Crypto Market Recap: Circle Targets $7.2 Billion IPO, BitoPro Remains Silent on Possible Hack

Published: June 2, 2025 – 01:05 PM PST

The cryptocurrency market is abuzz with significant developments as of June 2, 2025. From a promising IPO announcement by Circle to serious allegations of a security breach at BitoPro exchange, here’s an overview of the latest happenings in the crypto world.

Bitcoin and Ethereum Price Update

As the markets closed on Monday, Bitcoin (BTC) was trading at $104,369, reflecting a 0.7% decline over the last 24 hours. Bitcoin experienced fluctuations within a daily range, with a low of $103,984 and a peak of $104,589. Following a dip below $103,100 on May 31, Bitcoin managed to hold above $104,500, closing its weekly candle on a stable note. Analysts, including Daan Crypto Trades, have pointed out key levels to monitor, predicting that the cryptocurrency’s movements in early June could be misleading, with significant trends developing thereafter.

Ethereum (ETH) witnessed a modest uptick, finishing the trading day at $2,533.47, marking a 0.4% increase. The second-largest cryptocurrency hit an intraday low of $2,494.99 and peaked at $2,555.62.

Altcoin Performance

Other altcoins have seen varying fortunes:

• Solana (SOL) closed at $152.44, down by 2.1%.
• XRP traded at $2.16, reflecting a slight 0.1% decrease.
• Sui (SUI) declined by 0.2%, reaching a high of $3.32.
• Cardano (ADA) ended the day at $0.6724, also down by 0.8%.

Major Crypto News

Circle Targets $7.2 Billion Valuation in Expanded IPO

Stablecoin issuer Circle is making headlines with plans for an initial public offering (IPO) that could value the company at $7.2 billion. This upsized offering signals a surge of investor interest, particularly in the context of a more favorable regulatory climate in the United States.

Circle aims to raise up to $896 million through the sale of 32 million shares, with the backing of established financial institutions including JP Morgan Chase, Citigroup, and Goldman Sachs. The company’s token, USDC, is the world’s second-largest stablecoin and is expected to gain traction as regulations evolve, potentially fostering greater institutional adoption. Circle’s reported 55% increase in reserve income for Q1 amounts to nearly $558 million, although it has faced significant increases in distribution and transaction costs.

Silent Aftermath: BitoPro Exchange Hack Allegations

In contrast to Circle’s growth, BitoPro, a cryptocurrency exchange based in Taiwan, faces serious scrutiny following allegations of a hack that may have seen $11.5 million siphoned from its hot wallets on May 8. Blockchain investigator ZachXBT suggests that various wallets across multiple blockchains, including Ethereum, Solana, Tron, and Polygon, were compromised during the incident.

Instead of addressing these allegations directly, BitoPro attributed recent service disruptions to "routine system maintenance." The lack of communication has stirred concerns within the crypto community, as the exchange continues to handle over $20 million in daily transactions.

Strategic Moves in the Crypto Space

In other developments, Joe Lubin, co-founder of Ethereum, recently expressed his intentions to establish a treasury firm focused on Ether, inspired by Bitcoin enthusiast Michael Saylor. Lubin’s firm, SharpLink Gaming, has raised $425 million to invest in Ether, intending to replicate Saylor’s leveraged Bitcoin strategy.

Moreover, Strategy, a cryptocurrency investment firm, has significantly bolstered its Bitcoin portfolio by acquiring another 705 BTC valued at $75.1 million, bringing its total holdings to 581,000 BTC, representing nearly 3% of all Bitcoin mined.

Tether Goes Omnichain

Tether has launched an enhanced version of its gold-backed token, Tether Gold (XAU₮), on the Open Network (TON) blockchain, enabling seamless trading across multiple blockchains. This innovation further solidifies Tether’s commitment to interoperability in the cryptocurrency space.

Regulatory Developments in Singapore

In regulatory news, the Monetary Authority of Singapore (MAS) has ordered local crypto service providers to cease offering services to overseas markets by the end of June. This directive aligns with the MAS’s new regulatory framework for Digital Token Service Providers, which requires strict compliance with anti-money laundering laws, even outside Singapore.

Conclusion

As the cryptocurrency landscape evolves, significant events such as Circle’s IPO plans and the challenges faced by BitoPro underscore the volatility and complexities of the market. Investors and observers alike will be keenly watching how these narratives unfold in the coming weeks.

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