{"id":17822,"date":"2025-05-16T17:54:25","date_gmt":"2025-05-16T17:54:25","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2025\/05\/16\/crypto-market-recap-coinbase-hit-by-us400m-hack-ahead-of-sp-500-inclusion\/"},"modified":"2025-05-16T17:54:25","modified_gmt":"2025-05-16T17:54:25","slug":"crypto-market-recap-coinbase-hit-by-us400m-hack-ahead-of-sp-500-inclusion","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2025\/05\/16\/crypto-market-recap-coinbase-hit-by-us400m-hack-ahead-of-sp-500-inclusion\/","title":{"rendered":"Crypto Market Recap:\u00a0 Coinbase Hit by US$400M Hack Ahead of S&P 500 Inclusion"},"content":{"rendered":"<\/p>\n

Here\u2019s a quick recap of the crypto landscape for Wednesday (May 14) as of 6:00 p.m. UTC.<\/strong><\/p>\n

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.<\/p>\n

\n

Bitcoin and Ethereum price update <\/h3>\n

Bitcoin (BTC) <\/strong>was priced at US$103,243 as markets closed, down 1 percent in 24 hours. The day\u2019s range for the cryptocurrency has seen a low of US$102,964 and a high of US$104,836. <\/p>\n<\/div>\n

<\/small><\/p>\n

Bitcoin performance, May 14, 2025. <\/em><\/p>\n

<\/small><\/p>\n

Chart via <\/em>TradingView<\/em>. <\/p>\n

Ethereum\u2019s (ETH)<\/strong> price has stabilized since surging after the May 7 Pectra upgrade. ETH has increased by over 44 percent since last week and is up 57.2 percent month-on-month. It finished Wednesday at US$2,586.72, a 1 percent decrease over 24 hours. The day\u2019s range saw a low of US$2,571.87 and a high of US$2,708.81.<\/p>\n<\/div>\n

\n

Altcoin price update <\/h3>\n

Solana (SOL)<\/strong> closed at US$175.53, down 1.6 percent over 24 hours. SOL experienced a low of US$174.64 and a high of US$184.05.<\/p>\n

XRP<\/strong> is trading at US$2.54, reflecting a slight 0.3 percent decrease over 24 hours. The cryptocurrency reached a daily low of US$2.63 and a high of US$2.55. <\/p>\n

<\/span>Sui (SUI)<\/strong> is priced at US$3.92, showing a decrease<\/em>of 2.6 percent over the past 24 hours. It achieved a daily low of US$3.88 and a high of US$4.08. <\/p>\n

<\/span>Cardano (ADA)<\/strong> is trading at US$0.7991, down 2.7 percent over the past 24 hours. Its lowest price of the day was US$0.7939, and it reached a high of US$0.8354.<\/p>\n<\/div>\n

\n

Today\u2019s crypto news to know <\/h3>\n

<\/h4>\n

Strategy\u2019s Bitcoin binge draws shock and skepticism<\/h4>\n

A new Financial Times documentary has reignited scrutiny over Strategy\u2019s (NASDAQ:MSTR) high-risk Bitcoin accumulation strategy, which has transformed the software firm into a de facto Bitcoin investment vehicle.<\/p>\n

The company has acquired over 568,000 BTC since 2020, funding the purchases through repeated stock sales and convertible bond issuances totaling over US$12 billion. <\/p>\n

Insider Jeff Walton, a former reinsurance broker turned Strategy advocate, has called the firm\u2019s capital-raising feat \u201cinsane,\u201d highlighting how it raised the equivalent of US$100 million 120 times in just 50 days. <\/p>\n

Critics also warn that the model\u2019s success is contingent on sustained Bitcoin price growth; any prolonged downturn could unravel investor confidence and the firm\u2019s market cap. Meanwhile, supporters argue the move is a master stroke in capital deployment, leveraging valuation premiums to secure more digital assets without diluting core equity value. <\/p>\n

Strategy Chair Michael Saylor claims the firm\u2019s balance sheet is \u201cbulletproof,\u201d stating that even a 90 percent Bitcoin drop held for half a decade would not destabilize the company.<\/p>\n

Perplexity and PayPal team up to automate AI shopping<\/h4>\n

Artificial intelligence search startup Perplexity has entered into a partnership with payments giant PayPal (NASDAQ:PYPL) to enable seamless purchases directly within its chat interface. <\/p>\n

