Following a break, the crypto market has shifted to expansion

Reacting favorably to the US-China trade negotiations set for the weekend, total crypto market capitalization has climbed by 2.8% over the last 24 hours to $3.07 trillion. Two-week consolidation just below this round level preceded the latest climb over it. Technically, the market is also exhibiting appreciation as it exceeds the 200-day moving average. The $3.20 trillion region, where the market lingered most of February, has next upward potential.

Last seen in early February, Bitcoin now stands over $99K. Technically, a Fibonacci extension started with a possible upside of 161.8% from the rise from April 9, through May 2, to over $112K. Target in the $162K range and upward potential of over 60%, reaching the April lows fits a more general scenario of a correction from the worldwide rise from last September to January this year.

According to CryptoQuant, the present dynamics of BTC net realized gains point to the entering into the "zone of caution" rather than the development of a macro peak. Profits taken by investors when quotations rebound line late-stage bull market behavior.

Currently the first US state to enact a bitcoin reserve legislation is New Hampshire. Approved by the state House and Senate, the governor signed the measure. The paperwork lets the Treasury invest up to 5% of the money in precious metals and Bitcoin.

The Ethereum network turned on a significant update to Pectra on May 7, including 11 critical improvements meant to increase performance and usefulness.

Standard Chartered projects a more than 4-fold gain in value—the value of the Binance-linked coin BNB rising to $2775 by 2028.

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