West Texas Intermediate (WTI) crude oil prices fell below the $70 mark at Monday’s closing bell, and the downward trend continued into Tuesday as prices hovered around $68. This recent dip places WTI perilously close to its 52-week low of $67.17, signaling a pronounced bearish shift in the market and prompting many traders to steer clear of the commodity.
The current slump marks WTI’s worst performance this month, with prices plummeting nearly 8%. This decline is the steepest since June 2023 when oil prices fell to $71.06 a barrel. As a result, oil has become one of the least performing assets in the commodity markets, with ongoing losses becoming the norm.
Several factors are contributing to this bearish sentiment. Weak economic data from China and reduced oil output from Libya are major contributors to the price decline. Additionally, investor enthusiasm has waned significantly. According to Bloomberg, net long positions in Brent crude oil have plummeted from 99,889 lots to 139,242 lots this month, marking a significant 30% reduction in just ten days. WTI crude has also seen a notable drop, with positions reduced by 62,000 from the previous 125,000 lots.
Traders are increasingly wary, refraining from buying the dips amid concerns of further price declines. “Including the three fuel products, the net long slumped to 121k contracts, the lowest recorded energy exposure since 2011 when ICE began collecting data,” noted Ole Hansen, Head of Commodity Strategy at Saxo Bank.
For a recovery in oil prices, a robust U.S. economy is essential. Analysts at Bank of America argue that current fiscal and monetary policies are not supportive enough to boost domestic demand growth. They suggest that without a significant rebound in economic activity and job creation, oil prices may struggle to regain their footing.
In summary, WTI crude oil prices are navigating turbulent waters, with bearish trends and reduced investor interest casting a shadow over the market. Unless economic conditions improve markedly, the outlook for oil remains uncertain, leaving many to wonder how long this downturn will persist.
Donald Trump has followed through on his promises and signed an executive order to establish a Strategic Bitcoin Reserve and a separate US Digital Asset Stockpile.
While some industry figures have lauded the order, others remain skeptical. They argue that the initiative is little more than a rebranding of existing government holdings with no substantive new strategy.
Donald Trump Signs Order for Strategic Bitcoin Reserve
“Bitcoin, the original cryptocurrency, is referred to as “digital gold” because of its scarcity and security, having never been hacked. With a fixed supply of 21 million coins, there is a strategic advantage to being among the first nations to create a Strategic Bitcoin Reserve,” the order read.
Arkham Intelligence data shows that the US government holds 198,109 BTC in its public wallets, valued at $17.5 billion at current market prices.
Despite this substantial holding, David Sacks, the White House’s AI and Crypto Czar, noted that a comprehensive audit of the government’s digital assets has never been conducted. The new executive order mandates this accounting.
“Premature sales of Bitcoin have already cost US taxpayers over $17 billion in lost value. Now the federal government will have a strategy to maximize the value of its holdings,” he wrote.
Industry Experts Divided on Strategic Bitcoin Reserve
Jacob King, founder of WhaleWire, dismissed the recent attention around the reserve.
“In reality, this has existed for over a decade—they’re just slapping a fancy title on it to appease Bitcoiners,” he remarked.
King also pointed out that the reserve would not involve any new Bitcoin purchases. Therefore, he believes, this makes the move largely insignificant in the grand scheme of the market.
Peter Schiff, an outspoken critic of Bitcoin, also weighed in on the order. According to Schiff, the move was made under pressure from donors and conflicted cabinet members.
He described the order as a “bogus” attempt to capitalize on the Bitcoin the government already holds.
“If they seize any more Bitcoin they can keep that too. But they can’t buy any more, as buying by definition requires a payment,” Schiff posted.
Despite the criticisms, some industry leaders see the order as a significant step toward legitimizing Bitcoin on the world stage.
“The end game was never the US government buys all of the world’s Bitcoin,” Ryan Rasmussen, Head of Research at Bitwise, said.
