Here’s a quick recap of the crypto landscape for Wednesday (May 28) as of 9:00 a.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$109,657 as markets opened, down 0.5 percent in 24 hours. The day’s range for the cryptocurrency brought a low of US$108,568 and a high of US$110,407.
Bitcoin performance, May 28, 2025.
Chart via TradingView
Ethereum (ETH) finished the trading day at US$2,634.94, a 1.1 percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$2,625.56 and saw a daily high of US$2,700.22.
Altcoin price update
- Solana (SOL) closed at US$175.71, down 1.1 percent over 24 hours. SOL experienced a low of US$173.44 in the final minutes of trading and reached a high of US$178.90.
- XRP is trading at US$2.31, reflecting a 0.4 percent decrease over 24 hours. The cryptocurrency reached a daily low of US$2.29 and a high of US$2.35.
- Sui (SUI) peaked at US$3.51, showing an increaseof 2.3 percent over the past 24 hours. Its lowest valuation on Monday was US$3.62.
- Cardano (ADA) is trading at US$0.7549, down 1.2 percent over the past 24 hours. Its lowest price of the day was US$0.748, and it reached a high of US$0.7725.
Today’s crypto news to know
US banks inch toward crypto as regulatory tone softens
America’s biggest banks are cautiously exploring ways to enter the crypto market, buoyed by recent regulatory signals that suggest a friendlier environment under President Trump’s administration.
JPMorgan Chase, Bank of America, and Morgan Stanley are among the institutions reportedly holding internal discussions about launching pilot programs and limited crypto services, though they remain wary of regulatory whiplash.
Jamie Dimon of JPMorgan has maintained his skepticism, flatly ruling out custody services for now, citing concerns over systemic risks, criminal activity, and excessive leverage in crypto markets.
‘When I look at the bitcoin universe, the leverage in the system, the misuse in the system, the money laundering issues, trafficking, I’m not a fan of it,’ Dimon said last week.
Still, banks are warming to the idea of partnerships with crypto-native firms and could pivot quickly if one of their peers moves first without facing backlash. Regulatory bodies like the SEC and OCC have begun pulling back earlier restrictions, which is prompting more institutions to test the waters, particularly in stablecoins and crypto trading.
Executives emphasize they’re looking for clear, coordinated guidelines—especially on anti-money laundering and compliance—before expanding significantly.
GameStop bets big on Bitcoin with US$513M purchase
GameStop (NYSE:GME) has made a bold pivot by purchasing US$513 million worth of bitcoin, signaling a strategic shift to align with digital asset trends as its core video game retail business continues to falter.
The company revealed the acquisition of 4,710 BTC in a regulatory filing but did not specify when the purchases occurred.
The move mirrors the playbook of Strategy (NASDAQ:MSTR), whose own bitcoin-focused strategy has drawn institutional investors and boosted share performance.
For GameStop, which became a meme-stock phenomenon in 2021, the bitcoin buy could rekindle investor enthusiasm while positioning the firm as a pseudo–crypto stock proxy. Shares jumped over 4 percent in pre-market trading after the announcement, as bitcoin traded just above US$108,900.
While this marks GameStop’s first major foray into crypto, it could signal more aggressive digital asset integration ahead, possibly involving Web3 ventures or blockchain-based loyalty programs.
SEC begins formal review of WisdomTree’s XRP ETF proposal
The US Securities and Exchange Commission has initiated its official review of a proposed XRP spot ETF submitted by WisdomTree, marking a pivotal moment for the controversial crypto asset.
Filed through the Cboe BZX Exchange, the WisdomTree XRP Fund aims to provide exposure to XRP’s spot price without the need for digital wallets or private keys.
If approved, it would become one of the first ETFs to track XRP directly—an asset long embroiled in legal challenges with the SEC. The regulator has opened the proposal for public comment and will evaluate whether the fund adequately protects investors from fraud and manipulation.
The review falls under Section 19(b)(2)(B) of the Exchange Act, kicking off a formal decision-making timeline that could stretch over several months.
XRP proponents argue that an ETF could legitimize the asset in institutional portfolios, while critics question its regulatory stability. The SEC’s final decision could set precedent for other altcoin-based ETFs waiting in the wings.
Binance hits 275 million users, igniting bullish sentiment across markets
Binance has reached 275 million registered users, a milestone that cements its status as the dominant global crypto exchange and reflects rising mainstream adoption of digital assets.
CEO Richard Teng’s May 28 announcement of the achievement sparked a 4.2 percent jump in Binance Coin (BNB), which rose to US$646.55 within an hour.
Trading volume for BNB/USDT surged 18 percent, and BNB/BTC rose 12 percent, indicating strong trader momentum around the platform’s native token.
The announcement also correlated with broader gains in crypto-related equities like Coinbase, and a 0.8 percent uptick in the Nasdaq, suggesting increasing alignment between digital asset markets and traditional finance.
On-chain data from Glassnode shows a concurrent 7 percent rise in new Bitcoin wallet activity, potentially driven by Binance’s growing user base.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
