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Crypto News

Bitcoin Eyes $105K as Coinbase Surges 24%

Bitcoin hovered around 104,000 and nearly touched $105,000 with welcome fresh inflation data, President Trump's bullish outlook on financial markets, and Coinbase's inclusion into the S&P 500 among catalysts for the advance.

Nasdaq-listed crypto exchange Coinbase surged 24% during the day as the stock is set to benefit from being included in the S&P 500 index.

Joel Kruger, market strategist at LMAX Group, pointed to a rebound in global risk appetite and a growing number of institutional tailwinds. “One notable factor is the increasing mainstream adoption of cryptocurrency, as evidenced by developments in U.S. financial markets. Coinbase’s inclusion in the S&P 500 marks a historic milestone, establishing it as the first crypto-native company to join this prestigious index,” Kruger said.

Crypto-Backed Stablecoin Bill Gets Bipartisan Push for Quick Revival in Senate

Senators in both parties are working to quickly revive stablecoin legislation backed by the crypto industry that faltered after a furor over President Donald Trump’s growing portfolio of lucrative crypto ventures.

Republican Senator Bill Hagerty of Tennessee, the lead sponsor of the legislation, said in an interview at the Capitol that staff in both parties have continued to work on the legislation. He expressed hope that Democrats would agree to pass the bill before the Memorial Day recess, given that the Senate will soon focus on the GOP’s signature tax and spending package.

Thailand to Issue $150 Milllion in Government Investment Tokens

Thailand’s Finance Ministry plans to issue 5 billion baht (about $150 million) worth of a new digital investment token within two months, Finance Minister Pichai Chunhavajira said at a Tuesday briefing after the initiative was endorsed by the cabinet.

The so-called G-Token is a digital token used to raise funds from the public under the current budget borrowing plan, although it isn’t a debt instrument, Public Debt Management Office Director-General Patchara Anuntasilpa said at the briefing.

Cantor Equity Partners Discloses $458M Bitcoin Acquisition

Cantor Equity Partners disclosed a $458.7 million bitcoin acquisition as part of a pending merger with Twenty One Capital, the BTC-focused investment vehicle backed by Tether, Bitfinex, and SoftBank, according to a regulatory filing on Tuesday.

The transaction is structured through a complex business combination involving Tether Investments, the El Salvador affiliate of stablecoin issuer Tether, and iFinex, the parent company of Bitfinex, the filing shows. As part of the deal, Tether purchased some 4,812 BTC at an average price of $95,319, with the tokens held in escrow and later to be sold to the merged company.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on May 13 was $96.14 million. The total net asset value of Bitcoin spot ETFs is $122.92 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.92%.

The Bitcoin spot ETF with the highest net outflow on May 13 was FBTC, with a net outflow of $91.39 million.