Bitcoin Plummets to October 2024 Lows Amid Sell-Off and Market Divergence Bitcoin extended its losses on Friday, dropping to levels not seen since October 2024, marking a significant decline for crypto investors. The cryptocurrency fell to $59,099.25, its lowest point since October 2024, and closed at $61,514.90, down 3.4% for the day. The weekly loss totaled 16%, reflecting a sharp correction after a series of market-moving events. The downturn began following Strategy, a company founded by Michael Saylor, which sold a portion of its bitcoin holdings. This action triggered widespread selling and led to hundreds of millions of dollars in liquidations, intensifying downward pressure. The decline accelerated further after a stronger-than-expected May jobs report pushed Treasury yields higher, which in turn pressured risk assets like cryptocurrencies. Strategy’s shares ended the day down 6.9%, with the broader bitcoin market declining 24% for the week. This marked the worst weekly performance since November 2022. At the $60,000 level, bitcoin is now down more than half from its all-time high of approximately $126,000, reached in October 2025. Analysts attributed the weekly decline to a combination of factors. Charles-Henry Monchau, chief investment officer at Syz Group, highlighted the impact of Strategy’s selling and the crowding-out effect of speculative money chasing other assets. He noted that investors are heavily allocating funds to AI stocks and memory chips, particularly in South Korea, while anticipating that upcoming major IPOs will divert retail capital into new equities. The absence of a key regulatory catalyst further weighed on bitcoin’s performance. The Clarity Act, a proposed crypto market structure bill aimed at improving investor protections, is now seen as increasingly out of reach.#bitcoin #strategy #michael_saylor #clarity_act #zcash
XRP Price Falls To 4-Month Lows—Charts Signal Sell, On-Chain Data Turns Bearish The XRP price dropped sharply on Wednesday, reaching its lowest level in four months at $1.14. This decline coincided with a broader downturn in the cryptocurrency market, with both technical analysis and on-chain data suggesting a more pessimistic outlook for the altcoin. Market expert Sam Daodu highlighted several key factors contributing to the bearish sentiment, including weak trend structures and reduced activity from large holders. Daodu noted that XRP is currently trading below critical moving averages, specifically the 7-day, 14-day, and 30-day averages. This indicates a short-term bearish trend across multiple timeframes. The weekly exponential moving averages (EMAs) remain clustered between $1.50 and $1.78, acting as a ceiling for any rebound attempts. Even when XRP temporarily rises, buyers have struggled to push the price above this resistance band. The 200-day moving average, a significant benchmark for long-term trends, is positioned at approximately $1.64. Daodu described this level as a dividing line between bullish and bearish conditions. At the time of writing, XRP was trading near $1.17, meaning a substantial recovery would be required to regain a more favorable trend. He emphasized that the current price levels suggest a "long climb back" to reach this key reference point. On-chain activity further reinforced the bearish outlook. Whale withdrawals from Binance, often seen as a sign of bullish intent due to large holders moving assets off exchanges, have plummeted to a four-year low. Over the past 30 days, whale withdrawals totaled roughly 978 million XRP, the lowest figure since 2021.#xrp #binance #cryptoquant #clarity_act #sam_daodu
Analyst Predicts XRP Could Rally to $2-$4 Following Symmetrical Triangle Breakout XRP (CRYPTO: XRP) broke above the $1.45 resistance level on May 10, marking a significant shift after four failed attempts to clear the level since early April. The breakout occurred amid a 222% surge in trading volume, signaling strong institutional buying. Analysts suggest this could trigger a rally ranging from $2 to $4, with the $2 target based on the symmetrical triangle pattern XRP has been forming since February. A higher $4 projection would require a major catalyst, such as the passage of the CLARITY Act, which could drive ETF inflows similar to those seen with TON and ONDO in 2024 and 2026. The symmetrical triangle pattern, which has compressed XRP’s price range since February, is characterized by lower highs and higher lows. Each prior attempt to break above $1.45 was met with selling from break-even investors, preventing sustained gains. However, the May 10 breakout saw XRP hold above $1.45 despite initial resistance, confirming the pattern’s validity. The token currently trades near $1.47, up 3% in the past week, with the triangle’s apex expected to form within two weeks. Analysts note that the breakout’s success hinges on maintaining momentum and avoiding key resistance levels. Bird, an XRPL developer and meme coin creator, has drawn parallels between XRP’s current situation and the breakout trajectories of TON and ONDO. TON surged 350% in early 2024 after Telegram integrated its token into its messaging app, followed by an 110% rally in May 2025 following Pavel Durov’s governance takeover. ONDO, meanwhile, hit an all-time high of $2.15 in December 2024 after World Liberty Financial, a Trump-backed project, acquired its tokens. Both cases highlight how external catalysts amplified price moves beyond technical patterns.#xrp #clarity_act #bird #symmetrical_triangle #standard_chartered
