Daily Market Report – May 7, 2025
The cryptocurrency market rallied on May 7 as Bitcoin surges once again — with Bitcoin (BTC) jumping 3.31% to $97,021.17 and Ethereum (ETH) rising 1.83% to $1,829.77. BTC traded between a low of $93,388.01 and a high of $97,730.00, while ETH ranged from $1,752.09 to $1,849.97. Futures liquidations totaled $120.74 million, reflecting heightened activity amid price surges. Market sentiment remained in “Greed” territory, with the Fear & Greed Index holding at 53. Trader positioning stayed balanced, with BTC long positions at 50.16% and ETH longs at 49.65%, suggesting cautious optimism as markets climb.
Altcoins also saw strong upward movement as Bitcoin surges. KAITO led the top gainers with a 32.33% increase, followed by BDT at 21.25%, and HELIDOGE up 19.10%. On-chain sentiment was mixed. A false rumor surrounding LLJEFFY’s founder temporarily pushed its market cap to $30 million before collapsing back to $7 million after the news was debunked. Meanwhile, GORK dropped to $34 million in market cap, and HOUSE settled at $58 million. Tokens like NEET and TROLL maintained strength and continue to show resilience despite wider volatility.
In ecosystem updates, WLFI launched a Snapshot proposal to airdrop the USD1 stablecoin to its holders, marking another step toward building its stablecoin infrastructure. Meanwhile, global policy discussions made headlines as China agreed to resume tariff talks with the U.S., with Vice Premier He Lifeng set to meet American officials in Switzerland.
In regulatory news, Bitwise submitted an application to the U.S. Securities and Exchange Commission (SEC) for the listing of a spot NEAR ETF, continuing the trend of institutions pushing for broader crypto ETF access. New Hampshire made history by becoming the first U.S. state to pass a Bitcoin reserve bill as Bitcoin surges, potentially paving the way for state-level BTC treasury adoption. On the development front, Solana’s domain name service, sns.sol, announced the upcoming launch of its SNS token, with 40% allocated for airdrop distribution.
Other Key Financial and Crypto Developments As Bitcoin Surges
The crypto market extended its upward momentum as Bitcoin surged past $97,000, while Ethereum climbed toward $1,830, reflecting a broader wave of optimism. However, institutional flows temporarily slowed, with major ETFs from Fidelity and WisdomTree reporting zero inflows on May 7. Attention shifted to the Federal Reserve’s FOMC meeting, with traders closely watching for rate decisions and policy signals that could impact digital asset markets.
On the regulatory front, legislative efforts to build a comprehensive U.S. crypto framework hit turbulence, as concerns over former President Trump’s involvement in crypto ventures stirred partisan tensions in Washington. Meanwhile, New Hampshire made history by becoming the first U.S. state to formally establish a cryptocurrency reserve, allowing up to 5% of public funds to be allocated to Bitcoin and similar assets. Despite the policy noise, overall sentiment remained bullish, with investors keeping an eye on upcoming macro events and the long-term trajectory of institutional adoption.
Michael Crag
