Bitcoin approaches $94,000 as market cap hits $2.95 trillion, showing bullish trends. MicroStrategy expands BTC holdings significantly, while Upexi’s shares surge following Solana adoption. Regulatory concerns arise around cryptocurrencies, particularly regarding US dollar-backed stablecoins.
Bitcoin is approaching the $94,000 threshold, a level it briefly exceeded in early March. The cryptocurrency market capitalisation has risen by 6.4% within the last 24 hours, reaching $2.95 trillion, marking its highest level in seven weeks. This rise was bolstered by positive movements in global financial markets, although a recovery was evident on Monday despite declining stock indices.
Market sentiment for cryptocurrencies has shifted markedly towards greed, with the relevant index climbing to 72—the highest since late January. Bitcoin’s sustained trading above the $94,000 mark had not been seen since late February prior to the recent sell-off. There is a clear bullish trend as prices have risen sharply from the 50-day moving average and decisively broken past the 200-day moving average. The price has also surpassed resistance levels established since January, with the next significant target estimated around the $96,000 region, potentially leading to new record highs near $110,000.
Last week, MicroStrategy made headlines by acquiring an additional 6,556 BTC for $555.8 million, averaging $84,785 per coin. The company now possesses a total of 538,200 BTC, with an average cost of approximately $67,766, totalling an investment of about $36.47 billion. Additionally, shares of Upexi surged over sixfold following their announcement of adopting Solana as a reserve asset, indicating a strategic increase in their holdings of SOL tokens.
In the past fortnight, Lookonchain reported that Galaxy Digital, led by Mike Novogratz, traded $105 million worth of Ethereum for Solana. Meanwhile, Paul Atkins has been officially sworn in as the new Chair of the US SEC, identifying the establishment of a clear regulatory framework for digital assets as a top priority. According to Politico, the ECB expresses concerns over President Trump’s support for the cryptocurrency sector, citing potential financial contagion risks that could negatively affect the European economy, particularly due to the growing influence of US dollar-backed stablecoins.
Alexander, an expert with over a decade of experience in currency market analysis, global economics, gold, and oil, frequently provides insights for leading socio-economic magazines, as well as radio and television interviews, while also publishing his own research.
