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Business Standard
22-05-2025
- Business
- Business Standard
Record galore! Bitcoin holds above $110k mark; what's next for BTC?
Bitcoin at record high: After nearly four months of sideways consolidation, Bitcoin (BTC) has shattered its previous all-time high, soaring to a record $111,861.22 on Thursday, May 22, 2025. The flagship cryptocurrency eclipsed its earlier peak of $109,114.88 set on January 20 this year, reflecting a strong bullish resurgence. Market analysts attribute the rally to a confluence of macroeconomic tailwinds, including easing geopolitical tensions, an improved regulatory environment, and sustained institutional interest. The breakout, analysts said, underscores a broader shift in investor sentiment, with Bitcoin increasingly being viewed as a credible asset in both retail and institutional portfolios. The bellwether currency was quoted trading at around $111,329.12, up by 3.62 per cent at 11:11 AM on Thursday, May 22. The world's most popular cryptocurrency had a 24-hour trading volume of $90.97 billion. Bitcoin's market capitalisation stood at $2.21 trillion, the highest among all cryptocurrencies. Bitcoin has fluctuated between $106,127.23 and $111,861.22 levels in the last 24 hours, according to data from CoinMarketCap. Analsysts weigh in 'Bitcoin officially entered uncharted territory, breaking past its previous all-time high and is currently trading above $110,000,' said Ashish Singhal, Co-founder of CoinSwitch. 'This isn't just a milestone for the market—it is a reflection of how the global perception of digital assets is fundamentally evolving.' Over the past few days, Bitcoin has shown remarkable strength, holding steady around the $98k–$100k range - boosting confidence among both retail and institutional investors. "This rally is driven by more than just market momentum—it is backed by consistent inflows into spot Bitcoin ETFs, improving macroeconomic clarity, regulatory support such as recent introduction of Genius Act and a growing recognition of Bitcoin's credibility, even at the sovereign level. We're seeing this play out real-time as several US states move to integrate Bitcoin into their policy frameworks,' said Singhal. The approval of the Stablecoin Bill and easing trade restrictions, Edul Patel, Co-founder and CEO of Mudrex, said, have also significantly improved investor sentiment, helping Bitcoin hit a new ATH just four months after the previous ATH in January. "Institutional demand remains strong, with spot ETFs seeing $2.2 billion in inflows over the past 10 sessions. Furthermore, CryptoQuant data shows a steady return of retail investors, with smaller wallets re-entering the market, bringing fresh liquidity and signalling broader market confidence," said Patel. Echoing similar views, Shivam Thakral, CEO of BuyUcoin, digital asset exchange, said that the price momentum of Bitcoin is mainly driven by regulatory development in the US and record institutional inflows into regulated ETF products. On the fundamental side, BTC ETF inflows remain strong and institutional demand continues to rise in expectation of a favorable regulation later this year. In May alone, over $3.6 billion flowed into US Bitcoin-tracking ETFs, marking the largest monthly inflow since January. "Concerns over rising US debt and treasury yields have positioned Bitcoin as a hedge against economic turbulence, contributing to its price appreciation," said Thakral. Bitcoin eyes $115,000 Pankaj Balani, CEO and Co-founder of Delta Exchange, believes that the breakout above the key resistance levels of $104,000 and $108,000 now establishes them as solid support zones. The push beyond the ATH, Balani said, was strong and with good volume activity. "As the momentum continues, we can see the BTC price move through the key resistance zone between $112,000 and $115,000. Traders are going to be monitoring consolidation and support retests to assess the strength of the upward move here," said Balani. Altcoins rally as Ethereum holds strong above $2,600 The bullish sentiment extended towards the other altcoins too, as Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, was holding above the $2600 mark. Last seen, it was quoted trading at $2,636.09, up 1.39 per cent, with a trading volume of $35.48 billion. It has fluctuated in the range of $2,454.54 - $2,646.16 in the last 24 hours, with a market cap that stood at $317.54 billion. Among other popular altcoins, Cardano (ADA) was trading higher by 4 per cent, followed by Binance Coin (BNB) at 3.32 per cent, and Solana (SOL) traded higher by 3.4 per cent. Meanwhile, Ripple (XRP) was trading lower by 1.38 per cent, down 0.11 per cent.
