The cryptocurrency market experienced a brief pause on Thursday, while the rally in global stocks showed no signs of slowing. Bitcoin traded at $80,945 during the Asian session, pulling back 0.7 percent over the past 24 hours but delivering a notable 6.9 percent gain for the week. According to CryptoAppsy, Bitcoin’s weekly performance drew significant attention. Ethereum, on the other hand, was the worst-performing major coin, dropping 2 percent to $2,326.
Latest movements among top cryptocurrencies
Ethereum marked the second-weakest performance among top coins this week. Despite short-lived selling pressure, Ethereum remained one of the top gainers over the past 30 days thanks to double-digit returns. XRP maintained stability, trading around $1.41 with no significant price change. Binance Coin saw a 1.3 percent rise to hit $643.
Solana stood out among the week’s strongest performers, with its price jumping 6.1 percent in seven days to reach $88.06.
Developments in global markets
While cryptocurrencies saw some correction, global equity markets continued to break records. Growing optimism about a ceasefire between the US and Iran surfaced as both countries discussed a proposal to end a nearly ten-week crisis. In response, the MSCI All-Country World Index gained 0.3 percent, while the MSCI Asia Index surged 1.9 percent. Japan’s Nikkei 225 Index hit a new intraday record, and South Korea’s stock market overtook Canada to become the seventh largest globally by market value. Softbank shares climbed 18 percent in South Korea, and TSMC posted a 3.3 percent rise.
Wall Street’s upward momentum held firm as well. Roughly 80 percent of companies in the S&P 500 delivered stronger-than-expected earnings, driving the index to record closing levels.
Analyst insights and key developments
As market watchers tracked critical technical levels, Alex Kuptsikevich, chief market analyst at FxPro, highlighted the important resistance at Bitcoin’s 200-day moving average, positioned at $83,300. He stressed the value of moving averages in smoothing price volatility and signaling broader market direction.
“A clear breakout above this level would provide a strong signal for continued upside,” noted Kuptsikevich.
According to Kuptsikevich, Bitcoin may see short-term profit-taking after holding above its 50-day moving average just a month ago.
Tether’s market capitalization surged by $5.9 billion over the last 60 days, indicating fresh capital inflows. Analyst Darkfost observed that this growth reversed the $2 billion monthly outflow trend seen since the start of the year. Tether remains the leading stablecoin, supplying liquidity to the market.
Meanwhile, investment bank Morgan Stanley hinted it may eventually hold Bitcoin on its balance sheet, despite current regulatory restrictions in the US. The bank already conducts Bitcoin-based securities transactions and aims to offer spot cryptocurrency trading on its wealth management platform later this year. As a leading global financial services provider, Morgan Stanley’s move could have significant industry implications.
Western Union launched its own stablecoin, USDPT, on the Solana blockchain, aiming to bypass the delays of traditional interbank transfers. The money transfer leader has recently implemented several blockchain-based solutions to increase speed and efficiency in global payments.
In another major development, BitMine added more than 100,000 Ethereum to its portfolio for the third consecutive week, increasing its total ETH holdings to 5.18 million. This amount, worth roughly $13 billion, represents about 4.29 percent of the entire Ethereum supply.
