Ethereum Surge, Circle Files IPO, Solana's Future and More (Crypto News 05.29.25)
- Kip Karani
- May 29
- 3 min read
Latest News
Ethereum Leads Market with 4% Surge, Hits 3-Month High
Ethereum (ETH) outpaced the broader crypto market over the past 24 hours, posting the strongest performance among the top 10 digital assets. ETH climbed nearly 4% during the reporting period, briefly touching $2,725, its highest level since February. In contrast, other major crypto tokens like Bitcoin, XRP, Solana, BNB, Dogecoin, Cardano, and Tron recorded flat or slightly negative movements, with gains or losses staying within the 1% range.
This rally comes ahead of a significant $2.4 billion options expiry on May 30, where 97% of ETH put options will expire worthless if ETH holds above $2,600. However, weak network activity on Ethereum suggests that the upside potential may be limited.
Circle Files for IPO on NYSE
Circle Internet Group, the company behind the USDC stablecoin, has filed for an initial public offering on the New York Stock Exchange. The firm plans to offer 24 million class A shares, aiming to raise nearly $250 million. Shares are expected to be priced between $24 and $26 under the ticker 'CRCL'.
If successful, this IPO would provide Circle with additional capital to expand its operations and potentially innovate its suite of products and services. It could also serve as a benchmark for other crypto-native firms exploring public listings, especially those engaged in digital payments, fintech, and blockchain infrastructure. Circle had previously attempted a SPAC merger with Concord Acquisition Corp in 2021, which was ultimately terminated. This fresh IPO filing represents a renewed commitment to accessing public markets through a traditional route.
SharpLink Launches Ethereum Treasury
A recent report from Standard Chartered Bank paints a complex picture of Solana (SOL)—praising its price potential while critiquing its current utility. The bank’s analysts referred to Solana as a potential "one-trick pony," citing that a significant portion of the network's activity is dominated by memecoin trading rather than more substantive applications like DeFi, NFTs, or enterprise-grade solutions.
Standard Chartered’s dual outlook reflects a broader tension in the crypto space—balancing short-term speculation with long-term utility and adoption. Whether Solana can move beyond its current identity and become a leading multi-use blockchain remains to be seen, but the market seems willing to bet that its potential is worth the risk.
Crypto Mining Stocks Tumble Amid Fed's Economic Outlook
U.S. crypto mining stocks fell on May 28 amid uncertainty stemming from the Federal Reserve’s minutes, while the broader crypto market remained relatively resilient. The minutes of the Federal Open Market Committee’s meeting on May 6 and 7, released on May 28, stated, “the Committee might face difficult tradeoffs if inflation proves to be more persistent while the outlooks for growth and employment weaken.”
Bybit Secures MiCA License in Austria
Crypto exchange Bybit has taken a major step forward in its European expansion by securing a Markets in Crypto-Assets (MiCA) license in Austria. This regulatory approval, granted under the European Union's newly implemented MiCA framework, allows Bybit to legally offer digital asset services across all EU member states.
The MiCA regulation, which came into effect in 2024, aims to bring uniformity and transparency to the EU’s crypto market. It sets clear standards for licensing, consumer protection, and financial stability, much like traditional financial institutions are regulated. Bybit's successful application signals its commitment to regulatory compliance and positions it favorably among crypto exchanges looking to operate within the European Economic Area.
