Bitcoin rose above $97,500 amid the military conflict between Pakistan and India

On the night of May 7, 2025, Bitcoin rose above the mark of $97,500 against the backdrop of the military conflict between Pakistan and India, as well as news of trade tariff negotiations between the USA and China. The dominance index also surged, reaching currently 65.27%. It is noteworthy that Bitcoin's current market dominance is the highest since the end of January 2021.

Amid the rising prices of crypto assets, the volume of liquidations in futures contracts on the cryptocurrency market has also increased. This figure amounted to about $315 million per day, according to data from CoinGlass. Previously, Bitwise's Chief Investment Officer Matt Hougan warned of the likelihood of a tough summer for the crypto industry if the US Congress does not pass the necessary cryptocurrency regulation law.