Crypto Update for May 6, 2025

Today, the cryptocurrency market is experiencing notable fluctuations. Bitcoin is currently trading around $94,000, having faced resistance at $97,700 last week. There are signs of profit-taking among holders, with dormant wallets beginning to move their assets, which could increase selling pressure[1].

In other news, major meme coins like Dogecoin and Shiba Inu are seeing declines amid broader bearish sentiment in the market. Conversely, Turbo has surged over 250% in the past month[2].

Additionally, there are ongoing tensions in U.S. Congress regarding cryptocurrency legislation due to concerns over President Trump's involvement in crypto ventures. This has led to a delay in discussions about a stablecoin bill that was previously expected to advance[3].

Overall, the market remains volatile with significant developments impacting various cryptocurrencies.

Authoritative Sources

Bitcoin price hovers around $94,000 on Tuesday after failing to close above the key resistance level of $97,700 last week. [FXStreet]↩

Major meme coins Dogecoin and Shiba Inu slide as Turbo surges 250% in a month. [FXStreet]↩

Democratic lawmakers objected to a hearing on digital assets citing concerns over Trump's conflicts of interest. [Cointelegraph]↩