Crypto Market Update: Bitcoin Surges Past $95K
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Macroeconomics
Last week, U.S. equity markets strengthened, supporting the positive sentiment in crypto markets. Warming trade negotiations between China and the United States, along with expectations of looser monetary policy, supported the rise of risky assets.
Dollar weakness and growing liquidity prospects continue to encourage investor risk appetite, which has also been reflected in Bitcoin's strong performance.
The U.S. Federal Reserve has eased its guidance on cryptocurrency and stablecoin activities. This change, combined with growing liquidity and dollar weakness, creates conditions for a strong rise in risk investments, including crypto markets, in the coming months.
U.S. economic data paints a mixed picture: industrial growth picked up slightly, but the service sector slowed significantly. Inflationary pressures are rising, but at the same time, expectations of possible rate cuts have strengthened, creating a stimulative backdrop for crypto markets as well.
Bitcoin's position as a decentralized, borderless, and independent asset continues to strengthen amid global economic uncertainty.
Crypto News
Major Bitcoin Investment Company Being Founded
Cantor Fitzgerald, together with SoftBank, Tether, and Bitfinex, is establishing a billion-dollar Bitcoin acquisition company. The new company aims to manage and invest in over $3 billion worth of Bitcoin.
Pakistan Invests in DeFi Development
World Liberty Financial and the Pakistan Crypto Council have signed a cooperation agreement aimed at promoting the adoption of blockchain technology, stablecoins, and DeFi solutions in Pakistan.
Tokenized U.S. Treasury Market
Six major players control 88% of all tokenized U.S. Treasury securities. The largest is BlackRock's BUIDL fund with a market cap of $2.5 billion.
Institutions
Fed Loosens Regulation
The U.S. Federal Reserve has removed its previous guidance requiring banks to provide advance notice of crypto activities. Crypto activities will be monitored through the normal supervisory process going forward.
SEC Promises Clarity in Crypto Regulation
New SEC Chairman Paul Atkins has promised to develop a regulatory framework suitable for cryptocurrencies that would support innovation and market transparency.
CME Expands Its Derivatives Offering
CME Group announced plans to launch XRP futures in May. The new product complements CME's existing Bitcoin, Ethereum, and Solana futures offerings.
Swiss National Bank Rejects Bitcoin
The Swiss National Bank announced it will not include Bitcoin in its currency reserves for the time being due to liquidity and volatility risks.
Market Analysis
Bitcoin Balance on Exchanges at Lowest Since 2019
The amount of Bitcoin on trading platforms has dropped to record lows, suggesting strong long-term holder accumulation.
Tokenized Treasury Fund Growth
The market size of tokenized funds is growing rapidly as more investors shift to utilizing blockchain-based financial products.
Weekly Highlights
Bitcoin Above $95,000
Bitcoin rose by weekend's end to its highest level since November 2024, benefiting from over $2.6 billion in net flows into Spot ETF funds.
Stablecoins Reshape Banking
Stablecoins have begun to separate payment services and asset custody from traditional banks, which could lead to the emergence of new on-chain banking ecosystems.
Stripe Tests Stablecoin Payments
Payment giant Stripe is testing a new stablecoin-based payment product for its business customers, especially outside the United States and Europe, aiming to break into the $3.7 trillion cross-border payments market.
Nike Faces NFT Legal Challenge
Nike has faced a class action lawsuit related to its RTFKT NFT collection. The lawsuit alleges the NFTs were unlicensed securities, underscoring the regulatory uncertainty surrounding digital assets.
Cathie Wood Maintains Bitcoin's $1.5 Million Target Price
Ark Invest founder Cathie Wood reiterates her view of Bitcoin's significant long-term upside potential, citing limited supply and growing institutional demand.
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