Crypto Drama: Bitcoin’s Rollercoaster and Political Shenanigans Unveiled!

In the most curious turn of events, the crypto market, much like a well-bred young lady at a ball, found itself in a state of disarray after Bitcoin (BTC) settled itself between the rather respectable figures of $110,000 and $111,000. This flagship cryptocurrency, akin to a dashing suitor, did indeed shatter its previous all-time high, gallantly soaring to $111,970, only to experience a rather unceremonious decline, now languishing at approximately $110,700. It appears our dear BTC is merely taking a moment to catch its breath, consolidating around its recent highs, much like a gentleman pausing to adjust his cravat. 😏

Meanwhile, Ethereum (ETH), that ever-ambitious cousin, continued its upward trajectory, boasting a delightful increase of over 2%, now trading around $2,690. Buyers, with the fervor of a matchmaking mother, are eager to push the price above $2,700. Ripple (XRP) too, has joined the ranks of the upwardly mobile, enjoying a modest rise of 1.37%, while Solana (SOL) has reclaimed the $180 mark with a commendable increase of over 3% in the past 24 hours. And let us not forget the likes of Dogecoin (DOGE), Cardano (ADA), and others, who have also registered notable increases, as if they were all vying for the attention of the same eligible bachelor. The crypto market cap, in a rather impressive display, has crossed the $3.50 trillion mark, registering a marginal increase in the past 24 hours. 🎉

Dow Jones Ends Flat As Bitcoin Surges

In the realm of US stocks, a mixed performance was observed, as the markets came to terms with the House’s approval of President Trump’s tax-and-spending package. The S&P 500, in a rather lackluster display, dropped 0.04%, while the Dow Jones Industrial Average remained flat, much like a wallflower at a dance. However, the Nasdaq Composite, in a surprising twist, registered an increase of 0.28%. According to the estimations of the Congressional Budget Office, this legislation adds a staggering $4 trillion to the federal deficit, accompanied by sweeping tax cuts and increased military spending. Oh, the audacity! 😲

The bill, having passed the House by a mere single vote after last-minute revisions, now heads to the Senate, where it is sure to stir up quite the ruckus. Analysts, with a knowing nod, believe that weak demand at Wednesday’s 20-year bond auction fueled a sell-off in Treasurys. Concerns about debt sustainability linger like an unwelcome guest at a dinner party. Argent Capital’s Jed Ellerbroek remarked,

“Short term, the tax bill is good for the economy. But in the longer term, it adds to the deficit, and that’s bad for markets.”

Democrats Propose Crypto Ban For Politicians

In a rather dramatic turn of events, House Democrats, led by the indomitable Rep Maxine Waters, have introduced the “Stop Trading, Retention, and Unfair Market Payoffs in Crypto Act of 2025.” This bill aims to prohibit the President, Vice President, members of Congress, and their immediate families from owning, promoting, or profiting from digital assets whilst in office. It also bars lawmakers from holding crypto assets in ways that allow them to exert unilateral control over the tokens. Rep Waters, with a flourish, stated,

“Trump’s crypto con is not just a scam to target investors. It’s also a dangerous backdoor for selling influence over American policies to the highest foreign bidder.”

This legislation emerges amidst growing criticism of President Trump’s ties to crypto, as he and his wife launched meme coins just before the inauguration. Protests erupted outside the venue of President Trump’s high-profile gala for top holders of the TRUMP meme coin, where token holders spent between $55,000 and $38 million to secure an invitation. Critics have accused Trump of auctioning access to the White House, potentially violating the Constitution’s ban on foreign gifts. Senators Chris Murphy, Elizabeth Warren, and Jeff Merkley, along with Rep. Sam Liccardo, have deemed the upcoming meme coin fundraising dinner a threat to national security and a potential corruption risk. Oh, the scandal! 😱

Russian Crypto Miners Post $200M Revenue For FY2024

Meanwhile, the Russian crypto mining sector continues to flourish, with BitRiver and Intelion, the country’s largest mining firms, reporting a staggering $200 million in revenue for FY2024. Data reveals that these firms have captured a remarkable 50% of the Russian market. Intelion, in a display of impressive growth, has increased its revenue by RUB 3,948 million ($50,000). Media outlets have utilized the latest public declarations from the country’s top miners to compile this data, revealing the extent of Russia’s vast illegal crypto-mining sector, which remains largely unaccounted for. The data also sheds light on the power consumption of the country’s top crypto miners and the locations of their grand data centers. Quite the industrious lot! ⚡

BitRiver reported RUB 10.286 billion (over $129 million) in revenue in 2024, utilizing 533 MW of power across 15 data centers. Such industriousness is to be commended, though one wonders at what cost! 🤔

