The crypto market today is up 1.48%. The total market capitalization reached $2.98 trillion as of May 7, 2025, at 10:50 AM. Bitcoin in late hour trading yesterday gained 3% to $97,200 after US-China negotiations cues. Solana treasury transactions and Washington political tensions are causing mixed emotions amongst altcoins. Hopes for crypto regulation, however, are held up as fears arise regarding former President Donald Trump's crypto connections.
Crypto prices today mirror newfound market optimism. Bitcoin initially surged 3% to $97,200 over the last 24 hours, fueled by encouraging signs from US-China trade talks. The largest crypto has now settled at $96,558. The majority of altcoins are in green today amid growing institutional support. However, political tensions in the US around Trump-associated crypto businesses may slow long-awaited regulation. India-Pak war worries may also affect the South Asian crypto markets drastically.
Let's look at notable price action in major cryptocurrencies and market-moving news:
The current Bitcoin price is $96,558, posting a 2.12% increase in the past 24 hours. Market cap is at $1.91 trillion, and the 24-hour volume is well over $28.4 billion. Binance creator Changpeng "CZ" Zhao predicts Bitcoin might rally to $500,000–$1 million in this cycle.
Solana is trading at $146, 0.76% rise over the last 24 hours. Market cap stands at $63.21 billion, with $1.78 billion in trading volume.
DeFi Development Corporation (DFDV), ex-Janover (JNVR), added 82,404 SOL to its treasury this week, now holding 400,091 SOL. At the prevailing price, this stack has a value of over $57 million. The firm stated that the newly purchased tokens, while locked, will be staked via its recently acquired validator business to yield "protocol-native cashflow."
Ethereum (ETH): ETH price is At $1,813, up 1.23%, with a market cap of $217.53 billion.
XRP: XRP is at $2.10, up 1.9%, with a $122.75 billion market cap.
Cardano (ADA): Up 2.3% at $0.665, with a $23.32 billion market cap.
TRON (TRX): Fractionally lower at $0.2481, with a 1.41% decline.
The altcoin sector at large is responding gingerly to Washington political unrest and investors shifting into BTC.
BNB rises 0.77% to $604.10, with a market cap of $85.2 billion. The recent surge is due to speculation surrounding VanEck seeking approval for a BNB spot ETF. This would reflect increasing institutional demand and make BNB more useful.
Dogecoin (DOGE) stands at $0.1685, up by 1.22%. Market cap is at $25.01 billion, and the trading volume of $675.5 million. DOGE was expected to shoot up to $0.40 by May of 2025, driven by a positive technical outlook and social pressure.
USDT: It rose to $0.9998 with market cap at $149.3 billion.
USDC: Steady at $0.9999 and capitalization at $61.7 billion.
Even with price stability, stablecoins are in the spotlight. Tensions have run high on Capitol Hill as Congress probes possible entanglements involving former President Donald Trump and his sons. Senator Elizabeth Warren spoke out against it, labeling the situation "corruption" following a $2 billion investment in Binance made through a Trump-endorsed stablecoin. The scandal is poised to freeze legislative action on stablecoin legislation this year.
US Democratic lawmakers have made a multi-pronged attack against President Donald Trump's cryptocurrency ventures. Two bills and a subcommittee investigation seek to curtail his capacity to earn from his cryptocurrency activities.
The Modern Emoluments and Malfeasance Enforcement Act (MEME Act) is looking to stop federal officials, including Trump, from benefiting from memecoins and digital assets. If enacted, the act will bar officials from sponsoring or issuing digital assets while in office.
This political pressure has complicated the regulatory environment. This notwithstanding, Bitcoin's climb to $97,200 indicates the resilience of the market against such uncertainty.
Unlike the political skirmishes over Trump, New Hampshire has taken forward steps in the crypto arena as the first state in the US to permit the government to make investments in cryptos.
House Bill 302 was signed into law by Governor Kelly Ayotte, which legalizes the possibility of the state treasury investing in cryptocurrencies such as Bitcoin. According to this legislation, investments could be made into assets with market capitalization well above $500 billion, bypassing smaller memecoins and tokens.
The crypto market today shows resilience with Bitcoin leading gains amid geopolitical optimism. However, regulatory uncertainty remains a wild card. The market has entered a wait-and-watch phase with short-term volatility expected. Institutional movements in Solana and growing Bitcoin adoption may continue to provide support.
The regulatory landscape, such as the current scrutiny of Trump's crypto business, may have significant effects on the market in the next few months. While US-China trade negotiations drove Bitcoin prices up. However, it remains to be seen how the market will react to growing India-Pak war tensions in South Asia, as the former took military action yesterday.