Bitcoin has bounced back above $107,000 after a sharp weekend slump triggered by rising tensions between Israel and Iran.

According to CryptoSlate’s data, this is the first time in four days that BTC has crossed this level, showing signs of renewed investor confidence.

The downturn began after Israel launched a surprise strike on June 13, reportedly targeting Iran’s nuclear infrastructure and senior military officials. In retaliation, Iran responded with missile strikes on key Israeli cities, including Tel Aviv and Haifa.

The initial strike sent shockwaves through global markets, pushing Bitcoin down to around $103,000, a multi-week low. Over $1 billion in crypto positions were liquidated during the plunge, signaling a brief risk-off mood across digital assets.

However, investor sentiment toward digital assets appeared to have shifted by Monday morning amid the escalating tensions.

CryptoSlate’s data shows that all of the top 10 digital assets by market capitalization registered gains during the last 24 hours, with Solana leading the charge with a 9% jump to $157.

Ethereum followed with a 4% gain to more than $2,600, while Cardano also saw significant gains of over 3%.

CoinGlass data shows that around $280 million in positions were liquidated during the rebound. Notably, over half of these liquidations came from long positions, suggesting the swift turnaround caught many traders off guard.

Macro sentiments favor Bitcoin

Despite the escalating Middle East conflict, Bitcoin’s upward movement may be less about short-term relief and more about shifting macroeconomic sentiment.

Analysts at crypto research firm 10x Research suggest deeper macro themes could create a fertile ground for Bitcoin’s growth. According to the firm, factors like rising oil prices, strong bond yields, mixed labor data, and limited Fed guidance might allow the top crypto to flourish.

In addition, on-chain activity suggests a quiet rotation of capital from altcoins into Bitcoin. These reallocations and supportive macro signals could set the stage for a stronger BTC move later in the year.

Nonetheless, 10x Research stated that Bitcoin remains in a consolidation phase. According to the firm, as long as the BTC stays above the $100,437 support level, any short-term pullbacks will likely be limited.

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Cronos defied a sector-wide downtick on Friday after the crypto asset manager Canary Capital filed for a CRO-based exchange-traded fund (ETF).

CRO is the native asset of the Cronos layer-1 blockchain, which was developed by the exchange Crypto.com.

Canary filed an S-1 Form with the U.S. Securities and Exchange Commission (SEC), proposing an ETF that would offer investors exposure to CRO. If approved, the product would also stake a portion of its CRO holdings to earn rewards.

The new S-1 statement represents the latest in a spree of recent ETF filings for Canary, which is also attempting to launch Solana (SOL), XRP, Sui (SUI), Litecoin (LTC), Axelar (AXL), Hedera (HBAR) and Pudgy Penguins (PENGU) funds.

The SEC greenlit the first spot market Bitcoin (BTC) ETFs in January 2024, bringing in billions of dollars worth of inflows to the top digital asset by market cap. The regulator subsequently approved Ethereum (ETH) ETFs for trading last July. Two financial firms, Franklin Templeton and Hashdex, also launched joint BTC-ETH ETFs earlier this year.

CRO is trading at $0.102 at time of writing and is up more than 8% in the past 24 hours. By comparison, the overall crypto market cap slumped by more than 4% over the same period.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Tinian, a small island in the U.S. Pacific territory of the Northern Mariana Islands, jolted U.S. crypto policy by becoming the first public entity in the United States to receive approval to launch a USD-backed stablecoin.

The move follows a successful vote by the Northern Mariana Islands House of Representatives to override a veto from the territory’s governor.

The new legislation allows the Municipality of Tinian and Aguiguan to issue the “Tinian Stable Token,” formally named the Marianas US Dollar (MUSD).

The stablecoin will be backed by cash and U.S. Treasury bills held in reserve by the Tinian Municipal Treasury, and launched on the eCash blockchain, a Bitcoin Cash ABC fork rebranded in 2021.

The bill also authorizes Tinian to issue licenses to internet casinos, tying the digital asset launch to tourism and online gaming. With a population of just over 2,000, Tinian is seeking new revenue streams as its economy struggles.