Rasmussen explained that the move will likely prompt other countries to buy Bitcoin. He also expects it to pressure wealth managers, financial institutions, pensions, and endowments to adopt the cryptocurrency.
The reserve, Rasmussen said, will alleviate concerns about the US selling its holdings and may pave the way for future acquisitions. He added that the move increases the likelihood of US states adopting Bitcoin.
Matt Hougan, CIO at Bitwise, also concurred. He pointed out that the order could significantly reduce the likelihood of future Bitcoin bans. Hougan added that the reserve,
“Accelerates the speed at which other nations will consider establishing strategic bitcoin reserves, because it creates a short-term window for nations to front-run potential additional buying by the US.”
Analyst Nic Carter also praised the decision, calling it a successful fulfillment of a key campaign promise. He highlighted that Bitcoin had received official US government approval, a distinction not granted to other cryptocurrencies. Carter emphasized that using no taxpayer funds helped shield the initiative from backlash.
“Announcement couldn’t have gone better,” he claimed.
The signing of the executive order took place just one day before the White House Crypto Summit. Initially, it was anticipated that Trump would sign the Bitcoin reserve order at the summit, which had driven Bitcoin prices up. Nonetheless, the actual signing led to a dip in the cryptocurrency’s value.
After briefly regaining that level on March 5, Bitcoin dropped below $90,000 again. At press time, Bitcoin was trading at $87,469, marking a 4.5% decrease over the past 24 hours.
The co-founders of President Trump-backed World Liberty Financial (WLFI)—Zach Witkoff, Zak Folkman, and Chase Herro—met with Binance co-founder Changpeng Zhao (CZ) in Abu Dhabi.
Their conversation centered on developing strategic initiatives to standardize and expand the cryptocurrency industry worldwide.
What Did WLFI Co-Founders and CZ Discuss in Abu Dhabi?
WLFI highlighted the meeting in a post on X (formerly Twitter). The organization stressed that the move marked the start of a broader initiative to drive innovation in the industry. The meeting agenda centered on strategies to accelerate the global adoption of cryptocurrencies.
It also covered the creation of new industry standards. Finally, the participants discussed initiatives to push the crypto sector into its next phase of growth and development.
“The future belongs to the builders, not the bystanders. We’re just getting started,” Witkoff stated.
In a separate post on X, CZ highlighted that he also met with Bilal Bin Saqib, CEO of the Pakistan Crypto Council (PCC), alongside Witkoff. Notably, the meeting comes shortly after WLFI and PCC’s latest collaboration.
“Our goal is to work alongside industry leaders and showcase Pakistan as a global case study in how emerging markets can harness blockchain to create transformative opportunities,” Saqib said.
Zhao also expressed optimism about the meeting. However, he cautioned that traditional media might frame the event negatively.
“I have a feeling the trad media will try to make up some negative story about this. But we keep building,” CZ wrote.
Zhao argued that Bloomberg negatively framed his efforts by emphasizing his past legal issues rather than focusing on his current work.
Meanwhile, the criticism isn’t limited to CZ. World Liberty Financialhas also been the center of substantial scrutiny, given its ties to the President. US senators have raised concerns about potential conflicts of interest. In fact, previous reports emerged about the Trump family possibly acquiring a stake in Binance—claims that CZ strongly refuted.
Despite external scrutiny, the high-profile meeting affirms the involved parties’ commitment to building a more solid and collaborative future for the cryptocurrency sector.
The meme coin market is beginning to cool after a surge in activity throughout most of May. The past week’s broader crypto market downturn has dented overall momentum, triggering a dip in the values of top meme assets.
Still, meme coin trading volume remains up 5% over the past month, signaling that investor appetite has not vanished entirely. BeInCrypto has highlighted three standout meme coins to watch in the month ahead.
Central African Republic (CAR)
The official meme coin launched by the African nation received positive developments in May. The country’s president recently announced that the government will use CAR to tokenize 1,700 hectares of land.
As a result, CAR has experienced a notable resurgence, climbing by 103% this week alone.
