Crypto Price Analysis 5-16: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, NEAR PROTOCOL: NEAR, COSMOS: ATOM

The crypto market registered a marginal increase over the past 24 hours as Bitcoin (BTC) and other cryptocurrencies rebounded after a sluggish week. BTC had dropped to a low of $101,432 on Monday before rebounding to $103,820. The flagship cryptocurrency is up over 1% during the ongoing session, trading around $104,100. Ethereum (ETH) also recovered, registering a marginal increase and moving to $2,587. However, Ripple (XRP) registered a sharp decline after a US Court denied the SEC and Ripple’s request to lift an injunction prohibiting XRP sales to institutional investors, dropping over 4%. Solana (SOL) also registered a notable decline, falling nearly 2% to $171. Dogecoin (DOGE) also traded in the red, down over 2%, while Cardano registered a marginal decline and settled at $0.783. Chainlink (LINK) , Stellar (XLM) , Hedera (HBAR) , Toncoin (TON) , and Polkadot (DOT) also registered notable declines. However, Litecoin (LTC) bucked the bearish trend and registered an increase of nearly 2% in the past 24 hours. Fed Chair Says Zero-Interest Rates Unlikely To Return Federal Reserve Chair Jerome Powell has warned that new market realities mean zero or near-zero percent interest rates are unlikely to return. Speaking on Thursday, Fed Chair Powell warned about impending supply shocks that would keep interest rates higher. “Higher real rates may also reflect the possibility that inflation could be more volatile going forward than in the inter-crisis period of the 2010s. We may be entering a period of more frequent, and potentially more persistent, supply shocks — a difficult challenge for the economy and for central banks.” Powell’s remarks about impending supply shocks echoed earlier statements in response to President Donald Trump’s tariff and trade policy. The Fed Chair had earlier warned that the volatility of US trade policy could lead to slower growth and higher inflation. Powell noted that in such a scenario, it would be unclear which of the two the Fed would need to respond to on priority. The statement comes despite President Trump’s unyielding pressure on Powell to lower interest rates. FTX Announces Second Round Of Distributions To Eligible Creditors Bankrupt cryptocurrency exchange FTX announced plans to begin a second distribution worth $5 billion to eligible creditors. The amount will go to holders of allowed claims under FTX’s Chapter 11 reorganization plan. The distribution will cover eligible creditors in Convenience and Non-Convenience classes. However, the disbursement of the funds will be limited to FTX creditors who have completed the required pre-distribution processes. The defunct exchange announced the news in a post on X, stating, “FTX today announced it is set to distribute more than $5 billion in its Second Distribution to holders of allowed claims in the Plan’s Convenience and Non-Convenience Classes that have completed the pre-distribution requirements on May 30, 2025.” The exchange announced the initial distribution phase in February 2025, setting the date for the next distribution as April 11, 2025. The second distribution plan included a record for allowed claims with Class 5 customer entitlement claims and Class 6 general unsecured claims. It also covered holders of convenience claims that were allowed but not yet received. John J. Ray III, plan administrator of the FTX Recovery Trust, noted, “These first non-convenience class distributions are an important milestone for FTX. The scope and magnitude of the FTX creditor base make this an unprecedented distribution process, and today’s announcement reflects the outstanding success of the recovery and coordination efforts of our team of professionals. Our focus remains on recovering more for creditors and resolving outstanding claims.” 90% Of Financial Institutions Use Stablecoins Stablecoin adoption has registered a significant jump, with as many as 90% of financial institutions using them for day-to-day operations, according to the Fireblocks’ State of Stablecoins 2025 report. The report draws on responses from global banks, fintech, and payment providers using Fireblocks’ infrastructure. Fireblocks processes over 35 million stablecoin transactions in a month, making up 15% of global stablecoin volume. Coinbase Hit By Cyber Attack Coinbase, the largest cryptocurrency exchange in the US has revealed that a recent cyberattack could cost the platform $400 million. The exchange revealed it was contacted by hackers who claimed to have access to customer information. The hackers accessed the information by making payments to Coinbase employees and contractors. According to an official blog post, the hackers gained access to less than 1% of customer data, which they used to trick users into surrendering their crypto. The hackers demanded $20 million from Coinbase to keep the matter under wraps. However, Coinbase refused to pay the bribe, instead promising to repay every customer who was scammed. Coinbase’s disclosure led to a 4.1% in its share price. The attack comes only days after the exchange disclosed it will join the benchmark S&P 500 Index. The attack also shows how the crypto industry has become the target of hackers and elaborate fraud schemes as it continues to register record growth. Nick Jones, founder of crypto firm Zumo, stated, “Security remains a challenge for the crypto industry despite its growing mainstream acceptance. As our nascent industry grows rapidly, it draws the eye of bad actors, who are becoming increasingly sophisticated in the scope of their attacks.” Coinbase also stated