Bitcoin Tops $94,000 As XRP Outperforms Major Altcoins Amid ETF Approval

Technical Analysis

Cryptocurrency

Summary:

Analysts predict altcoin rallies if Bitcoin surpasses $110,000, though Bitcoin’s 63.4% dominance delays broader altcoin momentum.

● Analysts predict altcoin rallies if Bitcoin surpasses $110,000, though Bitcoin’s 63.4% dominance delays broader altcoin momentum.

● The Altcoin Index sits at 18, signaling Bitcoin’s market control and altcoins’ struggle to gain sustained traction.

Bitcoin traded above $94,000 on Monday, reinforcing its position as a perceived stable asset comparable to gold or the U.S. dollar. Analysts at NYDIG Research noted a shift in how investors view Bitcoin, moving from speculative trading toward long-term value storage. This trend follows broader economic developments, including recent U.S. trade policies.

XRP Gains 8% on ProShares ETF News

XRP rose nearly 8%, leading major altcoins after regulators approved a ProShares ETF tied to three futures products set to launch April 30. Cardano’s ADA increased over 3%, while BNB Chain’s BNB and Solana saw smaller gains. Monero initially surged 40% to $371 but later settled at $268, up 17% in 24 hours. Ether’s price showed little change.

Analysts Debate Altcoin Rally Timing

Arthur Hayes, former BitMEX CEO, suggested altcoins could rally if Bitcoin surpasses its prior peak of $110,000. He cautioned that not all altcoins would benefit equally. Analyst Moustache argued the worst of the downturn has passed, predicting upward momentum for altcoins.

Crypto Rover observed a 140-day downtrend break, signaling possible growth. Wimar.X forecasted a historic altcoin surge, citing a triple-bottom pattern and a potential $15 trillion market cap. Such projections carry risk due to market volatility.

Bitcoin currently holds 63.4% of the total cryptocurrency market value. The Altcoin Index, which measures altcoin performance against Bitcoin, stands at 18—a level indicating limited strength. This suggests Bitcoin’s dominance may delay sustained altcoin gains.

Bitcoin (BTC) is currently trading at $94,404, showing a +0.68% daily gain, a robust +10.80% increase over the past week, and a +11.87% rise over the past month. Year-to-date, Bitcoin is slightly positive with a +1.13% gain, and over the past year, it boasts a strong +48.86% return. Bitcoin’s market capitalization is around $1.87 trillion, with a 24-hour trading volume of $32.83 billion, and it is fast approaching the critical psychological level of $100,000.

From a technical perspective, Bitcoin is currently trading within a strong bullish ascending channel, having broken key resistance levels above $90,000. Immediate resistance is now seen around $96,000–$98,000, and a clean breakout could push BTC toward the $100,000–$106,000 range, where heavy profit-taking may occur.

If price faces rejection at current levels, downside support is located at $91,800, with deeper retracement potential toward $88,000. Technical indicators suggest a neutral-to-bullish trend, with high momentum but early signs of potential exhaustion.

Fundamentally, Bitcoin has been bolstered by massive institutional inflows, as spot Bitcoin ETFs attracted over $3.4 billion in net inflows last week alone, led mainly by U.S. markets. ETHNews analysts highlight that Bitcoin’s consolidation around the current levels is “healthy,” and the potential for a global macro-driven rally is growing, particularly given central banks’ interest in alternative assets like gold and Bitcoin.

The post Bitcoin Tops $94,000 as XRP Outperforms Major Altcoins Amid ETF Approval appeared first on ETHNews.

Source: CryptoSlate

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Manuel

Cryptocurrency

In a bold move to enhance its network’s future, the Ethereum Foundation has unveiled key updates aimed at bolstering the platform’s scalability. These enhancements accompany notable leadership transitions within the organization, which are anticipated to influence market dynamics and pricing trends associated with Ethereum.

What Leadership Changes Are Taking Place?

On April 28, 2025, Aya Miyaguchi was elevated from her previous managerial position to the role of president. Alongside her, Hsiao-Wei Wang and Tomasz K. Stańczak have joined as Co-Managers. These leadership shifts respond to the community’s desire for greater transparency and improved governance, with officials emphasizing a commitment to strengthening the network’s resilience.

How Will Technical Improvements Affect Prices?

