Circle&#8217;s potential sale could reshape crypto market dynamics, influencing stablecoin governance and impacting IPO strategies amid economic uncertainties. The post Circle explores possible sale to Coinbase or Ripple amid IPO plans appeared first on Crypto Briefing.

Circle explores possible sale to Coinbase or Ripple amid IPO plans

**Key takeaways:**
 * Bitcoin onchain and technical data suggest new all-time highs are imminent.
 * Glassnode data shows most Bitcoin wallet cohorts accumulating BTC.
 * A daily timeframe bearish divergence signals fading momentum, raising doubt on BTC&#8217;s ability to rally into the $120,000 to $130,000 range.
Bitcoin (BTC) price rallied back above $105,000 during the US market trading 
session, after forming a double bottom pattern in the 1-hour chart.
_Bitcoin 1-hour chart. Source: Cointelegraph/TradingView_
Available liquidity around the $102,500 zone was swept, possibly laying the 
foundation for new Bitcoin price highs this week.
## Bitcoin fractals hint at new all-time highs
Bitcoin&#8217;s current range between $106,300 and $100,600 represents a similar 
setup to its previous range between $97,900 and $92,700. The price action 
pattern can be summarized into three different conditions:
 * Range lows and range highs led to immediate trend reversal. 
 * A double bottom occurred after range highs ($97,900 and $107,144) were formed. 
 * The double bottom formation occurred above range lows, sweeping internal liquidity levels, but the bottom.
_Bitcoin price fractal analysis. Source: Cointelegraph/TradingView_
Bitcoin could consolidate between $103,500 and $105,200 (orange boxes) over 
the next 24 hours, mirroring its earlier sideways movement between $95,800 and 
$97,300. If this pattern holds, it could increase the chances of Bitcoin 
breaking above $107,000, potentially reaching new highs above $110,000 this 
week.
Conversely, a failure to hold $103,500 could lead to a retest of the $102,000 
support. This would be treated as an invalidation of the price fractal, which 
could open the possibility of new lows under $102,000 in the coming days.
_**Related: Bitcoin ignores Moody &#8216;s US debt downgrade, rallies back to $105K 
after profit-taking sell-off**_
## Will Bitcoin overcome a daily bearish divergence?
Glassnode revealed a significant shift in Bitcoin investor behavior, with the 
latest Accumulation Trend Score chart showing small holders with less than 1 
BTC joining the bullish trend at a score of 0.55. Larger cohorts holding 
100-1,000 BTC and 1,000-10,000 BTC exhibited strong accumulation scores of 0.9 
and 0.85, respectively.
_Bitcoin accumulation trend score. Source: Glassnode_
Only the 1-10 BTC cohort remains in distribution. The heatmap, transitioning 
from blue (distribution) to red (accumulation), suggests growing market 
confidence. Historically, such trends have preceded BTC price rallies.
However, crypto analyst Bluntz noted a bearish divergence on the daily chart, 
which could dampen BTC&#8217;s hopes for a new all-time high this week. A bearish 
divergence takes place when the price is forming a higher high, but the 
relative strength index (RSI) indicator is forming a higher low, meaning that 
buying pressure is beginning to fade as prices soar.
_Bitcoin bearish divergence by Bluntz Capital. Source: X.com_
Similarly, Bitcoin analyst Matthew Hyland pointed out that if the bulls want 
to remain in control, they need to push prices higher in the coming weeks. 
Hyland said,
&gt; &#8220;BTC is now on the clock and probably needs to make a move to $120k-$130k in 
&gt; the coming weeks to make a higher high on the RSI and avoid any weekly 
&gt; bearish divergence from being confirmed.&#8221;
_**Related: Bitcoin bull market &#8216;almost over?&#8217; Traders split over BTC price at 
$105K**_
This article does not contain investment advice or recommendations. Every 
investment and trading move involves risk, and readers should conduct their 
own research when making a decision.

