China is making moves that could impact the entire cryptocurrency market. There are reports suggesting that the country is considering launching a strategic Bitcoin reserve and may soon lift its crypto ban. This has created buzz, especially for altcoins tied to Chinese blockchain projects, as they stand to benefit from the country’s growing interest in digital assets. Hashkey CEO recently said, “I think there is the possibility the mainland China government will reconsider their stance towards the crypto and Web3 industry.”
China’s Shift Toward Crypto
China’s push into cryptocurrency seems driven by its desire to compete with the U.S. and strengthen its position globally. As more countries embrace digital currencies, China wants to lead the way in crypto and blockchain technology.
Experts believe that when China lifts its crypto ban, a significant amount of money will flow into Chinese tokens. Analyst Tracer explains, “In a positive scenario, their liquidity will first flow into China-related tokens,” potentially sparking a rally in altcoins connected to Chinese blockchain projects. This presents a great opportunity for investors to get ahead of the curve.
Top Chinese Altcoins to Watch
Aethir (ATH) – A project focused on building decentralized GPU computing infrastructure. With a market cap of $275.77M, it’s one to watch as liquidity pours into China-related tokens.
Zilliqa (ZIL) – A high-speed blockchain designed for scalability, Zilliqa is ready to take off when China’s crypto ban is lifted. It has a market cap of $257.15M and is set to benefit from increased demand.
Neo (NEO) – Known as the “Chinese Ethereum,” Neo is one of the country’s most established blockchains. With a market cap of $578.91M, Neo could see growth as China’s crypto industry expands.
MicroStrategy is lacing up for a potential Bitcoin purchase after Michael Saylor flashed the tell-tale buy signal. The incoming purchase will be the company’s first in Q2 after pausing Bitcoin purchases at the start of April in an eyebrow-raising move.
Michael Saylor Flashes Bitcoin Buy Signal
MicroStrategy CEO Michael Saylor has dropped clues that the software company will continue its Bitcoin accumulation spree. In an X post, Saylor shared MicroStrategy’s portfolio tracker revealing the company’s Bitcoin holdings and valuations.
Michael Saylor’s previous posts sharing Microstrategy’s portfolio tracker over the weekend have resulted in purchases at the start of the week. Investors are lapping up Saylor’s portfolio tracker post and the accompanying caption as cues for a BTC purchase on Monday.
“No tariffs on Orange Dots,” said Saylor, taking a jibe at brewing tariff wars between the US and China.
MicroStrategy had previously halted its Bitcoin purchase spree at the start of April leading to a slump in MSTR price. At the time, there was significant chatter that MicroStrategy may be forced to offload its Bitcoin holdings to cover obligations following a dip in prices.
Per the portfolio tracker, MicroStrategy holds 528,185 BTC on its balance sheet valued at $44.7 billion. Michael Saylor hinting at a potential Bitcoin purchase follows a small dip in prices with BTC holding the $83K mark.
Will Bitcoin Price Rally?
Saylor’s hint at buying Bitcoin has triggered a small bump in prices as the top cryptocurrency surpassed $83K. However, an actual purchase will trigger a significant price action for BTC in line with previous accumulations.
MicroStrategy’s last Bitcoin purchase of 22,048 BTC jolted the markets in line with investors’ expectations. However, there are fears that macroeconomic events like the US-China tariff war may affect a potential BTC rally following MicroStrategy’s incoming purchase.
Bitcoin price has rebounded after a previous bloodbath, sparking fresh optimism in the markets. Crypto Joao Wedson predicts that Bitcoin is not out of the woods yet and a grim drop to $65K is still a possibility for the top cryptocurrency.
“We’re not ruling out the possibility of the price dipping below $65K, as several metrics point to that region as strong support – such as the True Market Mean Price and Alpha Price, both sitting exactly around $64,700,” said Wedson.
Crypto analyst Doctor Profit warns that a BTC price drop to these levels may force MicroStrategy to sell MSTR to avoid liquidation.
Bitcoin (BTC) and most of the top altcoins have made significant gains this week as global financial markets show signs of a recovery despite the ongoing fears of the US and China not reaching a trade deal. Most importantly, the S&P500 index is repeating a 1998 pattern where a V-shaped recovery ensued after a sharp market decline. As risk assets rebound, here is what traders should expect from BTC, ETH, XRP and SOL price.
S&P500 Index Mirrors 1998 Cycle
Analyst Julien Bittel on X noted that the S&P500 index underwent a correction that mirrors what happened in 1998 when financial markets crashed after Russia defaulted on debt. This crash caused the market sentiment to become overly bearish before a rally ensued to form a V-shaped recovery.
S&P 500
Bittel noted that this pattern appears to be in play again as the stock and crypto markets record price gains. After hitting lows in April following fear around the US-China trade war, the S&P500 has bounced by 12%, the Nasdaq 100 is up 15%, while the BTC price has surged by 26%.