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) has indeed shattered the $110,000 barrier earlier this week, gallantly soaring to a new all-time high of $111,970 on Thursday, only to lose momentum just shy of $112,000. Our dear BTC seems to be taking a moment to consolidate around its recent highs, much like a gentleman pausing to catch his breath after an exhilarating dance. Despite starting the week in bearish territory, BTC faced an intraday low of $102,135 on Monday before rebounding. It now faces resistance around the $112,000 level, and a break above this could see the price surge to $115,000 and $120,000. Alas, the market is fickle, and analysts expect a pullback before the rally resumes, thanks to overbought conditions. 🧐

“A pullback post this is likely given its overbought conditions, though the rally can extend like in December 2024. Market sentiment continues to strengthen with the Crypto Fear & Greed Index climbing to 78 (Extreme Greed).”

Additionally, Bitcoin Open Interest (OI) has hit record levels as traders anticipate continued price appreciation in the near term. BTC’s price action was mixed last week, starting in the red before recovering on Tuesday and settling at $104,123. The price dipped again on Wednesday, falling 0.53% to $103,568, and plunged to an intraday low of $101,459 on Thursday. However, it managed to recover and settle at $103,816. The flagship cryptocurrency was back in bearish territory on Friday and Saturday, registering marginal declines to settle at $103,235. Yet, it rebounded on Sunday, rising over 3% to cross $106,000 and settle at $106,489. Quite the rollercoaster ride! 🎢

BTC began the current week in the red, facing considerable selling pressure, plunging to an intraday low of $102,135 before recovering to settle at $105,572, ultimately registering a drop of nearly 1%. Despite this negative start, BTC rebounded on Tuesday, rising 1.21% to cross $106,000 and settle at $106,854. Bullish sentiment intensified on Wednesday as the price registered an increase of 2.57% and settled at $109,603. Buyers retained control on Thursday as BTC rallied to an all-time high of $111,970 before pulling back and settling at $111,582. The current session sees the price down nearly 1%, but analysts remain hopeful for a pullback due to overbought conditions, with $115,000 as the immediate target.

Ethereum (ETH) Price Analysis

Ethereum (ETH) has continued its recovery, despite facing selling pressure and volatility, as it seeks to reclaim the coveted $2,700 mark. However, it faces resistance between $2,700 and $2,800, and must cross these levels to confirm a push to $3,000. ETH tested key support levels at the beginning of the week, falling to lows of $2,326 and $2,349 on Sunday and Monday, only to rebound both times, as bullish sentiment returned following BTC’s stellar performance. The world’s second-largest cryptocurrency is showing strong bullish momentum below the $2,700-$2,800 resistance levels. If the price breaks above these levels, a move to $3,000 becomes a delightful possibility. Despite a lull in the crypto market’s rally, ETH has registered an increase of nearly 2%. 🌟

ETH began the previous week in the red, registering a marginal decline before rising over 7% on Tuesday and settling at $2,681. However, it lost momentum after reaching this level, falling nearly 3% on Wednesday to settle at $2,610. Bearish sentiment persisted on Thursday as ETH dropped 2.38%, slipping below $2,600 and settling at $2,548, but not before hitting an intraday low of $2,749. ETH attempted a recovery on Friday, rising to an intraday high of $2,648, but could not maintain this level, ultimately settling at $2,537. Selling pressure intensified on Saturday as the price fell 2.44%, slipping below $2,500 and settling at $2,475.

ETH faced selling pressure and volatility on Sunday as buyers and sellers struggled to establish control. The price ultimately registered an increase of nearly 1% and settled at $2,498. ETH plunged to an intraday low of $2,349 on Monday as selling pressure intensified. However, it rebounded from this level to register an increase of 1.18% and settle at $2,527. The price registered a marginal decline on Tuesday before rising 1.10% on Wednesday and settling at $2,552. Bullish sentiment intensified on Thursday as ETH registered an increase of over 4% to reclaim $2,600 and settle at $2,664. The current session sees ETH marginally down as sellers look to lower the price while buyers strive to push it beyond $2,700. A most riveting affair! 🥳

Solana (SOL) Price Analysis

Solana (SOL) has crossed the $180 threshold during the ongoing session, testing the resistance between $180 and $185. SOL’s price action has been nothing short of exceptional over the past month, rising over 21% as it sets its sights on the illustrious $200 mark. SOL began the previous week positively, registering a substantial increase of 5.50% on Tuesday to cross $180 and settle at $183. However, it lost momentum after reaching this level, dropping nearly 4% on Wednesday, slipping below $180 and settling at $176. Sellers retained control on Thursday as the price fell over 4% to $169. SOL attempted a recovery on Friday but was unsuccessful, ultimately registering a drop of nearly 1% and settling at $167. The drama unfolds! 🎭

