In the ongoing tariff war between the United States and other countries, the cryptocurrency market has significantly plummeted. Amid this, Ethereum (ETH), the second-largest cryptocurrency, is on the verge of a major crash.
According to CoinMarketCap data, ETH has lost almost 25% of its value in just five trading days and has reached a make-or-break level.
Ethereum (ETH) Price Action and Technical Analysis
While examining the weekly chart of ETH, it appears that the asset has recently lost its long-held support from the ascending trendline that had been in place since July 2022.
Source: Trading View
Following the breakdown, the asset has been steadily falling, during which it has lost two key support levels at $2,200 and $1,830, and has now reached another critical support level at $1,530.
Ethereum Price Prediction
According to expert technical analysis, if this downside momentum does not stop, the price could crash hard.
The daily chart reveals that if the ETH price fails to hold this support level and closes a daily candle below $1,450, there is a strong possibility it could drop by another 30% to reach its next support level at $1,000 in the near future.
Source: Trading View
Following the continuous price decline, ETH is now trading below the Exponential Moving Average (EMA) on the four-hour, daily, and weekly timeframes, indicating a strong bearish trend.
Current Price Momentum
At press time, ETH is trading near $1,550 and has lost nearly 10.50% of its price over the past 24 hours. However, during the same period, the asset’s trading volume jumped by a record 550%, indicating heightened participation from traders and investors compared to the previous days.
$200 Million Worth of Bullish Bet
This record surge in trading volume includes the liquidation of traders’ short and long positions, recent investor accumulation or sell-offs, and all other ETH-based trading activity.
Despite the massive price crash over the past 24 hours, traders seem optimistic and are strongly betting on the bullish side, according to on-chain analytics firm Coinglass.
Source: Coinglass
Data reveals that traders are currently over-leveraged at the $1,526 support level, having built $201 million worth of long positions. On the other hand, $1,571 is another over-leveraged level, where traders have built $100 million worth of short positions.
While examining these levels and traders’ positions, it appears that the bulls are currently dominating and could potentially liquidate $100 million worth of short positions. However, if the market sentiment continues to remain unchanged, it could also lead to the liquidation of traders’ long positions.
The week was notably bullish for the crypto market, with Bitcoin (BTC) reaching record highs of $111,980 and more optimistic predictions emerging. US states’ investment trends and regulatory developments dominated the spotlight, while Pi Network’s price surge also drew attention.
The following is a roundup of some of the most important developments in the crypto market this week.
14 US States Disclose $632 Million Stake in MSTR
One of the most notable developments this week in crypto was the revelation of US states’ $632 million holdings in Strategy’s MSTR stock. BeInCrypto reported that in Q1 2025, the holdings increased by an average of 42%.
“14 US states have reported $632 million in MSTR exposure for Q1, in public retirement and treasury funds. A collective increase of $302 million in one quarter,” Bitcoin Laws founder Julian Fahrer posted.
US State MSTR Stock Holdings. Source: Data Curated by BeInCrypto
California, through its state teachers and public retirement fund, led the pack with $276 million in MSTR shares, followed by Florida, North Carolina, and New Jersey. Despite a recent veto on a Bitcoin reserve bill, Arizona also increased its MSTR holdings.
Other states like Utah and Colorado showed substantial growth in MSTR investments, with the former’s holdings growing by 184% in the last quarter. On the other hand, while boosting its MSTR position by 26%, the Wisconsin Investment Board sold off its entire $300 million stake in BlackRock’s Bitcoin ETF.
Pi Network has been widely discussed since its open network launch in late February 2025. This week, Pi Coin (PI) dominated headlines due to its 11% price appreciation. BeInCrypto highlighted that the catalyst behind this uptick was an 86 million withdrawal from the OKX exchange.
This reduced OKX’s PI token balance to just 21 million. This mass movement suggested investors were holding rather than selling. This bullish signal is often associated with confidence in future price appreciation.
“This isn’t just a withdrawal—it’s a POWER MOVE by the Pi community. Scarcity is kicking in, and the market is feeling the heat!” a Pioneer posted on X.
Nonetheless, the high was fleeting. After the rise, more declines followed. Over the past day alone, Pi Coin’s value depreciated by 4.7%.
