📈Market Overview
Yesterday, the global digital currency market continued its upward trajectory, driven by strong institutional inflows and positive regulatory signals. The total cryptocurrency market capitalization rose 1.1% to approximately $3.61 trillion, marking the highest level in over six months. Bitcoin led the charge, surging to a fresh all-time intraday peak of $110,611, before settling around $108,100, up 1.1% on the day. Ethereum followed suit, climbing 0.9% to trade near $2,660 as traders rotated gains into large-cap altcoins. Bitcoin’s dominance held steady at roughly 62.8% of total market cap, underscoring its continued role as the bellwether of the cryptocurrency ecosystem.
😃Crypto Market Sentiment
Overall market sentiment skewed bullish yesterday, with the Crypto Fear & Greed Index remaining in “Greed” territory. Renewed optimism was fueled by robust spot Bitcoin ETF inflows totaling $608.99 million for the week ending May 22, highlighting strong institutional demand. Traders cited short squeezes, on-chain whale accumulation, and dovish Fed signals as catalysts for the rally, viewing intraday pullbacks as buying opportunities rather than reversal warnings.
🔑Key Developments
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U.S. Stablecoin Regulation Advances
The Senate voted to advance a bipartisan stablecoin regulation bill, dubbed the “Stablecoin Innovation Act,” which aims to establish clear federal oversight for algorithmic and fiat-backed stablecoins. Bitwise analysts suggest this move could catalyze a long-term bull market in digital assets once signed into law.
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Blockchain Regulatory Certainty Act Reintroduced
On May 21, U.S. Representative Tom Emmer reintroduced the Blockchain Regulatory Certainty Act (BRCA), seeking to clarify that digital-asset developers aren’t money transmitters when they don’t custody user funds. The proposal has attracted cross-party support, signaling growing legislative focus on fostering blockchain innovation. -
Spot Bitcoin ETF Inflows Surge
A group of 12 U.S. spot Bitcoin ETFs collectively recorded inflows of $4.2 billion in May, with net new capital of $608.99 million just last week. ETF premiums narrowed as arbitrage opportunities drew in both institutional allocators and retail investors.
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15th Anniversary of Bitcoin Pizza Day
May 22 marked the 15th anniversary of the first real-world Bitcoin purchase—10,000 BTC for two pizzas. Today, those coins would be worth over $1.1 billion, and Bitcoin’s market cap briefly eclipsed Amazon’s $2.205 trillion valuation, underscoring its maturation from niche experiment to mainstream digital asset.
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Innovation in Tokenization & Stablecoins
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Kraken announced plans to launch tokenized stock trading, allowing users to gain crypto-native exposure to equities without leaving the blockchain.
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Braza Finance unveiled its new algorithmic stablecoin, BRZ, designed to maintain a 1:1 peg with the U.S. dollar through on-chain collateral and dynamic supply adjustments.
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