Key Points:
- Bitcoin’s Price Momentum: Bitcoin rallied near its all-time high, approaching $109.7K, yet some pro traders are skeptical about its current price momentum. Onchain data suggests $117K is the next target, with some analysts eyeing $170K amid a weakening US dollar and record-high global M2 supply.
- Regulatory Developments: The SEC is shifting from “regulation through enforcement” to empowering innovation via tokenization, according to Chair Paul Atkins. However, New York’s crypto industry faces potential changes with Zohran Mamdani’s primary election victory.
- Altcoin Updates: LTC fell under $90, sparking debate on whether it’s a buying opportunity or a warning sign. BNB aims for $719 following the successful Maxwell upgrade. SOL rallied after the launch of the REX Shares Solana ETF, needing to maintain above $160.
- Ethereum and DeFi: Ether (ETH) has remained range-bound despite consistent spot ETF inflows, but a rangebreak is possible. Cake Wallet now supports dEURO decentralized stablecoin, offering a 10% yield on collateral.
- Trump’s Crypto Gains: Donald Trump’s net worth reportedly increased by $620 million due to crypto ventures, including ties to World Liberty Financial and a memecoin launch.
- Industry Perspectives: Vitalik Buterin emphasized that crypto should focus on freeing people, not just esoteric tech. Peter Thiel is backing a crypto-friendly rival to the collapsed Silicon Valley Bank.
Analysis:
- Institutional Influence: The launch of Solana and Ether ETFs continues to impact altcoin prices and market sentiment, highlighting the growing institutional interest in crypto.
- Regulatory Shift: The SEC’s apparent shift towards fostering innovation could signal a more accommodating environment for crypto businesses, although local political changes can still pose challenges.
- Market Caution: While Bitcoin shows bullish signs, the divergence in opinion among pro traders suggests caution is warranted, and traders should pay attention to on-chain and technical analysis data points.