While Ethereum’s price remains under $2,000, the community remains hopeful as improvements to technical infrastructure signal potential for recovery. Observers are particularly interested in the significant accumulation of tokens by large stakeholders, alongside the introduction of proposal EIP 9698, which suggests increasing the gas limit to enhance transaction capacity, potentially positioning Ethereum favorably against its competitors.

The Ethereum ecosystem is set to undergo substantial upgrades, focusing on enhancing developer tools, strengthening Layer 2 connectivity, and expanding application support. These updates are designed to equip developers with the resources necessary for building a more efficient infrastructure on the platform.

Additionally, preparations for the upcoming Pectra update aim to launch in May, bringing forth improvements in scalability, speed, and operational efficiency. This update is expected to significantly impact Ethereum’s overall performance and user experience.

The ongoing restructuring efforts and new strategies reflect a commitment to shaping the future of Ethereum’s technological landscape. Managers have reiterated their dedication to fostering a transparent ecosystem, distancing the organization from centralization.

Leadership changes aim for greater transparency and governance.

Technical proposals could enhance transaction capacity and market position.

Upcoming updates are focused on scalability and developer support.

With these advancements and leadership adjustments, the Ethereum Foundation is poised to navigate challenges and capitalize on new opportunities in the evolving landscape of blockchain technology.

Source: Bitcoinhaber

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Economic

Political

Republicans in the U.S. Congress turned in earnest on Monday to their biggest challenge of Donald Trump's presidency: trying to bridge internal divisions over proposed cuts to Medicaid and popular green energy initiatives to pay for a landmark tax-cut bill they hope to enact by July 4.

After a two-week recess marked by some heated encounters with constituents back home, Republican lawmakers in the House of Representatives were due to hold committee votes this week on segments of Trump's agenda legislation.

"The House is moving things along quickly and the Senate is in lockstep. We think that they are in substantial agreement," Treasury Secretary Scott Bessent told reporters after a closed-door meeting with Republican House Speaker Mike Johnson, Republican Senate Majority Leader John Thune and tax committee chairs.

"We hope that we can have this tax portion done by the Fourth of July," he added, referring to legislation that would also fund Trump's crackdown on immigration and bolster fossil fuel production and the military.

The top goal for Republicans, who control the House and Senate, is to extend provisions of Trump's 2017 Tax Cuts and Jobs Act that are due to expire at the end of this year, a move that nonpartisan researchers estimate would cost $4.6 trillion over a decade.

Bessent said the forthcoming bill would also eliminate taxes on tips, overtime pay and Social Security benefits, allow for the deductibility of auto loans and include 100% expensing for equipment and factory structures. Those measures would add to the bill's cost.

Add in hundreds of billions of dollars in new spending for border security, deportations and defense, and the cost to the U.S. budget could skyrocket.

The budget blueprint for Trump's agenda could add $5.8 trillion to the current $36 trillion U.S. debt in the next decade, the nonpartisan Committee for a Responsible Federal Budget estimates. Republicans say the cost will be covered by a combination of spending cuts, higher economic growth and revenues from energy deregulation and tariffs on imports.

Congress needs to complete the bill before the debt reaches a mandated borrowing limit sometime later this year. Bessent said tax revenues are ahead of last year and that an accurate "X-date" projection for when the Treasury Department will be unable to meet all its obligations could be available within the next two weeks.

With a Republican majority of 220-213 seats in the House and a 53-47 advantage in the Senate, it is not clear that House Republicans can meet Johnson's aim of passing the legislation and sending it on to the Senate before lawmakers leave town on May 22.

House and Senate Republicans barely managed to pass a budget resolution that will allow them to enact the Trump agenda by circumventing Democrats, who have nonetheless vowed to halt Trump's legislative juggernaut.

"We're in active legislative combat," House Democratic leader Hakeem Jeffries said at an event in New York City.

"They want to enact the largest Medicaid cut in American history. That is going to hurt families, hurt children, hurt seniors, hurt people with disabilities, hurt everyday Americans."

NOW COMES THE HARD PART

The budget blueprint contained no details about spending cuts. Now Republican lawmakers must grapple with changes that carry tangible consequences for their home districts.

"It probably takes a little longer to get it out of the House," Republican Representative Nicole Malliotakis said. "We're not just talking about the broad strokes here. We're talking actual legislative language, actual numbers."

