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Crypto Market Recap: Stablecoin Market Makes Headway, SharpLink Stocks Up on ETH
Bitcoin and Ethereum price update
Bitcoin (BTC) was priced at US$105,555, a decrease of 1.6 percent in 24 hours after an earlier slide of over 4 percent. The day's range for the cryptocurrency brought a low of US$104,309 and a high of US$105,918.
Bitcoin price performance, June 13, 2025.
Chart via TradingView.
Bitcoin dropped sharply after Israel's airstrikes on Iran, with over US$400 million in long trades wiped out before its price consolidated at around US$105,000. This came just days after Bitcoin came close to its May 22 record of US$111,940.
Gold and oil prices rose while Bitcoin fell, and a Bollinger band analysis shows a typical three-push pattern, often signaling the end of a rally. Popular trader CrypNuevo said there could be “more upside” to come as long as the price doesn’t dip below the US$100,000 level.
Ethereum (ETH) ended the day at US$2,529.19, a 6.3 percent decrease over the past 24 hours, after reaching an intraday low of US$2,513.97 and a high of US$2,576.80.
Altcoin price update
- Solana (SOL) closed at US$145.08, down 6.3 percent over 24 hours. SOL experienced a low of US$144.19 and reached a high of US$148.20 on Friday.
- XRP was trading at US$2.13, down by 3.6 percent in 24 hours. The cryptocurrency's lowest valuation today was US$2.12, and its highest was US$2.16.
- Sui (SUI) was trading at US$3.01, showing a decreaseof 7.5 percent over the past 24 hours. It reached an intraday low of US$2.98 and a high of US$3.07.
- Cardano (ADA) closed at US$0.6319, down 5.5 percent over the past 24 hours. Its lowest valuation on Friday was US$0.6291, and its highest valuation was US$0.6426.
Today's crypto news to know
Tether expands gold exposure
Tether Investments has acquired a 31.9 percent stake in Canadian gold royalty firm Elemental Altus Royalties through the purchase of 78,421,780 common shares from La Mancha Investments. Valued at C$1.55 (US$1.14) per share, the transaction cost Tether roughly US$89.4 million and brings its total stake in the royalty firm to 33.7 percent.
While the official announcement didn’t come until Thursday, the deal was finalized on Tuesday, June 10. The company also shared that it signed an option agreement that will allow it to acquire a further 34,444,580 common shares owned by AlphaStream subsidiary Alpha 1 SPV. Executing the option would bring Tether's interest in Elemental Altus to 47.7 percent.
“Tether’s growing investments in gold and Bitcoin reflect our forward-looking strategy to build a more resilient and transparent financial system,” Paolo Ardoino, CEO of Tether, said. “By gaining exposure to a diversified portfolio of gold royalties through Elemental, we are strengthening the backing of our ecosystem while advancing Tether Gold and future commodity-backed digital assets.”
Retail giants explore stablecoin issuance
Walmart (NYSE:WMT) and Amazon (NASDAQ:AMZN) are reportedly in talks to launch their own stablecoins, according to sources cited in a Wall Street Journal report published early on Friday morning. The move would mark a shift in how these two major retailers manage payments, with the potential to eliminate billions in bank fees and streamline e-commerce and cross-border transactions.
This report comes days after the US Senate advanced the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, in a 68-30 procedural vote. On Thursday, a notice was issued by Senate Democrats of a full chamber vote on the GENIUS Act scheduled for Tuesday, June 17, coinciding with the start of the Federal Open Market Committee two-day meeting.
Betting platform becomes second-largest ETH holder after Ethereum Foundation
Sports betting platform SharpLink Gaming (NASDAQ:SBET) has become the world’s largest publicly traded ETH holder with its latest acquisition of 176,271 ETH for approximately US$463 million, an average acquisition price of US$2,626 per coin.
According to an announcement on the company’s page on Friday, the company has increased its ETH holdings by 11.8 percent per share since June 2, 2025, primarily using US$79 million raised through its stock sales, in addition to an earlier private investment.
