Bitcoin Surpasses Google to Become The World’s Fifth Largest Asset
Bitcoin’s market value has reached $1.86 trillion, surpassing Google and rising to fifth place in the global asset rankings. This is the highest ranking BTC has ever reached, while its price has broken technical resistances by rising above $94,000 and has been on a positive trend since the beginning of the year.
Bitcoin’s rise was supported by the easing of US-China trade tensions and a rally in technology stocks. Nasdaq futures rose 2%, while Bitcoin’s performance against the Nasdaq also broke records. This shows that the crypto asset is outperforming not only tech stocks but also other major asset classes.
Crypto-Friendly Signal from New SEC Chairman Atkins
In his swearing-in speech, the new Chairman of the U.S. Securities and Exchange Commission (SEC), Paul Atkins, said that they will adopt a “rational, consistent and principled” regulatory approach to digital assets. Atkins emphasized that the SEC should now return to its primary mission, which is to ensure investor protection and market order.
Atkins’ statements represent a significant departure from the harsh stance taken by previous Chairman Gary Gensler. The SEC, which adopted a more crypto-friendly line under the Trump administration, aims to strengthen this approach with the new chairman. The institution’s recently established Crypto Task Force is also considered an indicator of this new direction.
Tether and Partners Create a $3.9 Billion Bitcoin Company
Tether, Bitfinex, Cantor Fitzgerald and SoftBank are establishing Twenty One, a new Bitcoin-focused public company that will operate with a total treasury of 42,000 BTC (approximately $3.9 billion). The company will be listed on Nasdaq with the code XXI by merging with the SPAC code CEP, and Strike founder Jack Mallers will sit in the CEO seat. Twenty One will offer the opportunity to invest through company shares instead of direct Bitcoin ownership.
The company’s business model is modeled after MicroStrategy’s (newly named Strategy) Bitcoin-based capital management. Tether and Bitfinex are majority shareholders, while SoftBank is involved in the project with a minority stake. The company will also raise additional funds with a $385 million bond and $200 million private equity investment to buy Bitcoin. Twenty One also plans to develop Bitcoin-based financial products and content.
Kuwait Bans Bitcoin Mining
Kuwait’s Ministry of Interior announced that it has banned Bitcoin mining due to high energy consumption and various legal violations. In a statement made on April 22, it was stated that mining activities violate the country’s penal code, communications and industrial regulations, and municipal ordinances. The ministry warned that mining could overload the power grid and cause outages that threaten public safety.
This new warning reinforces the broader crypto ban imposed by the Kuwait Capital Markets Authority in 2023. Institutions such as the Ministry of Interior, Electricity, Water, and Renewable Energy are also involved in the joint initiative. On the other hand, countries such as El Salvador, Russia, and the US are strategically evaluating this area by adopting more supportive approaches to Bitcoin mining.
SOL Strategies Secures $500 Million Funding for Solana Acquisitions and Staking
SOL Strategies Inc., a public company focused on investments in the Solana network, has secured up to $500 million in financing under an agreement with ATW Partners. The initial phase will provide $20 million in capital, while the remaining $480 million will be available subject to certain conditions being met. The company stated that it will use these funds only to support the SOL token acquisition and its own validator operations. The first close is expected to occur around May 1, 2025.
The company’s strategy involves staking the purchased SOL tokens through its own validators and paying up to 85% of the return to the lender as interest. This financing structure offers a new model for institutional investment in proof-of-stake networks by directly connecting capital markets with staking economies. The notes issued under the agreement will not be subject to registration under Canadian and US securities laws.
Galaxy Digital Switches ETH to SOL
Galaxy Digital has swapped approximately $106 million worth of ETH for $105 million worth of SOL over the last two weeks. The move coincides with Ethereum’s market dominance falling below 7%, a record low. Ethereum’s market cap has fallen by 51.5% since the beginning of the year, while ETH’s share of the total crypto market has decreased by 43%.
Galaxy’s switch from ETH to SOL is seen as a reflection of erosion in investor confidence and growing suspicions about the network’s performance issues. As institutional selling pressure increases, Ethereum ETFs have seen a total outflow of $909 million in eight weeks. During the same period, lower-cost alternatives such as Solana and Base have seen increased volume. Whether Ethereum’s Pectra upgrade, which will go live on May 7, will reverse this negative outlook remains to be seen.
