Bitcoin rose above $96,000 despite GDP contraction fears. Hyperliquid is eyeing a breakout above $20, while Ripple’s XRP consolidates at $2.21 with acquisition discussions for Circle stirring interest. Market caution advised as potential risks loom.
Bitcoin Price Surge Amid US GDP Concerns
Bitcoin (BTC) has surged past the critical milestone of $96,000 as of Thursday, bouncing back following a slight retreat the previous day. The temporary drop was linked to the US GDP contraction reported at 0.3% for Q1, which sparked fears of a potential recession. But the decline was short-lived, as BTC quickly rebounded to reclaim its position above that significant resistance level.
Hyperliquid Faces Resistance at $20
On Thursday, Hyperliquid (HYPE) traded around $19.85, holding strong from recent gains. The coin faced resistance near the $20 mark on Wednesday, leading to a brief pause as investors strategised for the next leap upwards. Currently, HYPE is positioned above the 100-day Exponential Moving Average (EMA) at $18.41, indicating a bullish scenario, especially after recent highs above a descending trendline.
Ripple’s XRP Steady as Acquisition Plans Unfold
Meanwhile, Ripple’s XRP is consolidating at $2.21 as of Thursday amidst a generally stable cryptocurrency market. Key support appears to hover above $2.20, which could catapult the price towards $3.00 if trends continue. Ripple’s bid of around $5 billion to acquire Circle, the issuer behind the USDC stablecoin, is creating buzz in the sector, though Circle is more focused on its public offering.
Details on Circle Acquisition Bid
Ripple’s ambition of acquiring Circle, estimated between $4 and $5 billion, has grabbed attention across the crypto landscape. Circle, responsible for the USDC stablecoin, proudly holds a market cap of $61.5 billion, making this a noteworthy move. However, the market is sceptical, as Circle appears hesitant to engage in acquisition discussions in favour of pursuing its initial public offering.
Market Note: Use Caution in Investing
As with any market, investments carry inherent risks. Information shared in this article entails forward-looking statements and may not serve as investment recommendations. Investors are strongly advised to conduct their own thorough research before making financial decisions, as errors or timely inaccuracies could exist. The views presented are those of the authors themselves, and they do not necessarily align with the positions of FXStreet.
Editor’s Picks and Other Updates
In other news, Solana (SOL) is finding a stable footing at approximately $149, driven by impressive on-chain data and growing stablecoin market cap. Meanwhile, select altcoins such as Fartcoin, Virtuals Protocol, and Curve DAO are witnessing bullish trends despite a tempered overall market environment. Additionally, Coinbase is set to screen its case with the Supreme Court regarding customer data access, while institutional interest in Bitcoin ETFs is expected to increase significantly by 2025.
Overall, the crypto market remains volatile, yet certain assets are showing resilience during this dynamic period.