The company said over 95 percent of its ETH was deployed in staking and liquid staking platforms, earning yield while contributing to Ethereum’s network security.
“This is a landmark moment for SharpLink and for public company adoption of digital assets,” said Rob Phythian, CEO of SharpLink Gaming. “Our decision to make ETH our primary treasury reserve asset reflects deep conviction in its role as programmable, yield-bearing digital capital.”
Coinbase announces several new offerings
Coinbase made a series of announcements on Thursday at its annual State of Crypto Summit, unveiling a plan to evolve from a crypto exchange into a full-scale decentralized and centralized financial app.
First, the company’s chief legal officer, Paul Grewal, revealed that all tokens on Coinbase’s Ethereum Layer 2 network, Base, are now tradable directly on the Coinbase platform, giving developers building on Base access to Coinbase’s ecosystem of over 100 million users. Meanwhile, Max Branzburg, Coinbase’s vice president of consumer and business products, announced that the company will soon offer perpetual futures contracts under Commodity Futures Trading Commission oversight, marking a major easing of restrictions for US crypto traders.
Also at the event, a partnership was announced between Coinbase and Shopify (NYSE:SHOP) that Shopify has begun accepting payments in USDC stablecoin from customers on Base. Currently in early access, the new payment option could help normalize on-chain payments among mainstream e-commerce businesses and consumers.
Coinbase also introduced the Coinbase One Card, a co-branded American Express (NYSE:AXP) credit card slated for release this fall that will offer up to 4 percent cashback in Bitcoin. Finally, it revealed Coinbase Business, a new full-stack platform offering for streamlining financial workflows with features including instant crypto payment settlements, up to 4.1 percent annual percentage yield on USDC and streamlined integration with accounting tools such as Intuit (NASDAQ:INTU) QuickBooks and XERO (NASDAQ:XRX).
These announcements help further Coinbase’s vision to position itself as a one-stop shop for businesses operating in the Web3 space.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Crypto Market Recap: Bitcoin Funds Hit US$7 Billion, Saylor Shrugs Off Quantum Risk
Bitcoin and Ethereum price update
Bitcoin (BTC) was priced at US$108,516.21 as markets closed for the day, up 2.1 percent in 24 hours. The day's range for the cryptocurrency brought a low of US$107,115 and a high of US$108,677.
Bitcoin price performance, June 9, 2025.
Chart via TradingView.
Rising institutional enthusiasm countered cautious macro sentiment over the weekend, propping up Bitcoin’s value, although some analysts are warning of the possibility of a short-term correction.
A standout factor was Circle's (NYSE:CRCL) June 5 initial public offering. Shares surged 70 percent (US$117.53) following its debut and reinforced growing investor confidence in digital assets infrastructure.
Meanwhile, markets edged higher today as the US and China engaged in trade talks in London.
Ethereum (ETH) ended the day at US$2,581.50, a 1.9 percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$2,520.27 and saw a daily high of US$2,586.
Altcoin price update
- Solana (SOL) closed at US$155.68, up 0.8 percent over 24 hours. SOL experienced a low of US$153.54 and reached a high of US$156.64 on Monday.
- XRP was trading at US$2.29, up 0.3 percent over the past 24 hours. The cryptocurrency reached a daily low of US$2.25 and a high of US$2.31.
- Sui (SUI) peaked at US$3.38, showing an increaseof 3.3 percent over the past 24 hours and its highest valuation of the day. Its lowest valuation on Monday was US$3.30.
- Cardano (ADA) is trading at US$0.6818, up 1.2 percent over the past 24 hours. Its lowest price of the day was US$0.6671, and it reached a high of US$0.6856.
Today's crypto news to know
Crypto funds hit record high in May
Crypto investment funds saw their assets surge to a record US$167 billion in May, driven by a growing appetite for risk and shifting investor strategies amid global market uncertainty.
According to data from Morningstar, nearly US$7.1 billion flowed into 294 tracked crypto funds last month — the largest inflow since December. Analysts say the trend reflects dual motivations: investors hedging against potential US market downturns and diversifying their portfolios beyond equities and gold.
