cap within weeks.

That kind of run is rare — and risky. But for traders tracking social sentiment, wallet distribution and community activity, the early signals were all there. PEPE didn’t promise anything, but it delivered returns by becoming a viral moment.

How to find crypto gems early

So, how do you separate the next Solana from the next rug pull? Here’s how serious trendspotters approach it.

1. Start with onchain metrics

Public blockchains are transparent. Use that to look at:

• Daily active wallets

• Transaction volume

• Tokenholder growth

• Liquidity on decentralized exchanges (DEXs)

• TVL (for DeFi projects).

If users and capital are moving in — before the token moons — that’s a great sign. Tools like Dune Analytics, Nansen and DefiLlama are your best friends here.

2. Understand the tokenomics

Ask questions like:

• What’s the total supply? How much is circulating?

• Are there upcoming unlocks or vesting cliffs?

• Who holds the tokens, and how concentrated are the top wallets?

• Is there utility? Does the token do anything?

Tokens with capped supply, smart incentives (like staking or burn mechanisms) and fair distribution models tend to do better long-term.

3. Check developer activity

Is the team actually building?

GitHub is a goldmine. Look at how often code is pushed, how many contributors are active, and whether the repo looks alive. No updates for months? Big red flag.

You don’t need to read code — just track commits and releases. Projects with real traction are always shipping.

4. Look for ecosystem signals

Are other developers building on top of it? Are DApps launching? Is liquidity growing? Are users coming back week after week?

Ecosystem growth is hard to fake, and it’s often the strongest early indicator that a project has legs.

5. Follow the community

X, Discord, Telegram, Reddit — yes, it’s noisy. But it’s also where trends start. Look beyond the price talk:

• Are people actually using the product?

• Are devs answering questions?

• Is the tone constructive or just hype?

Use LunarCrush or Santiment to track social momentum, but always double-check it with onchain data.

Key tools to spot crypto trends

Here’s a quick rundown of the top platforms used by smart crypto trendspotters:

Top tip: Don’t just use one tool. Great traders cross-reference everything.

Crypto trend analysis 2025

A coin might be flying, but is it because people are actually using it or just talking about it? Learning to tell the difference can save you from making a bad investment. 

Signs of real traction

• Steady user growth and TVL over time:If users are showing up before a token pumps — and the numbers keep climbing week over week — that’s usually a sign of substance. You’ll often see this in DeFi protocols or layer 2s gaining trust slowly, not overnight.

• Code commits and product updates:A live GitHub with regular commits, active devs and visible progress means the team is building. This shows momentum and long-term focus — not just a marketing push.

• More tokenholders, less whale control:When new holders join steadily — and supply isn’t all locked up by the top five wallets — it’s a healthier setup. Distributed ownership reduces the risk of rug pulls or coordinated dumps.

• New integrations and ecosystem activity:If other apps are integrating the token or building on the protocol, it usually means the tech is solid and useful. This kind of network effect compounds fast and often precedes a breakout.

• Liquidity that builds slowly:Gradual increases in liquidity and trading volume tend to reflect real interest. If liquidity sticks around (rather than vanishing after a pump), it’s usually organic.

Signs of manufactured hype

• Sudden spikes in social mentions or trading volume with no news:If the project is everywhere on X overnight, but there’s no product update, launch or roadmap shift, be skeptical. It’s likely a coordinated shill.

• Influencer spam and recycled talking points:When you see multiple anonymous influencers posting the same meme or catchphrase, that’s a signal someone’s trying to manufacture buzz.

• No dev activity or roadmap:If there’s no GitHub, no changelog and the team isn’t shipping anything, it’s probably just a hype machine.

• Anonymous team, outrageous promises:Combine a mystery team with claims like “100x guaranteed,” and you’re likely looking at a cash grab. Real builders let the work speak for itself.

Rule of thumb: If the price is moving and everything else — users, devs, integrations — is standing still, you’re looking at hype. But when those fundamentals are quietly ticking up in the background? That’s when it’s worth a closer look.

More red flags

Some projects look great on the surface — slick websites, trending hashtags, a fast-moving chart — but fall apart under the hood. Here are some more red flags to watch out for:

• High holder concentration:If most of the token is sitting in a handful of wallets, it doesn’t take much for a price crash. Whales often buy early and dump on retail.

• Unverified token contracts:A token that hasn’t been verified on Etherscan or BscScan might hide functions that allow minting, blocking wallets or draining liquidity. Always check the contract or look for an audit.

• No liquidity lock or audit:If the devs control all the liquidity provider tokens and there’s no lock or time-locked contract, they can pull the rug at any moment. Similarly, no third-party audit? That’s a gamble.

• Big token unlocks coming up:Large unlocks for insiders or early investors can trigger huge sell-offs. If you’re holding during a major vesting event, you could be exit liquidity. Know the schedule.

Top tip:Before you click buy, ask, Who stands to gain the most if this pumps? Who gets hurt if it dumps? If the answer points to a few insiders with heavy bags and zero accountability, walk away.

How to spot crypto trends before the crowd

The best early investors are the mechanics looking under the hood. They study token structures and unlock schedules, join communities early to catch signals firsthand, and follow the builders to see who’s actually shipping. 

