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Bitcoin Drops Below $108,000. Key Crypto Conference Fails to Lift Digital Coins

Bitcoin’s price edged down despite a flurry of crypto news, including an endorsement by Vice President JD Vance in a speech at the 2025 Bitcoin Conference under way in Las Vegas.

The price of the world’s largest cryptocurrency dropped below $108,000.

JD Vance Touts Bitcoin’s Emergence and Hails Pro-Trump Crypto Investors

JD Vance has hailed the arrival of cryptocurrencies into the US economy’s “mainstream”, vowed to establish “pro-innovation” rules for digital assets, and praised the crypto billionaires who backed Donald Trump’s White House bid last year.

Speaking to thousands of orange-clad bitcoin investors in Las Vegas on Wednesday, the US vice-president touted the emergence of crypto, and predicted that the number of Americans holding bitcoin would soon double.

Vance told the audience that stablecoin legislation called the GENIUS Act could bolster the economy. “In this administration, we do not think that stablecoins threaten the integrity of the U.S. dollar. Quite the opposite,” said Vance. “We view them as a force multiplier of our economic might.”

GameStop Buys Bitcoin Worth $513 Million in Crypto Push

GameStop has purchased bitcoin worth about $513 million, the company said on Wednesday as the ailing video game retailer looks to capitalize on the growing adoption of cryptocurrencies globally.

GameStop said in a filing it acquired 4,710 bitcoins, although it did not disclose the period for the purchases.

The purchases are GameStop's first bitcoin purchase since unveiling its plans in March to invest in the digital asset, adopting a strategy pioneered by Michael Saylor's Strategy, an enterprise software company and the largest corporate holder of bitcoin.

Trump Boosts Crypto in 401(k)s by Axing Biden-Era Guidance

The Trump administration is rescinding 2022 US Labor Department guidance that discouraged workplace 401(k) cryptocurrency investing.

The Biden-era guidance cautioned companies to exercise “extreme care” before adding crypto to their employees’ investment menus. That stance departed from the neutral approach the DOL’s Employee Benefits Security Administration is required to take by law, the agency said in a statement Wednesday.

The 2022 guidance threatened an “investigative program” aimed at plan sponsors that offered workers crypto either through plan menus or self-directed brokerage windows. It chilled emerging interest in a crypto exchange market that had attracted some 401(k) providers including Fidelity.

US Banks Tiptoe Toward Crypto, Awaiting More Green Lights from Regulators

Big U.S. banks are holding internal discussions about expanding into cryptocurrencies as they get stronger endorsements from regulators, but initial steps will be tentative, centering on pilot programs, partnerships or limited crypto trading, according to four industry executives. Wall Street giants that had been largely blocked from many crypto activities by strict regulations are poised to grow quickly.

Yet the biggest lenders are still hesitant to be the first among rivals to expand too heavily into crypto in case they fall afoul of changing rules, said the four executives, who declined to be identified since they were discussing internal business plans.

If a major firm expands without issues, others will be fast followers to run small-scale pilot projects and weigh other business prospects, the executives said.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Wednesday was $432.62 million. The total net asset value of Bitcoin spot ETFs is $130.29 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.11%.

Source: SoSoValue

The Bitcoin spot ETF with the highest net inflow on May 28 was iShares Bitcoin Trust ETF (IBIT), with a net inflow of $480.96 million.

Source: SoSoValue