Governments Turn to Bitcoin via MSTR
Standard Chartered has revealed that various government institutions have made indirect investments in Bitcoin through Strategy (MSTR) shares in the first quarter of 2024. According to the 13F documents filed with the SEC, countries such as Saudi Arabia and France have purchased MSTR shares for the first time, while institutions such as Norway, Switzerland, South Korea and US sovereign wealth funds have increased their positions. The bank noted that this indirect BTC exposure is preferred because some countries do not allow direct Bitcoin investments.
Standard Chartered says this trend supports its prediction that Bitcoin will reach $500,000 by 2029. According to Geoffrey Kendrick, the bank’s head of digital asset research, the demand for MSTR shares, despite the limited increase in direct ETF investments, suggests that institutional interest in BTC will increase and push its price higher. Kendrick also set ambitious price targets for BNB, AVAX, and XRP, while expecting the stablecoin market to reach $2 trillion by the end of 2028.
SEC Postpones XRP and Dogecoin ETF Decisions
The U.S. Securities and Exchange Commission (SEC) has postponed its decisions on 21Shares’ XRP and Grayscale’s Dogecoin ETF applications. The agency said more analysis is needed on whether these products should be allowed to trade on exchanges. The postponement does not mean outright rejection, but it does indicate that the applications will be reviewed in detail for investor protection and market manipulation measures.
These decisions are part of a series of altcoin ETF applications made in recent months. On Monday, the SEC also postponed its decisions on the Solana ETF. Following the huge success of spot Bitcoin ETFs and the relatively positive reception of Ethereum products, many major asset managers have filed for ETFs tracking assets like Litecoin, Cardano, SUI, and even meme coin Pengu. This wave of delays suggests that the SEC will continue to be cautious about altcoin-focused ETFs.
SEC Charges Unicoin with $100 Million Fraud
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against crypto investment platform Unicoin and three of its executives for allegedly raising more than $100 million from investors through misleading statements. The company’s CEO Alex Konanykhin, board member Silvina Moschini and former chief investment officer Alex Dominguez allegedly misled more than 5,000 investors by making “fictitious promises” that Unicoin tokens would be backed by billions of dollars in real estate.
The SEC said Unicoin overstated its financials, suggesting that the company had enough cash to last decades when it only had about four months of cash. The company also sold only $110 million in rights certificates, according to the SEC, despite claiming to have sold $3 billion in rights certificates. The tokens and certificates were falsely portrayed as SEC-registered products. Unicoin’s legal counsel, Richard Devlin, has agreed to pay a $37,500 fine without admitting the charges.
Société Générale Launches Bank-Based Dollar Stablecoin on Ethereum
SG Forge, the digital asset arm of French banking giant Société Générale, is preparing to launch the first bank-based stablecoin on Ethereum backed by the US dollar. The move marks SG Forge’s move into a market where demand for regulated access to dollar liquidity is rapidly increasing, following its previous euro-backed EURCV stablecoin. The new stablecoin is reportedly designed for institutional investors.
SG Forge will become the first major global bank to launch a dollar stablecoin on a public blockchain. SG Forge has an e-money license in the European Union, allowing it to operate within a Circle-like legal framework. This development means that a regulated European bank will join the competition in the dollar stablecoin market, which has reached a size of approximately $250 billion. As dollar-denominated stablecoins become more widespread, regulatory clarity and institutional demand are shaping the next phase of growth in the sector.
Crypto Advisory Council Established in New York
New York Mayor Eric Adams announced that they will establish a crypto advisory council to shape the city’s digital asset strategy. Speaking at the summit held at the Gracie Mansion, Adams stated that this council aims to both increase employment in the fintech sector and make the technology available to New Yorkers. The council will include industry experts and its chairman is expected to be announced soon.
It was also announced at the summit that the municipality is considering integrating blockchain technologies into city services. For example, moving birth and death certificates to blockchain is on the agenda. Entrepreneurs and investors attending the meeting emphasized New York’s potential to become a digital asset hub despite regulatory uncertainties in the US. President Adams reiterated his support for the sector by saying, “We want to make tomorrow’s technology available to today.”
