CRYPTO UPDATE: Bitcoin sets its sights on a new ATH, GENIUS Act garners support

24 Hour Prices:

• 
  Bitcoin is a little lower and trading towards the lower end of a USD 106,141-108,035 range. Price action today has been relatively contained, given the lack of pertinent catalysts.


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  Initial sentiment today was pressured following two key stories overnight; 1) renewed criticism from China's MOFCOM on the US regarding chip controls, 2) Israel is preparing a possible strike on Iranian nuclear facilities, according to CNN; but it is not clear whether Israeli leaders have made a final decision.


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  In terms of earlier in the week, Bitcoin initially benefited after Moody’s downgraded the US to Aa1 from Aaa, citing widening deficits. Though as broader markets opened on Monday, the crypto complex followed suit and made a WTD low at USD 102,126.


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  As for technical levels, upside levels include; a previous ATH at USD 108,364 and then the current ATH at 109,356. Downside levels may see a retest of support at USD 105,400. The 14d RSI (70) has traversed “overbought” territory for a few days now.

In the news:

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  In May, Bitcoin ETFs soared to USD 3.6bln inflows, via CCN. (CCN)


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  Strategy (MSTR) acquired 7,390 Bitcoins between May 12-18 for USD 764.9mln. (Newswires)


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  CME announces first trades of XRP futures. (Newswires)


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  NY Mayor Adams has announced the creation of a crypto advisory council, focusing on creating long-term value and innovation. (CCN)


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  US Senate has enough support to proceed with the consideration of the GENIUS Bill on stablecoin cryptocurrency regulation. (Newswires)


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  Bitcoin transaction fees have hit a YTD high, according to The Block. (The Block)


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  Ripple (XRP) signs two new customers as it continues to expand in the UAE. (CoinDesk)


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  Metaplanet buys another 1,004 Bitcoin and lifts its total holding to over USD 800mln worth of Bitcoin; the latest purchase averaged USD 103,873 per Bitcoin. (CoinDesk)


• Hong Kong policymakers have passed a stablecoin bill, via The Block. (The Block)

Macro schedule is light; focus is on any trade/US fiscal related updates

Liquidation data, via Coinglass:

• Bitcoin (BTC) 24h long: USD 25.21mln / 24h short: USD 46.57mln


• Ethereum (ETH) 24h long: USD 39.99mln / 24h short: USD 33.82mln


• Solana (SOL) 24h long: USD 5.24mln / 24h short: USD 2.98mln


• Ripple (XRP) 24h long: USD 2.62mln / 24h short: USD 644.44K


• Dogecoin (DOGE) 24h long: USD 3.10mln / 24h short: USD 5.24mln

21 May 2025 - 12:55- ForexResearch Sheet- Source: Newsquawk