Welcome to our 220th issue of State of the Market, where we provide an overview of crypto market activity from May 8 – May 14, 2025.
This week in crypto markets:
- Crypto markets rebounded as trade tensions eased with progress in U.S.-UK and U.S.-China trade talks.
- BTC and ETH surged to $104K and $2,500, respectively, with Ethereum boosted by the successful deployment of the Pectra hard-fork on May 8th.
- Coinbase joined the S&P 500 and announced a $2.9B acquisition of Deribit to expand its global derivatives offering.
- Stripe launched Stablecoin Financial Accounts, allowing businesses in 100+ countries to hold, receive and send funds using stablecoins.
- Meta is exploring stablecoin-based payouts for creators, while Anchorage Digital acquired Mountain Protocol, the Bermuda-regulated issuer of USDM.
- The GENIUS stablecoin bill regained momentum after stalling in the Senate, with a revised version expected to be voted on by May 26th.
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