Crypto markets respond to regulatory hopes and rising investor confidence
Bitcoin Surges Past $123,000 Amid Crypto Week Buzz
Bitcoin (BTC) has reached a new all-time high of $123,238 on Monday, sparking celebration across the crypto community. The milestone came despite a shaky start to what is being called “Crypto Week” in the United States—a period marked by major legislative developments in digital assets.
This week, U.S. lawmakers are reviewing three key bills:
- The CLARITY Act, which was aimed at clarifying regulatory oversight.
- The GENIUS Act suggests a regulatory framework for stablecoins.
- Anti-CBDC Surveillance State Act, which would outlaw a U.S. central bank digital currency.
Initial excitement over these bills helped trigger strong buying activity among investors. However, the optimism slowed when political disputes caused delays in the legislative process.
Still, Bitcoin’s price soared as much as 65% from its April 9 low of $74,440. As of now, the cryptocurrency is holding support near $118,000, despite some volatility. The price dropped to a low of $115,715 on Tuesday, showing a 6.1% swing between the week’s high and low.
Trading platform Hyblock Capital issued a note of caution, stating that Bitcoin’s open interest (OI) is reaching “frothy” levels. Combined with the Fear & Greed Index entering “Extreme Greed” territory, this could indicate a short-term market top and possible correction.
Even so, many analysts remain optimistic. According to Daan Crypto Trades, as long as Bitcoin stays above its Bull Market Support Band, the long-term trend remains strong.
Ethereum Builds Momentum as 10th Anniversary Approaches
Ethereum (ETH) is rising to its own level as Bitcoin goes up. The second biggest cryptocurrency in the world is currently trading above the mark of $3,340, which is a 150 percent increase compared to its low of April 9, at a price of $1,380.
This surge is as Ethereum approaches its 10th anniversary, which is backed by the recent Pectra upgrade. The blockchain company, Consensys, reckons that Ethereum is currently becoming a fundamental layer of programmable trust in the next generation of financial systems, and they term this shift as the dawn of a new era of trustware.
Such a move can already be seen in the increased use of DeFi applications, stablecoins, and tokenized assets in the Ethereum network.
Ethereum also has confidence in the markets through ETH futures. Wednesday also marked a new high in open interest in ETH futures, which is now standing at 46.58 billion, indicating a high demand and inflow of capital.
On the social media platform X (formerly Twitter), crypto analysts shared their bullish views:
- Ether Wizz said Ethereum is mimicking Bitcoin’s 2020–2021 growth and expects ETH to reach at least $6,500 within the next few months.
- Mister Crypto pointed to similarities between Ethereum’s current chart and its 2017 pattern, suggesting another major rally is near.
- Popular analyst Kaleo gave an even more aggressive estimate, saying ETH could hit $25,000, claiming most traders are underestimating its future rise.
What’s Next for the Crypto Market?
As both Bitcoin and Ethereum continue to make inroads, crypto investors are waiting to see more regulatory advancements in the U.S. and inflation data. The recent inflation data released by the Consumer Price Index (CPI) and Producer Price Index (PPI) have been mixed, and this has caused confusion as to what the Federal Reserve will do next regarding interest rates.
To this end, the crypto market as a whole is also doing well, with experts indicating that the current bull run can last longer, provided the support prices are maintained and the investor mood is upbeat.
As of this writing, Bitcoin is trading at $118,000 and Ether stands at roughly $3,348, indicating a good momentum going into the second part of 2025.
