Bitcoin Drops Below $100K, Iran Tensions Shook Markets
Bitcoin fell below $100,000 on Sunday, hitting its lowest level since May 8. The decline was triggered by news that Iran may close the Strait of Hormuz. The Strait of Hormuz is a critical chokepoint that carries about 20% of the world’s oil trade. More than 50 large oil tankers have begun leaving the region following the recent U.S. airstrikes on Iran.
JPMorgan warned that the closure of Hormuz could push oil prices to $120-130 and push U.S. inflation to 5%. This sharp decline in Bitcoin led to losses exceeding 6% in major altcoins such as XRP, ETH and SOL. Markets are concerned that a possible increase in oil prices could re-tighten global inflation and interest rate policies.
Texas Bitcoin Reserve Bill Approved
Texas Governor Greg Abbott signed the law establishing a statewide strategic Bitcoin reserve, making Texas the third state in the US after Arizona and New Hampshire to do so. However, Texas became the first state to establish an independent Bitcoin reserve fund funded by public funds. The fund will be managed by the Texas Comptroller of the Treasury Office, independent of the state treasury.
Senator Charles Schwertner, who prepared the bill, said, “The state can buy land, gold; we should also have the option to evaluate Bitcoin, which has been the best performing asset of the last 10 years.” Texas Blockchain Council President Lee Bratcher stated that they expect the state to invest tens of millions of dollars in Bitcoin in the short term. The management of the fund will be completely controlled by professional investment standards.
Altcoin ETF Approval Chance Increases to 90%
Bloomberg analysts Eric Balchunas and James Seyffart stated that the SEC’s stance on crypto ETF applications has softened, and increased the altcoin ETF approval probability to 90% and above. Constructive discussions with the SEC and updates to the application files indicate that the approval process is accelerating. The fact that many altcoins such as Solana, XRP, Cardano, Litecoin and Dogecoin are considered commodities also strengthened approval expectations.
The fact that the SEC specifically requested details on staking and redemption mechanisms in the Solana ETF applications shows that the regulator is actively evaluating. After spot Bitcoin ETFs attracted record amounts of funds, altcoin ETFs are also expected to become permanent in the financial world. However, analysts warn that final approvals and market launches could take several months.
Bank of Japan Says Cryptocurrencies Could Be an Alternative to Yen
BoJ officials have begun to openly state that cryptocurrencies could play a significant role in the country’s payment systems in the future. BOJ Executive Director Kazushige Kamiyama noted that cash use could rapidly decline with digitalization. The proportion of cashless payments in the country rose to 42.8% in 2024, exceeding the target of 40% a year ahead of schedule.
While the BOJ is conducting pilot studies on the digital yen, Vice Governor Shinichi Uchida issued a striking warning: If the BOJ cannot ensure price stability, public confidence in the yen could be shaken, and cryptocurrencies or stablecoins could become alternative payment instruments. Although cryptocurrency use is still limited in Japan, the rapid increase in the number of active accounts and the relaxation of regulations are strengthening the potential of crypto assets in the country.
Metaplanet Increases Bitcoin Stock to 11,111 BTC
Tokyo-based hotel company Metaplanet has purchased 1,111 more Bitcoins with its latest purchase, bringing its total BTC holdings to 11,111. The company spent $117 million for this purchase, while the average purchase price was $105,681. The average cost of the total BTC portfolio is over $95,000.
Following the US attacks on Iran, Bitcoin fell to $98,000 over the weekend. However, after Metaplanet’s purchase, the price recovered to $101,000. The company’s total Bitcoin holdings are currently worth $1.1 billion.
Cardone Capital Buys 1,000 BTC, Plans $300 Million in New Acquisitions
Cardone Capital, led by Grant Cardone, has become the first company to combine real estate and crypto in its business model by purchasing nearly 1,000 Bitcoin. The company currently has 14,200 rental apartments and 500,000 square meters of office space. Cardone considers Bitcoin and real estate to be “world-class investments.”
The company plans to purchase another 3,000 BTC and add 5,000 new homes to its portfolio by the end of the year. Its current BTC holdings are worth about $100 million. If the targeted acquisition is realized, the total Bitcoin investment could exceed $400 million. As institutional Bitcoin adoption increases rapidly, MicroStrategy founder Michael Saylor also congratulated Cardone for this move.
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BITCOIN(BTC)
BTC is trading at $101,840 as of the morning hours, gaining 0.85% in value. It is seen that the price broke the lower band of the triangle formation. With this break, the $101,411 level stands out as support. If this level is sustained below, the $97,802 level can be followed as the next main support. In the upward movements, the $ 103,502, $ 105,984 and $ 107,827 levels are at resistance position, respectively.
ETHEREUM(ETH)
ETH is priced at $ 2,250 as of the morning hours with a 1.15% gain in value. It is seen that the price fell below the $ 2,322 support and tested this level as resistance. If the downward movement continues, the $ 2,226 and $ 2,118 levels can be followed as support. In upward reaction purchases, $ 2,322, $ 2,379 and $ 2,464 levels stand out as resistance.
RIPPLE(XRP)
XRP is priced at $ 2.03 with a 0.62% gain as of the morning hours. In the technical view, it is seen that the price was rejected at $ 2.0865 and that this level works as resistance. In the continuation of the upward movement, it will be important for it to first maintain above 2.03. Then, the $ 2.0865-2.1304 levels can be followed as resistance. In case of a possible pullback, the $ 2.0336 and $ 1.9263 levels stand out as support.
AVALANCHE(AVAX)
AVAX is traded at $ 16.86 as of the morning hours with a 2.06% gain in value. The price started an upward movement with the reaction it received from the $ 15.60 support in the past days. This region can be monitored as an important bottom level in the short term.
If the upward movement continues, the $ 17.61 and $ 18.72 levels stand out as resistance. If the downward pressure strengthens again, the 16.44 level can be followed as intermediate support, while the $ 15.60 level is of critical importance below it.
SOLANA(SOL)
SOL is traded at $ 134.10 levels with a 1.87% gain as of the morning hours. The price has started to rise with the reaction it started at $ 124.27. This region continues to work as a strong demand area recently.
If the upward movement continues, the levels of 141.40 and 149.10 can be monitored as short-term resistance zones. Especially exceeding the 149.10 level may be critical in terms of breaking the descending trend line. If the downward pressure comes into play again, the 124.27 level stands out as the main support. If this area is lost, the declines may deepen.
