Here’s a quick recap of the crypto landscape for Wednesday (May 7) as of 9:00 p.m. UTC.
Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin and Ethereum price update
Bitcoin (BTC) was priced at US$96,171.23 as markets closed, up 1.3 percent in 24 hours. The day’s range has seen a low of US$95,967.46 and a high of US$97,387.02.
Bitcoin performance, May 7, 2025.
Chart via TradingView.
Bitcoin showed signs of a bullish reversal leading up to the US Federal Reserve’s Wednesday interest rate decision. Roughly US$83.6 million in short Bitcoin positions were liquidated on Wednesday, significantly more than the US$15 million in long liquidations, indicating strong upward momentum. Bitcoin open interest has also increased by a notable percentage over the last 24 hours, adding to a nearly 30 percent increase over the last 30 days.
Analysts have noted that holding above US$95,000 will be crucial for a potential climb towards Bitcoin’s all-time high, while dropping below risked a significant fall. The next target is near US$98,000, with a longer-term target around US$100,200 if that resistance breaks. However, analysts for CryptoQuant have also pointed to significant profit-taking as a potential headwind that could interrupt this upward trend.
Ethereum (ETH) finished the trading day at US$1,797.11, a 0.6 percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$1,792.06 and saw a daily high of US$1,831.84.
Today’s crypto news to know
New Hampshire becomes first state to launch crypto reserve
New Hampshire has officially become the first US state to greenlight a cryptocurrency reserve after Governor Kelly Ayotte signed House Bill 302 into law.
The measure authorizes the state treasurer to invest up to 5 percent of public funds in digital assets with a market cap above US$500 billion — effectively limiting the scope to Bitcoin for now.
The assets, along with precious metals, will be held either via a secure custodian or an exchange-traded product. The law goes into effect in 60 days and marks a significant milestone in state-level crypto adoption.
Unlike the federal government’s stagnant plans for a bitcoin reserve, New Hampshire is moving ahead with direct investment. Advocates hope the move will inspire similar initiatives in other states and potentially drive further institutional interest in Bitcoin.
Trump’s crypto projects spark legislative gridlock on Capitol Hill
President Donald Trump’s growing involvement in the crypto sector is intensifying partisan divisions in Congress and jeopardizing progress on digital asset legislation.
A hearing that was set to lay groundwork for crypto market regulation was abruptly cancelled after Rep. Maxine Waters voiced strong objections, citing Trump’s self-promotional crypto ventures as a conflict of interest.
Trump’s $TRUMP meme coin and his partial ownership of World Liberty Financial have drawn criticism from ethics experts and lawmakers alike. Democrats argue that advancing regulation while the former president promotes personal crypto investments creates a perception of impropriety.
Meanwhile, the administration defends the projects, stating Trump’s assets are held in a trust and pose no conflict. Nonetheless, legislative momentum on crypto has clearly slowed, with bipartisan collaboration now under strain.
Crypto gains traction in New Jersey democratic primary
Democratic gubernatorial hopefuls in New Jersey are leaning into crypto policy as a key plank of their campaigns, signaling a broader political shift.
A Bloomberg exclusive reports that leading candidates like Rep. Mikie Sherrill and Jersey City Mayor Steve Fulop have publicly endorsed integrating digital assets into state governance.
Fulop even proposes allocating part of the state’s pension fund to Bitcoin ETFs, a move he previously advanced at the city level. Rep. Josh Gottheimer, another contender, has framed crypto as a driver of economic growth and has backed federal legislation aimed at regulating the industry.
With Donald Trump having successfully capitalized on crypto enthusiasm in his reelection campaign, Democrats are recalibrating their stance to stay competitive.
The growing acceptance of digital assets among candidates suggests crypto will remain a prominent topic in the 2025 election cycle.
Pectra upgrade goes live
Ethereum’s Pectra upgrade, featuring the Prague execution layer hard fork and the Electra consensus layer upgrade, went live on the Ethereum mainnet at about 10:00 am UTC on Wednesday at the start of epoch 364032.
The three main Ethereum improvement proposals (EIPs) included are EIP-7702, EIP-7251 and EIP-7691, which aim to improve user-friendliness and efficiency.
EIP-7702 will enable externally owned accounts to function like smart contracts, handling gas fees and payments in various tokens. EIP-7251 will raise the validator staking limit to 2,048 ETH, streamlining operations for large stakers. Lastly, EIP-7691 will increase data blobs per block, enhancing layer-2 scalability and potentially lowering transaction costs.
The change comes as the growth of Ethereum’s total value locked has lagged behind that of Solana and BNB Chain this year. Artemis data reveals a net outflow of US$50.7 billion for Ethereum year-over-year, contrasting with US$8.3 billion for Base and US$5.8 billion for Solana. However, in the month leading up to the upgrade, Ethereum experienced higher inflows than both Base and Solana.
BlackRock’s Bitcoin ETF outpaces gold funds in 2025 Inflows
Despite gold outperforming bitcoin in price appreciation this year, BlackRock’s spot Bitcoin ETF (IBIT) has outshined traditional gold funds in net inflows.
Since January, IBIT has drawn nearly US$7 billion, surpassing the SPDR Gold Trust, which brought in US$6.5 billion over the same period.
The ETF’s success comes even as Bitcoin prices have lagged behind gold’s recent surge, reflecting institutional faith in digital assets’ long-term value.
Analysts say this trend underscores a shift in investor behavior, with many viewing Bitcoin as a digital complement — or even replacement — for gold.
Analysts now believe bitcoin ETFs could triple gold’s assets under management within the next five years.
Strive Asset Management to form Bitcoin treasury company
Strive Asset Management, an enterprise founded by former presidential candidate Vivek Ramaswamy, revealed plans to transition into a Bitcoin treasury company on Wednesday.
According to the announcement, the transition will be accomplished by a reverse merger with publicly traded Asset Entities (NASDAQ:ASST). The company will operate under the Strive brand, and will likely continue to trade on the Nasdaq under the ticker symbol ASST for the foreseeable future. The merged entity will leverage its combined stock value and access to public equity markets to fund further Bitcoin acquisitions.
“Strive Asset Management intends to use all available mechanisms to build a Bitcoin war chest in a minimally dilutive manner to common shareholders and build a long-term investment approach designed to outperform Bitcoin, by using Bitcoin itself as the hurdle rate for capital deployment,” Strike said in its release.
Metaplanet increases Bitcoin holdings
Metaplanet (OTCQX:MTPLF,TSE:3350) purchased an additional 555 Bitcoin on Wednesday for US$53.4 million at an average price of US$96,134. The purchase is valued at over US$536 million at current prices.
The company now holds 5,555 BTC, purchased for US$481.5 million at an average price of US$86,672 per Bitcoin, according to CEO Simon Gerovich. The company also announced the issuance of another US$25 million in zero-coupon ordinary bonds to fund additional BTC buys.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Read the full article here
