Crypto Market Recap: US Banks Reassess Crypto Strategy, GameStop Invests Heavily in Bitcoin
May 28, 2025 – As the cryptocurrency market continues to evolve, major developments have emerged this week, ranging from significant investments by traditional financial institutions to notable movements in digital asset prices.
Bitcoin and Ethereum Price Update
On May 28, Bitcoin (BTC) opened the day trading at $109,657, a drop of 0.5% within the last 24 hours. During the trading day, Bitcoin fluctuated between a low of $108,568 and a high of $110,407.
Ethereum (ETH), on the other hand, finished the day stronger, concluding at $2,634.94, which represents a 1.1% increase. Ethereum’s daily trading saw it dip to $2,625.56, while it reached a peak of $2,700.22.
Several altcoins also shifted slightly: Solana (SOL) decreased by 1.1%, trading at $175.71; XRP fell by 0.4% to $2.31; Cardano (ADA) slipped by 1.2% to $0.7549; while Sui (SUI) recorded a 2.3% rise, closing at $3.51.
Traditional US Banks Take Cautious Steps Toward Crypto Market
In recent developments, prominent U.S. banks are exploring pathways to pivot back into the cryptocurrency market, buoyed by a softer regulatory climate. Leading institutions like JPMorgan Chase, Bank of America, and Morgan Stanley are reportedly assessing pilot programs and limited cryptocurrency services. Despite this cautious optimism, many banks remain hesitant due to fears of regulatory backlashes.
JPMorgan’s CEO, Jamie Dimon, has been vocal about his skepticism towards cryptocurrencies, particularly highlighting risks such as excessive leverage and potential criminal activity. Dimon remarked last week, “When I look at the bitcoin universe, the leverage in the system, the misuse in the system… I’m not a fan of it.” Nevertheless, the potential for partnerships with crypto-native firms is being considered as banks seek clearer regulatory guidelines, especially regarding compliance and anti-money laundering.
GameStop Takes a Bold Leap into Bitcoin
GameStop Corp. (NYSE: GME) is making headlines with its recent purchase of 4,710 Bitcoins, valued at approximately $513 million. This strategic decision aligns the company more closely with cryptocurrency trends as its traditional retail video game business faces ongoing challenges. The specifics of when the transactions occurred remain undisclosed.
This acquisition positions GameStop similarly to firms like MicroStrategy, whose focus on Bitcoin has attracted investor interest and positively influenced its stock performance. Following the announcement, GameStop shares saw a notable increase of over 4% in pre-market trading, amid Bitcoin prices hovering just above $108,900.
GameStop’s significant investment into Bitcoin signals an interest in more extensive integration of digital assets, potentially exploring blockchain applications or Web3 initiatives in the future.
SEC Reviews WisdomTree’s XRP ETF Proposal
In another key development, the U.S. Securities and Exchange Commission (SEC) has begun its formal examination of WisdomTree’s proposal for an XRP spot ETF. This could represent a landmark moment for XRP, which has been embroiled in regulatory scrutiny. The proposed WisdomTree XRP Fund, submitted through the Cboe BZX Exchange, would allow investors to gain exposure to XRP’s market without needing digital wallets or private keys.
As the SEC reviews the proposal, they will engage with public comments and assess whether the fund sufficiently safeguards against fraud and market manipulation. An approval of this ETF could not only legitimate XRP in institutional portfolios but also set a precedent for future altcoin-based ETFs pending regulatory review.
Binance Hits 275 Million Registered Users
In a sign of increasing mainstream adoption of cryptocurrencies, Binance has achieved a milestone of 275 million registered users. CEO Richard Teng announced this achievement on May 28, which led to a 4.2% spike in Binance Coin (BNB), reaching $646.55 shortly after the announcement. This surge exemplifies the heightened trading activity, particularly for BNB, with trading volumes surging significantly across major pairs.
The uptick in Binance’s user base correlates with broader bullish trends across the cryptocurrency market, contributing to a 0.8% increase in the Nasdaq index and reflecting a growing synergy between digital assets and traditional financial markets.
Conclusion
The cryptocurrency landscape is witnessing transformative developments with traditional financial institutions re-evaluating their positions, notable investments from legacy companies like GameStop, and significant regulatory movements. As both traditional and digital asset markets continue to converge, investors will be closely monitoring these trends for future opportunities and challenges in the evolving ecosystem.
For continuous updates on the cryptocurrency market, stay tuned with us at the Investing News Network.
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