Bitcoin, which is up over 15 percent since the start of the year, has outpaced both the MSCI World Index and gold, reinforcing its appeal as a “new age” store of value. Bitcoin and Ether exchange-traded funds in the US are also driving institutional inflows, while gold and equity funds saw significant outflows last month.
Saylor dismisses quantum threat to Bitcoin
Despite warnings from researchers and even BlackRock that quantum computing could break crypto's encryption, Strategy (NASDAQ:MSTR) Chair Michael Saylor isn't sweating it. Speaking on CNBC, Saylor waved off the existential threat narrative, comparing it to marketing hype from those pushing “quantum tokens.”
He argued that any true quantum threat would be neutralized through a software upgrade to the Bitcoin protocol as major companies continue to patch security holes. Behind the scenes, crypto developers are already drafting proposals to transition Bitcoin to quantum-resistant systems, including potential hard forks.
Tether to open source Bitcoin-mining software
Tether said it will open source its new Bitcoin-mining software, Bitcoin Mining OS (MOS), to bring new miners into the market and “keep the network safe," according to a post from CEO Paolo Ardoino.
“No need anymore of any 3rd party hosted software,” he said. “MOS will create an even playing field reducing the gap between publicly listed companies and smaller players.” Ardoino described a new operating system that will support existing mining infrastructure while enabling developers to create their own plugins.
“I envision future @QVAC_tether integration to build better reports and enhance production / performance based on custom AI tools that learn from the huge datasets generated by the Mining OS,” he noted, adding that companies that produce their own electricity will soon start using excess energy for mining.
According to Cointelegraph, Ardoino said the new software will be available by Q4 2025.
The Blockchain Group plans 300 million euro BTC investment
Through a partnership with TOBAM, French crypto company the Blockchain Group is planning to raise 300 million euros to to fund more Bitcoin purchases, according to a Monday press release.
The deal is structured like an at-the-market offering, and shares will be sold directly into the market at their current trading price. TOBAM will initiate these share subscriptions by submitting requests after market close.
These requests are subject to pre-agreed volume limits, where the number of shares requested may not exceed 21 percent of the trading volume from the preceding day.
Netcapital completes Mixie acquisition
Zelgor, a portfolio company for fintech firm Netcapital (NASDAQ:NCPL), has acquired crypto-native protocol Mixie in a strategic move to bridge traditional and decentralized finance.
Mixie is a blockchain-native platform that builds infrastructure and tools for Web3 gaming, creator media and decentralized community engagement. Zelgor is an interactive entertainment company that primarily develops mobile games. It has secured funding from Guitar Hero co-creator Tim Draper and Napster’s founders, among others.
“We have always strived to utilize cutting-edge technology to develop transformative game experiences and enable others to do the same,” said John Fanning Jr., CEO of Zelgor. “Mixie’s technology stack and media reach align perfectly with our goals and provide immediate capabilities to scale within both Web2 and Web3 landscapes.”
Shares of Netcapital rose by 20 percent as the news broke and ended the day 20.39 percent higher.
Bitcoin enters Kibera, Africa’s largest slum
Through a nonprofit initiative by fintech firm AfriBit Africa, roughly 200 residents in Soweto West now use Bitcoin to pay for goods and services, including vegetables and motorcycle rides.
Most of the crypto circulation stems from a local garbage collection program, where youth are paid in small Bitcoin grants after weekend cleanups. Advocates say the effort provides financial access to the undocumented and unbanked, bypassing high fees from Kenya’s dominant M-PESA mobile system.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Crypto Market Recap: Strategy Eyes US$1 Billion Capital Raise, Uber Considers Stablecoin Usage
Bitcoin and Ethereum price update
Bitcoin (BTC) was priced at US$104,245 as markets closed for the week, up 2 percent in 24 hours. The day's range for the cryptocurrency brought a low of US$104,006 and a high of US$105,201.
Bitcoin price performance, June 6, 2025.
Chart via TradingView.