Ethereum Founder Transfers $262 Million
Ethereum co-founder Jeffrey Wilcke transferred 105,736 ETH worth approximately $262 million to Kraken on May 20. This was Wilcke’s largest exchange transaction to date, leaving him with only 268 ETH in his wallet. After the transaction, the same amount of ETH was withdrawn to eight different addresses, which was interpreted as a redistribution of assets. The price of Ethereum was not affected by this major movement.
Wilcke’s transaction brought back to the agenda the Ethereum Foundation (EF) sales that had occurred in the past in the Ethereum community. In August 2024, EF transferred $94 million worth of ETH to Kraken. Later, the foundation, which moved 45,000 ETH to DeFi platforms such as Aave and Compound at the beginning of 2025, explained its decision not to stake with legal risks and possible protocol disputes. Such moves continue to create debate within the community on governance processes and use of funds.
Supreme Court of India Calls for Clear Rules for Crypto
Instead of banning crypto assets, the Supreme Court of India called for the establishment of clear and enforceable regulations for the sector. The court emphasized that digital assets are integrated into the financial system, recalling the 30% crypto tax in the country, and expressed the need for an approach that supports innovation but protects investors. In this regard, regulatory institutions were asked to work with technical experts to prepare a comprehensive framework.
CoinDCX co-founder Sumit Gupta announced that a multi-institutional task force was formed in line with this goal and a discussion paper was prepared to shape the future of the sector. According to Gupta, clear regulations could pave the way for a Web3 and crypto ecosystem that could contribute $1.1 trillion to the Indian economy by 2032. India is among the top five countries in global crypto adoption as the government tightens crypto tax policies.
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BITCOIN (BTC)
BTC is trading at $107,490 as of the morning hours, gaining 0.60%. On the BTCUSDT chart, the price has risen above the 106,457 resistance and is currently trading at 107,481. This level is an important region for the continuation of the recent rise. If the rise continues, the 110,000 level can be followed as psychological resistance. Below, the 99,000 – 101,000 band stands out as a strong demand area. Drops below this area may be the first signal that the uptrend is weakening. The general structure is dominated by an image that the bulls are in control.
ETHEREUM(ETH)
ETH is priced at $ 2,556 as of the morning hours with a 1.25% gain in value. Ethereum is trying to hold on above the Fibonacci 0.5 retracement level of 2,532.65. This level also coincides with horizontal support, so it is a critical region in the short term. A movement up to the level of 2,623.67 may be possible in the upward break. Persistence above this level can be evaluated as the beginning of a new uptrend. However, if the close is below 2,532, the risk of a correction towards 2,441 should be taken into consideration.
RIPPLE(XRP)
XRP is traded at $ 2.3741 as of the morning hours with a 0.74% gain. The price in the XRPUSDT parity is balanced at 2.3777 with the strength it gets from the intermediate support at 2.3630. While the 2.4834 level stands out as an important resistance point above, the 2.2330 region below serves as support. The current price movement resembles a horizontal squeeze; In this context, closing above 2.4834 may carry the price back to 2.6445. Otherwise, if the 2.3630 support is lost, downward pressure may increase.
AVALANCHE(AVAX)
AVAX is trading at $ 22.67 as of the morning hours with a 0.35% gain. On the AVAXUSDT chart, the price is in a recovery trend with the support it receives from the demand zone in the 20.00 – 20.80 band. It is currently trading at 22.70 and is close to the short-term resistance level of 23.03. A break of this zone may cause buyers to gain even more strength and the price to move to levels above 24.00. However, if it is rejected below 23.03, there is a risk of falling back to the 21.50 – 20.80 support band.
SOLANA(SOL)
SOL is trading at $170.32 with a 1.03% gain as of the morning hours. The price in the SOLUSDT parity has started to rise with the reaction it received from the 166.26 support. This region represents a strong horizontal level that has worked as both support and resistance in the past. The price is currently trading around 170.60 and is approaching the intermediate resistance at 176.27. Breaking this zone could increase upward momentum and pave the way for prices above 180. However, a possible pullback is likely to see a retest of the 166.26 level. Closing below this support may trigger a correction up to 144.87.
