CryptoPotato

Bitcoin Value Dips to Under $109K Amid Trump's Suggested EU Tariffs

U.S. President Donald Trump's proposal of a 50% tariff on the European Union (EU) starting June 1 significantly impacted cryptocurrency markets, causing Bitcoin to drop below $109,000. Trump's assertion that the EU was primarily created to exploit the U.S. in terms of trade, coupled with the belief that the Union's policies have led to a yearly trade deficit of over $250 million for the U.S., led to this sudden Bitcoin slump.

This drop in Bitcoin value follows a similar pattern noticed when Trump initiated a trade war against various countries a few months ago resulting in a five-month low for Bitcoin. This recent statement also negatively affected altcoins, with Trump's own meme coin experiencing the most significant daily loss at 15%.

Worldcoin Skyrockets by 31% as Altman's World Network Secures $135M in New Investments

Worldcoin (WLD), an identity token backed by OpenAI CEO Sam Altman, experienced a 31% surge following a $135 million investment from top VC firms Andreessen Horowitz and Bain Capital Crypto.

The funding will be used to expand World Network’s U.S. operations, which include deploying 7,500 iris-scanning Orbs to verify as many as 180 million Americans by the end of the year. Despite facing scrutiny over privacy concerns and mixed success in operations, the company has launched in six U.S. cities and partnered with Match Group for age verification on Tinder in Japan.

The project's global user base has exceeded 26 million, and it has already issued 12.5 million Orb-verified IDs. Recent reports reveal that more than 37 million WLD tokens were unlocked in early May, yet the expected sell pressure has not significantly affected the short-term price stability.

Cryptocurrency Valuation Overview for May 23: A Look at Ethereum, Ripple, Cardano, Solana, and Hype

The week saw a detailed analysis of five cryptocurrencies: Ethereum (ETH), Ripple (XRP), Cardano (ADA), Solana (SOL), and Hype (HYPE).

Ethereum consolidated its position with a 2% gain, and Ripple's price remained similar to the previous week, with a bullish momentum.

Cardano made a 5% gain, progressing towards the $0.9 resistance, while Solana's price expanded by 8%, reaching the resistance at $186.

The Hype cryptocurrency exceeded expectations with a 39% price increase, setting a new record at $37. The market optimism could influence these altcoins' future performance, with all showing promising signs of rallying further.

Is a Major Shift in the 2025 Crypto Market Approaching? Indicators Suggest an Upcoming Altseason

After Bitcoin reached a new high in 2025, attention has shifted to altcoins, which are faring below their peak levels. Black Swan Capitalist’s co-founder, Vandell, suggests the altcoin season hasn't started due to higher US interest rates.

However, he anticipates the onset of monetary expansion may attract more capital into riskier investments like cryptocurrencies. ETH's recent surge to $2700 is also seen as an indicator of the impending altcoin season. Meanwhile, Bitcoin's dominance, a key metric, has been fluctuating but remains high. Despite the unpredictability of the crypto market, some influencers like Carl Moon are optimistic about the arrival of an altseason.

However, the anticipation of an altseason may not bode well for altcoin holders as market movements often defy expectations.

Regulatory Certainty for Cryptocurrency Technology Bill Revived by Tom Emmer

Congressman Tom Emmer, alongside Congressman Ritchie Torres, has reintroduced the Blockchain Regulatory Certainty Act (BRCA), a bipartisan bill that aims to provide legal clarity for blockchain developers, miners, validators, and crypto wallet providers who build non-custodial services.

The bill argues that as long as these service providers do not hold custody of consumer funds, they shouldn't be classified as money transmitters under existing regulations. This legislation is designed to prevent American crypto innovation from being driven overseas by ambiguous regulations. It has garnered the support of industry organizations such as Coin Center, DeFi Education Fund, and Crypto Council for Innovation.

Concurrently, in Texas, the strategic Bitcoin reserve bill (SB 21) has passed its third reading and now awaits the Governor's signature.

Can the Expiration of $2.8B in Bitcoin Options Sustain Market Momentum?

Approximately 25,400 Bitcoin options contracts, valued at $2.8 billion, are set to expire on Friday, May 23, similar to last week's occurrence. The put/call ratio for this batch is 1.2, indicating more short contracts than long ones.

There is over $1 billion in open interest at higher strike prices, suggesting speculators are betting on a new all-time high. Additionally, around 201,000 Ethereum contracts, worth $547 million, will also expire, bringing the total crypto options expiry value to $3.3 billion. Market sentiment remains largely bullish with predictions of ongoing upward momentum, despite caution over a potential 15-20% correction.

Bitcoin hit a new peak of $111,814, while Ethereum is edging towards $2,700, and altcoins like Cardano and Avalanche are performing well.

Leading American Banks Contemplating Collective Stablecoin Initiative: Analysis

Top American banks including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are reportedly in preliminary talks about developing a joint stablecoin to rival the crypto sector, as per a Wall Street Journal report. The discussions also involve bank-owned payment firms like Early Warning Services that operates Zelle, and the Clearing House.