Ethereum Price Prediction Shifts as Fusaka Hard Fork Drives Scalability and Presale Opportunities Rise Ethereum’s recent Fusaka Hard Fork has marked a significant step toward enhancing scalability and transaction efficiency, positioning the network as a stronger foundation for decentralized finance. This upgrade, which has already begun to reshape the ecosystem, coincides with growing optimism about Ethereum’s long-term price trajectory. Bitcoin Suisse, a prominent crypto firm, has reiterated its $7,000 to $9,000 target for Ethereum in 2026, contingent on the passage of the CLARITY Act, which aims to provide regulatory clarity for institutional crypto products. Analysts suggest that the combination of infrastructure improvements and potential regulatory advancements could drive Ethereum’s value significantly higher over the next few years. Currently, Ethereum trades at $2,102, according to CoinMarketCap, but the path to its projected targets involves a multi-month climb. The Fusaka upgrade has already contributed to improved scalability, reducing transaction times and increasing throughput. However, the transition from its current price to the $7,500 level—seen as a key intermediate milestone—requires sustained growth. Analysts note that while the 3.6x increase from $2,102 to $7,500 is substantial, the timeline for achieving this could be compressed by strategic investments in presale opportunities. One such opportunity is the Pepeto presale, which has attracted significant attention from crypto investors. Pepeto, a platform founded by a former Pepe cofounder, offers a unique combination of tools designed to optimize returns for meme coin enthusiasts.#ethereum #clarity_act #fusaka_hard_fork #bitcoin_suisse #pepeto
Circle selloff may miss the mark as Clarity Act targets distributors, not issuers: Bernstein Circle’s shares dropped as much as 20% in Tuesday trading amid concerns over proposed stablecoin yield limits, but analysts at Bernstein argue the market is misreading the implications of the Clarity Act. The proposed U.S. rules, which aim to regulate stablecoins, focus on restricting yield on passive balances held by users rather than targeting issuers like Circle. Bernstein’s analysis highlights a critical distinction: the Clarity Act primarily addresses distributors, such as platforms that offer yield to users, rather than issuers like Circle. The firm’s report notes that Circle earns income through its reserve management, investing $80 billion in short-term U.S. Treasurys to back its USDC stablecoin. This model generates about $2.64 billion in annual reserve income, without directly paying yield to token holders. The proposed rules would bar platforms from offering passive yield on stablecoin balances, similar to bank interest rates. However, activity-based rewards tied to trading or payments would still be permissible, with regulators tasked to define boundaries. Bernstein argues that Circle’s business model falls outside these restrictions, as it does not pass yield to users. The analysts suggest that limiting passive yield payouts could even strengthen Circle’s position by reducing competition from platforms offering aggressive yield incentives. Meanwhile, the immediate impact of the rules is expected to fall on intermediaries like Coinbase, which offers around 3.5% yield on USDC balances. Coinbase shares roughly half of USDC reserve income with Circle, and may need to adjust its rewards structure under the new rules.#coinbase #clarity_act #gautam_chhugani #circle #bernstein
SEC Sends Proposed Crypto Interpretation to White House for Review The U.S. Securities and Exchange Commission (SEC) has submitted its proposal to classify most cryptocurrency assets as non-securities under federal law to the White House’s Office of Management and Budget. According to records from the U.S. General Services Administration, the SEC sent two proposed rules to the White House on Friday, including an interpretative notice from last week that outlines which digital assets the agency would not consider securities. The proposal is currently marked as “pending review” in government records, signaling a potential shift in how the SEC regulates and enforces rules for digital assets. In its notice last week, SEC Chair Paul Atkins stated that the agency would not treat four categories of digital assets as securities: digital commodities, digital tools, digital collectibles (including non-fungible tokens), and stablecoins. The interpretation aims to establish a “coherent token taxonomy” for these assets and clarify whether non-security crypto assets could still qualify as investment contracts. If finalized, the rule would serve as a temporary framework for crypto regulation until Congress passes a comprehensive market structure bill to address digital assets. This interpretation follows the SEC’s signing of a memorandum of understanding with the Commodity Futures Trading Commission (CFTC), the other federal regulator expected to oversee digital assets under the proposed legislation. The White House reportedly reached “agreement in principle” on a crypto-related bill, according to Politico.#white_house #sec #commodity_futures_trading_commission #office_of_management_and_budget #clarity_act
