May saw bullish momentum in crypto markets as Bitcoin (BTC) reached a new all-time high above $111,000 and Coinbase joined the S&P 500.
On May 12, the markets could finally breathe again after US President Donald Trump struck a deal with China. This put 90 days on hold for tariffs which sent the market into turmoil. BTC hit a high of $105,000, which was a 3-month-high, and then dropped to $102,000.
In terms of policy, 5 US states passed new Bitcoin laws. Texas has established its long-awaited Bitcoin state reserve. Alabama has postponed indefinitely an attempt to exempt cryptocurrency from taxation.
OpenAI plans to expand into the US, and install Orb eye-scanning stations in six American cities. It follows the legal action against World that was taken in twelve countries.
Let’s look at May in numbers
Texas’s Bitcoin Reserve bill is passed in Texas.
In the US, cryptocurrency legislation is moving ahead on multiple fronts, with five states passing or enacting cryptocurrency-related bills.
Texas has a state of its own passed a bill that establishes a state Bitcoin (BTC) reserve. New Hampshire took a similar step. enabling HB302 allows the treasurer of the state to invest in funds containing digital currencies like Bitcoin, as well as precious metals.
Arizona’s newly-formed Bitcoin and Digital Assets Reserve Fund hold unclaimed digital assets. Arizona now has the right to claim abandoned digital assets as its own if their owner does not respond after three years to attempts to reach them. State of Arizona can invest the digital assets into the fund in order to gain airdrops, rewards and other benefits.
Nebraska public utilities have now some control over Bitcoin miners. LB526, approved in the final reading of May 14th, gives them authority to force Bitcoin miners to pay infrastructure upgrade costs if they use more than 1 Megawatt. This bill introduces an energy consumption reporting system, as well as a power permit program.
Oregon’s Uniform Commercial Code now includes the cryptography.
Coinbase stock up 19.37% in May, joins S&P 500
Crypto exchange Coinbase’s stock is up 19,37% this month despite the market downturn. disclosing a $400 million security incident 15 May
Even though the cost of the assault, which is reported to have been in the thousands triggered an investigation The US Department of Justice closed the May 29, 2008 stock market at $248.84.
The crypto company is also worth mentioning. became the first to be included in the benchmark S&P 500 Index, which the crypto industry hailed as a new high for crypto adoption and industry growth.
Some people are not happy. Some observers have questioned the inclusion of this exchange in the famous index due to concerns about safety and volatility. “All I can tell you is this is not good,” said Ed Elson is a business and economics expert.
Related: Coinbase in S&P 500: More crypto firms to come?
Major indexes bounce back after 90-day US-China tariff deal
On May 12, the Trump administration announced that it had reached a deal with China to suspend tariffs for 90 days, with the S&P 500 and the Nasdaq seeing nominal gains of 4.5% and 3%, respectively, a day after the news. Bitcoin also rose 2%.
Bitcoin has been the subject of a Cointelegraph market study. failed to smash expectations in the days The macroeconomic environment favored stock investments over Bitcoin and gold. Gold fell by 3.4% on the 12th of May.
Before trading opened on May 30, the Nasdaq-100 index was up 9.16% for the month, while the S&P 500 climbed 6.16%.
Bitcoin “Pizza Day” BTC ATH: Amazon’s $2.2 trillion market capitalization is surpassed by BTC ATH.
The 22nd of May is a day to celebrate. “Bitcoin Pizza Day,” Bitcoin’s market capitalization crossed $2.2 trillion, overtaking The market capitalization of the e-commerce giant Amazon.
Bitcoin’s price also rose during Pizza Day. The day marks Bitcoin OG Laszlo Hanyecz’s 2010 purchase of 10,000 BTC (a pizza worth $41 at that time) by Bitcoin OG Laszlo Hanyecz. hit a new all-time high Bitcoin broke the record for highest bitcoin transaction value at $109,000. Bitcoin surpassed the previous record. a few days Later, you can reach $111 970.
Bitcoin ETFs and spot Bitcoins cooled off by the end of this month as the demand for Bitcoins slowed. snapping a 10-day inflow streak On May 29, the net inflows were $347 Million.
OpenAI takes its global project to the US after 12 enforcement actions
OpenAI CEO Sam Altman, announced on April 30 that World, his company’s project for digital identification, will be set up in the United States.
In 12 countries, regulators have taken legal action in some way against World. The stated reasons range from concerns about possible economic manipulation by its token (Brazil) to data privacy (Kenya). Hong Kong has banned the entire project.
Related: Alarm bells ring in US over OpenAI’s crypto project World
World responded to privacy concerns with the statement that no personal information is attached to each unique eye scan on Orb. World also claims that the information is not under its control and that World IDs are owned by users.
Magazine: Adam Back says Bitcoin price cycle ’10x bigger’ but will still decisively break above $100K
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Source: cointelegraph.com