To win support from hardline conservatives, House Republicans set a spending cut target of $2 trillion over a decade and agreed that the scope of Trump's tax cuts would be scaled back to reflect any shortfall in funding reductions.

But with House and Senate moderates pushing back on deep cuts to social safety-net programs and environmental initiatives, some worry the $2 trillion goal could be out of reach.

"That is the biggest challenge, getting that to the sweet spot where we have enough significant and noteworthy spending cuts to finalize the tax side," said Representative Blake Moore, vice chair of the House Republican Conference.

Up to now, Republicans have looked to the Medicaid healthcare program for lower-income Americans and green tax credits for $880 billion in spending cuts over a decade. Education and agriculture programs have been targeted for an additional $560 billion in cuts.

But concerns about Medicaid among a dozen House Republicans and several Senate Republicans have prompted Trump and party leaders to assure lawmakers that savings will not lead to cuts in benefits.

Those assurances have reduced fears about major cuts in the federal contribution to Medicaid, which is funded jointly by federal and state governments. More than 79 million Americans were enrolled in the program or a related healthcare service for poor children as of October.

Source: Reuters

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Manuel

Economic

China–U.S. Trade War

Oil declined as traders parsed economic data from the US and awaited further developments regarding President Donald Trump’s trade war, including China’s efforts to support its tariff-hit economy.

West Texas Intermediate fell by 1.5% to settle near $62 a barrel, the lowest close in nearly two weeks. US equities also weakened amid a selloff in big tech and after a report found that Texas manufacturing activity had reached the lowest levels since May 2020. Treasury Secretary Scott Bessent told CNBC that while the US government is in contact with China, the onus is on Beijing to begin de-escalating the trade war with the US.

In China — the top crude importer — officials vowed to provide more support for exporters affected by Trump’s tariffs, while denying any trade talks with Washington. Authorities are confident they can reach an expansion target of about 5% in 2025, Zhao Chenxin, vice chairman of the National Development and Reform Commission, said in a briefing.

US crude is headed for a monthly slump of more than 13%, the biggest since 2021, after touching a four-year low. Futures have been burdened by concerns that the US-led trade war will stifle economic activity and hurt energy demand. At the same time, the OPEC+ cartel has compounded bearish sentiment by ramping up idled production. The group will hold discussions on May 5 to weigh output plans for June.

The market’s next cues could come from a raft of major economic data this week, including US growth and payrolls figures. Investors will also get a chance to hear views on the global crude market outlook this week as oil supermajors BP Plc, Shell Plc, Chevron Corp. and Exxon Mobil Corp. report earnings.

“Near-term crude looks decent despite bearish sentiment” and aided by low onshore crude inventories, said Aldo Spanjer, head of energy strategy at BNP Paribas. “Through the third quarter and the fourth quarter, we see enough stock build to take some of the bullish pressure off, while increasing non-OPEC+ supplies lengthen balances further.”

On the geopolitical front, the US and Iran reported signs of progress in talks on a deal over Tehran’s nuclear program, and the two sides agreed to meet again in Europe. Separately, an explosion at the nation’s Shahid Rajaee port on Saturday left dozens dead. The major hub has a strategic location on the Strait of Hormuz, a key conduit for the global oil trade.

Several Spanish oil refineries were also halted after most of the country was hit by a power failure Monday.

Source: RigZone

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Stocks

Economic

The S&P 500 closed a choppy session nearly unchanged on Monday, weighed down by megacaps as investors awaited several catalysts including key economic data and earnings from some of the largest U.S. companies.

Megacaps Nvidia (NVDA.O), opens new tab, off 2.1%, and Amazon (AMZN.O), opens new tab, down 0.7%, were the primary drags on the benchmark S&P 500 index and also kept the Nasdaq in negative territory.

The Wall Street Journal reported on Sunday that China's Huawei Technologies was preparing to test its artificial-intelligence processor, which it hopes can replace some of Nvidia's higher-end products.

Of the so-called Magnificent Seven heavyweight companies, Amazon is scheduled to report quarterly results later this week, along with Apple (AAPL.O), opens new tab, Meta Platforms (META.O), opens new tab and Microsoft (MSFT.O), opens new tab. Apple, up 0.4%, and Meta up 0.5%, both helped counter the declines in Nvidia and Amazon.

