The crypto market cap jumped 6.4% in the last day, hitting $2.95 trillion, the highest it’s been in seven weeks, marking a strong comeback to a significant milestone. This rally was supported by global financial markets. It’s interesting to point out that the market was already on the rise on Monday, even with stock indices falling. The mood in the crypto world has quickly turned to greed. And is now close to extreme greed, with the index rising to 72, the highest since late January.
Bitcoin Eyes $94,000 Breakout as Bullish Momentum Builds
Bitcoin is getting close to hitting $94,000 again, a level it briefly crossed in early March. The last time it consistently traded above this was in late February. Right before the recent sell-off started. The market is showing a strong bullish trend. with a sharp increase from the 50-day moving average and a solid break above the 200-day average. Lately, the price has also gone past the downward resistance that had been holding since late January. The next goal looks to be around $96,000, but overall, it seems like a rally is building up that could push towards the all-time highs near $110,000.
Crypto Market Shifts: Major Moves, Regulatory Changes, and Rising Concerns
Last week, MicroStrategy bought 6,556 BTC for $555.8 million, paying an average of $84,785 per coin. The company now holds 538,200 BTC, which it acquired at an average price of $67,766. This brings MicroStrategy’s total Bitcoin investment to about $36.47 billion
Upexi, a consumer goods company, saw its shares shoot up more than six times after it announced it would use Solana as a reserve asset. The company plans to strengthen its position in SOL and stake the tokens it already holds.
In other news, Lookonchain reports that Mike Novogratz’s Galaxy Digital has traded $105 million worth of Ethereum for Solana in the last two weeks.
Paul Atkins has been officially sworn in as the new Chair of the US SEC. He has made establishing a clear regulatory framework for digital assets a top priority.
According to Politico, the ECB worries that President Trump’s support for the crypto sector might cause “financial contagion’. And negatively affect the European economy. They’re especially concerned about the growing power of US dollar-backed stablecoins.
