1. Bitcoin, ETH, XRP Rebound as Geopolitical Risk Eases
• Bitcoin climbed to $77,200 early Wednesday, snapping a 5-day losing streak
• XRP, Ether, and Solana also rose 0.4% to 0.8%
• Catalyst: U.S. Senate voted 50-47 to end President Trump’s Iran war powers, reducing market uncertainty
• Macro tailwinds: WTI crude fell 0.75% to $103.42, and 10-year/2-year Treasury yields dropped over 2 basis points each
What’s next: Traders are watching Wednesday’s FOMC April meeting minutes at 18:00 UTC for Fed signals on inflation vs growth risks
2. Trump Directs Fed to Review Bank Access for Crypto
President Trump on Tuesday ordered the Federal Reserve to review how depository institutions get access to payment services.
Why it matters: Wider access to payment rails could boost institutional confidence, liquidity, and settlement efficiency for crypto. The industry has long struggled with stable banking relationships.
3. JPMorgan: ETH & Altcoins Lag Bitcoin Without Network Boom
JPMorgan analysts say ether and altcoins won’t catch up to bitcoin unless there’s a major network boom.
4. Major Hacks & Exploits Still Hitting DeFi
Several large exploits made headlines this week:
• Echo Protocol: Hacker minted unauthorized eBTC worth $76.7M on May 19
• Verus Ethereum Bridge: Reportedly suffered $11.5M DeFi hack on May 18
• THORchain: Halted trading after suspected $10M exploit on May 15
• Kelp DAO: Migrated rsETH to Chainlink after $292M hack amid LayerZero dispute
5. UK Crypto Push Faces Regulatory Gridlock
The UK’s goal to be a global digital asset hub is hitting “political inertia and regulatory gridlock”.
• Problem: Divided remits between HM Treasury, Bank of England, and FCA are fracturing payment and investment rules
• Risk: “Next generation of digital asset infrastructure is built somewhere else”
• Meanwhile: WhiteBIT launched whitebit.uk on May 20, a dedicated platform for UK retail and institutional users with GBP funding via Faster Payments
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