In all, 180 S&P 500 components are set to report earnings this week, and investors are likely to closely monitor how U.S. President Donald Trump's new tariffs could affect future profits.

"We're going to get four of the Mag 7 reporting this week and so this is a very important earnings week," said Jack Ablin, chief investment officer at Cresset Capital in Chicago.

"I'd love to hear any kind of forward guidance and it will be really interesting to hear some of these CEOs talk about how they're planning to navigate the potential trade war."

The Dow Jones Industrial Average (.DJI), opens new tab rose 114.09 points, or 0.28%, to 40,227.59, the S&P 500 (.SPX), opens new tab gained 3.54 points, or 0.06%, to 5,528.75 and the Nasdaq Composite (.IXIC), opens new tab lost 16.81 points, or 0.10%, to 17,366.13.

The slight gain for the S&P 500 marked its fifth straight daily advance, its longest streak of gains since early November.

Though first-quarter earnings from S&P 500 companies are expected to climb 10.9% from a year ago, according to LSEG data, many firms have warned of the uncertainty caused by U.S. trade policy, with some cutting or completely pulling forecasts.

Of the 179 S&P companies that have reported, 78 had negative earnings outlooks and 32 had positive forecasts, for a 2.4 ratio, slightly below the 2.6 in the year-ago period, LSEG data showed.

Investors will also parse important economic data, including the personal consumption expenditures price index and a flurry of labor market data culminating in the monthly U.S. payrolls report on Friday.

A 2.4% gain in Boeing (BA.N), opens new tab shares helped keep the Dow in positive territory after Bernstein raised the aircraft maker's stock rating and price target.

Trading was choppy after stocks opened firmer, with the S&P 500 and the Nasdaq briefly touching their highest levels since April 2, prior to Trump's tariff announcement.

Markets have stabilized somewhat in recent weeks on optimism over potential deals between the U.S. and its trading partners, especially China.

However, a lack of clarity on Sino-U.S. negotiations has kept the market sensitive to any developments. The S&P 500 (.SPX), opens new tab remains about 10% below its February record high as investors look for clues on the extent of any tariff damage.

A majority of economists polled by Reuters said the risks of the global economy slipping into recession this year were high.

Spirit AeroSystems (SPR.N), opens new tab shares advanced 2.6% after Airbus (AIR.PA), opens new tab reached a deal to take over some of the company's plants.

Advancing issues outnumbered decliners by a 2-to-1 ratio on the NYSE and by a 1.27-to-1 ratio on the Nasdaq.

The S&P 500 posted three new 52-week highs and two new lows, while the Nasdaq Composite recorded 47 new highs and 53 new lows.

Volume on U.S. exchanges was 17.05 billion shares, compared with the 19.26 billion average for the full session over the last 20 trading days.

Source: Reuters

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Bond

China–U.S. Trade War

U.S. Treasury yields eased to near three-week lows on Monday, marking the half-way unwind from this month's bond rout as a dearth of new tariff news allowed investors to zero in on impending economic data, crowned by Friday's payrolls report.

Trading was more muted than in recent weeks of high volatility, when U.S. President Donald Trump sent Treasuries tumbling and benchmark yields up about 70 basis points amid fear that his erratic announcements on import levies made dollar-based assets less secure, and U.S. and global economic growth less assured.

With month-end on Wednesday, along with the first read on first quarter gross domestic product and the personal consumption expenditures price index, traders look loath to take any unnecessary risk. Other labor market data is also sprinkled through the week, in the run-up to Friday's all-important April employment release.

"Generally, the data isn't likely to show a full-blown collapse, but it will continue to keep investors nervous that growth is slowing," said Gennadiy Goldberg, head of U.S. rates strategy at TD Securities, New York.

The yield on the benchmark U.S. 10-year Treasury note (US10YT=TWEB) fell to its lowest since April 8, and in late trade was off 3.9 basis points from Friday afternoon at 4.227%.

There have been not-entirely-convincing signs that the U.S. and China could be willing to de-escalate trade tensions.

Competing claims on the state of negotiations from Beijing and Trump highlighted the uncertainties facing investors seeking to navigate Trump's upending of world trade.

HIGH RISK OF RECESSION

The week also marks 100 days since Trump took office and began his assault on trade, and confidence in America. Despite an initial rally in equities after his election in November, the S&P 500 has declined about 5% since then, and fallen more than 10% from February's record high as markets assess the potential impact of tariffs.

