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Bitcoin Surpasses $106,000 with a 3.26% Increase in 24 Hours

Bitcoin has surpassed the $106,000 benchmark and is now trading at $106,214, with a 3.28% increase in 24 hours.

Stablecoin Bill Advances in US Senate in Big Win for Crypto

Stablecoin legislation overcame a procedural blockade in the US Senate, marking a major victory for the crypto industry after a group of Democrats dropped their opposition Monday.

The industry-backed regulatory bill is now set for debate on the Senate floor with a bipartisan group hoping to pass it as soon as this week, although senators said a final vote could slip until after the Memorial Day recess.

Democrats had united to filibuster the legislation earlier this month amid a furor over President Donald Trump’s crypto dealings along with other concerns related to the regulation of stablecoins.

But the Senate voted 66-32 on Monday night to end the filibuster.

Strategy Adds $764.9M Worth of Bitcoins Last Week

Bitcoin reserve company Strategy announced on Monday the acquisition of 7,390 bitcoins for $764.9M during the week of May 12 to May 18.

Comparatively, the company bought 13,390 bitcoins for $1.34B in the week before.

The average purchase price per bitcoin comes to $103,498 for the week ended May 18.

Trump Disagrees with Moody's Downgrade of U.S. Credit Rating

On May 19, White House Press Secretary Levitt stated that Trump does not agree with Moody's assessment. Previously, Moody's downgraded the U.S. credit rating to Aa1 due to rising debt.

Circle Refutes Report on Potential Sale of Company

Circle Internet Financial (CRCL), the issuer of stablecoin USDC (USDC-USD), refuted on Monday a media report that the company was in talks for a potential sale. 

"Circle is not for sale," a company spokesperson told Seeking Alpha. "Our long-term goals remain the same."

In early April, Circle (CRCL) filed for an initial public offering. Fortune citing four banking and private equity executives, reported on Monday that the company had entered informal talks that could lead to a sale to Coinbase Global, Inc. or Ripple.

Theft of Coinbase Customer Data Probed by Justice Department

The US Justice Department has opened a probe into a recent breach at the leading cryptocurrency exchange Coinbase Global, Inc., according to a person familiar with the matter.

Investigators, including those in the department’s criminal division in Washington, are digging into the circumstances surrounding the breach, said the person, who asked not to be identified discussing the investigation. Coinbase has said the hack involved criminals bribing employees and contractors in India to obtain client data.

A representative for the Justice Department declined to comment.

A Tiny Bank in Trump Tower Is Enriching the President’s Sons

From its New York headquarters on Trump Tower’s 22nd floor, Dominari Holdings operates a tiny investment bank that, less than three years ago, pivoted from developing cancer therapies into finance.

Since then it has lost about $70 million. One of its senior executives was named in a now-settled complaint alleging “Boiler Room” style business practices at an earlier employer. And it has been stockpiling Bitcoin.

For years its shifting priorities and tribulations remained largely out of the spotlight. That changed when it gained two recognizable backers: Donald Trump Jr. and Eric Trump.

The announcement in February that they were joining Dominari as advisers promptly sent shares soaring more than 80% — a windfall for the brothers, at least on paper, because they received hundreds of thousands of shares beforehand. While the stock is down from its peak, Trump Jr. and Eric Trump have already amassed stakes they could potentially sell for about $8 million each, according to a Bloomberg analysis.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Monday was $667.44 million. The total net asset value of Bitcoin spot ETFs is $124.97 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.96%.

The Bitcoin spot ETF with the highest net inflow on May 19 was iShares Bitcoin Trust, with a net inflow of $305.92 million. Following that was Fidelity Wise Origin Bitcoin Fund, with a net inflow of 188.08 million, according to SoSoValue.

SoSoValue