Bitcoin fractal analysis forecasts new all-time highs above $110K by end of week

The US Department of Justice is reportedly conducting a probe over Coinbase&#8217;s 
contracted customer service agents in India, who accepted bribes in exchange 
for allowing criminals access to user data.
According to a May 19 Bloomberg report, DOJ investigators are looking into the 
data breach, which Coinbase disclosed to the public on May 15. The exchange 
reported that a group of customer support contractors &#8212; subsequently fired &#8212; 
&#8220;abused their access to [&#8230;] systems to steal the account data for a small 
subset of customers.&#8221;
&#8220;We have notified and are working with the DOJ and other US and international 
law enforcement agencies and welcome law enforcement&#8217;s pursuit of criminal 
charges against these bad actors,&#8221; said Coinbase&#8217;s chief legal officer, Paul 
Grewal, according to Bloomberg.
The data breach resulted in social engineering attacks targeting Coinbase 
users, including a Sequoia Capital partner, with losses estimated at up to 
$400 million. The attackers also attempted to extort $20 million from Coinbase 
in exchange for not disclosing the breach, which the company refused.
Cointelegraph reached out to Coinbase for comment but had not received a 
response at the time of publication.
_**Related:**__**Retired artist loses $2M in crypto to Coinbase 
impersonator**_
This is a developing story, and further information will be added as it 
becomes available.

DOJ is investigating Coinbase data breach— Report

On May 22, US President Donald Trump is expected to host up to 220 people who 
had purchased the most significant quantities of his memecoin at a private 
event in Washington, DC.
Though the exact number of attendees was unknown as of May 19, reports and 
blockchain data have revealed some of the tokenholders who qualified to apply 
for the May 22 dinner and &#8220;VIP tour&#8221; and reception, presumed to be in the 
White House. Bloomberg reported on May 7 that more than half of the 220 
wallets were likely controlled by foreign nationals.
Among the memecoin dinner applicants, who likely still face background checks 
ahead of getting a confirmed appearance before the president, included 
Synthetix founder Kain Warwick, a consultant named Vincent Deriu, and crypto 
user Morten Christensen, who reportedly only paid $1,200 for the opportunity.
Others included a World Liberty Financial adviser going by the pseudonym 
&#8220;Ogle,&#8221; and a representative from the Singapore-based startup MemeCore. 
Cointelegraph has also learned that Vincent Liu, chief investment officer of 
the Taiwan-based company Kronos Research, plans to attend.
Trump&#8217;s memecoin, even before the announced dinner and reception, was 
criticized by many members of Congress.
Some lawmakers said the president was opening the White House up to potential 
bribes and conflicts of interest by allowing people, perhaps tied to foreign 
governments, to put money directly into his pockets without transparency.
## Interfering with stablecoin, market structure bills
The controversy has spilled over into proposed legislation connected to 
digital assets, including a bill in the Senate aimed at establishing a 
regulatory framework for stablecoins and a draft market structure bill in the 
House of Representatives. Some Democrats said they would not support any 
legislation until &#8220;Trump&#8217;s crypto corruption&#8221; was addressed.
_May 14 BlueSky post on Trump memecoin. Source:__Elizabeth Warren_
&#8220;Democrats are thinking that this is just an official means by which to 
conduct corruption,&#8221; said Rebecca Liao, co-founder and CEO of layer-1 
blockchain Saga, in a statement shared with Cointelegraph. &#8220;What began as a 
bipartisan bill with potential widespread support has now transformed into a 
proxy war between the Democrats and the Trump administration.&#8221;
_**Related:**__**Trump &#8216;s crypto ties &#8216;add a certain level of challenge&#8217; to 
passing bills &#8212; Coinbase exec**_
Some organizations have planned protests during the memecoin dinner on May 22. 
The Democratic Party&#8217;s arm in Arlington, Virginia, announced its members would 
gather to oppose those in the White House &#8220;cashing in on their public office.&#8221; 
Cointelegraph reached out to the organization for comment but had not received 
a response at the time of publication.
## Buying influence, or just speculating on an emerging market?
The top 220 tokenholders reportedly spent a combined $148 million to have the 
opportunity to attend the event, which finalized its leaderboard on May 12. 
However, anyone with a wallet can still buy TRUMP tokens and potentially 
influence the president&#8217;s policies after the dinner is completed.
&#8220;The decision to acquire the [TRUMP] token was not political,&#8221; Vincent Liu of 
Kronos Research, who plans on attending the memecoin dinner, told 
Cointelegraph. &#8220;It was based on identifying early momentum, cultural 
relevance, and potential market catalysts.&#8221;
In April, Freight Technologies said it would invest $20 million in the TRUMP 
token, suggesting that it could affect the president&#8217;s trade policies between 
the US and Mexico, where the firm conducts some of its business. GD Culture 
Group announced in May that the memecoin would be included in its plans for a 
$300-million crypto reserve.
&#8220;The issue is the conflict of interest between the Trump family&#8217;s crypto 
investments and the administration&#8217;s pivot toward crypto-friendly policies,&#8221; 
said Liao. &#8220;The Trump family has very openly invested in crypto and has 
started their own crypto ventures. This has created a perception problem where 
policy shifts favoring cryptocurrency could be viewed as self-enrichment 
rather than in the national interest.&#8221;
If the stablecoin bill, the GENIUS Act, is the first test for how Republicans 
and Democrats will respond to Trump&#8217;s potential conflicts of interest in the 
crypto industry, there is already a stark contrast between the two parties. ​​
House Speaker Mike Johnson largely brushed off concerns about the president 
and his family&#8217;s connections to the industry, saying he was &#8220;not an expert in 
that.&#8221; White House deputy press secretary Anna Kelly reportedly said there 
were &#8220;no conflicts of interest&#8221; because Trump&#8217;s children managed his assets 
through a trust.
Lawmakers are expected to take up a vote on the GENIUS Act in a matter of 
days, possibly before the memecoin dinner and reception are held. At the time 
of publication, it was unclear whether Republicans intended to address some of 
the Democrats&#8217; concerns around Trump and crypto, or move forward with a vote 
with no significant changes to the bill.
_**Magazine:**__**Trump &#8216;s crypto ventures raise conflict of interest, insider 
trading questions**_

