Market sentiment is subdued today as most cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), traded flat. BTC is trading around $105,300 and has registered a negligible increase in the past 24 hours as it struggles to build momentum and push higher. The flagship cryptocurrency had reached an intraday high of $106,790 on June 3 but lost momentum after reaching this level and dropped to its current level. Meanwhile, ETH has maintained its position above $2,600, trading around $2,625 after registering a marginal increase.
Ripple (XRP) is up almost 2%, trading around $2.23, while Solana (SOL) is down nearly 2%, trading around $157. Dogecoin (DOGE) and Cardano (ADA) are also marginally down. Toncoin (TON) and Hedera (HBAR) also registered notable declines. However, Stellar (XLM), Litecoin (LTC), and Polkadot (DOT) bucked the bearish trend and registered notable increases.
US Stocks Climb As Strong Labor Data Eases Market Fears
US stocks rose on Tuesday, buoyed by stronger-than-expected labor data and optimism around US-China trade talks. The Dow Jones Industrial Average rose 214 points or 0.51%, while the S&P 500 registered an increase of 0.58%. The tech-heavy Nasdaq also registered a substantial increase, rising 0.81%, thanks to a rally in chip stocks led by Nvidia. Moreover, a surprise jump in April’s job openings, as reported in the JOLTS update, reassured investors about labor market resilience despite tariff concerns. Openings rose to 7.39 million, setting a positive tone ahead of Friday’s jobs report.
The jump comes despite the OCED slashing its 2025 growth forecast from 2.2% to 1.6%. The OCED cited the effects of President Trump’s tariff plans on investment and market confidence. Thanks to trade tensions, the OCED also lowered the global growth forecast. China’s factory sector posted its worst performance since 2022, reflecting the impact of renewed trade tensions.
California Approves Bill Allowing Crypto Payments For State Services
The California State Assembly has passed a bill allowing state departments to accept crypto as payment. Lawmakers unanimously approved Assembly Bill 1180 (AB 1180) during its third reading. The bill, introduced by Avelino Valencia, now heads to the State Senate for further consideration. If enacted, the bill would require the Department of Financial Protection and Innovation (DFPI) to establish regulations to allow state fees and transactions to be paid using digital currencies. The bill also recommends a pilot program before its full implementation, set to begin upon Governor Gavin Newsom.
Under AB 1180, the DFPI will also be responsible for submitting a report detailing the number and type of crypto transactions processed, along with any regulatory issues encountered during the program. The bill had several amendments before it passed the assembly. One key revision removed language concerning ride-sharing companies and personal vehicles used for transportation services. The revision narrowed the bill’s focus to digital asset transactions under DFAL.
AB 1180 is expected to complement AB 1052, another crypto-focused bill that aims to protect the use of digital assets in private transactions and enshrine the right to crypto self-custody.
World Liberty Financial Airdrops USD1 To WLFI Holders
Trump-linked World Liberty Financial has airdropped 47 USD1 stablecoins to wallets participating in its presale. The airdrop was flagged by blockchain analytics firm Lookonchain. Lookonchain noticed that wallets that had participated in the WLFI token sale received 47 USD1. Several WLFI holders confirmed receiving the airdrop, which was completed on the Ethereum blockchain.
“Looks like Trump's World Liberty is airdropping 47 $USD1 to every wallet that participated in the WLFI sale.”
The number 47 is believed to commemorate Donald Trump becoming the 47th President of the United States, giving the airdrop a ceremonial significance. The airdrop was originally proposed and approved through World Liberty Financial’s on-chain governance platform, with over 99% of votes supporting the move. The final approval was granted on May 15.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) continues to trade under the 20-day SMA as it struggles to overcome the resistance at around $106,000. If BTC can cross and close above this level, it would suggest a recovery is on the cards. BTC could retest the $110,000 level in such a scenario. BTC’s price action has been subdued this week as profit-taking, ETF outflows, and buyer exhaustion take their toll on momentum. Glassnode reported that it noted an increase in entity-adjusted realized profit, which rose above $500 million per hour thrice within a 24-hour window, indicating that traders were locking in massive profits.
“Realized Profit Surge Entity-adjusted realized profit spiked above $500M/hour three times in the past 24 hours, signaling intense profit-taking activity.”
