Crypto Market Recap: Utah Forwards Blockchain Bill, ByBit Hackers Cash Out Millions

Bitcoin and Ethereum price update

Bitcoin (BTC) is currently trading at US$81,450.78, reflecting a 2.2 percent decrease over the past 24 hours. The day’s trading range has seen a high of US$83,8621 and a low of US$80,123.98.

Ethereum (ETH) is priced at US$2,036.59, marking a decrease of 1.9 percent over the same period. The cryptocurrency reached an intraday high of US$2,146.48 and a low of US$2,001.26.

Altcoin price update

• Solana (SOL) is currently valued at US$127.41, down 6.0 percent over the past 24 hours. SOL experienced a high of US$133.77 and a low of US$124.91 during Friday’s trading session.

• XRP is trading at US$2.17, reflecting a 1.9 percent decrease over the past 24 hours. The cryptocurrency recorded an intraday high of US$2.26 and a low of US$2.10.

• Sui (SUI) is priced at US$2.35, showing a 2.5 percent decrease over the past 24 hours. It achieved a daily high of US$2.44 and a low of US$2.27.

• Cardano (ADA) is trading at US$0.7321, reflecting a 5.70 percent decrease over the past 24 hours. Its highest price on Monday was US$0.772 with a low of US$0.7062

Crypto news to know

Utah passes blockchain bill but scraps Bitcoin reserve plan

Utah lawmakers have approved a blockchain-focused bill, H.B. 230, after removing a provision that would have allowed the state to invest in Bitcoin.

The bill, which passed the Senate with a 19-7 vote and the House with a 52-19 vote, aims to protect the rights of individuals and businesses engaging in blockchain activities, such as staking and node operation, while ensuring digital asset mining isn’t unfairly regulated.

The legislation also exempts blockchain activities from state money transmitter licensing requirements, reducing regulatory hurdles for businesses in the sector.

However, the removal of the Bitcoin reserve clause marks a significant shift, especially in light of President Trump’s recent executive order establishing a Strategic Bitcoin Reserve at the federal level.

Initially, the bill proposed allowing the Utah state treasurer to invest up to 5 percent of managed public funds in Bitcoin and other digital assets with a market capitalization exceeding US$500 billion.

However, concerns over price volatility and policy risks led to its removal. The bill now awaits Governor Spencer Cox’s signature and is set to take effect on May 7, 2025, if approved.

While Utah has stepped away from state-backed Bitcoin reserves, other states are moving forward with similar initiatives. Texas recently passed a Bitcoin reserve bill with a 25-5 vote in the Senate, and Arizona’s SB 1025 seeks to allocate up to 10% of state-held funds to digital assets.

Meanwhile, Oklahoma is advancing its Strategic Bitcoin Reserve Act, showing a growing trend among U.S. states exploring Bitcoin-backed financial strategies.

Singapore exchange to introduce perpetual Bitcoin futures

Singapore Exchange Ltd. (SGX) has announced plans to list Bitcoin perpetual futures in the second half of 2025, targeting institutional investors and professional traders, Bloomberg reported.

This move aligns with traditional financial markets deepening their involvement in cryptocurrency derivatives, following Japan’s Osaka Dojima Exchange’s similar initiative.

The perpetual futures, which do not have an expiry date, offer a way for traders to speculate on Bitcoin’s price without holding the asset directly, making them a popular instrument in crypto markets.

The decision comes amid growing demand for regulated Bitcoin exposure, particularly as US policies under President Trump’s administration push for broader crypto adoption. While perpetual futures have been a mainstay of offshore exchanges like Binance and OKX, SGX’s entry into the space is expected to provide a more trusted and regulated alternative, backed by its Aa2 credit rating from Moody’s.

SGX’s planned crypto derivatives are still awaiting regulatory approval from the Monetary Authority of Singapore, but industry experts believe the exchange’s reputation and experience in financial markets will help navigate the approval process.

North Korean hackers cash out millions from ByBit heist

The infamous North Korean Lazarus Group has successfully laundered at least US$300 million from the record-breaking US$1.5 billion hack of the crypto exchange ByBit, marking one of the largest crypto thefts in history, according to a BBC report.

The cybercriminals, believed to be operating under the North Korean regime, exploited a security vulnerability in a ByBit supplier, allowing them to secretly alter a digital wallet address and redirect 401,000 Ethereum tokens to their own wallets.

Since the attack, blockchain analysts, law enforcement agencies, and crypto exchanges have been engaged in a high-stakes race to block and recover the stolen funds. Despite global efforts, an estimated 20% of the stolen assets have ‘gone dark,’ meaning they are likely unrecoverable.

North Korea’s Lazarus Group is known for its highly sophisticated money-laundering tactics, using a combination of automated mixing services, decentralized exchanges, and shell accounts to obscure the origins of stolen funds before converting them into usable cash.

ByBit has launched an aggressive bounty program, encouraging the public to help trace the stolen funds. So far, US$4 million in rewards has been distributed for identifying and freezing US$40 million worth of stolen assets.

However, experts caution that recovering the majority of the stolen funds remains unlikely, given the group’s expertise in obfuscating transactions and circumventing sanctions.

The incident underscores the persistent threat posed by state-sponsored cybercriminals in the crypto space. The U.S. government has repeatedly accused North Korea of using cryptocurrency heists to fund its military and nuclear programs, with previous attacks targeting major exchanges like UpBit, KuCoin, and Ronin Bridge.