I have signed a presidential decree to tokenize over 1,700 hectares of land in the Central African Republic.
Starting June, land concessions will be accessible online using $CAR, directly on @solana.
— Faustin-Archange Touadéra (@FA_Touadera) May 29, 2025
As of this writing, the meme coin trades at $0.047. As CAR aims to break the $0.059 resistance, it could witness a continued upward trend if broader market conditions improve.
CAR’s Chaikin Money Flow (CMF), which remains firmly in positive territory at 0.17 at the time of writing, reinforces the potential for a rally above this key resistance level.
The CMF indicator measures how money flows into and out of an asset. A reading above one signals strong buying pressure and indicates that capital is flowing into CAR.
If this continues, CAR could break above $0.059 and extend its gains to $0.074.
However, if profit-taking commences, the altcoin could fall to $0.345.
Daddy Tate (DADDY)
DADDY is another meme coin to watch for possible gains in June. Up 14% over the past seven days, the altcoin currently trades at $0.039.
Earlier this week, Andrew Tate announced the upcoming launch of Real World 2.0, his online training app. According to his statement, the app will have an integrated wallet with some utility around DADDY.
As a result, speculative interest in the meme coin is rising.
The Real World 2.0 is nearly here and it’s about to go NUCLEAR.
• Built-in wallets • Instant payouts • Private job board with real offers from inside the ecosystem
And when it all drops…$DADDY + $TRW are both gonna go CRAZY.
The token’s rising Balance of Power (BoP) indicates the steady rise in buying pressure among DADDY traders. As of this writing, this momentum indicator is at 0.85.
The BOP indicator measures the strength of buyers versus sellers by comparing closing prices to trading ranges. A positive BOP value like this suggests that buyers are in control, indicating bullish momentum in the market.
If this trend continues, DADDY could extend its rally to $0.05.
Conversely, sellers could trigger a price decline toward $0.029 if they regain dominance.
SPX6900 (SPX)
SPX has bucked the past week’s broader market slowdown to post double-digit gains. Up 11% over the past week, the meme asset trades at $0.95 at press time.
The setup of SPX’s Moving Average Convergence Divergence (MACD) on the daily chart confirms the buying pressure in its spot markets. As of this writing, the token’s MACD line (blue) rests significantly above its signal line (orange).
The MACD indicator identifies trends and momentum in an asset’s price movement. Traders use it to spot potential buy or sell signals through crossovers between the MACD and signal lines.
As with SPX, when an asset’s MACD line is above its signal line, it indicates bullish momentum, suggesting that the asset’s price may continue to rise. Traders view this crossover as a bullish signal, supporting SPX’s ongoing rally.
If the rally persists, the meme coin could break above $1 and climb toward $1.21.
On the other hand, if buying activity stalls, SPX could shed recent gains and plunge to $0.84.
Trading Volumes Spike, But Meme Market Retail Boom Yet to Return
While these altcoins appear poised for potential gains over the next few weeks, the general meme market may face some headwinds. In an interview with S, Community Lead at Neiro, summer months typically see a slowdown in broader market activity, and meme coins are not immune to that seasonal trend.
“It still feels early for full-blown market euphoria. Historically, summer tends to be slower across financial markets, crypto included. Whether we see a pullback is anyone’s guess, but momentum is essential, when things stop growing, they often start fading. If that momentum slows, it’s something the market should take seriously,” S noted.
S added that while the trading volumes have spiked, the meme coin market has yet to see a return to the retail mania of 2021. For now, activity remains largely driven by crypto-native investors and whales.
“So far, it looks like most of the activity is still coming from crypto-native circles. We haven’t seen the kind of mainstream retail frenzy we saw in 2021 or even 2017. That wave hasn’t hit yet—but when it does, it’s bound to bring with it the chaos, creativity, and memes we all know and love. Personally, I’m looking forward to that.”
I have signed a presidential decree to tokenize over 1,700 hectares of land in the Central African Republic.
The Real World 2.0 is nearly here and it’s about to go NUCLEAR.