Starting this summer in the US, users of Perplexity Pro will be able to book travel, buy tickets or purchase goods through a single query \u2014 without manually inputting payment information. Transactions will be processed behind the scenes using PayPal or Venmo, streamlining everything from checkout to invoicing while eliminating the need for passwords.<\/p>\n

The companies are calling the deal a major leap for \u201cagentic commerce.\u201d The partnership is expected to integrate Perplexity\u2019s tools into PayPal\u2019s 430 million active accounts, dramatically expanding the reach of both platforms. <\/p>\n

Backed by tech titans like Jeff Bezos, Nvidia, and SoftBank, Perplexity is also reportedly in talks to raise US$500 million in fresh capital at a US$14 billion valuation, showing investor confidence in the model.<\/p>\n

Coinbase to join S&P 500<\/h4>\n

Coinbase Global (NASDAQ:COIN) will officially join the S&P 500 (INDEXSP:.INX) on May 19, replacing Discover Financial Services following its acquisition by Capital One Financial (NYSE:COF). <\/p>\n

Shares of Coinbase surged 24 percent on the news, marking its largest single-day rally since November 2016. Analysts say inclusion in the S&P 500 not only legitimizes Coinbase\u2019s role in the financial system, but could also drive as much as US$16 billion in fresh inflows from passive index funds, according to Bernstein. <\/p>\n

The stock has also drawn new bullish forecasts, with Oppenheimer raising its target price to US$293 while maintaining an \u2018outperform\u2019 rating. This development comes on the heels of Coinbase\u2019s strong first quarter earnings report, which beat earnings per share expectations, but slightly missed on revenue. <\/p>\n

Coinbase recently announced plans to acquire crypto derivatives exchange Deribit for US$2.9 billion, a deal that represents the largest acquisition in the industry to date.<\/p>\n

Thailand to issue US$150 million worth of digital investment tokens<\/h4>\n

Thailand\u2019s finance ministry announced it will issue 5 billion baht (US$150 million) worth of blockchain-based \u201cG-Tokens\u201d within the next two months as part of the government\u2019s borrowing strategy. The issuance follows cabinet approval, and will function as a market test to gauge public appetite for blockchain-based debt instruments. <\/p>\n

Finance Minister Pichai Chunhavajira said the tokens will offer higher returns than traditional bank deposits, which currently yield between 1.25 and 1.5 percent \u2014 below the central bank\u2019s 1.75 percent policy rate. <\/p>\n

Retail investors will be able to participate with relatively small capital as the government aims to democratize access to high-yield investment tools. The initiative reflects growing enthusiasm within Thailand for blockchain innovation; last year, the country exempted crypto earnings from taxation and expanded stablecoin trading on local exchanges.<\/p>\n

Robinhood to buy WonderFi for US$179 million<\/h4>\n

Robinhood Markets (NASDAQ:HOOD)<\/strong>has agreed to acquire Canadian crypto firm WonderFi (TSX:WNDR,OTCQB:WONDF) in an all-cash deal worth C$250 million (US$179 million). <\/p>\n

WonderFi operates Bitbuy and Coinsquare \u2014 two of Canada\u2019s largest registered crypto exchanges \u2014 with more than C$2.1 billion (US$1.5 billion) in assets under custody. The deal, expected to close in the second half of the year, marks Robinhood\u2019s third major crypto acquisition following its purchases of Bitstamp and TradePMR in the past year. <\/p>\n

WonderFi\u2019s recent history has been tumultuous: its CEO Dean Skurka was kidnapped last year in a US$1 million ransom plot that ultimately cost the company US$3.6 billion in damages and security upgrades. <\/p>\n

Canada Crypto Week in full swing in Toronto <\/h4>\n<\/div>\n

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.<\/strong><\/strong><\/p>\n<\/p>\n

This post appeared first on investingnews.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Here\u2019s a quick recap of the crypto landscape for Wednesday (May 14) as of 6:00 p.m. UTC. Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news. Bitcoin and Ethereum price update Bitcoin (BTC) was priced at US$103,243 as markets closed, down 1 percent in 24 hours. […]<\/p>\n","protected":false},"author":0,"featured_media":17823,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-17822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/17822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=17822"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/17822\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/17823"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=17822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=17822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=17822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}