Bitcoin Surpasses $97K, Trade Hopes Move Markets
Developments that trade talks between the US and China will resume have triggered an increase in risky assets. Bitcoin gained nearly 3% in value, exceeding the $97,000 level. US Treasury Secretary Scott Bessent announced that he will travel to Switzerland over the weekend to meet with Chinese officials.
Statements from both the US and China show that the parties are open to renegotiating tariffs. The Chinese Ministry of Commerce stated that they decided to participate in the talks by taking into account the constructive messages from the US. These developments created an upward wave in the crypto market; Nasdaq 100 and S&P 500 futures also rose around 1%.
New Hampshire Becomes First State to Pass Bitcoin Reserve Act
New Hampshire has enacted the first “Strategic Bitcoin Reserve” law among U.S. states, allowing a portion of the public treasury to be set aside for Bitcoin. The law, signed by Governor Kelly Ayotte on May 6, allows the state treasury to hold up to 5% of its portfolios in Bitcoin and certain digital assets.
The bill, developed by the Satoshi Action Fund and introduced by Rep. Keith Ammon, could pave the way for similar initiatives across the U.S. Digital assets would be held only through U.S.-based custodians, or ETFs. Following this law, Arizona stands out as the strongest candidate to enact a second Bitcoin reserve law.
Bitwise Files Spot NEAR ETF Application
Digital asset management company Bitwise has filed a formal application with the U.S. Securities and Exchange Commission (SEC) for a spot NEAR ETF. This move follows the Bitwise NEAR ETF application filed in Delaware approximately two weeks ago and is considered an important step in the launch of the ETF.
If the application is approved, investors will be able to access the NEAR token indirectly through traditional brokerage accounts. This model works similarly to Bitwise’s approved spot Bitcoin ETF BITB. In addition to NEAR, ETF applications have also been made for DOGE, SEI, TRX and some other crypto assets.
Democrats Boycott Crypto Session Amid Trump Debates
Democrats in the US House of Representatives boycotted the digital asset regulation session held on Tuesday in response to President Donald Trump’s ties to crypto. The session, which was jointly organized and hosted by Coinbase and the former CFTC chairman, was titled “Digital Asset Roadmap for the 21st Century.” However, Democratic leader Maxine Waters objected to the session, stating that Trump had a conflict of interest with crypto investments and the institutions he oversees.
The boycott is also based on a new stablecoin regulation bill called “GENIUS.” Democratic senators argue that the bill’s provisions, especially regarding foreign issuers and money laundering, are inadequate. On the other hand, the Trump family’s memecoin projects and high-budget crypto fundraisers have further fueled the debate. Republicans, on the other hand, are working on a comprehensive bill that will clarify the duties of institutions such as the SEC and CFTC while rapidly advancing on stablecoin regulations.
UK Rejects National Crypto Reserve
UK Treasury Secretary Emma Reynolds announced that the country has no plans to establish a national crypto reserve like the US. Speaking at the Financial Times Digital Asset Summit, Reynolds said, “This is not suitable for our market,” and that they will not follow the US’s Bitcoin accumulation strategy. However, she said that a high-level working group has been established between the two countries for cooperation on digital assets and that these issues will be discussed at a forum to be held in June.
Reynolds emphasized that the UK is adopting a results-oriented approach in line with its own legislative tradition rather than establishing a system similar to the EU’s MiCA regulation for digital assets. The government is also considering issues such as issuing government bonds using distributed ledger technology, and plans to identify a supplier by the end of the summer.
DeFi Development Corp. Expands Solana Investment
DeFi Development Corp., formerly known as Janover, announced on Tuesday that it has purchased an additional 82,405 SOLs worth $11.2 million. With this latest purchase, the company’s total Solana holdings exceed 400,000, bringing it to over $58 million. The company stakes all of the newly purchased SOLs on its own validator nodes, securing the Solana network and generating passive returns.
The move comes on the heels of the company’s acquisition of validator firm Solana, which it announced on Monday. The $3.5 million purchase comes with $3 million in restricted stock and $500,000 in cash. DeFi Development Corp. has rapidly grown its Solana-focused digital asset strategy in the past month, both by changing its name and by gaining more than 1,700% on Nasdaq.
SOL Strategies Makes First $18 Million SOL Purchase
Canadian digital asset firm SOL Strategies purchased 122,524 SOL worth $18.25 million with the first tranche of a $500 million convertible note deal. The company made this transaction after the $20 million first close of the financing agreement announced with investment firm ATW Partners last month. The purchases were made at an average price of $148.96.