that it is establishing a $20 million reward fund for information that could lead to the arrest and conviction of the hackers responsible for the attack. “We will reimburse customers who were tricked into sending funds to the attacker. We’re cooperating closely with law enforcement to pursue the harshest penalties possible and will not pay the $20 million ransom demand we received. Instead, we are establishing a $20 million reward fund for information leading to the arrest and conviction of the criminals responsible for this attack.” Bitcoin (BTC) Price Analysis Bitcoin (BTC) briefly climbed above $104,000 during the ongoing session but fell back as traders maintained a cautious outlook around the $105,000 resistance. The overall market sentiment around BTC remains positive despite buyer exhaustion as BTC trades near key technical and psychological levels. The flagship cryptocurrency trades just under the $104,000 mark as traders await the next catalyst to dictate price action. While BTC’s rally has taken a breather in recent sessions, JPMorgan analysts believe BTC could outperform gold in the second half of 2025. Edul Patel, co-founder and CEO of Mudrex, stated, “Bitcoin has continued to trade within a range between the $101,700 support and $104,800 resistance levels, maintaining its position above the critical $100K mark for the seventh consecutive day. BTC ETFs recorded outflows totaling $295 million.” Despite its inability to move past $105,000 thanks to profit-taking and selling pressure, BTC remained above $100,000 thanks to optimism over easing trade tensions between the US and China and the announcement of a trade deal between the US and UK. Consumer price index numbers were also softer than expected, easing inflationary pressure from trade tariffs. US producer prices also unexpectedly declined in April, driven by the sharpest drop in service costs since April. Lower inflation and reduced interest rates typically weaken the US Dollar, making assets like Bitcoin more attractive. A dovish stance by the Fed also boosts risk appetite, driving investors towards risky and speculative assets like cryptocurrencies. BTC started the previous week positively, rising 0.40% on Monday. The price continued to push higher on Tuesday, rising over 2% to cross $96,000 and settle at $96,845. BTC registered a marginal increase on Wednesday to cross $97,000 and settle at $97,005. Bullish sentiment intensified on Thursday after the US-UK trade deal. As a result, BTC rallied over 6%, surging past the $100,000 mark and settling at $103,096. However, it lost momentum on Friday, registering a marginal decline, slipping below $103,000 and settling at $102,851. BTC was back in bullish territory Saturday, rising almost 2% to cross $104,000 and settle at $104,617. Source: TradingView Despite positive price action on Saturday, the price was back in the red on Sunday, dropping almost 1% to $013,802. BTC encountered volatility on Monday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as the price dropped 1.04% to $102,728, but not before falling to an intraday low of $100,694. Price action was back in positive territory on Tuesday as BTC rose 1.36% to reclaim $104,000 and settle at 104,123. Sellers returned to the market on Wednesday as the price registered a marginal decline and settled at $103,568. BTC plunged to an intraday low of $101,432 on Thursday as selling pressure intensified. However, it rebounded from this level to register a marginal increase and settle at $103,820. The current session sees BTC down nearly 1% and trading at $103,276. Ethereum (ETH) Price Analysis Ethereum (ETH) has rebounded during the ongoing session after registering a substantial drop on Wednesday and Thursday. The world’s second-largest cryptocurrency trades under $2,600 after dropping to a low of 2,480 on Thursday. Despite the price increase during the ongoing session, daily trading volume registered a drop of 1.07%, indicating waning demand. Demand could pick up if ETH reclaims $2,700, potentially fueling a rally to $3,000. Riya Sehgal, Research Analyst at Delta Exchange, stated, “Ethereum is showing signs of a breakout setup, with $2,735 as a key resistance level to watch. Overall, while short-term volatility is possible, current price action suggests a consolidation phase that could precede the next leg up in this bull cycle.” ETH’s price action was muted at the beginning of the previous week, registering a marginal increase on Monday before dropping 0.22% and 0.26% on Tuesday and Wednesday to settle at $1,812. However, markets rallied on Thursday, and ETH surged nearly 22% to cross $2,000 and settle at $2,206. ETH raced to an intraday high of $2,489 as bullish sentiment intensified. Despite the momentum, it could not stay at this level and ultimately settled at $2,345 after an increase of over 6%. Buyers retained control on Saturday as ETH rose over 10% to cross $2,500 and settle at 2,585. However, price action turned bearish on Sunday as ETH fell nearly 3% to $2,514. Source: TradingView The price encountered volatility on Monday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as ETH registered a marginal decline to slip below $2,500 and settle at $2,496. Bullish sentiment returned on Tuesday as the price rose over 7% to cross $2,600 and settle at $2,681. However, ETH lost momentum on Wednesday, dropping nearly 3% to $2,610. Sellers retained control on Thursday as selling pressure persisted. As a result, the price fell 2.38% and settled at $2,548, but not before dropping to a low of $2,480. The current session sees ETH up over 1% and trading at $2,579. Solana (SOL) Price Analysis Solana (SOL) faced rejection