{"id":12614,"date":"2025-05-31T15:05:50","date_gmt":"2025-05-31T13:05:50","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=12614"},"modified":"2025-05-31T15:05:50","modified_gmt":"2025-05-31T13:05:50","slug":"bitcoins-peak-performance-and-coinbases-sp-500-debut-a-may-in-visuals","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/05\/31\/bitcoins-peak-performance-and-coinbases-sp-500-debut-a-may-in-visuals\/","title":{"rendered":"Bitcoin’s Peak Performance and Coinbase’s S&P 500 Debut: A May in Visuals"},"content":{"rendered":"

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May witnessed optimistic momentum in cryptocurrency markets as Bitcoin (BTC) achieved a new record high exceeding $111,000 and Coinbase entered the S&P 500.<\/p>\n

Markets could exhale with relief when, on May 12, US President Donald Trump finalized a trade agreement with China, imposing a 90-day suspension on tariffs that had sent markets into a frenzy. This news propelled BTC price to $105,000, a three-month peak, before retracting to $102,000.\u00a0\u00a0<\/p>\n

On the legislative front, five US states enacted new Bitcoin regulations. Texas created the long-anticipated state Bitcoin reserve. In Alabama, a proposal to exempt crypto from specific tax categories was indefinitely delayed.\u00a0<\/p>\n

OpenAI is planning to expand into the US and establish eye-scanning Orb stations in six cities across five states. This decision follows legal proceedings against World in 12 countries.<\/p>\n

Here\u2019s May summarized by the numbers:<\/p>\n

Five states implement crypto-related regulations in May, Texas approves Bitcoin reserve legislation<\/h2>\n

In the US, cryptocurrency legislation is advancing on several fronts, with five states enacting or passing cryptocurrency-related measures.\u00a0<\/p>\n

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In Texas, the state approved a bill to establish a state Bitcoin (BTC) reserve<\/a>. New Hampshire took a similar step, allowing<\/a> the state treasurer to invest in public funds that include precious metals and digital assets such as Bitcoin with the passage of HB302.<\/p>\n

In Arizona, the newly established Bitcoin and Digital Assets Reserve Fund will retain unclaimed digital assets.<\/a> The state of Arizona can now assert ownership of abandoned digital assets if the owner does not respond to contact attempts for three years. The state can also stake the assets in the fund to earn airdrops and rewards.\u00a0<\/p>\n

In Nebraska, public power utilities now possess certain authority over Bitcoin miners. LB526, which passed in its final reading on May 14, permits them to require Bitcoin miners utilizing 1 megawatt or more to bear the cost of infrastructure enhancements. It also introduces a permit framework and reporting obligations for energy consumption.\u00a0<\/p>\n

Oregon has incorporated crypto into its Uniform Commercial Code.<\/p>\n

Coinbase shares rise 19.37% in May, enters S&P 500<\/h2>\n

The share price of cryptocurrency exchange Coinbase increased by 19.37% over the month, despite reporting a $400 million security breach<\/a> on May 15.\u00a0<\/p>\n

Despite the staggering amount involved in the attack, which has reportedly prompted an investigation<\/a> by the US Department of Justice, the stock price settled at $248.84 on May 29.<\/p>\n

\"Coinbase,<\/figure>\n

Moreover, the crypto firm became<\/a> the first to be included in the benchmark S&P 500 Index, a move celebrated by the crypto sector as a significant achievement for crypto adoption and industry growth.\u00a0<\/p>\n

However, not everyone is satisfied. Concerns regarding security and the general volatility of the stock market have left some analysts questioning the exchange\u2019s participation in the prestigious index. \u201cAll I can say is this is not positive,\u201d remarked<\/a> business and economics analyst Ed Elson.<\/p>\n

Related: <\/strong><\/em>Coinbase in S&P 500: More crypto companies on the horizon?<\/strong><\/em><\/a><\/p>\n

Major indices rebound following 90-day US-China tariff agreement<\/h2>\n

On May 12, the Trump administration revealed that it had finalized an agreement with China to suspend tariffs for 90 days, leading the S&P 500 and the Nasdaq to experience slight increases of 4.5% and 3%, respectively, the following day. Bitcoin also rose by 2%.<\/p>\n

\"Coinbase,<\/figure>\n

As per a market analysis by Cointelegraph, Bitcoin failed to meet expectations in the days<\/a> that followed, as macroeconomic factors favored stocks over investments like Bitcoin or gold, with the latter declining by 3.4% on May 12.<\/p>\n

Before trading commenced on May 30, the Nasdaq-100 index was up 9.16% for the month, while the S&P 500 increased by 6.16%.<\/p>\n

Bitcoin \u201cPizza Day\u201d sees market cap exceed Amazon at $2.2 trillion, BTC ATH<\/h2>\n

On May 22, \u201cBitcoin Pizza Day,\u201d the market capitalization of Bitcoin surpassed $2.2 trillion, outpacing<\/a> the market cap of the e-commerce behemoth Amazon.\u00a0<\/p>\n

Pizza day, commemorating Bitcoin OG Laszlo Hanyecz\u2019s 10,000 BTC pizza purchase in 2010 (worth $41 at the time), also saw Bitcoin price achieve a new all-time high<\/a> of just over $109,000. Bitcoin ultimately broke the record a few days<\/a> later, reaching $111,970.<\/p>\n

\"Coinbase,<\/figure>\n

By the month’s end, Bitcoin\u2019s ascent slowed as demand for the asset diminished, with spot Bitcoin exchange-traded funds ending a 10-day inflow streak<\/a> and reporting $347 million in net outflows on May 29.<\/p>\n

OpenAI relocates world project to US after enforcement actions in 12 nations<\/h2>\n

On April 30, OpenAI CEO Sam Altman declared that his company\u2019s digital identity initiative, World, would be relocating to the United States.\u00a0<\/p>\n

Regulators in 12 different nations have pursued some form of legal action against World, citing reasons ranging from data privacy and protection (Kenya) to apprehensions regarding potential economic manipulation through its token (Brazil). In Hong Kong, the project is entirely prohibited.\u00a0<\/p>\n

Related: <\/strong><\/em>Alarm bells sound in US over OpenAI\u2019s crypto initiative World<\/strong><\/em><\/a><\/p>\n

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World has addressed privacy issues by asserting that it retains no identifying data connected to the unique eye scan recorded on its Orb devices. It also emphasizes that it neither controls nor owns that data, but rather that users possess and manage their information through their World ID.<\/p>\n

Magazine: <\/strong><\/em>Adam Back asserts Bitcoin price cycle is \u201910x larger\u2019 but will still decisively surpass $100K<\/strong><\/em><\/a><\/p>\n