After dipping below US$101,000 during the dispute between US President Donald Trump and Elon Musk, Bitcoin recovered to around US$105,000 early in the trading day, influenced by a strong US labor report.
Despite the rebound, analysts are wary due to technical indicators like a weakening relative strength index, suggesting potential downside. A possible rate cut from the US Federal Reserve on June 18 could push Bitcoin to US$112,000, but the outlook is uncertain. Order book data indicates a liquidity trap, and limited short interest points to a fragile recovery.
Additional selling pressure and investor distrust are contributing to shaky market sentiment.
Ethereum (ETH) finished the trading day at US$2,490.63, a 2 percent decrease over the past 24 hours. The cryptocurrency reached an intraday low of US$2,482.52 and saw a daily high of US$2,519.25.
Altcoin price update
- Solana (SOL) closed at US$149.26, trading flat over 24 hours. SOL experienced a low of US$148.86 and reached a high of US$151.79 on Friday.
- XRP is trading at US$2.17, reflecting a 1.6 percent increase over 24 hours. The cryptocurrency reached a daily low of US$2.16 and a high of US$2.18.
- Sui (SUI) peaked at US$3.18, showing an increaseof 5.7 percent over the past 24 hours. Its lowest valuation on Friday was US$3.16, and its highest was US$3.19.
- Cardano (ADA) is trading at US$0.663, up 2.8 percent over the past 24 hours. Its lowest price of the day was US$0.6604, and it reached a high of US$0.6693.
Today's crypto news to know
Uber considers stablecoins for cost reduction
On stage at the San Francisco-based Bloomberg Tech Summit on Thursday (June 5), Uber Technologies (NYSE:UBER) CEO Dara Khosrowshahi said the company is “definitely going to take a look” at using stablecoins to help reduce the cost of moving money around the world.
“We’re still in the study phase, I’d say, but stablecoin is one of the, for me, more interesting instantiations of crypto that has a practical benefit other than crypto as a store of value,” he said. “Obviously, you can have your opinions on Bitcoin, but it’s a proven commodity, and you know, people have different opinions on where it’s going,” he added.
UK set to lift ban on retail access to crypto ETNs
The UK’s Financial Conduct Authority (FCA) has announced plans to lift its ban on retail investors buying crypto exchange-traded notes (ETNs), a major shift from its earlier risk-averse stance.
Initially barred due to concerns over volatility and investor protection, the FCA now says consumers should have the right to choose whether these high-risk assets fit their portfolios. David Geale, the FCA's digital assets chief, said the move is part of a broader push to "rebalance" the regulator’s approach to financial risk. The proposal, which would allow ETNs to be sold on FCA-registered investment exchanges, will now enter a public consultation phase.
This regulatory pivot follows the UK’s introduction of draft laws in April aimed at integrating crypto into the formal financial system. The FCA emphasized that its separate ban on crypto derivatives for retail traders will remain in place.
Switzerland adopts crypto information exchange bill
The government of Switzerland has adopted a bill to enable the automatic exchange of information (AEOI) on crypto with 74 partner countries, including the UK, all EU member states and most G20 countries.
The measure excludes the US, Saudi Arabia and China. The bill is currently under discussion in parliament and, if approved, the AEOI framework for crypto assets will take effect on Jan. 1, 2026.
Switzerland will only engage in AEOI with partner states that also desire information exchange with Switzerland.
Strategy to raise nearly US$1 billion to buy more Bitcoin
Strategy (NASDAQ:MSTR), the company known for its aggressive Bitcoin acquisition strategy, is launching a nearly US$1 billion capital raise through its new 10 percent Series A STRD preferred stock. The offering includes over 11 million shares and promises a high fixed yield, making it attractive to yield-hungry investors in a low-rate environment.
Unlike other Strategy offerings like STRK (convertible) and STRF (senior status), STRD offers the highest payout at 10 percent, but comes with more risk due to its non-cumulative dividend and junior status. Dividends are only issued when declared, and the shares cannot be called under normal market conditions.
Proceeds will go toward “general corporate purposes,” which notably include expanding its Bitcoin holdings.