at the key $180-$185 levels despite briefly rising to an intraday high of $184 on Thursday. The altcoin sits at a critical juncture as it faces selling pressure at higher levels. SOL could not sustain its move past $180, immediately falling, indicating that sellers are fiercely defending upper levels and increasing the likelihood of a retracement towards $150 or lower. SOL registered a notable increase last Monday, rising nearly 2% to $146. Price action remained muted on Tuesday and Wednesday as SOL registered marginal increases and moved to $147. Bullish sentiment intensified on Thursday after President Trump announced the US-UK trade deal. As a result, SOL rallied nearly 12% to cross $160 and settle at $164. Buyers retained control on Friday as the price rose over 5% and settled at $172. SOL continued to push higher on Saturday, increasing nearly 3% to $177. However, it lost momentum on Sunday, dropping almost 3% and settling at $173. Source: TradingView SOL started the week facing volatility as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as the price registered a marginal increase and settled at $174. SOL plunged to an intraday low of $165 on Tuesday as selling pressure intensified. However, it rebounded from this level to register an increase of 5.50% to cross the 200-day SMA and $180 and settle at $183. Buyer exhaustion set in on Wednesday, and SOL fell nearly 4%, slipping below $180 and the 200-day SMA and settling at $176. The price declined on Thursday, dropping over 4% to $169. SOL has recovered during the ongoing session and is up over 1%, trading around $171. Dogecoin (DOGE) Price Analysis Dogecoin (DOGE) registered a marginal decline on Monday (May 5) before rising 1% on Tuesday and settling at $0.172. The price registered a marginal increase on Wednesday before rising nearly 14% on Thursday and settling at $0.197. Buyers retained control on Friday as the price rose almost 4% to cross $0.20 and settle at $0.204. Bullish sentiment intensified on Saturday as DOGE surged over 22% and settled at $0.250. Despite the positive sentiment, DOGE was back in the red on Sunday, dropping nearly 8% and settling at $0.321. Source: TradingView DOGE encountered volatility on Monday, rising to an intraday high of $0.253, falling to a low of $0.220 before settling at $0.230, ultimately registering a marginal decline. The price recovered on Tuesday, rising 4.99% and settling at $0.241. However, selling pressure returned Wednesday, and DOGE fell 3.64% to $0.233. Bearish sentiment intensified on Thursday as the price fell over 6% to $0.218. Despite overwhelming selling pressure, DOGE has rebounded during the ongoing session and is up nearly 4%, trading around $0.227. Near Protocol (NEAR) Price Analysis NEAR Protocol (NEAR) struggled at the start of the previous week, registering a marginal drop on Monday. The price fell to an intraday low of $2.23 before settling at $2.32. Selling pressure returned on Wednesday as it fell 1.80% and settled at $2.28. Price action turned bullish on Thursday, and NEAR rallied nearly 20%, surging past the 20 and 50-day SMAs and settling at $2.73. Buyers retained control on Friday, and NEAR rose 6.04% to settle at $2.90. Bullish sentiment intensified on Saturday, and NEAR rose over 15%, surging past $3 and settling at $3.34. However, it lost momentum after reaching this level and dropped 6.41% on Sunday to end the weekend in the red at $3.13. Source: TradingView NEAR started the week facing volatility as the price rose to an intraday high of $3.33 and fell to a low of $3, before settling at $3.19. The price plunged to an intraday low of $2.99 on Tuesday as selling pressure intensified. However, it rebounded from this level to register an increase of 0.67% and settle at $3.21. Price action turned bearish on Wednesday as NEAR fell nearly 5% to $3.05. Selling pressure intensified on Thursday as the price plunged to an intraday low of $2.75 before settling at $2.87, ultimately registering a drop of $2.87. The current session sees NEAR up 2.48% and trading at $2.94 as buyers look to build momentum and reclaim $3. Cosmos (ATOM) Price Analysis Cosmos’ (ATOM) price action was bullish nearly all of last week but has turned bearish since the weekend after buyers lost momentum. ATOM started the previous week in the reg, registering a marginal decline on Monday. The price fell to an intraday low of $3.98 on Tuesday but rebounded to register an increase of 1.08% and settle at $4.11. ATOM continued to push higher on Wednesday, rising 1.13% to $4.16. Bullish sentiment intensified on Thursday as ATOM surged nearly 9%, crossing the 20 and 50-day SMAs and settling at $4.53. Buyers retained control on Friday as the price rose 0.05% to $4.94. ATOM continued its upward trajectory on Saturday, increasing 8.89% to cross $5 and settle at $5.38. Source: TradingView ATOM could not push higher as buyers lost momentum after reaching this level. As a result, the price fell to an intraday low of $5.12 on Sunday before settling at $5.29, ultimately registering a drop of 1.55%. ATOM faced volatility on Monday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as the price registered a drop of 1.21% and settled at $5.23. ATOM fell to an intraday low of $5 on Tuesday as selling pressure intensified. However, it rebounded from this level to register an increase of 0.67% and settle at $5.26. Selling pressure returned Wednesday as the price fell 3.30% to $5.09. Sellers retained control on Thursday as ATOM plunged nearly 5%, slipping below $5 and settling at $4.85. The current session sees ATOM up over 2% and trading at $4.96. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: Crypto Daily