Here’s a quick recap of the crypto landscape for Friday (May 16) as of 4:00 p.m. UTC.
Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin and Ethereum price update
Bitcoin (BTC) was priced at US$104,223 as markets closed, up 1 percent in 24 hours. The day’s range for the cryptocurrency has seen a low of US$102,935 and a high of US$104,291.
Bitcoin performance, May 16, 2025.
Chart via TradingView
Ethereum (ETH) finished the trading day at US$2,592.45, a 1.2 percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$2,527.33 and saw a daily high of US$2,631.38.
Altcoin price update
- Solana (SOL) closed at US$171.79, down 0.3 percent over 24 hours. SOL experienced a low of US$168 and a high of US$173.98.
- XRP is trading at US$2.42, reflecting a slight 1.5 percent decrease over 24 hours. The cryptocurrency reached a daily low of US$2.37 and a high of US$2.50.
- Sui (SUI) is priced at US$3.87, showing an increaseof 2.0 percent over the past 24 hours. It achieved a daily low of US$3.79 and a high of US$3.94.
- Cardano (ADA) is trading at US$0.7788, up 0.9 percent over the past 24 hours. Its lowest price of the day was US$0.755, and it reached a high of US$0.7905.
Today’s crypto news to know
Coinbase faces US$400 million fallout after major cyber attack
Coinbase Global (NASDAQ:COIN) disclosed that a sophisticated cyber attack has compromised a portion of its customer base and could cost the firm up to US$400 million.
Hackers reportedly gained access to internal systems by paying off employees and contractors, allowing them to impersonate Coinbase and scam users out of their crypto.
Less than 1 percent of customer data was breached, but the attackers demanded a US$20 million ransom—which Coinbase flatly refused to pay. Instead, the company has pledged to fully reimburse affected users and established a US$20 million reward for information leading to the perpetrators’ arrest.
the timing of the attack is significant, coming just days before Coinbase is set to join the S&P 500, a milestone for mainstream crypto acceptance.
Ripple’s US$50 million settlement with SEC rejected by federal judge
A US federal judge has rejected the US$50 million settlement agreement jointly proposed by Ripple Labs and the SEC, calling the motion ‘procedurally improper’ and outside her jurisdiction.
The dispute stems from the SEC’s longstanding lawsuit accusing Ripple of conducting unregistered securities sales through XRP, a case now under appeal.
Judge Analisa Torres said that because the litigation is at the appellate stage, the district court has no authority to modify the previous judgment.
Ripple’s Chief Legal Officer responded by emphasizing that the ruling doesn’t affect the company’s earlier court wins and that both sides remain aligned on resolving the issue.
Bitget becomes world’s No. 3 crypto exchange by trading volume
Bitget has officially surged into third place among global crypto exchanges, reporting a stunning US$757.6 billion in futures trading volume and US$68.6 billion in spot volume for April 2025.
The Seychelles-based platform has made a name for itself through features like copy trading, which allows users to mimic high-performing traders in real time. Bitget’s April performance stood out despite a broader market correction, expanding its market share to 7.2 percent and pushing its user base above 120 million.
The exchange’s rise signals increasing demand for advanced crypto trading products beyond the traditional buy-and-hold strategy.
Fifth Third Bank eyes expansion into crypto after regulatory green light
After five years of quietly exploring the crypto space, Fifth Third Bank now says it’s ready to expand its offerings amid friendlier US regulations.
The Cincinnati-based lender, which holds over US$200 billion in assets, has been working with crypto firms since 2020 but delayed larger moves until clearer guidance from regulators arrived.
According to Chief Strategy Officer Ben Hoffman, the bank is now exploring stablecoin-powered cross-border payments, crypto payroll services, and digital asset custody. Recent signals from the Office of the Comptroller of the Currency and the Trump administration’s pro-crypto stance have given institutions more confidence to act.
Fifth Third has formed internal teams across its business lines to integrate blockchain-based financial products responsibly. With mainstream banks finally stepping into crypto with more certainty, a new chapter of institutional adoption appears to be underway.
US lawmakers debate GENIUS Act as stablecoin regulation nears critical juncture
The GENIUS Act, a bipartisan bill aimed at establishing a regulatory framework for US dollar-backed stablecoins, is under intense scrutiny as lawmakers grapple with its potential implications. While the legislation seeks to provide clarity and oversight in the burgeoning stablecoin market, recent developments have introduced partisan divisions and raised concerns over consumer protections and financial stability.
Initially enjoying bipartisan support, the GENIUS Act has encountered resistance from Senate Democrats following revelations about former President Donald Trump’s involvement in digital asset ventures.
Lawmakers are now advocating for amendments to enhance consumer protections, enforce stricter financial controls, and address potential ethical issues, particularly regarding the participation of large tech companies like Meta in the stablecoin space.
Despite these challenges, Republican proponents of the bill are pushing for its approval by Memorial Day (May 26), emphasizing the need for regulatory clarity to foster innovation and maintain the US dollar’s dominance in the digital economy.
Mastercard teams up with MoonPay to enable stablecoin payments worldwide
Mastercard (NYSE:MA) has announced a major new partnership with crypto payment processor MoonPay to bring stablecoin-based payments to more than 150 million global merchants.
The collaboration leverages Iron, a blockchain infrastructure company recently acquired by MoonPay, to enable real-time spending of stablecoins at any location accepting Mastercard.
The partnership is geared toward gig workers, digital creators, and international businesses looking to send or receive money in a faster, cheaper, and more flexible way. MoonPay says it already works with over 500 crypto platforms and can now expand its reach to over 100 million active users
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