Despite the overwhelming bearish sentiment, SOL rebounded on Sunday, rising over 4% to reclaim $170 and settle at $173. However, it was back in the red on Monday, dropping to an intraday low of $159 before settling at $166, ultimately registering a decline of nearly 4%. SOL recovered on Tuesday, rising 1.05% to $168. The price continued to push higher on Wednesday, crossing $170 and settling at $173. Bullish sentiment intensified on Thursday as SOL registered an increase of 3.51% and settled just shy of the $180 mark. The current session sees the price up nearly 3%, with SOL having crossed $180 and trading around $184. Buyers will look to retain control and push the price towards the coveted $200. A most thrilling pursuit! 🏇

Ripple (XRP) Price Analysis

Ripple (XRP) has found itself back in the spotlight after the Securities and Exchange Commission (SEC) delayed the reviews for spot XRP ETF applications. Bloomberg ETF analyst James Seyffart announced the delays, stating,

“As expected, more delays on crypto ETFs dropped today. Delays include Bitwise Invest & CoinsShares XRP ETFs. Delay on Litecoin ETF Filing, Delay on Fidelity’s In-Kind Bitcoin filing. On the more positive side, SEC acknowledged Canary Fund’s staked TRX filing.”

This news weighed heavily on XRP, as the token traded sluggishly compared to its more sprightly counterparts. XRP registered a stunning rally last Monday, rising nearly 8% to $2.54. The price continued to push higher on Tuesday despite selling pressure, increasing 1.53% to $2.58. However, it lost momentum after reaching this level, dropping 1.20% on Wednesday and 6.51% on Thursday to slip below $2.50 and settle at $2.38. Price action remained bearish on Friday, registering a marginal decline to $2.37. Sellers retained control on Saturday, and XRP fell 1.04% to $2.35.

Despite the selling pressure, XRP rebounded on Sunday, rising over 3% and settling at $2.42. The price plunged to an intraday low of $2.28 on Monday before rebounding to settle at $2.38, ultimately registering a decline of 2%. XRP continued to drop on Tuesday, falling 1% to $2.35. The price recovered on Wednesday, rising nearly 3% to $2.39. Buyers retained control on Thursday as XRP reclaimed $2.40 and settled at $2.43. The current session sees XRP marginally up as buyers and sellers struggle to establish control. A most curious affair indeed! 🤔

Dogwifhat (WIF) Price Analysis

Dogwifhat (WIF) registered a stunning increase last Monday (May 12), surging over 26% and settling at $1.14. The price continued to push higher on Tuesday, rising 2.40% and settling at $1.17. However, buyers lost momentum on Wednesday as WIF fell nearly 4% to $1.13. Bearish sentiment intensified on Thursday as WIF plunged almost 13%, slipping below $1 and settling at $0.98. The price recovered on Friday, rising to an intraday high of $1.14 before settling at $1, ultimately registering an increase of nearly 2%. Sellers returned to the market on Saturday as WIF fell over 7% to $0.93. However, it recovered on Sunday, surging almost 15% to reclaim $1 and settle at $1.07. Quite the dramatic rise and fall! 🎢

Despite a positive end to the weekend, WIF was back in the red on Monday, dropping over 7% and settling at $0.99. Sellers retained control on Tuesday as the price fell 1.94% to $0.97. Bullish sentiment returned on Wednesday as WIF rose 14.60% to reclaim $1 and settle at $1.11. Buying pressure persisted on Thursday as WIF registered an increase of 7.45% and settled at $1.19. The current session sees WIF up nearly 5%, trading around $1.25 after declining from an intraday high of $1.39. A most entertaining spectacle! 🎉

Injective (INJ) Price Analysis

Injective (INJ) faced significant selling pressure last week, falling to a low of $11.36 on Saturday. The price rose nearly 5% on Monday (May 12) but lost momentum on Tuesday, falling 0.66% to $13.67. Sellers retained control on Wednesday as INJ fell over 3% to $13.24. Selling pressure intensified on Thursday as the price fell over 7%, slipping below a key support level and settling at $12.25. Price action remained bearish on Friday and Saturday as INJ dropped 2.46% and 2.98%, ultimately settling at $11.59. Despite the overwhelming selling pressure, the price recovered on Sunday, rising nearly 7% to reclaim $12 and settling at $12.40. A most tumultuous journey! 🌪️

INJ began the current week in the red, dropping nearly 5% to $11.81. The price recovered on Tuesday, rising 2.47% to reclaim $12 and settle at $12.10. INJ continued to push higher on Wednesday, rising 2.25% and settling at $12.28. Bullish sentiment intensified on Thursday as INJ surged over 13% to cross $14 and settled at $14.05. The current session sees INJ up nearly 5% as buyers look to push the price to $15. A most promising endeavor! 🌟

2025-05-23 16:34