What to expect at Trump’s memecoin dinner

Circle, the issuer of stablecoin USDC (USDC), is still planning an initial 
public offering (IPO), but the company is also in informal talks with Ripple 
and Coinbase about a sale, according to a report from Fortune.
Circle is seeking at least $5 billion, which is its target for the IPO, 
according to the four banking and private equity sources Fortune cited. Ripple 
tried to purchase Circle on April 30, but the $4 billion to $5 billion bid was 
rejected as being too low.
If Ripple or Coinbase were to buy Circle, the details of a purchase would 
differ. Ripple would pay using cash and XRP (XRP), a cryptocurrency that 
Ripple created. Coinbase, on the other hand, would use cash and stock.
Coinbase and Circle have a relationship dating to 2018, when they launched the 
Centre Consortium. That venture was meant to establish standards for fiat- 
backed stablecoins, including USDC. Coinbase also has an agreement with Circle 
to put USDC onto its exchange.
Circle filed for an IPO on April 1 with a goal to complete the process by the 
end of that month. The company backpedaled slightly on April 4, indicating it 
might delay its IPO due to economic uncertainty.
_**Related:**__**New bull cycle? Bitcoin&#8217;s return to $100K hints at 
&#8216;significant price move&#8217;**_
## Market conditions for IPOs improve as tariffs wane
In December 2024, Bitwise predicted that 2025 would be the year of the crypto 
IPO, and that prediction is starting to bear fruit. Aside from Circle, crypto 
exchanges Gemini and Kraken are mulling IPOs in 2025 or early 2026 as US 
President Donald Trump has pushed for a more favorable regulatory environment 
for crypto in the United States.
Those plans were put on hold after the Trump administration enacted wide- 
ranging tariffs that caused market turmoil. With the tariffs now suspended or 
reduced, markets have rebounded.
On May 12, Cointelegraph reported that Bitcoin (BTC) was 4.8% away from 
reaching its all-time high of $109,800. Ether (ETH), XRP, and Solana (SOL) 
have also seen big gains in the past month. The stock market has rebounded as 
well, with the S&amp;P 500 jumping 15.6% in the past month according to Google 
Finance.
At least one company has benefited from completing its IPO during this period 
of renewed enthusiasm: eToro, an Israel-based trading company. After an IPO on 
May 14, its stock price jumped 29%.
_**Magazine: .**__**X Hall of Flame: Bitcoin will &#8216;start ripping&#8217; as Trump&#8217;s 
polls improve &#8212; Felix Hartmann**_ _** **_

Circle plans IPO but talks with Ripple, Coinbase could lead to sale: Report

The U.S. Justice Department has reportedly initiated a criminal probe into a 
security incident at Coinbase Global Inc., the nation’s premier cryptocurrency 
exchange, as disclosed by a Bloomberg source with knowledge of the situation. 
Intruders corrupted customer support staff and third-party contractors in 
India, gaining illicit access to sensitive user information. Following the 
breach, the […]