Bitcoin Tries To Recover After Turbulent Few Weeks

Bitcoin (BTC) has continued its impressive climb, reaching over $67,400 yesterday, the highest it has been in over a month. This comes after a turbulent start to May when BTC plummeted to a multi-month low below $57,000. However, the flagship cryptocurrency began its recovery, hitting $65,000 on May 6th, only to dip again below $61,000 on May 10th. TON and NEAR are among the few altcoins currently seeing declines, while the broader crypto market experiences significant movement.

Surging To New Heights

The bulls took control at that point, halting further declines. BTC steadied itself over the weekend and began rising again, reaching just over $63,000 by Monday. A slight dip to $61,200 on Tuesday was quickly reversed following lower U.S. inflation rate announcements on Wednesday. This news sent BTC soaring past $66,000, despite a brief pullback, with Bitcoin ETF inflows pushing it to a 5-week high of over $67,400.

Despite some retracement, BTC remains around $67,000, with its market cap increasing to $1.320 trillion. Its dominance over altcoins has slightly decreased to 51.6%. Ethereum (ETH) has finally joined the rally. After struggling to reclaim the $3,000 mark for several weeks, ETH surged past this resistance level, reaching over $3,100 yesterday for the first time in over a week.

Most large-cap altcoins are also seeing gains of around 1-2%. However, Toncoin has fallen by more than 3%, and HEAR is down by 4%. The overall crypto market cap has grown by approximately $20 billion overnight, now standing at $2.560 trillion.

Other Markets

The Dow has surpassed 40,000 for the first time as investors show optimism about potential rate cuts. Stock markets worldwide are hitting record highs. Meanwhile, multinational companies are seeking ways to protect themselves against the strengthening Mexican peso. The recent surge in meme stocks has led to significant volatility for some traders. The S&P is experiencing a profit boost, driven by big tech companies and strong consumer spending.

In other news, a recent survey indicates that most Thais support the proposal to reclassify cannabis as a drug. Mexico has issued a state of alert for its power grid due to an ongoing heat wave. Traders are now navigating new U.S. tariffs on Chinese goods. At Gildan, executives are pushing for board changes and the return of former CEO Chamandy, while major funds are anticipating an end to the Anything But Bonds trade.

Additionally, the owner of Inter Milan FC has criticized creditor Oaktree as a loan deadline approaches. Fund managers are looking to benefit through Italian tax incentives, and Russia has frozen the assets of Deutsche Bank, Commerzbank, and UniCredit. Lastly, the FBC Holdings in Zimbabwe has acquired a unit of Standard Chartered.