In May, the cryptocurrency market experienced significant bullish momentum as Bitcoin reached a new all-time high of over $111,000. Following a trade deal between the US and China, Bitcoin peaked at $105,000 before settling at $102,000. Five US states enacted new cryptocurrency laws; Texas established a Bitcoin reserve, while Arizona created a Bitcoin and Digital Assets Reserve Fund. The stock price of Coinbase rose 19.37% in May, culminating in its inclusion in the S&P 500 Index, marking a milestone for crypto adoption. On Bitcoin Pizza Day, May 22, Bitcoin's market cap surpassed that of Amazon at $2.2 trillion and reached just over $109,000 in price. Meanwhile, OpenAI announced a shift of its digital identity project to the US due to legal actions in 12 countries, responding to concerns over data privacy and economic manipulation. By May 29, Bitcoin exchange-traded funds recorded significant outflows, indicating a cooling demand for the asset.

Source 🔗