🚀 Crypto Reclaims January Peaks — Is This Just the Beginnin
CryptoPotato
Updated at: 7 hours ago
{"content":"🚀 Crypto Reclaims January Peaks — Is This Just the Beginning?
The market for cryptocurrencies increased just 0.7% in 24 hours but a significant 5% in seven days to reach $3.5 trillion. This rise is significant as it relates to the areas of the market peaks attained in December and January.
Last seen in January, the mood index surged to 78, validating a similar scenario to what we seen last year.
On Thursday night, Bitcoin set repeated highs of $111.8k and then slightly down to $110.5k by Friday morning. The spike was ascribed to U.S. budgetary worries, stablecoin legislation's development, money flows into 12 U.S. ETFs of around $4.2 billion in May, Strategy's purchases of tokens totaling more than $50 billion, and so on. Unlike past BTCUSD rallies, the present upward advance is motivated by more demand and White House allegiance than by momentum.
Ethereum still struggling around $2650 for the 200-day moving average. This is also the location of the prolonged consolidation in February and the crucial pivot point from August to October last year. A breach of present resistance may initiate a movement aiming toward $4000.
The Senate will shortly review the Stablecoin legislation; the Democrats have abandoned their objection. It would tighten money laundering standards, strengthen consumer safeguards, and harmonize corporate policies for American and overseas corporations.
Fiscal worries are depreciating the currency and raising Treasury bond rates. Galaxy Digital claims that investing in a nation with so much debt is growingly risky. Bitcoin is providing options sought for by investors. It makes sense why the courses of the S&P 500 and BTCUSD have veered apart.
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