Bonds had a wild ride, too, as investors reconsidered U.S. market supremacy. The 10-year yield rose from a low of 3.86% on April 4, two days after Trump's ill-received "Liberation Day" tariff unveiling, to 4.592% a week later. It has now fallen 36 of those 73 bps.

A majority of economists polled by Reuters said the risk of the global economy slipping into recession this year was high. But Trump's tariff rollercoaster has made the Federal Reserve's job even harder, given prospects for inflation to rise away from its 2% target even if growth slows.

The Federal Open Market Committee meets next week, with futures traders betting that it will, starting in June, lower rates by 25 basis points at least four times this year from the current range of 4.25%-4.50%, where the policy rate has stood since December.

While the auction calendar is light this week, the U.S. Treasury released its borrowing estimates for April through June and July through September late on Monday, in advance of announcing its refunding plans across maturities on Wednesday morning.

The Treasury expects to borrow $514 billion in the second quarter, $391 billion higher than its February estimate.

The yield on the 30-year bond (US30YT=TWEB) eased 3.5 bp to 4.703%.

A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes (US2US10=TWEB), seen as an indicator of economic expectations, was at a positive 52.7 basis points about 4.5 bp steeper than Friday.

The two-year (US2YT=TWEB) U.S. Treasury yield, which typically moves in step with interest rate expectations, fell 6.3 bp to 3.699%, plumbing its lowest since April 9.

The breakeven rate on five-year U.S. Treasury Inflation-Protected Securities (TIPS) (US5YTIP=TWEB) was last at 2.324% after closing at 2.331% on April 25.

The 10-year TIPS breakeven rate (US10YTIP=TWEB) was last at 2.25%, indicating the market sees inflation averaging about 2.3% a year for the next decade, higher than the Fed's target. US Yields Slip Further Ahead of Heavy Data Slate_1

US Yields Slip Further Ahead of Heavy Data Slate_1

Source: Reuters

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Economic

China–U.S. Trade War

President Trump's tariffs have sparked fears that US economic growth could slow materially in 2025. At this point, this sentiment has largely shown up in weak survey data, but one other indicator is already flashing warning signs.

Incoming shipments to the Port of Los Angeles are expected to be roughly 36% lower than the previous year in the week ending May 10.

The port is a key location for imports from China. Economists believe the pullback in expected shipping container arrivals is likely an early sign of slowing trade activity between the US and China as Trump's 145% tariff rate on China weighs on trade. It could also be an early sign of slowing economic growth to come.

Bank of America senior US economist Aditya Bhave wrote in a note to clients that the expected fall in shipment arrivals at the port over the next few weeks shows the likely end of businesses and consumers "front-loading" tariffs and the start of a "broader pullback" in China trade.

While other key indicators of an economic slowdown, like weekly filings for unemployment benefits, haven't ticked up yet, RSM chief economist Joe Brusuelas told Yahoo Finance he's been watching the activity at the Port of Los Angeles. Brusuelas noted that the decline in activity is one of the first signs that US economic growth is set to cool.

"In June, what that means is there'll be less goods on the shelves," Brusuelas said. "Less goods equals higher prices. At a time when inflation goes up, that means less disposable income, less demand."

The key question in the economic narrative has been when downbeat sentiment data from consumers and businesses could show up in actual growth data. Slower shipping rates are one reason EY chief economist Gregory Daco told Yahoo Finance he expects data to reflect weaker economic activity in the coming months.

"We're seeing cancellations in different ocean lines," Daco said. "We're seeing essentially a pullback in orders that are already being seen as of mid-April. So I would anticipate that we'll see that in the [economic growth] data over the next couple of months."

Broadly, economists are still debating just how much US economic growth will slow this year as the higher costs of goods from tariffs are expected to weigh on consumer spending. In a research note on Monday, JPMorgan Asset Management chief global strategist David Kelly wrote that without a quick resolution to the trade war, imports, exports, and inventories all look set to fall sharply.

"Consumers could slow purchases in the face of higher prices and lower inventories while companies could cut back on hiring, capital spending and travel and entertainment expenses, all dragging on demand," Kelly wrote. "Real GDP growth could be very slow, or even negative, over at least the first three quarters of 2025."