Bitcoin Targets $100K, Ripple Sees Setbacks on Stablecoin, ETF Fronts: Your Weekly Crypto Recap

The past week was a lot less volatile than the events that transpired at the start of the month, when BTC’s price tumbled hard to a five-month low. In contrast, the cryptocurrency now moves in a much calmer but more positive manner.

Recall that bitcoin flew past the $90,000 milestone on April 22 and hasn’t looked back. In fact, the asset kept climbing in the following days and challenged $96,000 on a couple of occasions, but to no avail. Although it was rejected at every turn, the subsequent corrections were nowhere near as painful as the price crashes that occurred in early April.

Just the opposite; BTC began trading in a tight range between a lower boundary of $93,000 and an upper one at $96,000. It stood there for several consecutive days, as the bears tried to push it below the support line.

However, each attempt was met with immediate buying pressure, which didn’t allow another breakdown. In fact, bitcoin went on the offensive once again yesterday as its price jumped above the upper boundary and kept increasing to a new multi-month peak of over $97,000 as of now. This came as analysts highlighted the formation of a familiar pattern, which has historically led to immediate gains.

Miner data also suggests that BTC’s bull run has restarted, as bitcoin’s price recently dropped to a local bottom compared to the average miner cost of production.

For now, though, BTC remains inches above $97,000 with all eyes set on the $100,000 target. The asset is up by 3% on a weekly scale, which is better than most larger-cap altcoins, aside from ETH, HYPE, AAVE, and XMR. Perhaps that’s why its dominance continues to chart new multi-year peaks.

Market Data

Market Cap: $3.133T | 24H Vol: $82B | BTC Dominance: 61.6%

BTC: $97,337 (+3%) | ETH: $1,849 (+4.2%) | XRP: $2.23 (+2%)

This Week’s Crypto Headlines You Can’t Miss

Movement Labs Suspends Co-Founder Amid Market Maker Scandal: Full Details. Rushi Manche, Movement Labs’ co-founder, was suspended by the team following revelations of a dubious market-making deal, which led to a substantial $38 million token dump.

Bitcoin’s Next Move: 3 Scenarios to Watch in 2025. Following the aforementioned impressive price rally for BTC, in which the asset gained over $20,000 within a couple of weeks, CryptoQuant laid out the three most likely scenarios to take place by the end of the year. Hint: the bearish one is the least expected.

Why Was Ripple’s $5 Billion Takeover Offer Rejected by Circle? (Report) As the title of this Market Update reads, Ripple faced some setbacks this week. One of them was the refusal of a mega deal to acquire the company behind the second-biggest stablecoin, Circle. Citing people familiar with the matter, Bloomberg said the offer of around $5 billion was too low.

SEC Delays Decision on Spot Ripple, Dogecoin ETF Applications. The second didn’t come as such a big surprise to the community. Staying true to its tactic with the first BTC and ETH ETF applications, the US SEC delayed making a decision on Franklin Templeton’s XRP ETF proposal. Bitwise’s DOGE ETF had a similar fate. The new deadlines are set for June 17 and June 15, respectively.

It’s Time to Buy Bitcoin and Altcoins: Arthur Hayes. Speaking during this week’s mega conference in Dubai (Token2049), Arthur Hayes said the real bull market is just getting started. He advised people that “it’s time to go long everything.”

$4 Billion in 2 Weeks: Bitcoin Whales Go on Massive Accumulation Spree. Perhaps following the advice from BitMEX’s former CEO, BTC whales went on a massive shopping spree in recent weeks, acquiring roughly $4 billion worth of the asset.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Hype, and Solana – click here for the complete price analysis.