[Weekly Web3 News Highlights] Bitcoin breaks $110,000, setting a new historical high; mainstream American banks like JPMorgan and Citibank are in preliminary talks about a joint stablecoin project; Standard Chartered: U.S. SEC data supports Bitcoin reaching a target price of $500,000 by 2028; Texas may become the third state in the U.S. to establish a strategic Bitcoin reserve.
Here are the highlights of Web3 news from the past week:
Bitcoin breaks $110,000, setting a new historic high
According to BitPush news, CoinMarketCap market data shows that on May 22, Eastern Time, Bitcoin broke through 110,000 USD during trading, reaching a maximum of 111,970.17 USD, setting a new historical high.
[Major U.S. banks such as JPMorgan and Citigroup are in preliminary negotiations regarding a joint stablecoin project]
According to reports from Bitpush and The Wall Street Journal, companies jointly owned by major U.S. banks including JPMorgan, Bank of America, Citigroup, and others are in preliminary discussions to form a potential consortium to launch a stablecoin. It is reported that these companies include the real-time payment network clearing house (The Clearing House) and the fintech company Early Warning Services LLC, which is behind the peer-to-peer payment system Zelle.
The report also stated that discussions among these banks are still in the preliminary stages and may change, with the final outcome largely dependent on the evolving stablecoin legislation in the United States.
Earlier this week, U.S. senators voted to advance the "Guiding and Establishing the American Stablecoin Innovation Act" (GENIUS Act). The Senate bill requires that such tokenized assets must be fully backed by U.S. dollars or similar liquid assets, mandates annual audits for issuers with a market capitalization exceeding $50 billion, and adds provisions related to foreign issuances, thereby effectively laying the groundwork for stablecoin regulation.
[Standard Chartered: U.S. SEC data supports Bitcoin reaching a target price of $500,000 by 2028]
According to Bitu's news, Standard Chartered analyst Geoff Kendrick stated that the recent 13F report from the U.S. Securities and Exchange Commission (SEC) supports the expectation that Bitcoin could reach $500,000 by the end of 2028.
Analysts indicate that despite a decrease in directly held Bitcoin ETF shares in the first quarter, government agencies have increased their holdings in Strategy (formerly MicroStrategy), which is viewed as an alternative investment tool for Bitcoin. This may reflect the efforts of institutions to gain exposure to Bitcoin under regulatory constraints.
[Texas may become the third state in the U.S. to establish a strategic Bitcoin reserve]
According to Bitu, Lee Bratcher, founder and chairman of the Texas Blockchain Council, told The Block that Texas is expected to soon become the third state to establish a strategic Bitcoin reserve.
Lee Bratcher stated that if the bill passes in the state legislature, he believes Governor Greg Abbott will sign it into law. On Wednesday, Texas lawmakers overwhelmingly voted to pass Senate Bill 21, which allows for the establishment of a Bitcoin reserve. He said, "I have personally talked to the governor about this, and I think he wants to see Texas take the lead in this way, but I certainly won't impose it on him. He will make a decision at the appropriate time."
If Governor Greg Abbott ultimately signs the Bitcoin bill (Blatchley expects the bill to arrive on the governor's desk in "one or two weeks"), Texas will become the third state to sign the bill after New Hampshire and Arizona.
[CFTC Commissioner: Crypto perpetual futures contracts may be available for trading in the U.S.]
According to Bitpush news, Summer Mersinger, a member of the U.S. Commodity Futures Trading Commission (CFTC), stated that cryptocurrency perpetual futures contracts may soon begin trading in the United States.
"I think these products can be launched now," Messinger said in an interview with Bloomberg. "I believe we will soon have some products available for trading. It would be great if these products could be traded again within the United States."
Cryptocurrency perpetual futures, also known as perpetual swap contracts, are a type of derivative contract that allows traders to speculate on the price of cryptocurrencies without an expiration date.
[Bitwise predicts that by the end of 2026, countries and institutions will hold 4.269 million Bitcoins]
According to a report by BitcoinMagazine, Bitwise, which manages assets worth 12 billion dollars, predicts that by the end of 2026, countries and institutions will hold 4.269 million bitcoins, with a total value of 42.69 billion dollars.
[Bitcoin and Ethereum ETFs Reach Highest Daily Inflow Since January]
According to Bituan news, yesterday the US spot Bitcoin and Ethereum ETFs attracted a total of $1.05 billion in funds, the highest daily influx since January. Based on data compiled by The Block, on May 22, the spot Bitcoin ETF attracted $934.8 million in funds, the highest level since January 17, before Bitcoin reached its all-time high.
Meanwhile, the U.S. spot Ethereum ETF saw a net inflow of $110.5 million on Thursday, the largest single-day increase since February 4.
Analysts indicate that the current price increase appears relatively steady due to low leverage, but they warn that the lack of institutional capital inflows may bring short-term risks over the weekend, potentially causing Bitcoin's price discovery to lose momentum.
[Kraken will offer over 50 tokenized stocks and ETFs, covering Apple, Tesla, and Nvidia stocks]
According to a report by the Wall Street Journal, Kraken will offer over 50 tokenized stocks and ETFs, covering stocks like Apple, Tesla, and Nvidia. The company stated that these "tokenized stocks" will make it easier for non-Americans to invest in American stocks. Like Bitcoin, they will be traded 24 hours a day, 7 days a week, even when the U.S. stock market is closed. Kraken announced that it will begin launching tokenized stocks in the coming weeks, which will be listed in Europe, Latin America, Africa, and Asia, but will not yet support customers in the U.S. region.