Most importantly, they cross-check everything: on-chain data, social sentiment, developer activity, and liquidity. Tools like Dune, DefiLlama, Nansen and GitHub help them separate noise from substance — and spot winners before the crowd does.

Crypto rewards those who are curious, critical and a little bit contrarian. The crowd usually shows up late. If you want to find gems before they moon, you’ll need to think independently, dig deeper, and act before the narrative forms.

It’s not easy. But it’s doable. And the more you practice spotting early signals — the real ones, not the noise — the more second nature it becomes.

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.

Shares in Swedish health tech company H100 Group AB rose 37% after it said it purchased Bitcoin for the first time as part of a new strategy, while China’s Jiuzi Holdings revealed its plan to stack 1,000 Bitcoin over the next year.

H100 said on May 22 that it spent 5 million Norwegian krone ($490,830) buying 4.39 Bitcoin (BTC) at an average purchasing price of around $111,785.

The company’s shares closed May 22 trading up 37% to 1.22 Swedish krona ($0.13) on the Nordic Growth Market following its disclosure of its Bitcoin purchase, Bloomberg data shows. 

The strong trading day recovered some losses from the past two months, during which the firm’s shares have fallen by over 46%.

The firm’s CEO, Sander Andersen, said he believes “the values of individual sovereignty highly present in the Bitcoin community aligns well with, and will appeal to, the customers and communities we are building the H100 platform for.”

H100 sells health tools for individuals who don’t want to rely on the “reactive health system,” Andersen said in a separate X post.

Andersen marked the first Bitcoin announcement and purchase as “Phase 1,” hinting at further buys.

China’s Jiuzi Holdings to stack 1,000 Bitcoin

Meanwhile, on May 22, the Nasdaq-listed Chinese electric vehicle retailer Jiuzi Holdings said its board approved a plan to buy 1,000 Bitcoin over the next year through additional stock issuance and cash purchases.

Related:Bitcoin continues rally to surpass $110K for the first time

The company’s CEO, Tao Li, acknowledged the volatility that comes with investing in Bitcoin but is hopeful the move will strengthen the firm's asset structure, risk resistance and profitability.

Jiuzi (JZXN) rose 7.3% to $3.09 on May 22, Google Finance data shows — a comparatively minor rise compared to other public companies that have recently announced Bitcoin buys.

Adopting Bitcoin as a treasury asset has become an increasingly popular trend of late, with 109 public firms now holding the cryptocurrency on their balance sheets, according to BitcoinTreasuries.NET data.

Magazine:Crypto fans are obsessed with longevity and biohacking: Here’s why

Crypto perpetual futures contracts could receive regulatory approval in the US “very soon,” says outgoing Commodities and Futures Trading Commission Commissioner Summer Mersinger.

Perpetual crypto futures “can come to market now,” Mersinger told Bloomberg TV on May 22. 

“We’re seeing some applications, and I believe we’ll see some of those products trading live very soon,” she said, adding it would be “great to get that trading back onshore in the United States.” 

Mersinger, who will leave the CFTC at the end of May, said having crypto derivatives trading and regulated in the US would be a “really good thing for these markets and would be really beneficial to the industry broadly.”

Crypto perpetual futures are derivative contracts that allow traders to speculate on the price of cryptocurrencies without actually owning them. Unlike traditional futures contracts that have expiration dates, perpetual futures can be held indefinitely. They can also be traded with high leverage.

Crypto perpetuals are not currently permitted in the US and are traded on large offshore centralized exchanges, such as Binance, OKX, and Bybit. 

Binance is the largest with almost $95 billion in perpetual trading volume per day, according to CoinGecko. It offers over 500 crypto perpetual pairs with up to 125x leverage.

Related:BitMEX CEO explains how perpetual swaps test altcoin value

Mersinger said that the recent procedural vote to move forward the GENIUS stablecoin bill signifies “this asset class is clearly here to stay.” 

“We really are going to make the United States the forefront of economic power that we can see from these tokens and this asset class.” 

Mersinger leaving the CFTC

At the end of May, Mersinger will leave the CFTC to work at the Blockchain Association, a trade group with over 100 members that represents the crypto industry and economy. 

On May 14, the Blockchain Association announced that its current CEO, Kristin Smith, would step down and Mersinger would assume the role on June 2. 

“We have a very strong incoming [CFTC] chairman who has a great voice for the crypto industry and will be a real advocate for the industry and the agency at large,” she said, adding that she hopes to contribute more to the crypto industry through her new position. 

Magazine:Crypto scam hub expose stunt goes viral, Kakao detects 70K scam apps: Asia Express

A US man operating what prosecutors called a “no questions asked” cash-to-Bitcoin conversion service has been sentenced to six years behind bars and was ordered to hand over millions of dollars. 

Boston federal court Judge Richard Stearns sentenced Trung Nguyen, from Danvers, Massachusetts, to six years in prison followed by three years of supervised release, and ordered him to forfeit $1.5 million, the Boston US Attorney’s Office said on May 22. 