Economic Times
22-05-2025
- Business
- Economic Times
Bitcoin hits record high above $111,000 as ETF inflows, regulatory clarity fuel rally
Bitcoin surged past the $111,000 mark on Thursday, hitting an all-time high of $111,861, before easing slightly to trade at $111,368 as of 11:08 AM IST, up 3.5% on the day. ADVERTISEMENT Ethereum also gained 1.8% to $2,634, as the broader crypto market cap rose 3.1% to $3.5 trillion. The rally was fueled by growing optimism around regulatory clarity in the US, following the advancement of a key stablecoin bill in the Senate. The continued accumulation of Bitcoin by institutional players — including Michael Saylor's firm, which now holds over $50 billion in BTC — further supported market sentiment. 'Bitcoin created another milestone, hitting a new all-time high over $111,000, gaining over 48% from recent lows,' said Edul Patel, Co-founder and CEO of Mudrex. He attributed the rally to 'geopolitical de-escalation, an improved regulatory environment, and macro tailwinds,' including the approval of the Stablecoin Bill and easing trade Bitcoin ETFs have seen $2.2 billion in inflows over the past 10 sessions, Patel noted, adding that retail participation is also on the rise, bringing fresh liquidity to the market. Ashish Singhal, Co-founder of CoinSwitch, said Bitcoin's surge 'isn't just a milestone for the market—it's a reflection of how the global perception of digital assets is fundamentally evolving.' He highlighted consistent ETF inflows, policy-level recognition in the US, and improving macro clarity as key drivers of the rally. ADVERTISEMENT According to Ryan Lee, Chief Analyst at Bitget Research, Bitcoin's chart is showing signs of a golden cross formation — a bullish technical indicator — similar to patterns seen ahead of late 2024's breakout. Lee said BTC's resilience above $103,000 despite recent volatility signals a shift toward crypto as a 'strategic reserve asset.'Lee projects Bitcoin could reach $180,000 by year-end, citing supply constraints post-halving, institutional adoption, and Moody's recent downgrade of the US credit rating as macro catalysts boosting demand for digital assets. ADVERTISEMENT Altcoins also moved higher, with Avalanche rising 5.3%, Sui 4.3%, Cardano 4%, Dogecoin and Solana 3.5% each, BNB 3.3%, and XRP 1.4%. Bitcoin's market cap rose to $2.212 trillion, commanding a 63.2% share of the total crypto market. Daily trading volumes jumped 76% to $90.08 milestone coincides with US President Donald Trump hosting a dinner with top holders of his memecoin at his golf club near Washington. The event has sparked criticism from ethics experts, who argue it blurs the line between political access and personal financial gain. ADVERTISEMENT (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Yahoo
05-02-2025
- Business
- Yahoo
What Next for Bitcoin, Ether, XRP as Donald Trump Eyes Further Tariffs?
Donald Trump's decision to levy tariffs may have turned market sentiment linked to his pro-crypto promises, causing a steep drop in bitcoin (BTC) and majors in the past 24 hours. Traders believe Monday's bloodbath could turn out to be a buy-the-dip opportunity for several reasons, stemming from the eventual growth of and demand for dollar-backed stablecoins. 'One bullish take is for stablecoins,' Peter Chung, head at Presto Research, told CoinDesk in a Telegram message. 'Treasury Secretary Scott Bessent has noted recently that Trump prefers tariffs over sanctions as a diplomatic tool, as the latter push countries away from the dollar, weakening U.S. financial hegemony. If that's the case, Trump would likely prioritize the Stablecoin Bill in Congress, as it would enhance the dollar's functionality, reinforcing its global dominance," Chung said. Vincent Liu, chief investment officer at Kronos Research, mirrored the sentiment. "With ongoing concerns over tariff escalations and currency volatility—illustrated by the Canadian dollar's decline against the USD since tariffs were introduced—stablecoins pegged to major fiat could see accelerated adoption,' Liu said. 'As a hedge against economic uncertainty, they streamline global transactions, remove forex conversion hurdles, and provide a seamless gateway into crypto. In the long run, increased stablecoin adoption could enhance liquidity, attract institutional capital, and drive regulatory clarity. This evolution may position stablecoins as a cornerstone of the crypto economy, reinforcing market stability and fueling sustained growth,' Liu added. A $2.2 billion flush from rypto futures since Sunday may also provide the bedrock for short-term respite. High liquidations can often signal an overstretched market and indicate the end of a price correction, making it favorable to buy after a steep fall. Price-chart areas with high liquidation volumes can act as support or resistance levels where the price might reverse due to the absence of further selling pressure from liquidated positions. However, if the market continues declining, those with short positions might see this as validation, potentially increasing their bets. Conversely, contrarian traders might view heavy liquidation as a buying opportunity, expecting a price recovery once the sell-off momentum wanes. Trump imposed a 25% tariff on goods from Canada and Mexico and a 10% tariff on imports from China over the weekend. The move seemingly started a trade war: Canada countered with a 25% tariff on $106 billion worth of U.S. goods, and Mexico is expected to implement similar measures. Two-year Treasury yields increased, while the 10-year yield decreased, indicating concerns about short-term inflation. Asian markets fell on Monday, gold prices dropped, oil rose, and crypto market tanked. Trump is also eying tariffs on goods imported from the European Union, which could come 'pretty soon,' per the BBC. The EU said it would act as a collective and "respond firmly" if and when tariffs come in, indicating retaliatory taxes. The core idea of tariffs is to make imports more expensive, thereby encouraging domestic production and reducing reliance on foreign goods. This is part of a broader strategy to use trade policy to leverage better terms for the U.S. in international trade negotiations. However, tariffs increase the cost of goods exported to the U.S., which can hurt these countries' economies by reducing demand for their products. If one country imposes tariffs, others might respond with their own, leading to a cycle of escalating trade barriers. Tariffs disrupt established supply chains, which are often globalized. Increasing costs or blocking certain goods can lead to shortages or higher prices elsewhere, prompting further protectionist measures from affected countries — leading to more disruption in financial markets. The lack of forthcoming catalysts may mean crypto markets are stuck in a lull period, except for a strong, isolated catalyst that directly bumps up bitcoin. 'Sentiment has turned negative with little hope that things can turn around, except for a potential Bitcoin Strategic Reserve and more regulatory support from the government,' Nick Ruck, director at LVRG Research, told CoinDesk in a Telegram message. 'Although the market conditions are vastly different, tariffs from the previous Trump administration could be a showcase for tariff announcements, which were only short-term shocks to crypto prices while the general bullish trend remained intact,' Ruck added. Sign in to access your portfolio