Tinian Overrides Governor’s Veto, Approves Marianas USD Stablecoin

On May 9, the territory’s nine-member Senate voted 7-1 to override Governor Arnold Palacios’ veto. Days later, the 20-member House followed with a 14-2 vote, clearing the two-thirds majority needed to push the bill through.

Governor Palacios vetoed the bill in April, citing legal concerns and a lack of enforcement measures to prevent illegal gambling. In a letter, he warned that the legislation may be unconstitutional and that its scope couldn’t be limited strictly to Tinian.

Supporters of the bill argue the move could bring in much-needed revenue without burdening the government.

“We need this legislation to unlock our potential,” said Republican Representative Patrick San Nicolas, a member of the Tinian delegation. “This bill does not depend on tourists or federal subsidies—it builds a digital industry generating revenue from a licensed jurisdiction.”

The Tinian government has partnered with Marianas Rai Corporation as its exclusive technology provider for the stablecoin infrastructure. The firm’s co-founder, Vin Armani, urged lawmakers to reverse the veto ahead of the vote, claiming the bill could “attract billions of dollars of investment and tax revenue” to the island.

However, not everyone agreed. Independent Representative Marissa Flores expressed concern over the bill’s connection to online gambling.

“Every time we talk about casinos, there’s always some kind of bitter pill to swallow,” she said. “It is true, we are in dire need of money, but what I don’t like is when we are desperate… Every time we’re desperate, it always seems that we come back to casinos.”

Despite the criticism, the bill passed and is expected to go into effect before July. Governor Palacios maintained his objections, warning that the measure could be unconstitutional and lack proper safeguards.

Still, with both chambers of the legislature in favor, Tinian now leads the way as the first U.S. public entity to authorize and prepare to issue its own dollar-backed digital currency.

Another State Advances Public Stablecoin Plans Amid Federal Regulatory Gridlock

While Tinian leads with the first U.S. public stablecoin on the eCash Network, another state, Wyoming, is moving steadily with its own state-backed initiative.

On May 12, the Wyoming Stable Token Commission announced a partnership with Inca Digital Federal LLC to strengthen oversight and security for the Wyoming Stable Token (WYST), expected to launch soon.

WYST will be fully backed by cash, U.S. Treasuries, and repurchase agreements, and is designed to be redeemable 1:1 with the U.S. dollar. The commission is currently testing the token across Ethereum, Solana, and Avalanche networks.

Meanwhile, at the federal level, stablecoin regulation remains stalled. Legislative efforts like the GENIUS Act and the STABLE Act have lost momentum, largely due to political rifts over Donald Trump’s increasing involvement in crypto ventures.

The post Tinian Defies Veto, Unveils First U.S. Public USD Stablecoin on eCash Network appeared first on Cryptonews.

Ethereum price started a fresh surge above the $2,350 zone. ETH is now up over 35% and consolidating gains near the $2,500 zone.

• Ethereum started a fresh surge above the $2,350 resistance.
• The price is trading above $2,400 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support at $2,480 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move up if it breaks the $2,600 resistance level.

Ethereum Price Surges And Clears $2,500

Ethereum price remained supported and started a fresh increase above $2,200, beating Bitcoin. ETH gained pace for a move above the $2,350 resistance zone.

The bulls were able to push the price above the $2,500 resistance zone. The price gained over 35% and recently surpassed the $2,550 resistance zone. A high was formed at $2,606 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $2,272 swing low to the $2,606 high.

Ethereum price is now trading above $2,500 and the 100-hourly Simple Moving Average. Besides, there is a connecting bullish trend line forming with support at $2,480 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,550 level. The next key resistance is near the $2,600 level. The first major resistance is near the $2,620 level. A clear move above the $2,620 resistance might send the price toward the $2,650 resistance.

An upside break above the $2,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,720 resistance zone or even $2,780 in the near term.

Are Dips Limited In ETH?

