This week in crypto: Coinbase hits Wall Street’s big leagues, stablecoin legislation advances, and Galaxy Digital makes its Nasdaq debut. In the meantime, a disturbing cyberattack and another kidnapping attempt —as the story continues to unfold—have sent fresh shockwaves through the industry
Here’s a quick rundown of this week’s biggest stories, market shifts, and what to watch for next.
Last week’s highlights
- Coinbase joins S&P 500 index
On May 13, Coinbase Global officially joined the S&P 500, replacing Discover Financial Services. The company called it a huge milestone for crypto, showing that digital assets are gaining real acceptance in traditional finance. After the announcement, Coinbase’s shares jumped nearly 10% in premarket trading.
- Arizona vetoes crypto bills
Also on May 13, Arizona Governor Katie Hobbs vetoed two bills that would have increased the state’s involvement in cryptocurrency. One bill aimed to create a Digital Assets Strategic Reserve Fund, while the other proposed investing up to 10% of the state’s treasury and pension funds in Bitcoin.
- Coinbase CEO's family targeted in Paris kidnapping attempt
Adding to the recent string of kidnapping attempts in France, another alarming incident occurred on May 13 in Paris. Armed men tried to kidnap the daughter and baby grandson of a crypto CEO, apparently to demand a ransom. Luckily, a passerby with a fire extinguisher stepped in just in time to stop them. Authorities believe the attack was financially motivated and specifically targeted
- Coinbase discloses cyberattack with potential $400 million loss
On May 15, Coinbase announced it had suffered a cyberattack that exposed account data from some of its customers. The company estimates losses could be between $180 million and $400 million. According to reports, the attackers bribed overseas support agents to gain unauthorized access. Coinbase reassured users that no passwords, private keys, or funds were compromised, and they’ve offered a $20 million reward for information that helps catch the attackers.
- Galaxy Digital debuts on Nasdaq
On May 16, Galaxy Digital, led by Mike Novogratz, made its first appearance on the Nasdaq. It’s a clear sign that more investors are paying attention to crypto finance, and it’s a huge step forward for the company. This listing shows how the crypto world is starting to fit right in with traditional markets.
Last week’s stats
Top gainers
Snow Leopard, LABUBU SOL, and Turbo Trump saw massive spikes, mostly driven by hype, meme culture, and viral attention on social media.
Top losers
- Maga — 99%
- Shirushi Coin (SISC) — 99%
- Greenland Rare Bear (NORDO) — 99%
MAGA, Shirushi Coin, and Greenland Rare Bear crashed hard, likely due to rug pulls or rapid sell-offs after short-lived pumps.
Key pairs
What to watch this week?
- SEC DeFi roundtable (May 20): The U.S. Securities and Exchange Commission will host a roundtable to discuss decentralized finance, potentially influencing future regulatory approaches.
- Digital Assets Week New York (May 20–21): A conference focusing on the integration of digital assets into traditional finance, featuring discussions on regulatory developments and investment strategies.
- Crypto Expo Dubai (May 21–22): A major event bringing together industry leaders to discuss blockchain innovations, DeFi, and regulatory issues.
This week once again highlighted the growing convergence between crypto and traditional finance, from Coinbase joining the S&P 500 to Galaxy Digital's Nasdaq debut. Despite progress, the space isn’t without risks, as shown by security breaches and regulatory pushes.
The upcoming week is expected to be full of events! In the meantime, if you're watching price trends closely, don't miss the Price Prediction page for the latest insights on fast movers.
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