Crypto Weekly Recap: Crypto Reserve Bill, Trump’s Executive Order, SpaceX IPO Explained, Hyperliquid Hits ATH

The crypto weekly recap for May 18 to May 23 shows an eventful week for the market, even as Bitcoin went from $78,000 to $75,000. The US is planning to buy one million Bitcoin, President Trump is making pro-crypto moves again, SpaceX filed for an IPO that revealed higher-than-expected crypto holdings, and Hyperliquid performed better than Bitcoin and Ethereum after going up by 32%.

US House Revives Crypto Reserve Bill

US House Republican Nick Begich has revived legislative talk around a Bitcoin reserve plan with the American Reserve Modernization Act (ARMA) that he introduced to the House on May 21.

Trump introduced the idea of the US having a crypto bill when he was campaigning in 2024. But the hype later died before White House digital assets advisor Patrick Witt revived the matter on May 8, saying it is going to happen “in the next few weeks,” but did not set an exact date.

Witt could have been referring to the ARMA Act that was tabled on May 21, which also requires that any BTC held in the reserve not be sold for at least 20 years. But they did not state how much Bitcoin they would buy.

A recap of CoinGape Bitcoin price analysis says a reserve would be bullish for crypto, and it could drive massive weekly gains for Bitcoin to $88,000.

Trump Issues Executive Order For Fed Master Accounts

President Trump signed an executive order on May 19, asking the Federal Reserve to allow firms dealing with crypto to tap into its $30 trillion payment system.

CoinGape reported that this bill might lead to Circle and Ripple getting master accounts because they both filed for them last year.

A weekly recap of how XRP price performed after Trump’s executive order shows that it remained at $1.38 because crypto prices were dropping. This master account might push it to $2.

CRCL stock will also gain if Circle gets the master account. But Elizabeth Warren is leading a strong opposition against Trump’s executive order.

SpaceX IPO Filing Discloses More Bitcoin Holdings Than Expected

SpaceX disclosed that it had filed for an IPO on May 21, and this filing showed the company holds 18,712 BTC worth $1.45 billion. This was more than what was expected, and the filing also showed that it did not sell any of this stash in 2025.

The SpaceX IPO also revived interest in meme coins because of the influence that CEO Elon Musk has over Dogecoin. CoinGape analysts said Dogecoin price might reach $0.15 because of this IPO.

The crypto market is already dipping its toes in this IPO because Binance and Hyperliquid have launched pre-IPO trading for the stock.

Hyperliquid Price Soars to ATH

Hyperliquid was the outlier this week because even after Bitcoin dropped by 5%, HYPE price went up by 31% per CoinMarketCap. Spot HYPE ETFs also saw eight consecutive days of inflows, while Bitcoin and Ethereum also saw outflows.

Wall Street has been moving away from Bitcoin and Ethereum and going towards Hyperliquid, and a weekly crypto recap of what Goldman Sachs did between January and March shows that the investment bank dumped BTC and ETH for HYPE.

Bitwise CEO Hunter Horsley also said that Hyperliquid is going to become a giant revenue chain because everyone who wants to tokenize stocks on Wall Street will likely go to Hyperliquid.

Mark Cuban Slams Bitcoin

Billionaire Mark Cuban dismissed Bitcoin this week, saying he is “disappointed” with how it has behaved as a haven. He says gold is a much better asset to hold because it moved to $5,000 when Bitcoin dropped from $123,000 to $87,000.

Cuban is changing tune just two years after saying that Bitcoin will become a reserve currency under Trump’s presidency. Cuban has sold most of his Bitcoin holdings.