Crypto Scoop: Bitcoin Temporarily Surges To $69,000, Solana Attains A Milestone 

The crypto space is buzzing with innovation, and as these exciting new projects take off, more countries are stepping up to adopt and regulate crypto. In this edition of Crypto Scoop, we explore the following:

• Price moves of top cryptocurrencies
• Solana’s recent milestone
• Crypto developments around the world
• Stablecoin adoption gains Momentum

Price Moves of Top Cryptocurrencies

This week, Bitcoin temporarily surged to $69,000 before dipping to $66,000. Solana also surged to $173, while Ethereum traded at $2,525. 

MicroStrategy’s Michael Saylor was in the news again as he reversed his remarks on self-custody in an X post after facing backlash for his previous statements on how big banks should take custody of Bitcoin. This led to significant backlash from the crypto community, with critics arguing that this view contradicted the core principle of decentralisation, which advocates for individuals to have direct control over their own assets. He was also in the news earlier this week when he announced, in an interview, his plans to give away all his Bitcoin like Satoshi Nakamoto, calling Bitcoin a revolutionary economic force such as steel and electricity.

Despite Bitcoin’s recent volatility, miners continue to showcase strong confidence in its future. One example is the Bitcoin miner and digital infrastructure company Terawulf, which announced that it will raise $350 million through convertible notes by 2030 to enhance its digital infrastructure and mining operations. At the same time, billionaire hedge fund manager Paul Tudor recommended investing in Bitcoin and gold as a hedge against potential future inflation in the United States.
In other news, Ethereum announced that its upcoming 'Verge' upgrade will make it possible for devices like phones and smartwatches to run nodes, thanks to reduced hardware requirements through 'stateless verification. This will make verifying the chain much easier and more efficient, allowing mobile wallets and browser wallets, as well as smartwatches, to do it automatically. Meanwhile, Solana-based Raydium did gain more fee revenue than Ethereum, as it is still recovering from a sharp dropoff in revenue after the network’s March Dencun upgrade cut transaction fees by approximately 95%.

Solana’s TVL Surges Surpassing Ethereum

One of the biggest stories this week is about a mysterious crypto trader who turned an initial investment of $3000 into $9 million in just three days on a Solana-based memecoin (Numogram). The transactions were flagged by an on-chain intelligence firm via X, revealing the astonishing profit to the crypto community.  

Meanwhile, Solana’s total value locked (TVL) has surged to $6.4 billion. It has also surpassed Ethereum, with its DEX volume exceeding $2 billion, while Ethereum’s is over $ 1.4 billion, Raydium was the key contributor to this surge. 
Tether’s CEO expressed concerns about the U.S.'s lagging adoption of stablecoins. This follows the growing sentiment that the lack of specific crypto regulations is causing the crypto industry to exodus outside the U.S.

Crypto Developments Around the World

In other major news, Nigeria released Binance executive Tigran Gambaryan after dropping all money laundering charges against him. After being detained for over seven months and being denied bail twice, Tigran was finally released. The verdict indicated that he was just an employee of Binance and held a non-senior role, while some reports mentioned that he may have been released because he faced some health issues. Despite the charges being dropped, the Nigerian government has expressed plans to continue its money laundering case against Binance. 

Across Africa, Zanzibar launched its new blockchain sandbox, the National Blockchain Network. This network aims to help innovative tech startups experiment with blockchain technology before upscaling, highlighting the growing adoption of blockchain technology worldwide.

In Europe, crypto regulation in the U.K. has raised uncertainty for crypto companies looking to navigate the European Union’s Markets in Crypto-Assets Regulation (MiCA) stablecoin regulations. However, some industry experts predict the U.K. will introduce stablecoin rules within months and that the slower pace of announcing these rules might be advantageous to help it avoid some of the market chaos experienced in the past few years.

The United States Securities and Exchange Commission (SEC) included cryptocurrency yet again in its priorities for examination in 2025. The SEC mentioned this is especially important due to crypto’s volatility and activity. However, this has caused sentiments that a possible change in the commission's leadership could also be one reason. Ripple recently missed a filing deadline, which could have risked setbacks with its ongoing SEC case. Fortunately for Ripple, the court granted a 14-day extension but not after issuing a default notice to Ripple’s legal team, which could prevent Ripple’s lawyers from presenting their arguments in the upcoming appeal hearing if they miss this new deadline.

Denmark also recently released a report announcing its plans to tax unrealised crypto gains and losses as soon as 2026. This proposal ensures crypto taxation aligns with other financial assets, creating a more standardised and transparent tax environment. Meanwhile, Japan has remained cautious in approving crypto ETFs due to its strict tax policies and conservative regulatory stance. This, however, did not stop Japanese firms from accumulating crypto assets. A clear example of this is the Japanese investment company Metaplanet, which announced its acquisition of a further 108 BTC this month.

Global Institutions Pursue Crypto Initiatives

Stablecoins continue to lead the way in crypto adoption. In a recent panel at the DC Fintech Week forum, executives from payment juggernauts Visa and Paypal highlighted that stablecoins are transitioning from a tool for crypto traders to a cornerstone of modern global payment systems. This shortly followed the launch of smart contracts company Avalanche’s Visa card for crypto payments, allowing customers to spend assets like USDC and more at any merchant that accepts Visa. 

EU-crypto marketplace STOKR plans to use the $7.98 million from its fundraising to establish itself as one of the first corporate Bitcoin treasuries. In a recent press release, it announced its plans to follow in MicroStrategy's footsteps by expanding its bitcoin treasury year by year. 
Meanwhile, payment processor Stripe made headlines with the purchase of the stablecoin platform Ridge for $1.1 billion. Both CEOs confirmed the news via X, where Stripe’s CEO emphasised the importance of stablecoins for businesses today.