Metaplanet plans US$5.3 billion warrant offering to scale Bitcoin treasury
Tokyo-based Metaplanet (OTCQX:MTPLF,TSE:3350) is taking its Bitcoin commitment to the next level with a massive US$5.3 billion stock warrant issuance, the largest of its kind in Japan.
The company is offering 555 million shares through stock acquisition rights, using a novel moving-strike pricing model that adjusts with market value — a first in the Japanese market.
This 555 Million Plan follows an earlier US$600 million raise and is part of Metaplanet’s goal to hold over 210,000 BTC by 2027, approximately 1 percent of total Bitcoin supply.
The vast majority of the proceeds — around 96 percent — will go toward direct Bitcoin purchases, while a small fraction will support debt management and derivative strategies like selling puts.
Maple Finance expands syrupUSD to Solana
Lending platform Maple Finance announced on Thursday that it has expanded user access by deploying its syrupUSD yield-bearing stablecoin to Solana-based platforms Kamino and Orca.
Previously, it had only been available on the Ethereum blockchain.
According to the announcement, Solana integration is launching with US$30 million in liquidity, which will establish “a deep and stable foundation for lending, trading, and collateral provisioning."
This new system was made possible by using Chainlink's Cross-Chain Interoperability Protocol (CCIP), which started operating on the Solana main network on May 19. CCIP lets different blockchain systems, specifically those using Ethereum Virtual Machine and Solana Virtual Machine technology, share information.
The ability to transfer data between these distinct blockchain environments is expected to significantly boost efficient and affordable growth within the digital ecosystem.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Crypto Market Recap: Truth Social Moves to Launch Spot Bitcoin ETF, Reserve Act Near?
Bitcoin and Ethereum price update
Bitcoin (BTC) was priced at US$105,057, as markets closed, down 1.1 percent in 24 hours. The day's range for the cryptocurrency brought a low of US$104,648 and a high of US$105,484.
Bitcoin price performance, June 4, 2025
Chart via TradingView.
Despite the price dip, institutional interest remains strong. Heath care technology provider Semler Scientific (NASDAQ:SMLR) recently acquired 185 BTC for US$20 million, bringing its total holdings to 4,449 BTC (US$500 million), underscoring continued confidence in Bitcoin's long-term value.
Market analysts are closely monitoring key resistance levels, with some anticipating a potential breakout that could influence broader cryptocurrency market dynamics in the days ahead. Crypto analyst Michaël van de Poppe suggested that a breakout above US$107,500 could pave the way for a new all-time high for Bitcoin and potentially push Ethereum's price to US$3,000, identifying that level as a key area of concentrated derivatives market liquidity.
Ethereum (ETH) finished the trading day at US$2,629.53, a 0.3 percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$2,609 and saw a daily high of US$2,667.
Altcoin price update
- Solana (SOL) closed at US$155.69, down 3.1 percent over 24 hours. SOL experienced a low of US$155.60 in the final minutes of trading and reached a high of US$157.54.
- XRP is trading at US$2.22, reflecting a 2.7 percent decrease over 24 hours. The cryptocurrency reached a daily low of US$2.21 and a high of US$2.26.
- Sui (SUI) peaked at US$3.22, showing a decreaseof 3.2 percent over the past 24 hours. Its lowest valuation on Wednesday was US$3.19, and its highest was US$3.24.
- Cardano (ADA) is trading at US$0.6746, down 2.4 percent over the past 24 hours. Its lowest price of the day was US$0.6742, and it reached a high of US$0.6900.
Today's crypto news to know
Vance says Bitcoin Reserve Act is on the way
At the Bitcoin 2025 conference, Frax Finance founder Sam Kazemian disclosed his private conversation with Vice President JD Vance, who revealed the administration’s sweeping crypto roadmap.
According to Kazemian, Vance confirmed that stablecoin legislation is only the starting point, with a broader market structure bill and a Bitcoin Reserve Act also in the pipeline.
