#GENIUSAct
- Bitcoin (BTC): Bitcoin has surged past $106,000, driven by a short squeeze and bullish options bias, with analysts like Scott Melker suggesting a potential climb to $250,000 by year-end due to institutional inflows and reduced volatility. It notched its highest-ever weekly close at $106,500 on May 18. However, market volatility remains a factor, with some profit-taking pulling it back to around $102,615. Moody’s U.S. credit downgrade is seen as a potential tailwind for BTC.
- Ethereum (ETH): Ethereum rebounded to $2,550 after a mid-week dip, showing resilience. Vitalik Buterin proposed enhancements to make Ethereum layer-1 scaling more user-friendly for local node runners, aiming to preserve trustless access. BlackRock has filed with the SEC for Ethereum-related products, signaling growing institutional interest.