Along with its underwhelming price performance, Pi Network has faced significant criticism due to its inability to secure a listing on major exchanges like Binance or Coinbase. Concerns regarding its lack of recognition on price tracking platforms, token distribution, node centralization, and migration challenges further add to the growing list of issues.
Blum Co-Founder Vladimir Smerkis Arrested in Moscow
Another crypto-related incident this week involved the co-founder of the Telegram-based crypto project Blum. On May 18, the Zamoskvoretsky District Court in Moscow arrested Vladimir Smerkis, who previously managed Binance’s operations in Russia. Smerkis allegedly committed ‘large-scale fraud.’
“The Zamoskvoretsky District Court granted the investigator’s petition for the preventive measure of detention for Vladimir Smerkis, who was arrested in connection with a case of large-scale fraud (Article 159 of the Criminal Code of the Russian Federation),” local media reported.
In response to the arrest, Blum quickly distanced itself from Smerkis and his involvement in the project.
“We would like to inform our community that Vladimir Smerkis has stepped down from his role as CMO and is no longer involved in the development of the project or in any co-founder capacity,” Blum’s official statement read.
Fred Krueger Predicts Bitcoin Could Reach $600,000 by October 2025
This week in crypto, Bitcoin took center stage with its impressive rally. BeInCrypto was the first to report that Bitcoin reclaimed its all-time high of $108,900 after four months. However, the rally didn’t stop there, as the price continued to climb.
Yesterday, BTC peaked at a new record of $111,980, a high yet to be surpassed. Yet, analysts are increasingly optimistic about Bitcoin’s prospects moving forward.
Mathematician and analyst Fred Krueger predicted that Bitcoin’s price could surge to $600,000 by October 2025. His forecast hinges on a series of speculative developments that will begin on July 21, with BTC priced at $150,000.
“THE FINAL RUN: BITCOIN TO $600,000. Timeframe: 90 days — from Monday, July 21, 2025. Starting BTC: $150,000, Ending BTC: $600,000. Final Gold: $10,400. DXY: Collapses from 96 → 68. US 10Y Yield: Spikes to 9.2% before being “frozen” by the Fed. SPX: Collapses 50%,” Krueger stated.
The supposed catalysts for Bitcoin’s rise to $600,000 include a failed US Treasury auction, BRICS nations launching a Bitcoin-backed payment system, countries shifting reserves to Bitcoin, rising Treasury yields, a collapse in US real estate, tech companies adopting Bitcoin, and a potential restructuring of the US dollar at an October summit.
The bill, which aims to create a state-level Bitcoin Reserve, now only requires Governor Abbott’s signature to be finalized. Notably, as BeInCrypto pointed out, Governor Abbott is pro-crypto.
In fact, he posted an article about the Texas Strategic Bitcoin Reserve on his X account today, which signals a likely approval.
“It’s happening. Texas Governor, Greg Abbott, will sign Texas’ Bitcoin Reserve into law. One of the richest states will be buying Bitcoin. Get ready!!!” crypto commentator Kyle Chassé remarked.
With the Texas Senate session ending on June 2, Governor Abbott has until then to make a decision. If signed into law, Texas will become the second US state to establish its own Bitcoin Reserve, following New Hampshire.
The Bitcoin’s fear and greed index surged from 37%, representing fear, to 47%, indicating neutral, in the last 24 hours.
Technical and fundamental analysis suggest the crypto market will gain bullish momentum ahead.
Bitcoin (BTC) price led the wider altcoin market in recording gains in the past 24 hours. For the first time since the March 4 selloff, Bitcoin price rallied over 5 percent in the past 24 hours to trade above $91.3k on Tuesday during the mid-North American session.
The wider altcoin market signaled bullish sentiment, thus the total crypto market cap gained over 3 percent to hover about $2.95 trillion at the time of this writing. Following the heightened volatility, more than $348 million was liquidated from the crypto-leveraged market, mostly involving short traders.
Forecasted Behind Bitcoin and Crypto Pump Today
Renewed Demand from Whale Investors
As gold price rallied to a new all-time high of about $3.5k/oz earlier on Tuesday, on-chain data shows whale investors have shifted focus on Bitcoin and selective altcoins. The renewed demand for Bitcoin and the altcoin market, by whale investors, significantly catalyzed bullish sentiment.
Notably, the U.S. spot BTC ETF issuers recorded a net cash inflow of more than $381 million, possibly signaling an end to a longstanding dry spell.
