Bitcoin's price slips after reaching a new all-time high, disregarding fresh Bitcoin Reserve announcements: Weekly Review
After weeks of steady gains, culminating in an all-time high of nearly $112,000 last week, bitcoin's price has retraced over the past few days. This dip follows four challenging months marked by global economic uncertainty.
On May 22, a significant milestone was reached as the primary cryptocurrency surpassed its January 2025 all-time high, setting a new record at nearly $112,000 on Pizza Day. Since then, however, bitcoin has struggled to maintain its momentum.
Escalating trade tensions, such as the latest tariffs proposed by US President Trump against the EU, sent the cryptocurrency southwards by several thousand dollars. After Trump suspended these tariffs for an extended period, the impact on the cryptocurrency's price was minimal.
Bitcoin attempted to break through the $110,000 mark on multiple occasions during the business week but was met with immediate resistance and rejection. The past 24 hours have been difficult, with the asset falling to a weekly low of under $105,000 before recovering to $105,500 at the time of writing.
Some within the crypto community suggest that this price slump may be intentional to liquidate a high-end trader, although this remains speculation at this point. It is important to note that even with the recent decline, bitcoin's price drop has been less severe compared to several other digital assets, including DOGE, SOL, ADA, SUI, LINK, and AVAX.
The price decline follows a pattern seen in traditional financial markets during periods of heightened macroeconomic uncertainty and risk aversion. These uncertainties are primarily related to global trade conflicts, shifts in investor sentiment, and renewed central bank intervention.
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SEC Drops Lawsuit Against Binance
In a landmark decision, the US Securities and Exchange Commission (SEC) has dropped its lawsuit against Binance. The exchange giant, one of the world's largest cryptocurrency exchanges, is the latest beneficiary of the new leadership at the SEC, which has been dropping cases initiated by the former agency.
Telegram in Limbo Over $300M xAI Deal
There has been significant news in the crypto/AI sector regarding a potential deal between Telegram and Elon Musk's xAI. However, the latter claimed the deal has yet to be signed, while Telegram confirmed these reports but added that they have raised $1.7 billion for a debt swap.
BlackRock Bitcoin ETF Sees 33-Day Inflow Run
Our website reported earlier this week that the world's largest Bitcoin ETF, BlackRock's IBIT, has seen a 33-day streak of positive inflows. Since then, this streak has continued as the ETF continues to outperform its competitors.
Key Figures Speak at Bitcoin 2025
During this week's prominent Bitcoin conference in Las Vegas, several notable figures took the stage, including the current Vice President of the United States. JD Vance highlighted the potential of Bitcoin and forecasted that 100 million people would soon own portions of it.
GameStop Joins the Bitcoin Acquisition Club
After raising $1.5 billion two months ago, GameStop announced its first-ever bitcoin purchase worth over $500 million. The European football giant PSG has also been accumulating bitcoin.
Donald Trump Jr. Unveils $2.5B Bitcoin Moon Shot
The Trump-linked media giant TMGT is another new player in the Bitcoin market. According to Donald Trump Jr., who was also present at the conference, the company plans to create a Bitcoin treasury worth $2.5 billion.
For more comprehensive analysis, check out our chart analysis of Ethereum, Ripple, Cardano, Hype, and Solana.
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Sources:1. https://www.coindesk.com/.../2. https://www.cnbc.com/.../3. https://www.reuters.com/.../4. https://www.marketwatch.com/.../
- The Bitcoin ETF managed by BlackRock, IBIT, has seen a significant inflow of investments for 33 consecutive days, outperforming its competitors in the market.
- Amidst all the crypto industry developments, the US Securities and Exchange Commission (SEC) recently made headlines by dropping its lawsuit against Binance, one of the world's largest cryptocurrency exchanges.
- The crypto/AI sector saw some buzz with the potential deal between Telegram and Elon Musk's xAI, although the deal has yet to be signed, and both parties have issued conflicting statements about the status of the negotiations.
- In an interesting twist, Donald Trump Jr., while speaking at the Bitcoin 2025 conference, announced plans for his media giant, TMGT, to create a Bitcoin treasury valued at $2.5 billion, further demonstrating the growing interest in the technology among prominent figures.
As for other popular cryptocurrencies, the chart analysis of Ethereum, Ripple, Cardano, Hype, and Solana is available for more comprehensive insights into their market performance. For those looking to invest in the cryptocurrency market, don't miss out on exclusive offers such as the $600 welcome bonus upon registration of a new account on Binance or a free position worth $500 with Bybit (limited-time offers for our website readers).