This reserve act would codify Bitcoin as a long-term federal asset, mirroring how some countries hold gold. Vance emphasized bipartisan support and framed crypto as central to economic innovation.
Kazemian also noted that Frax USD, his stablecoin project, may be designated legal tender under the upcoming legislation.
GENIUS Act nears Senate vote amid sharp partisan divide
The bipartisan GENIUS Act, aimed at regulating stablecoins, could reach the Senate floor by the end of the week, according to journalist Eleanor Terrett.
Passed out of committee with a strong 66 to 32 vote in May, the bill still faces turbulence due to over 60 proposed amendments. Much of the friction stems from concerns over conflicts of interest tied to Trump’s crypto engagements, including his backing of the USD1 stablecoin.
Lawmakers are now scrambling to trim the amendment list to a “manageable” level that both parties can agree on.
If consensus is reached, the Senate could vote within days — but failure to compromise may delay the bill into next week. The bill’s progress is closely watched by the US$248 billion stablecoin industry.
Truth Social takes aim at spot Bitcoin ETF market
Interest in crypto-linked investment products continues to grow, with NYSE Arcafiling a proposal to list a spot Bitcoin exchange-traded fund (ETF) tied to Donald Trump’s media platform, Truth Social.
Submitted on behalf of Yorkville America Digital, the proposed ETF would enter an increasingly competitive field of spot Bitcoin ETFs. If approved, it would be custodied by Foris DAX, the same provider used by Crypto.com.
While the 19b-4 filing marks a key regulatory milestone, the ETF must still undergo US Securities and Exchange Commission review of its S-1 registration statement before it can move forward.
Trump-linked crypto firm drops mini "stimulus check" to wallets
World Liberty Financial, a Trump-family-backed crypto firm, sent US$47 worth of its USD1 stablecoin to every wallet involved in its WLFI token sale, effectively issuing a small-scale “stimulus check.”
The drop is being viewed as a marketing maneuver tied to growing momentum around the token, which is pegged to the US dollar and integrated with Chainlink’s CCIP for multichain expansion.
Though the amount is modest, it helped spur conversation on social media and drew attention to USD1’s role in major deals, including a US$2 billion investment into Binance by MGX. World Liberty Financial currently boasts a US$200 million market cap for USD1 and is gearing up to release its own crypto wallet.
WEF speculates DePIN market could reach US$3.5 trillion in three years
According to a report published on Tuesday (June 3) by the World Economic Forum (WEF), the convergence of blockchain and artificial intelligence (AI) could see the DePIN market exceed US$3.5 trillion by 2028.
The report cites the emergence of decentralized physical AI as a catalyst for the industry’s growth, referring to it as a “fundamental shift” in AI agent interactions with physical infrastructure and external data.
Yet the report notes that companies face challenges when it comes to determining which developments to invest in and which are too immature to drive significant business value.
It mentions that allocating limited resources across different technology maturity levels requires a disciplined approach to technology assessment that goes beyond traditional ROI calculations, recommending a balanced portfolio approach that considers future value and business model innovation potential.
Hong Kong to launch digital asset derivatives trading
According to a local report, Hong Kong's securities regulator plans to launch digital asset derivatives trading for professional investors to broaden market offerings and strengthen Hong Kong's position in the global digital asset space.
The Hong Kong Securities and Futures Commission emphasizes prioritizing robust risk management, mandating that trades occur "in an orderly, transparent and secure manner."
To further enhance preferential tax regimes for funds, single-family offices and carried interest virtual assets will be designated as qualifying transactions for tax concessions. This initiative aims to draw a greater number of significant international fintech firms to establish operations in Hong Kong, recognizing their potential contribution.
Bybit enhances security measures
Following a hack resulting in the loss of approximately US$1.4 billion worth of ETH in February, Bybit unveiled a comprehensive security enhancement today, as reported to Cointelegraph.
This upgrade involves three key pillars. First, Bybit has fortified its security auditing processes, both internally and externally, by implementing 50 new security measures.
Second, the company has strengthened its cold wallet protocols. This includes instituting a revised operational safety procedure that mandates continuous supervision by security experts, integrating multiparty computation for enhanced protection, and consolidating hardware security modules.