If Ethereum fails to clear the $2,550 resistance, it could start a fresh downside correction. Initial support on the downside is near the $2,470 level. The first major support sits near the $2,440 zone and the 50% Fib retracement level of the upward move from the $2,272 swing low to the $2,606 high.

A clear move below the $2,440 support might push the price toward the $2,350 support. Any more losses might send the price toward the $2,270 support level in the near term. The next key support sits at $2,220.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,440

Major Resistance Level – $2,550

Bitcoin is staging a rebellion against traditional markets, gaining more than 2% while the S&P 500 and Nasdaq dropped nearly 6% in a single day.

As Trump’s tariffs caused chaos, over $3.2 trillion was wiped out from stocks, yet crypto added $5.4 billion in market cap. Now traders are asking; is BTC finally breaking free from Wall Street’s grip?

Decoupling From Mainstream Markets

“This is insane, BTC is detaching right before our eyes,” tweeted crypto analyst Cory Bates, reacting to data showing the biggest stock market indexes in the red, with Bitcoin up 2%.

In a post on X, Ryan Rasmussen, head of research at Bitwise, showed the performances of several major tech stocks since Trump’s so-called “Liberation Day.”

The likes of Google, Amazon, and Meta were all down by double figures, with Apple the worst-hit, plunging almost 16% in that period. Even gold, the classic safe haven, crumbled 3%, leaving Bitcoin as the last asset standing.

Crypto influencer Kyle Chassé posed a question on X, asking whether BTC could benefit from the ongoing trade war drama, to which a user emphatically responded, “Bitcoin is the only asset to be in right now.”

Meanwhile, former BitMEX CEO Arthur Hayes cheekily suggested that holders of the cryptocurrency need to “learn to love tariffs” as it showed signs of dissociating with traditional financial markets. Earlier, he had predicted that Trump’s new trade policy could force central banks to start printing money, which could be good for Bitcoin.

BTC to $100K?

Bitcoin’s recent performance relative to Wall Street has led to some measure of optimism. Popular chartist MacroScope revisited a theory they had shared earlier of a possible “handoff,” where BTC diverges positively from gold and broader market risks, a trend not seen since 2019.

“BTC positive divergence from gold and risk in past 24 hours is striking. Haven’t seen it to this extent in a long time,” wrote the analyst.

In their previous post, they called it the “gold leads, BTC eventually follows” relationship. This has held true at a few key inflection points in past years, especially from 2019 to 2020, when gold rallied first, and Bitcoin exploded soon after by a whopping 344%.

“A reclaim of 100k would imply a ‘handoff’ from gold to BTC,” said MacroScope. This, in their opinion, would open the door to a period of “huge outperformance” by Bitcoin over other assets.

However, not everyone is convinced. “Don’t be ultra greedy on crypto this weekend,” warned Master Kenobi, pointing to a possible “rug pull” happening at the start of next week.

The post Bitcoin Defies Global Market Meltdown: Is $100K Back on the Table? appeared first on CryptoPotato.

A new decentralized finance (DeFi) trading altcoin is surging after gaining support from the top US-based crypto exchange platform by volume.

In a new thread on the social media platform X, Coinbase says it’s adding the DeFi token Definitive Finance (EDGE) to its suite of digital asset products with an experimental label, causing the altcoin to skyrocket.

Coinbase’s experimental label designates assets as having higher volatility and lower trading volume compared to other products offered by the firm.

News of the addition sent EDGE flying, as the token went from an April 2nd low of $0.0274 to a peak of $0.1157 just a few hours later. The digital asset has since retraced and is trading for $0.086 at time of writing, a staggering gain of nearly 180% during the last 24 hours.

According to its official website, Definitive aims to mimic the experience offered by centralized exchange platforms, such as Coinbase and Binance, despite being decentralized.

“Definitive is the future of onchain trade execution. We deliver a CeFi-like experience on DeFi rails via a fully non-custodial platform and API (application program interface) that is live across Solana, Base and other major EVM (Ethereum virtual machine) chains.

With Definitive, anyone – from a retail user, to a whale, to a liquid fund, or even an AI agent – can trade any asset on any chain with the same institutional-grade execution found in CeFi.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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