The entity-adjusted realized profit is a metric that measures the total gains locked in wallets after adjusting for internal transfers and entity clustering, offering an accurate view of how much real profit is being taken across the market. Glassnode also highlighted that the average coin has captured a 16% profit, noting that less than 8% of Bitcoin’s trading history has been more profitable for holders.
BTC traded in positive territory the previous weekend, rising 0.46% on Saturday and 1.16% on Sunday to cross $109,000 and settle at $109,103. The price continued to push higher on Monday, registering a marginal increase and settling at $109,453. However, it lost momentum on Tuesday, registering a marginal drop to slip below $109,000 and settle at $108,954. Sellers retained control on Wednesday as BTC fell 1.03% to $107,834. Selling pressure intensified on Thursday as the price fell over 2%, slipping below the 20-day SMA and settling at $105,662.
Source: TradingView
BTC continued to trade downwards on Friday, falling 1.51% and slipping below $105,000 to settle at $104,067. Despite the overwhelming selling pressure, BTC recovered over the weekend, rising 0.69% on Saturday and almost 1% on Sunday to reclaim $105,000 and settle at $105,775. The price fell to a low of $103,734 on Monday but recovered to register a marginal increase and settle at $105,903. BTC was back in the red on Tuesday as sellers regained control. As a result, the price fell 0.44% to $105,435. The current session sees BTC marginally down as buyers and sellers struggle to reclaim control.
Ethereum (ETH) Price Analysis
Ethereum (ETH) bounced off its 200-day EMA, indicating strong support and the potential for further upside. The world’s second-largest cryptocurrency is consolidating between $2,450 and $2,700. Buyers will look to build momentum and push the price above $2,700. A break above this level could take ETH to $3,000. ETH appears to be regaining momentum as institutional interest in the asset returns, with many offloading BTC for ETH. Data from Lookonchain reveals that BlackRock recently reduced its BTC holdings in favor of ETH, with Fidelity making a similar adjustment. The two asset managers sold around $180 million BTC, pivoting towards ETH and purchasing $78 million worth of the asset.
The trend was visible across the broader ETF markets, with Ethereum-based ETFs registering $109 million in inflows on the same day. Institutions and financial firms could be beginning to treat ETH as a reserve asset. Nasdaq-listed SharpLink Gaming recently raised $425 million for its ETH treasury. The round was led by ConsenSys, with Ethereum co-founder Joseph Lubin also joining the company’s board.
ETH traded positively the previous weekend, registering marginal increases on Saturday and Sunday to settle at $2,551. The price continued to push higher on Monday, registering a marginal increase and settling at $2,564. Bullish sentiment intensified on Tuesday as ETH rose nearly 4% to cross $2,600 and settle at $2,662. Buyers retained control on Wednesday as the price registered an increase of almost 1% and settled at $2.683. ETH raced to an intraday high of $2,790 on Thursday as buyers attempted a move to $2,800. However, it lost momentum after reaching this level and dropped nearly 2% to $2,632.
Source: TradingView
Selling pressure intensified on Friday as ETH fell almost 4%, slipping below $2,600 and the 20-day SMA to $2,532. The price registered a marginal decline on Saturday but recovered on Sunday to register an increase of 0.44% and settle at $2,539. ETH started the current week on a bullish note, rising nearly 3% to reclaim $2,600 and settle at $2,607. However, it was back in the red on Tuesday, falling 0.53% to slip below $2,600 and settle at $2,593. ETH has recovered during the ongoing session and is up over 2%, having reclaimed $2,600 and trading around $2,645.
Solana (SOL) Price Analysis
Solana (SOL) lost momentum after reaching an intraday high of $164 on Tuesday, ultimately settling at $155 after a sudden reversal. However, bulls have regained control during the ongoing session as the price regains its footing and institutional demand continues to grow.
SOL registered a sharp drop on Friday (May 23), falling over 3% and settling at $173. It recovered on Saturday, rising 1.09%, but was back in the red on Sunday, registering a marginal drop after falling to an intraday low of $169. SOL remained bearish on Monday, dropping 0.46% to $174. The price recovered on Tuesday despite selling pressure and volatility, rising 1.03% to $176. However, it was back in the red on Wednesday, falling 2.55%, slipping below the 20-day SMA and settling at $172. Sellers retained control on Thursday as SOL fell over 3%, going below $170 and settling at $166.