Prosecutors said Nguyen ran an unlicensed money-transmitting business called National Vending between September 2017 and October 2020, which used various techniques he learned in an online course to evade authorities.

As part of the course, Nguyen was taught how to conceal his actual business from banks, crypto exchanges and state authorities by masquerading as a vending machine company that accepted cash deposits, had a list of fictional suppliers, and generally avoided using the phrase “Bitcoin” where possible.

According to prosecutors, among Nguyen’s customer base were several scam victims who were tricked into converting cash into Bitcoin (BTC) by con artists overseas, as well as a drug dealer who sent $250,000 in cash across 10 transactions in 2018.

The Justice Department said Nguyen converted more than $1 million to Bitcoin and “purposely failed” to register with the Treasury’s Financial Crimes Enforcement Network (FinCEN) despite being required to do so under federal Anti-Money Laundering regulations.

Nguyen also “failed to file Suspicious Activity Reports or Currency Transaction Reports on any of these transactions, including cash transactions of more than $10,000,” according to prosecutors.

Undercover cops sting Nguyen

Nguyen would often meet his clients in person to accept large sums of cash, which is how he was caught, prosecutors said.

A May 2023 indictment said that during several meetings with undercover law enforcement officers, he accepted cash and sent Bitcoin in return, taking just over 5% in commission.

Related:Crypto use in money laundering ‘far below’ cash — US Treasury

The indictment said Nguyen used encrypted messaging apps and “technologies that made it more difficult” to trace his Bitcoin transactions and broke up the cash deposits into smaller sums over consecutive days and at different branches of the same bank to evade notice by authorities.

Nguyen was charged with operating an unlicensed money transmitting business and two counts of money laundering. He pleaded not guilty to all charges in June 2023.

A jury convicted him in November on the unlicensed money-transmitting business charge and on just one of the money laundering charges, finding him not guilty of a separate money laundering charge.

Magazine:Lazarus Group’s favorite exploit revealed — Crypto hacks analysis

Michigan lawmakers have introduced four crypto-related bills covering crypto mining, central bank digital currencies (CBDCs) and crypto in state retirement funds.

Republican state Representative Bill Schuette introduced House Bill 4510 on May 21, which would amend Michigan’s Public Employee Retirement System Investment Act to allow the state treasurer, currently Rachael Eubanks, to invest in cryptocurrencies that have averaged a market cap above $250 million over the last calendar year.

Bitcoin (BTC) and Ether (ETH) are the only cryptocurrencies that currently meet that threshold. The bill adds that any cryptocurrencies must be held in the form of an exchange-traded product issued by a registered investment company.

A similar bill was introduced in February, permitting the state treasurer to allocate up to 10% of Michigan’s Budget Stabilization Fund into crypto.

Republican Representative Bryan Posthumus led the introduction of the second bipartisan crypto bill on May 21, HB 4511, which would prohibit Michigan from banning crypto or imposing licensing requirements on crypto holders. It would also prohibit state officials from advocating or supporting a proposed CBDC from the federal government.

The bill defines advocating or supporting a CBDC to involve issuing a memorandum or official statement endorsing a CBDC proposal related to its testing, adoption or implementation.

Michigan to consider two crypto mining bills

HB 4512, the third crypto bill introduced by a bipartisan group led by Democratic Representative Mike McFall, would create a Bitcoin mining program allowing operators to set up at abandoned oil and gas sites. 

A supervisor would be assigned to determine how much oil or gas could reasonably be expected to be produced from the site, who the last operator of the site was and how long it has been left unused.

Related:US Senate moves forward with GENIUS stablecoin bill

Those seeking to participate in the program would need to submit legal documents outlining their organizational structure, demonstrate their ability to operate as a Bitcoin mining entity and provide estimates of the breakeven price for a profitable venture.

The fourth bill, HB 4513 — also filed by a McFall-led bipartisan group — would amend Michigan’s income tax laws to include income obtained from the proposed Bitcoin mining program.

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

Today in crypto, the CFTC’s Summer Mersinger said crypto perpetual futures could soon come to the US, lawmakers will amend the GENIUS Act to bar sitting presidents from profiting off stablecoins, and the decentralized exchange Cetus lost over $200 million in an exploit.

Crypto perp futures coming ‘very soon’ to US: CFTC’s Mersinger

Outgoing Commodities and Futures Trading Commission Commissioner Summer Mersinger said on May 22 that the regulator could greenlight crypto perpetual futures contracts “very soon.”

“We’re seeing some applications, and I believe we’ll see some of those products trading live very soon,” she told Bloomberg TV, adding it would be “great to get that trading back onshore in the United States.” 

Crypto perpetual futures are derivative contracts that allow traders to speculate, often with high leverage, on the price of a cryptocurrency without actually owning it and can be held indefinitely.

Mersinger, who will leave the CFTC at the end of May to join the crypto lobby group the Blockchain Association as CEO, said having crypto derivatives trading and regulated in the US would be a “really good thing for these markets and would be really beneficial to the industry broadly.”

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.

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 (BTC) 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 former Apple chief design officer Jony Ive are developing these secret devices for mass consumption, with plans to ship 100 million units upon launch.

Ive 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.

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