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[Weekly Web3 News Highlights] Bitcoin breaks $110,000, setting a new historical high; mainstream American banks like JPMorgan and Citibank are in preliminary talks about a joint stablecoin project; Standard Chartered: U.S. SEC data supports Bitcoin reaching a target price of $500,000 by 2028; Texas may become the third state in the U.S. to establish a strategic Bitcoin reserve.
Here are the highlights of Web3 news from the past week:
Bitcoin breaks $110,000, setting a new historic high
According to BitPush news, CoinMarketCap market data shows that on May 22, Eastern Time, Bitcoin broke through 110,000 USD during trading, reaching a maximum of 111,970.17 USD, setting a new historical high.
[Major U.S. banks such as JPMorgan and Citigroup are in preliminary negotiations regarding a joint stablecoin project]
According to reports from Bitpush and The Wall Street Journal, companies jointly owned by major U.S. banks including JPMorgan, Bank of America, Citigroup, and others are in preliminary discussions to form a potential consortium to launch a stablecoin. It is reported that these companies include the real-time payment network clearing house (The Clearing House) and the fintech company Early Warning Services LLC, which is behind the peer-to-peer payment system Zelle.
The report also stated that discussions among these banks are still in the preliminary stages and may change, with the final outcome largely dependent on the evolving stablecoin legislation in the United States.
Earlier this week, U.S. senators voted to advance the "Guiding and Establishing the American Stablecoin Innovation Act" (GENIUS Act). The Senate bill requires that such tokenized assets must be fully backed by U.S. dollars or similar liquid assets, mandates annual audits for issuers with a market capitalization exceeding $50 billion, and adds provisions related to foreign issuances, thereby effectively laying the groundwork for stablecoin regulation.
[Standard Chartered: U.S. SEC data supports Bitcoin reaching a target price of $500,000 by 2028]
According to Bitu's news, Standard Chartered analyst Geoff Kendrick stated that the recent 13F report from the U.S. Securities and Exchange Commission (SEC) supports the expectation that Bitcoin could reach $500,000 by the end of 2028.
Analysts indicate that despite a decrease in directly held Bitcoin ETF shares in the first quarter, government agencies have increased their holdings in Strategy (formerly MicroStrategy), which is viewed as an alternative investment tool for Bitcoin. This may reflect the efforts of institutions to gain exposure to Bitcoin under regulatory constraints.
[Texas may become the third state in the U.S. to establish a strategic Bitcoin reserve]
According to Bitu, Lee Bratcher, founder and chairman of the Texas Blockchain Council, told The Block that Texas is expected to soon become the third state to establish a strategic Bitcoin reserve.
Lee Bratcher stated that if the bill passes in the state legislature, he believes Governor Greg Abbott will sign it into law. On Wednesday, Texas lawmakers overwhelmingly voted to pass Senate Bill 21, which allows for the establishment of a Bitcoin reserve. He said, "I have personally talked to the governor about this, and I think he wants to see Texas take the lead in this way, but I certainly won't impose it on him. He will make a decision at the appropriate time."
If Governor Greg Abbott ultimately signs the Bitcoin bill (Blatchley expects the bill to arrive on the governor's desk in "one or two weeks"), Texas will become the third state to sign the bill after New Hampshire and Arizona.
[CFTC Commissioner: Crypto perpetual futures contracts may be available for trading in the U.S.]
According to Bitpush news, Summer Mersinger, a member of the U.S. Commodity Futures Trading Commission (CFTC), stated that cryptocurrency perpetual futures contracts may soon begin trading in the United States.
"I think these products can be launched now," Messinger said in an interview with Bloomberg. "I believe we will soon have some products available for trading. It would be great if these products could be traded again within the United States."
Cryptocurrency perpetual futures, also known as perpetual swap contracts, are a type of derivative contract that allows traders to speculate on the price of cryptocurrencies without an expiration date.
[Bitwise predicts that by the end of 2026, countries and institutions will hold 4.269 million Bitcoins]
According to a report by BitcoinMagazine, Bitwise, which manages assets worth 12 billion dollars, predicts that by the end of 2026, countries and institutions will hold 4.269 million bitcoins, with a total value of 42.69 billion dollars.
[Bitcoin and Ethereum ETFs Reach Highest Daily Inflow Since January]
According to Bituan news, yesterday the US spot Bitcoin and Ethereum ETFs attracted a total of $1.05 billion in funds, the highest daily influx since January. Based on data compiled by The Block, on May 22, the spot Bitcoin ETF attracted $934.8 million in funds, the highest level since January 17, before Bitcoin reached its all-time high.
Meanwhile, the U.S. spot Ethereum ETF saw a net inflow of $110.5 million on Thursday, the largest single-day increase since February 4.
Analysts indicate that the current price increase appears relatively steady due to low leverage, but they warn that the lack of institutional capital inflows may bring short-term risks over the weekend, potentially causing Bitcoin's price discovery to lose momentum.
[Kraken will offer over 50 tokenized stocks and ETFs, covering Apple, Tesla, and Nvidia stocks]
According to a report by the Wall Street Journal, Kraken will offer over 50 tokenized stocks and ETFs, covering stocks like Apple, Tesla, and Nvidia. The company stated that these "tokenized stocks" will make it easier for non-Americans to invest in American stocks. Like Bitcoin, they will be traded 24 hours a day, 7 days a week, even when the U.S. stock market is closed. Kraken announced that it will begin launching tokenized stocks in the coming weeks, which will be listed in Europe, Latin America, Africa, and Asia, but will not yet support customers in the U.S. region.