Lastly, Bybit has achieved ISO/IEC 27001 certification for information security risk management. In addition, all internal and customer communications, as well as data storage, are now fully encrypted.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Crypto Market Recap: Circle Targets US$7.2 Billion IPO, BitoPro Silent on Hack
Bitcoin and Ethereum price update
Bitcoin (BTC) was priced at US$104,369 as markets wrapped, down 0.7 percent in 24 hours. The day's range for the cryptocurrency brought a low of US$103,984 and a high of US$104,589.
Bitcoin performance, June 2, 2025.
Chart via TradingView.
After hitting nearly US$103,100 on May 31, Bitcoin held above US$104,500 to close its weekly candle.
The cryptocurrency traded around US$104,000 on Monday as uncertainty continued to plague centralized and decentralized markets in the final month of the second quarter.
Crypto analyst Daan Crypto Trades identified the mid-range level around US$99,600 and a resistance area near US$108,000 as key zones to watch for potential reversal signals during the first week of June. He emphasized that early June moves may be "fakeouts," with the real trend emerging afterward.
Ethereum (ETH) finished the trading day at US$2,533.47, a 0.4 percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$2,494.99 and saw a daily high of US$2,555.62.
Altcoin price update
- Solana (SOL) closed at US$152.44, down 2.1 percent over 24 hours. SOL experienced a low of US$152.34 in the final minutes of trading and reached a high of US$154.27.
- XRP is trading at US$2.16, reflecting a 0.1 percent decrease over 24 hours. The cryptocurrency reached a daily low of US$2.14 and a high of US$2.17.
- Sui (SUI) peaked at US$3.28, showing a decreaseof 0.2 percent over the past 24 hours. Its lowest valuation on Monday was US$3.25, and its highest was US$3.32.
- Cardano (ADA) is trading at US$0.6724, down 0.8 percent over the past 24 hours. Its lowest price of the day was US$0.6708, and it reached a high of US$0.6776.
Today's crypto news to know
Circle aims for US$7.2 billion valuation in expanded US IPO
Stablecoin issuer Circle is aiming for a US$7.2 billion valuation in its upsized initial public offering (IPO), signaling strong investor interest amid a friendlier US regulatory environment under President Donald Trump.
The company and its backers now hope to raise up to US$896 million by offering 32 million shares.
Circle’s USDC, the world’s second largest stablecoin, is expected to benefit from pending legislation that could drive more institutional adoption. The firm reported a 55 percent jump in reserve income for Q1, reaching nearly US$558 million, though this was offset by a 68 percent surge in distribution and transaction costs.
Circle’s primary distribution partner is Coinbase Global (NASDAQ:COIN), with others contributing to global reach. The IPO is being led by JP Morgan Chase (NYSE:JPM), Citigroup (NYSE:C) and Goldman Sachs (NYSE:GS).
Circle will trade under the ticker symbol "CRCL" on the NYSE later this week.
BitoPro possibly hacked for US$11 million, exchange silent
Taiwan’s BitoPro exchange may have suffered a major breach on May 8, according to blockchain investigator ZachXBT, with over US$11.5 million in crypto drained from its hot wallets.
The attackers allegedly compromised wallets across Ethereum, Solana, Tron and Polygon, then funneled the assets through mixers like Tornado Cash and Wasabi Wallet to cover their tracks.
BitoPro has yet to publicly acknowledge the breach, instead citing routine “system maintenance” as the reason for service disruptions last month. The exchange remains quiet on its official channels despite mounting evidence of a hack.
BitoPro, operated by BitoGroup, has served Taiwan’s crypto market since 2018, and continues to process over US$20 million in daily volume.
Lubin credits Saylor for inspiring Ethereum treasury push
Ethereum co-founder Joe Lubin says a conversation with Bitcoin bull Michael Saylor prompted him to explore the creation of a treasury firm focused on Ether, according to Bloomberg.