Rising Open Interest (OI)
According to market data from Coinglass, the total crypto Open Futures (OI) increased by about 13 percent in the last 24 hours to hover about $120 billion. Bitcoin’s OI surged by over 16 percent in the past 24 hours to hover around $69 billion at the time of this writing.
Macroeconomic Tailwinds
The wider crypto market gained a bullish outlook on Tuesday, partially catalyzed by notable gains in major stock indexes. The Dow, S&P 500, and the NASDAQ indexes had gained at least 2 percent during the mid New York trading session.
The improving negotiations of the global trade war played a crucial role in the bullish outlook.
What Next?
From a technical analysis standpoint, BTC price is well positioned to rally towards a new all-time high in the near future. According to Standard Chartered’s Geoff Kendrick in a note to investors on Tuesday, BTC price could rally to a new all-time high if concerns over the Federal Reserve’s independence persist.
The post Bitcoin Price Regains $91k After Seven Weeks: Top Reason Bulls are Ruling the Crypto Market appeared first on Coinpedia Fintech News
The Bitcoin’s fear and greed index surged from 37%, representing fear, to 47%, indicating neutral, in the last 24 hours. Technical and fundamental analysis suggest the crypto market will gain bullish momentum ahead. Bitcoin (BTC) price led the wider altcoin market in recording gains in the past 24 hours. For the first time since the …
Minnesota State Senator Jeremy Miller has introduced the Minnesota Bitcoin Act, a proposal he created after a complete shift in his views on Bitcoin.
Minnesota Bitcoin Act Seeks to Modernize State Finances
Minnesota could become one of the first states to use Bitcoin and other cryptocurrencies for state investments, retirement plans, and tax payments. The Minnesota Bitcoin Act (SF2661), introduced by Senator Jeremy Miller on March 18, aims to expand financial options, modernize payments, and create new opportunities for residents.
“As I do more research on cryptocurrency and hear from more and more constituents, I’ve gone from being highly skeptical to learning more about it, to believing in Bitcoin and other cryptocurrencies,” Miller noted in a March 18 statement.
Miller believes the bill will help “promote prosperity” for Minnesotans by letting the Minnesota State Board of Investment to invest in Bitcoin and other cryptocurrencies, just like it does with traditional assets.
“I believe global digital currencies are here to stay and it’s inevitable that they become more and more mainstream,” he said. He further added Crypto is a versatile digital asset that can be used in multiple ways, including as investments, global currency, or a hedge against inflation. Besides, 23 other states are also exploring similar Bitcoin reserve bills.
Miller’s bill would allow Minnesota state employees to add Bitcoin and other cryptocurrencies to their retirement accounts. It would also give residents the option to pay state taxes and fees with Bitcoin.
States Follow Lummis’ Lead with Bitcoin Reserve Bills
Several states are pushing forward with Bitcoin and crypto measures. Texas lawmakers are advancing a plan for a state-managed Bitcoin reserve, along with nearly two dozen other states. New Hampshire is considering a bill to allow state investment in Bitcoin, and Colorado and Utah accept crypto for tax payments. Louisiana uses crypto for state service payments. The federal government is also exploring proposals for a national Bitcoin reserve.
Under the bill, investment gains from Bitcoin and other cryptocurrencies would be exempt from state income taxes. In the U.S., up to $10,000 paid to the state can be deducted from federal taxes, but amounts above that are taxed at both the state and federal levels.
More U.S. states are introducing Bitcoin reserve bills, following Senator Cynthia Lummis’ July proposal for a Strategic Bitcoin Reserve Act, which directs the federal government to buy 200,000 Bitcoin annually for five years, totaling 1 million Bitcoin. On March 12, Lummis reintroduced the BITCOIN Act, allowing the government to hold over 1 million Bitcoin as part of a new reserve.
The post Minnesota Senator Jeremy Miller Introduces Bitcoin Act After Shifting Views appeared first on Coinpedia Fintech News
Minnesota State Senator Jeremy Miller has introduced the Minnesota Bitcoin Act, a proposal he created after a complete shift in his views on Bitcoin. Minnesota Bitcoin Act Seeks to Modernize State Finances Minnesota could become one of the first states to use Bitcoin and other cryptocurrencies for state investments, retirement plans, and tax payments. The …
