The cryptocurrency market experienced significant volatility on May 29, 2025, marked by a sharp decline in U.S. crypto mining stocks despite an overall robust rebound in the market capitalization. The total global crypto market cap surged remarkably to $3.56 trillion, a 317.4% increase within 24 hours, according to CoinGecko. This recovery came after a brief but intense downward move triggered by a wave of selling pressure that pushed Bitcoin (BTC) below the key $110,000 support level.
Crypto mining-related stocks faced notable setbacks: Riot Platforms (RIOT) declined by 8.32%, CleanSpark (CLSK) fell 7.61%, and Marathon Digital Holdings (MARA) dropped 9.61%. Coinbase (COIN) also saw a 4.55% dip, while MicroStrategy (MSTR), known for substantial Bitcoin holdings, extended its losing streak with a 2.14% decrease amid legal difficulties. Concurrently, the U.S. stock market experienced slight losses, with the S&P 500 retreating by 0.56%.
The volatility traces back to the Federal Open Market Committee (FOMC) meeting minutes released on May 28, which outlined the Federal Reserve’s concerns over persistent inflation, a weakening economy, and mounting employment uncertainties. Despite these pressures, the Fed held interest rates steady between 4.25% and 4.50% but highlighted considerable economic uncertainty, injecting fresh fear, uncertainty, and doubt (FUD) across markets.
Adding complexity, Trump Media announced an ambitious $2.5 billion Bitcoin treasury plan, which drew mixed reactions — seen by some as a bullish step toward crypto adoption but viewed skeptically by others due to potential political motives.
Separately, on the broader market, Bitcoin hovered around $108,000 after dipping below this mark. Ethereum (ETH) led gains among top coins with a 3.6% increase to $2,729, while other major coins experienced minor fluctuations. Institutional support remained strong, highlighted by significant net inflows into U.S. BTC and ETH spot ETFs, signaling sustained long-term interest despite short-term market jitters.
Regional developments include Japanese Bitcoin treasury firm Metaplanet issuing a $21 million bond for Bitcoin purchases, Norwegian brokerage K33 raising $6.2 million for Bitcoin acquisition, and GameStop acquiring 4,710 BTC. Regulatory updates also featured Russia permitting limited crypto-linked financial products access for qualified investors, and New York City Mayor Eric Adams proposing a municipal Bitcoin-backed bond and plans to eliminate the BitLicense, indicating growing governmental engagement with crypto.
The market outlook remains cautiously optimistic, with analysts viewing current short-term dips as part of typical consolidation and profit-taking phases following rallies. The next Federal Reserve interest decision scheduled for June 18 remains a focal point for market participants.