If this pattern plays out like it did nearly three decades ago, it would mean that a parabolic rally for risk assets. However, the US dollar continues to struggle after the recent DXY decline to a four-year low, indicating that tariffs remain a major risk to US economic growth. This may cause investors to adopt a risk-off stance, which will impact Bitcoin and altcoins.
The risk of the US economy falling into a recession this year also remains high, with data from Polymarket showing that 63% of traders anticipate this event to happen in 2025. At the same time, the lack of any breakthrough in the ongoing China-US trade war suggests that investor confidence remains low, and this may have an effect on the S&P500 and how crypto prices perform in the short term.
Bitcoin Price Technical Analysis as Bulls Eye $115,000
The Bitcoin daily price chart shows that the bullish momentum is strong after the RSI broke out from a falling wedge pattern, and eyes a 21% surge to $115,000. The RSI further supports the bullish Bitcoin price prediction after soaring to 70, marking its highest level in 2025.
As BTC rallies, it first needs to overcome resistance at $99,689. Doing so will confirm the momentum and the breakout from the falling wedge, and if it crosses the psychological level of $100,000, a new all-time high will be in sight.
Ethereum’s weekly price chart shows that the largest altcoin remains under bearish pressure despite its bounce from the recent lows below $1,400 after the S&P500 fueled financial market recovery. If it can sustain the upward momentum, it may surge past $2,120 before aiming for the next resistance of $2,800.
However, the RSI and the MACD show a grim outlook. The RSI has plunged to 38, suggesting that ETH is under a bearish momentum, while the MACD is also negative, confirming this bearish thesis. To confirm a bullish Ethereum price prediction, both the RSI and MACD need to cross into bull territory.
ETH/USDT: 1-Week Chart
XRP Price Technical Analysis as Ripple Eyes $3
The daily XRP price chart also shows that an upward trend may be what’s next for this top altcoin after breaking out of a symmetrical triangle pattern. This breakout hints towards an 11% rally to resistance at $2.50. If Ripple flips this resistance level, it may form the next bullish break past $2.93 to potentially create new highs, with this formation supporting a bullish XRP price forecast.
XRP/USDT: 1-day Chart
Solana Price Technical Analysis
Solana price also eyes massive gains alongside the S&P500, with the monthly chart indicating that a parabolic 2,440% rally is looming that may push SOL past $400. This upswing is seen in the rounding bottom pattern, where a breakout to these highs will be confirmed if SOL overcomes resistance at the neckline of $208.
SOL/USDT: 1M Chart
Summary of Impact of S&P500 on Crypto Prices
The S&P500 is mirroring the 1998 cycle, where the index rebounded with a V-shaped recovery after experiencing a sharp decline. If history rhymes, this index may be on the verge of an upswing that may bode well for other risk assets, including BTC, ETH, XRP, and SOL, as these altcoins anticipate gains.
The Layer-1 blockchain platform Initia launched its mainnet and airdrop on April 24. The official token is now live in the market and is gaining significant attention due to the new launch and hype around the crypto project. Interestingly, the blockchain platform allocated a significant amount of the airdrop to eligible users. Let’s discuss how to claim.
Initia Mainnet Live, But Airdrop Closes in 30 Days
The Initia mainnet launch is part of the blockchain project’s vision of building an Interwoven Economy. For the same, they have launched the INIT token with a fixed supply of 1 billion, and these will play a significant role in supporting growth, security, and governance.
Interestingly, 50M INIT tokens are allocated to the airdrop, which is 5% of the total supply. These tokens will be distributed among network testers, advocates, and early users of the platform. The Initia airdrop is live, but open for 30 days only, past which the unclaimed tokens will be unavailable.
The eligibility is decided based on the users’ testnet participation, social contribution, and other factors. Interestingly, in contrast to most crypto airdrops of 2025, INIT’s performance was least affected.
The token was launched with an initial price of $0.62 and surged to a high of $0.93 after a 50% rally. The uptrend is still maintained, as the token currently trades at $0.87 with a market capitalization of $132.09M, making it the perfect time to claim.
How to Claim Initia Airdrop tokens?
Along with the Initia mainnet launch, the token has become a hit among investors, as the claim rate has topped more than 80% in the 24 hours. Various crypto analysts have pointed out the reasons behind this success, including long open registration periods, multiple account linking options, clear communication, and much more.
Although most have already claimed the INIT airdrop token, the remaining could follow these steps:
Connect the crypto wallet (the same one that was involved in the testnet activities)
Follow the steps provided on screen
Pay gas fees and confirm the transaction
The Initia token will be transferred to the wallet.
It is important to note that these tokens would not be available after 30 days, i.e., 24 May. Investors must claim their tokens before that. Interestingly, after the Initia mainnet, another mainnet is to go live soon, as the R2 testnet launched. Stay updated.
