• Bitcoin tops $104K as altcoins rally, sparking talk of a potential “alt season.”
• Coinbase acquires Deribit; Ripple-SEC case nears resolution amid political crypto tensions.

After enduring weeks of turbulence, the crypto market appears to be staging a solid comeback.

Bitcoin hit past $100K, boosting the altcoin season

Bitcoin [BTC] has once again surged past the $100,000 threshold, climbing to $104,000 and trading at $103,164.85 at last check, marking a 3.4% daily rise and an impressive 33% gain over the past month.

But it’s not just BTC making waves, Ethereum [ETH] posted a massive 20% rally in the last 24 hours, while Solana [SOL] and Ripple [XRP] followed suit with gains of over 8%.

Meanwhile, Dogecoin [DOGE] and Cardano [ADA] recorded 12% and 9% jumps, respectively.

The broad-based uptrend has ignited fresh chatter on X (formerly Twitter), with many speculating that an “alt season” may finally be underway.

Coinbase acquires Deribit

Additionally, Coinbase has announced the acquisition of Deribit, a major crypto options exchange, in a $2.9 billion deal.

The acquisition highlights Coinbase’s intent to expand its offerings for institutional investors, while also addressing the growing sophistication of retail traders.

Meanwhile, Rumble is making waves of its own in the crypto space.

CEO Chris Pavlovski revealed that the company will roll out its BTC and stablecoin wallet in Q3 2025, directly challenging Coinbase Wallet.

 He added, 

“Our goal is to become the most prominent non-custodial Bitcoin and stablecoin wallet, powering the creator economy.”

This upcoming Rumble Wallet, developed in collaboration with Tether, marks the platform’s aggressive push into the digital finance ecosystem.

Amidst these developments, U.S. SEC Commissioner Hester Peirce also made headlines when he noted,

Source: Wu Blockchain/X

Ripple Labs vs. SEC comes to an end

Adding to the string of bullish developments, Ripple Labs, too, reached a proposed settlement with the U.S. Securities and Exchange Commission (SEC), potentially bringing an end to their prolonged legal standoff.

While the agreement still awaits judicial approval, it marks a major milestone in the ongoing regulatory saga.

However, not everyone within the SEC is on board, as Commissioner Caroline Crenshaw strongly criticized the deal in a statement on the 8th of May.

Crenshaw warned that it could weaken the agency’s enforcement authority and dilute the precedent set by the court.

Expressing his opinion on the same, U.S., Senator John E Deaton noted, 

Source: John E Deaton/X

GENIUS Act fails to impress Senators

Yet, not all news in the crypto sphere painted a rosy picture.

In a significant setback, the U.S. Senate failed to move the GENIUS Act forward after a pivotal procedural vote.

Source: Eleanor Terrett/X

The bill, centered on stablecoin regulations, was derailed amid political tensions, with Democratic senators demanding amendments in light of recent corruption allegations against President Trump, only to ultimately vote against it.

Republican lawmakers have since accused them of politicizing the issue.

Ergo, with the market riding a wave of momentum and uncertainty alike, all eyes are now on how these legal and regulatory crosscurrents will shape the future trajectory of crypto assets.