SOL Strategies CEO Leah Wald stated that this investment supports the company’s three-pronged strategy focused on “institutional-grade validator operations, strategic SOL assets, and Solana technology innovation.” The company’s stock is up nearly 80% in the past two weeks, despite its shares down 10%. The move suggests that public companies are joining the trend of accumulating crypto assets through the capital markets, following Michael Saylor’s Bitcoin strategy with Solana.
IRS Appoints Trish Turner to Head Crypto Division
The Internal Revenue Service (IRS) has appointed Trish Turner, a veteran with more than 20 years of experience, to head its digital assets division. The move follows the departures of two prominent figures in the crypto space — Sulolit “Raj” Mukherjee and Seth Wilks. Turner previously served as a senior advisor in the same division. Wilks, one of the departing names, said her resignation was significant in light of a challenging environment for federal employees.
Turner’s leadership comes at a time when the IRS is stepping up its scrutiny of crypto taxation and reshaping regulations. With the return of the Trump administration, harsh regulations on crypto have begun to ease; the SEC has suspended some cases, while the Department of Justice has shut down its crypto unit. On the other hand, the IRS’s controversial DeFi broker reporting rule has been rescinded. Morale within the agency is also at a notable level; more than 23,000 employees are reportedly considering resigning.
SEC to Hold Tokenization Roundtable on May 12
The U.S. Securities and Exchange Commission (SEC) has announced the program and list of speakers for its event titled “Tokenization — Moving Assets to the Chain: The Intersection of Traditional Finance and DeFi.” The event, which will take place in Washington DC on May 12, will focus on topics such as the integration of digital assets into traditional markets and the impact of tokenization on capital markets. The event is open to the public and will be live-streamed on the SEC’s website.
The event will feature representatives from traditional finance giants such as Fidelity, BlackRock, Nasdaq, Robinhood, and Franklin Templeton, while speakers from crypto-focused firms such as Blockchain Capital, Chia Network, and Securitize will also be featured. The SEC also announced that it has postponed the date of its roundtable discussion titled “DeFi and the American Spirit” from June 6 to June 9. The events are part of the SEC’s broader effort to better understand the impact of crypto innovation on financial regulation.
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BITCOIN(BTC)
BTC is trading at $96,428 as of morning hours, down 0.42%. Bitcoin price has reached 96,488 with the rise it started from 91,960 and is approaching the upper resistance zone again. Persistence above the 95,840 level may allow the strong resistance block in the 98,000-99,000 range to be tested. However, caution should be exercised as this region has also been the area where strong sales have come in the past. In pullbacks, 93.900 and 91.960 levels should be followed as support.
ETHEREUM(ETH)
ETH is priced at $ 1,827 with a 0.53% gain as of the morning hours. Ethereum has a structure stuck between Fibonacci retracement levels. With the reaction it received from the 1,744 support, it rose to the 1,835 region. This region is a strong barrier as both horizontal resistance and Fibo 1 level. If this level is broken, the upward momentum may increase towards the 1,880 and 1,920 levels. In the opposite scenario, a correction towards the 1.790 and 1.744 levels can be expected.
RIPPLE(XRP)
XRP is trading at $ 2.1427 as of the morning hours with a 0.56% loss in value. The XRP price is trading at 2.14 levels, showing a recovery with the reaction it received from the 2.1139 support. However, the price has not yet clearly moved away from the 2.18-2.20 band, which has selling pressure on it. This region works as a strong resistance. In case of a breakout, 2.23 and 2.36 can be targeted. Otherwise, the 2.11 level may be requested to be retested.
AVALANCHE(AVAX)
AVAX is trading at $19.85 as of the morning hours, losing 0.85% of its value. Following the recent decline, AVAX is trying to create a short-term base here by reaching the demand zone between 19.50-20.00. Although purchases from this zone have pushed the price up again, volume-free reactions do not yet give a clear reversal signal. If persistence above $20 is achieved, the levels of 20.60 and 21.20 can be monitored as resistance. Otherwise, sags to 19.30 and below may occur again.
SOLANA(SOL)
SOL is traded at $ 146.00 as of the morning hours with a 0.60% loss in value. The Solana price tested the horizontal support area at 144.87 several times and then recovered from this area. The price is moving within the tight horizontal band, and if it stays above 146, the probability of a move towards the next resistance level of 150-152 may increase. However, closing below 144.87 may increase selling pressure and initiate a pullback to 142 and 140 levels.
