Bitcoin Ekes Its Way To $97,000: Bitcoin’s climb to $97,000, up 1% in 24 hours, reflects its unique position as a dual-purpose asset: a safe haven akin to gold amid tariff concerns and a speculative play tied to risk assets. This resilience underscores its appeal to investors navigating macroeconomic uncertainty. Institutional buying, notably MicroStrategy’s $1.4 billion purchase, further cements its momentum, pushing its holdings to over 550,000 BTC CoinDesk. However, the $100,000 psychological barrier looms, and volume spikes will be crucial to break through.
Ethereum, ahead of a major upgrade next week, dipped slightly but remains up 2% weekly. The upcoming upgrade, likely the Fusaka hard fork expected in Q3 or Q4 2025, promises enhanced scalability and performance, which could bolster ETH’s long-term value despite short-term volatility Crypto News Flash. Investors are cautiously optimistic, balancing upgrade anticipation with market fluctuations.
Dogecoin up 1.2% over the past day: Defying expectations, Dogecoin’s rise above 18 cents is driven by renewed ETF speculation. Social data highlights optimism, with Nasdaq filing to list a 21Shares Dogecoin ETF, signaling mainstream acceptance [CryptoSlate]. Yet, as a meme coin, its price is tethered to sentiment rather than fundamentals, making it a risky bet despite the buzz.
Other News:
Positive
Ripple’s Regulatory Win: The SEC’s decision to drop its lawsuit against Ripple removes a major overhang, boosting XRP’s market outlook. This clarity could attract institutional investment and drive adoption of Ripple’s payment solutions.
Bitcoin ETF Demand: Wall Street’s growing appetite for Bitcoin ETFs is projected to push Bitcoin prices toward $100,000 in 2025, fueled by regulated investment vehicles and institutional inflows.
Robinhood’s Crypto Gains: A 100% surge in Robinhood’s crypto trading volumes doubled its Q1 profits, reflecting retail enthusiasm and market volatility driving platform growth.
VeChain’s UFC Partnership: UFC President Dana White’s role as a strategic advisor strengthens VeChain’s brand and blockchain initiatives, potentially expanding its real-world applications.
Neutral
Token 2049 Conference: The Dubai gathering of crypto firms and financial giants like BlackRock signals mainstream adoption, but fading Trump-related euphoria tempers immediate market impact.
UK-US Crypto Rules: The UK’s alignment with US crypto regulations fosters innovation but lacks immediate price effects, as it diverges from stricter EU frameworks.
Negative
Coinbase Privacy Push: Coinbase’s brief to the US Supreme Court to limit IRS data access highlights privacy concerns but introduces regulatory uncertainty that could unsettle investors.
XRP Price Dynamics: XRP at $2.29 faces resistance, and without a breakout, it risks a dip to $2.20, tempering short-term bullishness despite technological advances.
Movers and Buying Opportunities
Top Movers:
Bitcoin (+1% daily, +14.3% monthly): Leading the market with steady gains, driven by institutional demand and ETF inflows.
XRP (+4.84% monthly): Buoyed by Ripple’s SEC victory, it’s testing resistance at $2.50 with potential to hit $3.00.
Dogecoin (+1.2% daily): ETF speculation fuels short-term gains, but its meme-driven volatility limits reliability.
Buying Opportunities:
XRP presents a compelling opportunity. The SEC lawsuit resolution and technological upgrades (e.g., smart contract proposals) position it for a potential 2025 breakout, especially if it clears $2.50 resistance. Its current price of $2.29 offers a reasonable entry point for long-term investors.
Bitcoin remains a strong hold rather than a new buy at $97,000, given its proximity to the $100,000 resistance. Investors might wait for a dip to $85,645 support for better entry.
Chart: XRP Price Evolution (January 2025 – May 2, 2025)
Date | Price (USD) -----------|------------ Jan 1, 2025| $2.50 Feb 1, 2025| $2.35 Mar 1, 2025| $2.20 Apr 1, 2025| $2.15 May 1, 2025| $2.22 May 2, 2025| $2.29
Note: The chart reflects XRP’s price stabilizing post-SEC win, with a slight uptrend driven by market optimism and technical advancements. A breakout above $2.50 could signal further gains.
The post Crypto Market Soars: Bitcoin Hits $97K, Ripple Wins Big, and ETF Hopes Fuel Dogecoin appeared first on Cryptopress.
