Here’s a quick recap of the crypto landscape for Wednesday (May 21) as of 9:00 a.m. UTC.
Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin and Ethereum price update
Bitcoin (BTC) was priced at US$105,133 as markets opened, up 3.1 percent in 24 hours. The day’s range for the cryptocurrency has seen a low of US$104,676 and a high of US$107,844.
Bitcoin performance, May 21, 2025.
Chart via TradingView
Ethereum (ETH) finished the trading day at US$2,531.38, a 3.2 percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$2,460.59 and saw a daily high of US$2,600.00.
Altcoin price update
- Solana (SOL) closed at US$167.44, up 0.3 percent over 24 hours. SOL experienced a low of US$165.28 and a high of US$171.36.
- XRP is trading at US$2.35, reflecting a 2.3 percent increase over 24 hours. The cryptocurrency reached a daily low of US$2.32 and a high of US$2.39.
- Sui (SUI) is priced at US$3.87, showing an increaseof 3.0 percent over the past 24 hours. It achieved a daily low of US$3.82 and a high of US$3.94.
- Cardano (ADA) is trading at US$0.7528, up 4.8 percent over the past 24 hours. Its lowest price of the day was US$0.7271, and it reached a high of US$0.7647.
Today’s crypto news to know
A US$300,000 Bitcoin bet gains attention, but remains a long shot
A bold options trade is betting that Bitcoin could hit US$300,000 by the end of June—a moonshot prediction that’s lighting up crypto derivatives exchange Deribit.
According to market data, call options at that stratospheric strike price were the second-most traded on Tuesday (May 20), hinting at a mix of speculative enthusiasm and hedging behavior among traders.
While some analysts remain optimistic, Standard Chartered, for instance, sees Bitcoin possibly reaching US$120,000 by Q2—no major forecast comes close to US$300,000. On Tuesday, bitcoin hovered near $107,000, not far from its record high of US$109,241 in January.
The token’s recent momentum, aided by easing macroeconomic fears and renewed corporate interest, has been welcomed by bulls.
Still, market experts caution that without a strong catalyst, the current rally may not sustain its upward trajectory. Betting markets like Polymarket place only a 9 percent chance of bitcoin hitting even US$250,000 this year, underscoring how isolated this US$300K wager truly is.
CME’s XRP futures launches strong with US$19 million day-one volume
XRP joined the elite roster of cryptocurrencies traded on CME Group’s derivatives exchange, launching futures contracts that pulled in over US$19 million in notional volume on Sunday.
That first-day tally easily eclipsed Solana’s March debut of US$12.3 million and puts XRP alongside bitcoin, ether, and SOL in CME’s crypto futures lineup. Offered in both micro (2,500 XRP) and standard (50,000 XRP) sizes, the cash-settled contracts allow investors to speculate on XRP’s price without owning the token.
CME’s head of crypto products, Giovanni Vicioso, said the offering gives investors more “capital-efficient” tools for hedging or gaining exposure.
The timing is noteworthy, as the SEC continues to drag its feet on pending ETF applications for XRP and Solana, leaving futures as the most viable institutional gateway.
XRP futures could see broader uptake if regulatory clarity around token classification progresses. The SEC’s recent legal moves against other issuers may also increase demand for regulated products like these.
Bitget becomes world’s third top crypto exchange by trading volume
Bitget has officially surged into third place among global crypto exchanges, reporting a stunning US$757.6 billion in futures trading volume and US$68.6 billion in spot volume for April 2025.
The Seychelles-based platform has made a name for itself through features like copy trading, which allows users to mimic high-performing traders in real time. Bitget’s April performance stood out despite a broader market correction, expanding its market share to 7.2 percent and pushing its user base above 120 million.
The exchange’s rise signals increasing demand for advanced crypto trading products beyond the traditional buy-and-hold strategy.
Hong Kong approves stablecoin bill to attract global issuers
Hong Kong’s Legislative Council has passed a new bill establishing a licensing regime for stablecoin issuers, solidifying the city’s ambitions to become a leading hub for digital assets.
The law requires any entity issuing fiat-backed stablecoins in or referencing the Hong Kong dollar to secure a license from the Hong Kong Monetary Authority (HKMA). It lays out concrete rules on reserve management, redemption protocols, and investor risk protection to prevent the kind of collapses seen elsewhere in the stablecoin space.
Christopher Hui, the city’s financial secretary, emphasized that the law adheres to a ‘same activity, same risks, same regulation’ principle and aligns with international standards.
The legislation follows the HKMA’s launch of a sandbox for prospective issuers, which already includes three pilot participants. Analysts say the legal clarity could attract global firms looking for compliant stablecoin infrastructure in Asia.
South Korea to let non-profits and exchanges to sell crypto
Starting in June, South Korea will allow nonprofits and crypto exchanges to legally sell digital assets under newly approved regulations designed to balance innovation with investor safety.
Nonprofits must meet strict audit requirements and internal oversight criteria, while donations must be in the form of tokens listed on at least three local exchanges. Donated crypto must be sold immediately to prevent price speculation, regulators said.
Crypto exchanges, on the other hand, can sell tokens to raise operating capital—but only under limited conditions, including volume caps and bans on selling through their own platforms.
Additionally, exchanges must delist “zombie” tokens with low volume and apply stricter criteria to memecoins, such as proving an active user base or transaction history.
These new standards, introduced by the Financial Services Commission, will tighten oversight while providing a clearer path for institutional involvement later this year. The shift marks the loosening of a 2017-era trading ban and signals a more mature phase of digital asset policy in South Korea.
SEC accuses Unicoin of US$100 million fraud, citing fake assets and inflated claims
The US Securities and Exchange Commission has charged crypto firm Unicoin and four top executives with running what it calls a $100 million securities fraud scheme, alleging the company lied about its assets and sales performance.
According to the complaint, Unicoin misled investors by falsely claiming to own prime real estate in locations like Thailand and Argentina, inflating the value of these assets by over US$1 billion. The company also allegedly exaggerated the sales of its ‘rights certificates,’ stating it had raised US$3 billion when the real figure was just US$110 million.
Unicoin aggressively marketed its offerings with absurd return promises—up to 9 million percent—across taxis, billboards, and TV, echoing the promotional tactics seen during the ICO boom.
The SEC is seeking disgorgement and civil penalties, and notes that the defendants rejected a prior attempt to settle the matter.
CEO Alexander Konanykhin told investors last month that the company had “declined to show up” for an SEC settlement meeting, labeling it an “ultimatum.”
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.