Although the banks' stablecoin plans are still at a conceptual stage, they are subject to the forthcoming stablecoin legislation and market demand. This development follows the recent passage of the GENIUS Act, a key stablecoin legislation, in the US Congress. The banks' move into stablecoins is seen as a response to the prospect of stablecoins becoming widely adopted under President Trump's administration, which could impact the banks' deposits, transaction volume, and profit margins.

Alleged Misuse of SUI's Cetus Protocol Leads to Over $260M Loss, Inquiry in Progress

Cetus, a Decentralized Exchange (DEX) operating on the Sui blockchain, has reportedly been hit by a major exploit, with over $260 million allegedly being stolen. The exploiter reportedly converted the stolen assets into USDC before transferring around $60 million worth to Ethereum and purchasing 21,938 ETH.

This event caused a significant drop in the value of several Sui-based tokens on Cetus, causing some to lose almost their entire value. Cetus has confirmed the exploit and paused its smart contracts as a precautionary measure while an internal investigation is launched.

Speculation suggests that the attacker had control over all SUI liquidity pools before they were drained. Binance founder CZ has offered support to the Sui team following the incident.

What Can a Single Bitcoin Afford You Today? The Evolution of the Bitcoin-Lambo Phenomenon

The infamous Bitcoin Lamborghini meme has come full circle, as you can now purchase a Lamborghini with just one Bitcoin, a drastic reduction from the 200+ Bitcoins spent for a Lambo in 2013. This phenomenon began when an anonymous buyer used 216.8433 Bitcoins to buy a Gallardo from the first auto dealership accepting Bitcoin payments, Lamborghini Newport Beach, in late 2013.

As Bitcoin's value soared, the story became emblematic of the Bitcoin dream and the "When Lambo" meme was born. Today, with Bitcoin's value exceeding $110,000, it's clear that you no longer need to spend 216.8433 Bitcoins to buy a Lamborghini. In fact, one Bitcoin can get you a used 2006 Gallardo with less than 17,000 miles, a far cry from the original transaction.

Exploring Bitcoin's New Heights Over $110K: The Upcoming Significant Milestones

Bitcoin's value has soared past $110,000 for the first time, prompting speculation about potential future targets. Bitcoin's market cap has exceeded $2.2 trillion, and its realized cap has been consistently increasing.

After a rough patch where it dropped below $75,000, Bitcoin shattered its previous all-time high of $109,000 and is now hovering around $112,000. This puts Bitcoin in a price discovery stage, indicating that all investors are profiting, and no historical resistances exist. Analyst Ali Martinez optimistically predicts Bitcoin could skyrocket to nearly $150,000. Meanwhile, Stockmoney Lizards suggest a possible short squeeze could trigger a surge up to $200,000.

Despite the overall bullish sentiment, some caution that a pullback may be imminent, although past indications have not always been accurate.

Bitcoin Sets New Record, Surpassing $111,000 on Pizza Day

Bitcoin's price hit a new high of nearly $112,000 on May 22. This increase, which followed a 4% daily gain, has pushed the total crypto market capitalization to $3.6 trillion. Despite these gains, the market capitalization remains below its peak of $3.9 trillion in mid-December.

The surge in Bitcoin's value is driven by institutions like spot exchange-traded funds and corporations, with spot Bitcoin ETFs in the U.S. seeing six consecutive trading days of inflows exceeding $2 billion.
This day also marks "Bitcoin Pizza Day", celebrating the first physical purchase made with Bitcoin 15 years ago when 10,000 BTC were used to buy two pizzas, which at today's value would be worth around $1.1 billion.

No risk, no fun 😅

No Increase in Network Participation Noted Despite Ethereum's Successful Pectra Update

Ethereum's recent Pectra upgrade, which introduced 11 Ethereum Improvement Proposals (EIPs) for better user experience and a future-proof network, has not resulted in a spike in network engagement. Data from crypto insights platform Glassnode reveals that user engagement dropped following the upgrade's implementation.

The Pectra upgrade, initially set for April 30 but delayed to May 7 due to technical issues, made significant improvements including enabling account abstraction, allowing more substantial staking of ether, and enhancing layer-1 and layer-2 chain compatibility. Furthermore, it reduced data verification costs for layer-2 rollups and allowed users to pay gas fees in crypto assets other than ETH.

Despite these improvements, Glassnode reports a decrease in new and resurrected Ethereum addresses, although Ethereum’s Realized Cap has shown a slight rise.

SEC Extends Review Timeline for XRP and DOGE ETF Proposals, Seeks Public Input

The US Securities and Exchange Commission (SEC) has delayed its review of proposed cryptocurrency ETFs linked to XRP and DOGE and is soliciting public comments on these proposals. The delay impacts the 21Shares Core XRP Trust, Grayscale XRP Trust, and Grayscale Dogecoin Trust, which all aim to provide investors with exposure to these digital assets through ETF shares backed solely by XRP or DOGE.

