Crypto news and market trends | Bitpanda Weekly Wrap #8

Key price movements

BTC: + 1.01 %, 92.571,99 €
ETH: + 7.32 %, 2.304,31 €
S&P 500: + 5.28 %
Euro Stoxx 50: + 2.03%

Prices as of 11am, 16 May 2025

The old adage ‘Sell in May and go away’ is shaping up (like most market superstitions) to be pretty poor investment advice so far this month. Bitcoin continues to hover over $100,000 after its rally last week, and seemingly remains unbothered by macro noise. We’re also in a period where volatility is at its lowest level since mid-2024, which matches what we’re witnessing in wider markets.

More broadly, we’re in a bit of an odd period where there is plenty of good news...that markets are seemingly hesitant to trust.

On the one hand, the S&P 500 is up over 5% so far this month (thanks, big tech), on the other, oil prices have dipped this week. China and the US appear to be inching towards a trade deal, and the White House has signalled progress on a potential deal with Iran over its nuclear programme. As we’ve mentioned before, even if people aren’t happy about what’s IN the deals, the fact that deals exist offers stability, which traders DO like.

The next big test is whether markets can overcome the hesitation. Traders are sifting through economic data and waiting for trade deal updates, but the numbers coming out continue to defy the gloom. Yes, the optimism is fragile, yes the market’s risk appetite is weak right now… but the optimism is there and seems to be building.

Explore the latest crypto prices, stock prices, and market trends.

Are IPOs back on the menu?

TL;DR: eToro surged 29% on its Wall Street debut, raising over $300 million and reigniting hopes for fintech IPOs. The UK and EU have a lot to do if they want to entice future IPOs away from New York.

After years of waiting, eToro finally made its public debut this week… and the market liked what it saw. The Israeli trading platform priced its IPO above range and still rose 29% on day one, valuing the company at more than $5.4 billion. Not bad for a firm that pulled the plug on a SPAC deal back in 2022.

The bigger questions are:

• Is this the spark for a broader fintech IPO revival?
• And, for Europe, how do they stop companies eying New York for their listings?

The UK government has already launched a charm offensive in hopes of convincing Revolut, Monzo, and a handful of fellow unicorns to list in London rather than take their talents across the Atlantic. After years of losing high-profile IPOs to New York — with ARM’s Nasdaq debut still a sore spot — Treasury officials are dangling regulatory reforms, capital access, and patriotic appeal to stop the bleeding. The pitch is clear: help revitalise the London Stock Exchange, and we’ll give you anything you ask for… with the possible exception of renaming Canary Wharf after you.

Europe is in the same boat. As famously outspoken Paris-based VC Michael Jackson once said: “Friends don’t let friends list in Europe. European public markets desperately need an overhaul. They’re the minor leagues.” The bloc has taken similar steps to try to turn the eyes of its homegrown IPO hopefuls.

However, with eToro showing that New York is still delivering, there’s more work to be done before anyone can declare London or Europe fully open for business.

Coinbase hit by insider breach and a $20m ransom demand

TL;DR: Hackers bribed Coinbase support staff to steal sensitive user data in a coordinated insider breach. The company is refusing to pay the $20 million ransom, but could end up paying $400 million in associated costs.

Just days after celebrating its addition to the S&P 500, Coinbase is now dealing with a security breach that has trimmed back some of its recent gains. On Thursday, the company revealed that overseas support agents were bribed by hackers to leak sensitive customer data in a calculated insider attack.

The breach exposed user details including names, addresses, phone numbers and emails; masked bank account numbers and identifiers as well as the last four digits of social security numbers; ID images; and account balances…Ouch.

It did not include passwords or private keys.

The hackers also demanded a $20 million ransom to keep the breach secret… which Coinbase obviously didn’t pay, since you are currently reading about it. Instead, Coinbase is offering said $20 million reward for information that leads to arrests and has also committed to reimbursing users who were tricked into sending funds to the attackers.

Coinbase shares dropped nearly 5% on the news, and the company estimates the cleanup could cost up to $400 million. That includes customer reimbursements, fraud monitoring, and internal security upgrades.

So…

• Pros: Coinbase was added to the S\&P 500, which will see index funds and passive institutional money move more closely linked to crypto.
• Cons: The cost of building trust is steep, and for Coinbase, it's now both financial and reputational.

Crypto comings and goings

TL;DR: The market took a pause after last week’s rally. BTC held above $100K, while altcoin momentum faded – with XRP leading the pullback.

Bitcoin remained above $100K, but the broader market cooled after a strong run. Ethereum is still up over 9% on the week, holding onto gains sparked by its recent Pectra upgrade, which improved transaction speed and reduced costs. The surge earlier this week pushed Ethereum past Alibaba and Coca-Cola in market capitalisation, making it the 33rd most valuable asset globally — a milestone that continues to bolster long-term investor confidence.

Solana also remains in the green, up 4% over the past 7 days, supported by consistent network activity and growing developer interest. XRP, on the other hand, led losses among major assets, falling over 4% as the recent altcoin momentum showed signs of fading.

Disclaimer

This article is distributed for informational purposes, and it is not to be construed as an offer or recommendation. It does not constitute and cannot replace investment advice.
Bitpanda does not make any representations or warranties as to the accuracy and completeness of any information contained herein.
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