Source: TradingView
Selling pressure intensified on Friday as SOL plunged over 6%, slipping below $160 and settling at $156. The price recovered over the weekend despite selling pressure, rising 0.15% on Saturday and almost 1% on Sunday to settle at $157. SOL fell to an intraday low of $151 on Monday, starting the week in the red. However, it recovered to settle at $156, ultimately registering a marginal decline. The price raced to an intraday high of $164 on Tuesday. However, it faced a sudden decline from this level and dropped to $155, registering a drop of 1.07%. The current session sees SOL up 1.04%, trading around $156. Buyers will look to regain momentum and push the price to $160.
Ripple (XRP) Price Analysis
Ripple (XRP) has seen a sharp recovery in recent sessions as it rebounded from a low of $2.08. But why is the XRP price going up? Analysts attribute XRP’s latest rally to regulatory clarity, ETF rumors, and Ripple’s global expansion plans. As a result, XRP is dominating the news cycle. The altcoin is nearing a key resistance level, and a close above this level could send the price surging to $2.50.
XRP registered a sharp decline on Friday (May 23), dropping nearly 6%, slipping below the 20-day SMA, and settling at $2.29. Despite the overwhelming bearish sentiment, XRP recovered, rising 1.44% on Saturday and 0.56% on Sunday to settle at $2.34. The price was back in the red on Monday, dropping 1.36% to $2.31. It registered a marginal increase on Tuesday before dropping nearly 2% on Wednesday, slipping below the 200-day SMA and settling at $2.27. Sellers retained control on Thursday as XRP fell 1.35%, falling below the 50-day SMA and settling at $2.24.
Source: TradingView
Selling pressure intensified on Friday as XRP plunged nearly 5% to $2.14. The price recovered over the weekend, rising 1.58% on Saturday and 0.20% on Sunday to settle at $2.17. XRP started the week in positive territory, rising nearly 1% to $2.19. Bullish sentiment intensified on Tuesday as the price rose over 2% to $2.24. The current session sees XRP marginally up as buyers look to push the price beyond the moving averages towards $2.50.
Polkadot (DOT) Price Analysis
Polkadot (DOT) crashed nearly 8% on Friday, dropping almost 8%, slipping below the 20-day SMA and settling at $4.56. Sellers retained control over the weekend as the price fell 0.22% on Saturday and plunged to an intraday low of $4.35 on Sunday before settling at $4.52. DOT continued trading downwards on Monday, dropping 1.11% to $4.47. Despite substantial selling pressure, DOT recovered Tuesday, rising 1.34% to reclaim $4.50 and settle at $4.53. The price continued to push higher on Wednesday and moved to $4.58.
Source: TradingView
However, DOT lost momentum on Thursday and fell over 5%, slipping below $4.50 and settling at $4.35. Selling pressure intensified on Friday as the price plunged nearly 7%, falling below the 50-day SMA and settling at $4.05, but not before dropping to a low of $4.01. DOT found support at this level and recovered over the weekend, moving to $4.08 by Sunday. Buyers retained control on Monday as the price rose almost 2% to $4.15. Despite the positive start to the week, DOT was back in the red on Tuesday, falling 0.24% to $4.14. The current session sees DOT marginally up, trading around $4.15.
Injective (INJ) Price Analysis
Injective (INJ) registered a sharp increase at the beginning of last week but lost momentum after reaching $15. As a result, the price plunged on Thursday and Friday, reaching a low of $11.59 on Saturday. INJ registered a jump of nearly 5% on Monday (May 26) and moved to $13.75. Bullish sentiment intensified on Tuesday as the price rose almost 7% to $14.65. Buyers retained control on Wednesday as INJ rose 2.47% to cross $15 and settle at $15.01. However, it lost momentum on Thursday, dropping over 7%, slipping below $14 and settling at $13.91. Bearish sentiment intensified on Friday as the price dipped over 12%, falling below the 20-day SMA and settling at $12.17.
Source: TradingView
INJ remained bearish on Saturday, registering a marginal drop, but recovered on Sunday, rising 0.10% to end the weekend at $12.13. The price fell to an intraday low of $11.56 on Monday as selling pressure intensified. However, it rebounded from this level to register an increase of 2.33% and move to $12.41. Buyers retained control on Tuesday as INJ registered a rise of 0.66% and moved to $12.49. The current session sees the price up over 2% as buyers look to build momentum and push it toward $3.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
