CoinDesk
28 May 2025
1 0

Bitcoin Surges 56.9% While Luxury Watch Market Faces Decline

Market Overview

Key developments in crypto markets include:

  • Ethereum: Surged past $2,600, up 3.7%, breaking resistance at $2,500 with strong institutional ETF inflows totaling $248 million last week. Total value locked (TVL) in DeFi rose 3.59% to $64.37 billion. Active addresses remain flat at 406,180, indicating limited user growth.
  • Bitcoin: Increased by 56.9% over the past year, currently stabilizing around $107,604, just below $110,000. Divergence from luxury watch prices noted, as watches fell by 4%.
  • Circle IPO: Filed for an initial public offering on NYSE under ticker "CRCL," seeking to sell 24 million shares priced between $24 and $26 each, potentially raising nearly $625 million.
  • U.S. Bitcoin Mining: Marathon Digital CEO recommended U.S. government start mining bitcoin using excess hydroelectricity to create a strategic reserve, supported by Senator Cynthia Lummis' proposed BITCOIN Act.

Market Movements

  • BTC: Bounced back strongly, stabilizing below key resistance levels.
  • ETH: Broke above $2,600 amidst strong institutional activity, though active address growth is flat.
  • Gold: Trading at $3,315.30 per ounce, down 0.77%, with near-term forecasts adjusted to between $3,100 and $3,500.
  • Nikkei 225: Projected to rise approximately 5% to 39,600 by year-end amid easing trade tensions.
  • S&P 500: Closed about 2.1% higher due to optimism surrounding delayed U.S.-EU tariffs.

Additional News