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CoinDesk Weekly Recap: Even ETH Is Up
PLUS: Coinbase's big deal; Pectra upgrade; stablecoins penetrate; bitcoin lending returns.
Updated May 9, 2025, 4:39 p.m. Published May 9, 2025, 4:32 p.m.
What to know:
- Cryptocurrency prices surged this week, with Ethereum reaching nearly $2300 and the CoinDesk 20 index rising over 15%.
- Coinbase announced a $2.9 billion acquisition of Deribit, marking the largest deal in crypto history, but its stock price fell due to disappointing earnings.
- New Hampshire became the first U.S. state to approve a crypto reserve law, paving the way for more states to follow.
It was a pretty positive week for crypto as prices rose, big deals were signed, and stablecoins continued to penetrate deep into the financial system. Even ETH, a perennial downer of late, rose sharply, reaching nearly $2300 at press time.
The CoinDesk 20, a barometer for the whole market, has risen 15%-plus since Monday.
Bitcoin was near ATH levels this week on the back of more positive “trade” news. Bearish positions were liquidated and ETF flows were up, Omkar Godbole reported.
ETH’s resurgence may have had something to do with its Pectra upgrade, which went off without a hitch (as Ethereum upgrades tend to). Pectra will make staking easier (and bigger) and boost efficiency. Margaux Nijkerk, our Ethereum reporter, had the news.
Coinbase signed the biggest acquisition in crypto history, a $2.9 billion deal for Deribit, a crypto options pioneer. Wall Street analysts said Coinbase is now a genuine player in derivatives, rivaling Binance.
Still, the deal couldn’t boost Coinbase’s stock price, which took a hit on tariff-affected Q1 earnings. Helene Braun wrote about that.
About those stablecoins… Meta (formerly Facebook) looks set to join the integration party; as does Stripe. But Senate Democrats are stalling the stablecoin bill, citing concerns about numerous questionable Trump crypto ventures. That delay could in turn affect the timetable for a more comprehensive “market structure” bill.
New Hampshire (“Live Free or Die”) signed the U.S.’s first state crypto reserve law. Many more are set to follow, Jesse Hamilton reported.
Meanwhile, Strike, which started as a bitcoin wallet, announced plans to get into bitcoin-based lending. Many expect the bitcoin credit market to expand from here.
This happened the same week, another bitcoin lender — disgraced Celsius Founder Alex Mashinsky — was sentenced to 12 years in prison for securities fraud related to the last cycle. Hopefully, bitcoin lending will work out better this time around.
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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U.S. Hours Account for Nearly All of Bitcoin’s November Losses
BTC drifts or stabilizes during Asia trading hours, softens slightly during the European handover and then absorbs most of its losses once U.S. equity markets open.
Что нужно знать:
- Bitcoin's November selloff is primarily occurring during U.S. trading hours, aligning it more with tech stocks than with other cryptocurrencies.
- U.S. trading sessions have seen nearly a 30% decline in Bitcoin, while Asian and European sessions have remained relatively stable or slightly negative.
- The market volatility is driven by concerns over U.S. monetary policy, with both Bitcoin and tech stocks affected by expectations of Federal Reserve actions.
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