El Salvador Proposes Cross-Border Crypto Regulation Sandbox to SEC
El Salvador’s National Commission on Digital Assets (CNAD), in collaboration with US Perkin Law Firm and former Goldman Sachs partner Heather Shemilt, has proposed a cross-border crypto regulation sandbox to the US Securities and Exchange Commission (SEC). The proposal was included in the SEC Crypto Task Force meeting minutes dated April 22 and aims to provide real-time data from El Salvador’s digital asset regime.
The sandbox will provide the opportunity to monitor small-scale tokenization projects within El Salvador’s regulatory framework. The proposal includes two pilot programs. The first involves a U.S. broker setting up a real estate tokenization platform in El Salvador with a limited-scope license, capped at $10,000 per investor. The second involves a Salvadoran small business raising funds through tokenized equity. Both scenarios aim to provide comparative data to U.S. regulations and to inform future guidance from the SEC.
Russia’s Crypto Platform for Super-Qualified Investors
The Russian Central Bank and the Ministry of Finance plan to set up a crypto-asset platform exclusively for “super-qualified investors.” The plan will be implemented under a three-year experimental regulatory regime. Finance Minister Anton Siluanov said the platform would legalize crypto assets and bring unregistered transactions under control.
The central bank previously proposed a proposal that would allow investors who meet certain asset and income criteria to buy and sell crypto assets like Bitcoin. To be considered a super-qualified investor, an investor is expected to have a fortune of at least 100 million rubles ($1.2 million) or an annual income of 50 million rubles (about $600,000). However, these criteria have not yet been finalized. The project is being evaluated as part of Russia’s new steps towards legalizing crypto.
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BITCOIN (BTC)
BTC is trading at $92,610 as of the morning hours, down 1.10%. Bitcoin rose to 94,000 after strongly breaking through the important horizontal resistance area at 88,541. However, since the gray band formed in this region has been a strong supply area in the past, profit taking has come into play. The price staying above 88,500 is critical for the healthy continuation of the rise. As long as it remains above 88,500, the psychological resistance levels of 96,000 and 100,000 can be targeted. However, if it declines below this level, the potential for a correction up to 85,000 should not be ignored.
ETHEREUM (ETH)
ETH is priced at $ 1,770 as of the morning hours, losing 1.42%. Ethereum faced selling pressure after testing the 1,850 USDT level, where it had previously faced sales many times. This region also worked as a strong resistance zone as it intersected with the falling trend line. The price behavior in this region became critical as the price pulled back to around 1,760. The range between 1,700 and 1,750 can serve as a support zone. If this area is not broken, ETH may attack the 1.853 resistance again. Otherwise, the pullback may deepen.
RIPPLE (XRP)
XRP is trading at $ 2.1863 as of the morning hours, losing 1.44%. Although XRP broke the 2.11 USDT resistance and rose to 2.23 levels, it retreated to 2.18 levels with the sales from this region. The 2.11 level should now be monitored as a critical support. If the price holds above this level, there may be a potential increase to 2.23 and then to 2.70 USDT. However, if there are closures under 2.11, 1.92 and 1.72 support will come into play.
AVALANCHE (AVAX)
AVAX is trading at $ 21.94 as of the morning hours with a 21.94% loss in value. The AVAX price broke the 19.95 USDT resistance with a voluminous candle and rose to the 21.90 level and encountered some selling pressure here. The 19.95 level is now an important support in the short term. As long as this level is maintained, the upward movement can be expected to continue. In the continuation of the rise, the 23.46 USDT level stands out as the next resistance. Otherwise, if the price drops below 19.95, the 17.74 support can be tested again.
SOLANA (SOL)
SOL is trading at $148 levels with a 1.95% gain as of the morning hours. Solana exhibited a structural transformation by breaking the 135 – 140 USDT band, which has previously served as resistance many times, along with a strong uptrend. This region can now be evaluated as a potential support area. The persistence of the price above this region may indicate that the upward momentum will continue. The profit realization around 148 USDT may be a sign of a short-term correction. In this case, it should be closely monitored whether the 140 USDT level works as support. Above, the 152 and 156 USDT levels can be monitored as resistance.
