The cryptocurrency market experienced another turbulent week following decisions by the Federal Reserve System and the European Central Bank to keep interest rates unchanged.
Despite an initial decline below $75,000 after the third FOMC meeting of the year on April 29, Bitcoin quickly regained momentum and staged a strong recovery. Over the weekend, the cryptocurrency remained relatively stable even as Washington rejected two peace proposals from Iran.
Momentum accelerated on Monday when Bitcoin climbed above $80,000 for the first time in more than three months. However, the rally briefly lost steam after reports surfaced claiming Iran had attacked a United States Navy vessel in the Strait of Hormuz. The reports were later denied, allowing Bitcoin to rebound once again and climb past $80,800.
The rally extended through midweek, with Bitcoin reaching a peak of $82,800 on Wednesday. That marked the asset’s highest level since late January and represented a gain of nearly $8,000 from last week’s dip below $75,000.
Several market analysts warned that the rapid upward move might not be sustainable, and their concerns appeared justified as Bitcoin reversed direction on Thursday and Friday. The cryptocurrency slipped below the important $80,000 support level and is now trading slightly beneath it, though it still remains marginally positive on a weekly basis.
Altcoins Deliver Stronger Gains
While Bitcoin posted impressive gains, several altcoins outperformed the market leader. Zcash emerged as one of the week’s biggest winners after surging more than 60%.
Ondo followed with a 48% rise, while World Liberty Financial climbed approximately 32% during the same period.
Weekly Crypto Market Snapshot
The total cryptocurrency market capitalization currently stands near $2.73 trillion, while daily trading volume sits around $103 billion. Bitcoin dominance remains at roughly 58.4%.
Major Crypto Stories From The Week
Morgan Stanley Reportedly Preparing Crypto Trading Launch
Morgan Stanley is reportedly preparing to expand deeper into the digital asset industry by introducing cryptocurrency trading through its E Trade platform. The banking giant is expected to compete aggressively on pricing and may initially support trading for Bitcoin, Ethereum, and Solana.
Strategy Reports Massive First Quarter Loss
Strategy, led by Michael Saylor, released disappointing first quarter financial results. The company reported a net loss exceeding $12.5 billion, largely driven by a $14.5 billion unrealized loss tied to declining Bitcoin prices. Unlike previous weeks, the firm did not announce any new Bitcoin purchases.
Coinbase Cuts Workforce by 14%
Coinbase announced a significant reduction in staff this week, cutting approximately 14% of its workforce. The exchange said the restructuring is part of a broader strategy focused on efficiency and increased artificial intelligence integration. Similar workforce reductions have also been seen at Crypto.com and Gemini.
Bitcoin Rally Sparks Altseason Speculation
Bitcoin’s climb above $82,000 triggered renewed speculation about the start of another altseason after several alternative cryptocurrencies posted even larger gains. Tokens such as Zcash, TON, and WLFI delivered substantial rallies, although market momentum later cooled and failed to fully confirm the altseason narrative.
Bullish Moves Forward With $4.2 Billion Acquisition
Cryptocurrency exchange Bullish announced plans to acquire global transfer agent Equiniti in a deal valued at approximately $4.2 billion. The acquisition marks one of the largest transactions in the crypto sector this year.
Justin Sun Rejects WLFI Lawsuit Claims
Tensions between Justin Sun and the Trump linked DeFi project World Liberty Financial intensified after both sides initiated legal action against one another. WLFI recently filed a counter lawsuit, which Sun dismissed as “meritless.”#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