Inspired by Saylor’s success turning Strategy (NASDAQ:MSTR) into a leveraged Bitcoin proxy, Lubin launched a new initiative through SharpLink Gaming (NASDAQ:SBET), raising US$425 million to buy Ether.
Lubin, who is now chair of SharpLink, expects to raise even more capital through share offerings and bonds — mirroring Saylor’s approach, but with a focus on Ethereum.
Following the announcement, SharpLink’s share price soared over 1,000 percent in just a few days. Lubin believes this will spark a wave of similar Ether-focused strategies and drive institutional demand.
While Bitcoin has enjoyed a clearer investment narrative as “digital gold,” Lubin argues Ether’s broader utility is underappreciated and ripe for a narrative shift.
Saylor's Strategy boosts Bitcoin holdings by 705 BTC
Strategy acquired another 705 BTC for US$75.1 million between May 26 and May 30.
The latest purchases were made at an average price of US$106,495 per coin, and followed the sale of 3,750 Class A shares between May 22 and 29 by Strategy director Jarrod Patten, worth nearly US$1.4 million.
According to Strategy’s data, the latest purchase brought its year-to-date BTC yield to 16.9 percent. The company's quarter-to-date BTC yield is now 5.4 percent. Strategy is looking to reach a BTC yield target of 25 percent year-to-date by the end of 2025. The company previously targeted a 15 percent yield, but increased it on May 1.
Strategy now holds 581,000 BTC, or 2.9 percent of all Bitcoin that have been mined to date.
Metaplanet buys more Bitcoin, holdings top US$930 million
Japan’s Metaplanet (TSE:3350,OTCQX:MTPLF) has acquired another 1,088 BTC, pushing its total Bitcoin stash past 8,888 coins — now worth over US$930 million. The latest purchase cost the firm US$117.5 million, bringing its average BTC acquisition price to just over US$108,000 per coin. Since adopting its Bitcoin treasury policy in April 2024, Metaplanet has rapidly climbed the ranks of corporate BTC holders and is now the largest in Asia.
The company recently raised US$50 million through zero-interest bonds to finance its latest round of acquisitions without issuing new stock. Year-to-date, Metaplanet reports a 66 percent return on its BTC holdings, and it has added over 7,000 coins in 2025 alone. The firm is targeting a total of 10,000 BTC by year end.
Tether enhances gold-backed token
Tether's gold-backed token, Tether Gold (XAU₮), has been enhanced with an omnichain version, XAU₮0.
It is now available on the Open Network (TON) blockchain. This move enables the trading of digital gold and deepens the collaboration between Tether and TON. XAU₮, Tether’s original gold token, is available as an ERC-20 token on Ethereum and a TRC-20 token on TRON. The new version leverages LayerZero's OFT standard to facilitate native movement across multiple blockchains without wrapping or redeploying new tokens on each chain.
According to Tether’s Q1 attestation report, it has over 7.7 metric tons of physical gold backing the XAUT stablecoin.
MAS orders crypto firms to halt overseas services
The Monetary Authority of Singapore (MAS), the country’s central bank, has ordered local crypto service providers to stop offering digital token services to overseas markets by June 30.
The directive came in response to industry feedback on a proposed regulatory framework for Digital Token Service Providers (DTSPs) under the Financial Services and Markets Act (FSM Act), passed in April 2022.
The act requires DTSPs with overseas operations to comply with anti-money laundering and counter-terrorist financing standards, even if they do not offer services within Singapore.
“DTSPs which are subject to a licensing requirement under section 137 of the FSM Act must suspend or cease carrying on a business of providing DT services outside Singapore by 30 June 2025,” MAS wrote.
MAS states that any Singapore-incorporated company, individual or partnership that provides DT services outside Singapore must either cease operations or obtain a license when the DTSP provisions come into force.
Companies found violating the laws will be subject to hefty fines of up to 250,000 Singaporean dollars (US$200,000) and imprisonment of up to three years. Firms licensed or exempted under the Securities and Futures Act, Financial Advisors Act or Payment Services Act may continue to operate without conflicting with the new rules.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.