What to know:
- Major cryptocurrencies paused their recent rally, with bitcoin slipping below $81,000 and ether and dogecoin retreating even as weekly gains remained solid.
- Global equities climbed to fresh records on optimism over a potential U.S.-Iran cease-fire and strong corporate earnings, while oil eased and gold extended its surge on rate-cut hopes.
- Analysts see bitcoin’s 200-day moving average near $83,300 as a key bullish test amid rising stablecoin issuance, growing institutional interest from firms like Morgan Stanley, and continued accumulation of ether by large holders.
The crypto rally took a pit stop on Thursday while equities kept zooming higher.
Bitcoin’s price dipped slightly to $80,945 during Asian trading, a decrease of 0.7% over the past day, but it remains up 6.9% for the week. Ether (ETH) fell more noticeably, dropping 2% to $2,326. Meanwhile, Solana experienced the biggest decline, losing 4.4% to $0.1106, despite strong gains last week that had pushed its monthly returns into double-digit territory.
XRP and BNB remained relatively stable, trading at $1.41 and $643 respectively (with BNB seeing a 1.3% increase). Solana, however, experienced a significant jump, rising 6.1% over the week to reach $88.06.
I saw a bit of a dip in crypto prices, and it seemed to happen right as stock markets were surging. The news was that the U.S. and Iran might be close to a deal to end their recent conflict, and that positive news apparently lifted stocks, while crypto took a little breather.
Global stock markets generally rose on Wednesday, with the MSCI All Country World Index up 0.3% and Asian markets leading the way, hitting a new record high with a 1.9% increase. Japan’s Nikkei 225 also reached its highest point during the trading day. South Korea surpassed Canada to become the seventh-largest stock market globally, boosted by strong gains in companies like Softbank (up 18%) and TSMC (up 3.3%). In the US, Wall Street closed at record highs, with approximately 80% of companies in the S&P 500 reporting better-than-expected earnings, according to Bloomberg.
Brent crude oil prices remained below $102 a barrel as traders anticipated a potential agreement between the US and Iran that could restore oil flow through the Strait of Hormuz. Meanwhile, gold prices continued to rise for the third consecutive day, reaching $4,700 an ounce, driven by expectations of interest rate cuts by the Federal Reserve and declining inflation.
According to FxPro’s Alex Kuptsikevich, bitcoin is now facing a key test around $83,300, near its 200-day moving average. This average is a common tool for traders to smooth out price fluctuations and identify long-term trends.
He believes that if the price stays firmly above this level, it will further confirm that buyers are in control. This follows an earlier positive sign last month when bitcoin remained above its 50-day moving average. He also anticipates a brief period where some investors may sell to realize profits as the price nears $83,000, which is a normal part of a price increase.
The overall market structure still suggests prices will keep rising. Analyst Darkfost notes that Tether’s market value has increased by $5.9 billion in the last two months, a shift from the $2 billion monthly decrease seen earlier in 2026. These new Tether issuances are generally seen as bringing fresh money into the cryptocurrency market.
Morgan Stanley recently indicated that US banks could potentially include bitcoin on their balance sheets in the future, even though current regulations make it difficult. The bank is already offering a bitcoin-linked product and intends to allow its wealth management clients to trade cryptocurrencies directly later this year.
Western Union has introduced its own digital currency, USDPT, built on the Solana network. This move is designed to speed up international money transfers by avoiding the often slow process of using traditional banks.
BitMine continued to build its Ethereum holdings, adding over 100,000 ETH for the third week in a row. They now hold 5.18 million ETH, valued at approximately $13 billion, which represents 4.29% of all Ethereum in circulation.
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In this article
BTCBTC$80,884.05◢0.55%
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2026-05-07 07:52