Bitcoin btc2.31%Bitcoin jumped to a record high of $111,860, while the market cap of all cryptocurrencies jumped to $3.5 trillion. In contrast, the Dow opened lower by around 100 points, adding to Wednesday’s 816 point drop.
Bitcoin and altcoins are climbing after the U.S. Senate passed the GENIUS Act, a first-of-its-kind cryptocurrency regulation focused on stablecoins.
The legislation requires stablecoin issuers to maintain 100 percent reserve backing with high-quality assets such as U.S. Treasuries and the dollar. It also mandates monthly disclosures detailing reserve composition.
Other provisions include federal and state oversight. Stablecoin issuers with assets above 10 billion dollars will be regulated at the federal level, while states will oversee smaller issuers with less than 10 billion dollars in assets.
The passage of the GENIUS Act is significant, as it helps safeguard the crypto industry, especially following the collapse of Terra in 2022 and other major failures, like FTX. It also provides long-awaited legal clarity.
Bitcoin as a safe haven after the US credit rating downgrade
Bitcoin and altcoins are rising because investors see BTC as a safe haven asset after Moody’s downgraded the US credit rating.
The safe-haven appeal has pushed investors into spot Bitcoin ETFs, which have added over $4.2 billion in inflows this month, bringing the cumulative total to $43 billion.
In its statement, Moody’s pointed to the rising US debt and interest payments and the policies in Washington.
For example, the House of Representatives passed the “big, beautiful bill” that will add around $3.8 trillion in additional debt, according to some estimates.
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The bill extends the 2017 tax cuts and introduces new ones, including deductions on tips and overtime pay. It also expands the child tax credit and includes a new senior tax relief of 4,000 dollars.
Fears over the rising U.S. debt and deficit have led investors to pull back from U.S. assets, especially equities. The U.S. Dollar Index has dropped to 99.6, while bond yields have surged. The 30-year yield rose to 5.1 percent, and the 10-year climbed to 4.6 percent.
Bitcoin price has strong technicals
Bitcoin’s breakout is also supported by technical indicators. On the daily chart, it has formed a cup and handle pattern while narrowly avoiding a death cross. A death cross occurs when the 50-day and 200-day moving averages cross while trending downward. This same setup nearly played out in August last year but was avoided.
The cup pattern has a depth of about 30 percent. Measuring that distance from the breakout level suggests potential gains toward 141,000 dollars.
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Pepe price poised to surge as rare bullish pattern emerges
Pepe price is on the verge of a strong bullish breakout as whale accumulation continues and a rare golden cross pattern nears.
Pepe Coin pepe4.15%Pepe jumped to a high of $0.00001450, up 175% from its lowest point in April this year. This rebound has coincided with the ongoing crypto bull run, which has pushed the total market capitalization of all cryptocurrencies to nearly $3.5 trillion.
Pepe surged as on-chain metrics pointed to increased accumulation by whales. Data shows that holders with between 10 million and 100 million coins now hold over 4.02 trillion PEPE, up from 3.9 trillion in February.
A similar trend has been observed among whales holding between 1 million and 10 million coins, whose collective holdings have risen to a record high of 517 billion coins. Whale accumulation is typically a signal of investor confidence and optimism that the token has more upside potential.
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Additional data shows that the number of Pepe holders has continued to rise over the past few months. The total number of addresses now stands at 437,000, up from 370,000 on January 1. This growth occurred even as the coin entered a bear phase in the first quarter.
Another key metric, the Mean Dollar Invested Age, has also climbed significantly. The 365-day MDIA has surged to 143, up from 57 in January. This metric measures the average age of dollars invested in a cryptocurrency, weighted by the average purchase price. A rising MDIA typically indicates that long-term holders are not selling—another bullish signal.
Pepe Coin is also benefiting from a trend toward self-custody. Exchange netflow, the difference between token inflows and outflows, has remained negative in recent weeks. This suggests that more investors are moving their tokens off exchanges rather than preparing to sell.
Pepe exchange netflow | Source: CoinGlass
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Pepe price is about to form a golden cross
The daily chart shows that Pepe Coin bottomed at $0.0000052 in March and then surged to $0.00001455. The token is now hovering around the 50% Fibonacci retracement level, which it needs to break above to confirm further upside.
Pepe is also nearing the formation of a golden cross, a bullish technical pattern that occurs when the 50-day and 200-day weighted moving averages cross. The spread between the two moving averages has narrowed considerably, increasing the probability that the crossover will occur soon.
If the golden cross completes and the price breaks above the key resistance at $0.00001535, it would confirm a bullish breakout. In that scenario, PEPE could rally toward a new all-time high of $0.00002835, approximately 94% above the current price.
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Read more - Pepe price poised to surge as rare bullish pattern emerges
Pepe price poised to surge as rare bullish pattern emerges
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