Key Highlights:
Bitcoin (BTC) saw a rise to $106,489.78 following a U.S. court’s decision to invalidate President Trump’s extensive tariffs regime. This decision contributed to a positive market sentiment, aided further by Nvidia’s favorable earnings report.
Market Rise
On-chain analytics reveal that large wallets (holding over 10,000 BTC) have transitioned to a selling strategy, indicating potential sell pressure as Bitcoin approaches its highest valuation. Meanwhile, options market analysis forecasts a likelihood of volatility in the coming days due to significant upcoming settlements.
Ether (ETH) experienced a significant increase as well, trading at $2,669.69, its peak since February 24. This surge aligns with bullish trends in the derivatives market and comes on the heels of Spot Ether ETFs amassing substantial inflows.
In broader trading, various cryptocurrencies observed price adjustments, with SOL remaining stable around $170. Notably, Circle froze wallets associated with the Libra token that contained millions of USDC, highlighting ongoing regulatory actions.
Upcoming Events to Monitor:
- May 29: The second phase of FTX repayments starts.
- May 31: Potential unveiling of the Mezo mainnet.
- June 6: U.S. SEC’s Crypto Task Force Roundtable.
Conclusion:
This report acts as a comprehensive insight into the cryptocurrency market, showcasing the interplay between legal decisions and market reactions. Investors should remain observant of evolving conditions and forthcoming events.