The SEC clarifies that this delay doesn't indicate a leaning towards approval or rejection but is seeking public comments to better assess if the proposals meet investor protection and market integrity standards as outlined in the Exchange Act.

The decision on Bitwise’s proposal to allow staking in its Ethereum ETF has also been postponed, continuing the trend of extended timelines as the SEC reviews an increasing number of crypto-related filings.

Bitcoin Value Skyrockets to Record-Breaking High, Exceeding $109K

Bitcoin broke its all-time high record of just above $109,000, a milestone reached only four months ago. This surge caused over $110 million worth of shorts to be liquidated. A month and a half ago, this seemed inconceivable as Bitcoin's value plunged below $75,000 amid the Trump-induced trade war.

However, within 30 to 45 days, the digital currency managed to reverse this downward trend, surpassing $100,000 on May 8. Despite some recent volatility and a couple of close calls, Bitcoin finally exceeded its previous record, charting a fresh peak.

This surge appears to be driven by increased accumulation by whales and corporations, usually a catalyst for a price explosion. Notably, this new peak comes just before the celebrated Bitcoin Pizza Day on May 22.

Bitcoin's Value Assessment: Could This Be the Last Setback Prior to Surpassing Previous Peak?

Bitcoin is once again nearing its peak price following a strong continuation from its recent surge. After surpassing $100K, the price is currently consolidating just below the all-time high (ATH), suggesting a pause for potential further increase or a possible slowdown as funding and sentiment intensify.

On the daily timeframe, Bitcoin has cleanly exited the descending channel, now pressing into the $108K ATH resistance zone and trading confidently above both the 100-day and 200-day moving averages, indicating significant macro bullishness. Sentiment analysis reveals high funding rates across exchanges, suggesting a market heavily leaning towards longs.

As Bitcoin pushes towards resistance amid bullish sentiment and a supply-constrained environment, the coming days will be pivotal in determining whether this rally has further to go or requires a deeper reset.

The Subtle Ascent of Ripple: Is It Time for Bitcoin Enthusiasts to Worry About XRP's Expanding Power?

Despite Bitcoin's dominance in the cryptocurrency market, Ripple's XRP has been making steady progress in the global financial industry. This rise is mainly due to its successful integration into real-world financial infrastructure, a feat Bitcoin has struggled to achieve.

Influencer John Squire argues that XRP is not just an altcoin but a serious contender for mainstream adoption, emphasizing its focus on utility and real-world application. Ripple has been securing partnerships with banks and payment providers worldwide, even attracting interest from financial giants like the Chicago Mercantile Exchange (CME).

However, some critics remain unconvinced about XRP's potential to challenge Bitcoin, with the price of the cryptocurrency remaining relatively stable despite its recent advancements.

Projected Value of Pi Network (PI) for the Current Week

Following a significant correction, the Pi Network has reached a bottom, sparking speculations of an impending price reversal. After a 65% plunge from its recent peak of $1.7, PI found a base at around $0.67, from where buyers have started to make a comeback.

This rebound has pushed the value to $0.8 and it might even challenge the resistance set at $0.88. Recently, PI has seen a significant increase in buying pressure, causing a price surge of over 20% from its recent low. However, buyers need to breach the crucial resistance at $0.88 to maintain this momentum, potentially enabling PI to reach $1 again.

Despite a drop in volume since the early May rally, buyer engagement is improving, suggesting a possible recovery. However, a sustainable recovery would require more buyers.

Forecast for Ripple (XRP) Value This Week

Over the past week, Ripple's XRP has experienced a 9% decline, with sellers gaining control after buyers failed to establish $2.6 as support. This downward correction has brought the price to the $2.3 support level. If selling activity amplifies, the next key support will be at $2.

The momentum indicators have also started showing a bearish trend, reflected in the daily volume. The absence of buyers has encouraged further selling, which could prolong this pullback. Three days ago, a bearish cross occurred in the daily MACD, indicating a significant momentum shift that could keep XRP bearish in the short to medium term.

This could potentially cause the price to drop further, possibly revisiting or nearing the $2 mark.

Bitcoin Nearly Hits New Record High, TRUMP Coin Surges 11% (Market Overview)

Bitcoin's price nearly set a new record high, inching towards $108,000, which is less than 1% away from its all-time high. Despite minor setbacks, its market cap has risen to $2.120 trillion, with almost 61% dominance over other altcoins.

Meanwhile, the meme coin TRUMP experienced an 11% increase ahead of a dinner with top holders, trading above $14. The majority of other larger-cap altcoins are also slightly up, with ADA leading the charge with a 2.5% increase. Despite some minor losses, the total cryptocurrency market cap has added over $50 billion in a day, totaling $3.480 trillion.