Why Crypto is Up Today? Paul Atkins Crypto Law, SUI Crypto, XRP News, Solana News

Over $600 million in crypto positions were wiped out as Bitcoin surged past $93,000 for the first time in seven weeks, triggering a massive sentiment shift. According to Coinglass, market liquidations jumped 130% in 24 hours. With open interest up 14% to $121.6B, leveraged bets are back—yet altcoins still lag behind in the “Bitcoin Season.”

Bitcoin soared above $93,000 after Treasury Secretary Scott Bessent signaled that the US-China trade war may soon ease, boosting investor confidence. The crypto market rose over 5%, with Ethereum, XRP, and Solana also posting gains. Meme coins and AI/RWA sectors rallied too. Over $581 million in futures were liquidated, mostly from short positions. Long-term BTC holders resumed accumulation, showing renewed optimism and shifting sentiment in favor of crypto assets.

Bitcoin crossed $93,000 thanks to strong institutional buying, lifting the global crypto market cap by over 6% to $2.93 trillion. Ethereum, Dogecoin, Solana, and XRP also saw solid gains. DeepBook Protocol surged 124%, making it the top gainer, while Tether Gold dropped over 4%, becoming the biggest loser. The market sentiment remains neutral with a Fear & Greed Index of 52.

Aikido has flagged a critical vulnerability in XRPL’s JavaScript SDK (xrpl.js v4.2.1–4.2.4) that lets hackers steal private keys. Discovered on April 21, the compromised NPM packages had a hidden backdoor. The XRPL Foundation confirmed the breach and released version 4.2.5, urging all developers to upgrade immediately. The vulnerability doesn’t affect XRPL’s core codebase. Several projects like XRPScan and OpulenceX confirmed they’re unaffected. This is the latest in a string of supply chain attacks targeting the crypto industry, including failed attempts on Coinbase.

Bitcoin dominance is currently at 64.38%, it’s near its highest since February but has been stuck below the key 64.34% weekly candle top for over 10 weeks. A breakout above 66% could trigger a massive altcoin flush, intensifying BTC’s lead. However, if dominance fails here, it might mark the beginning of altseason, with capital rotating into smaller-cap tokens. Altcoin Season Index remains low at 16/100, reinforcing the current “Bitcoin Season” narrative. Meanwhile, BTC trades at $92,007 with a $1.75T market cap.

Elon Musk recently shared a meme on X, warning people about crypto scams, joking that if a “hot girl” texts you about crypto, it’s likely a scam. His post, seen over 10.7 million times, highlights a common trick used by scammers—using fake profiles to lure victims. In 2023, crypto scams led to $3.9 billion in losses. Scammers often promise big profits and use fake websites or endorsements. Musk’s post is a reminder to stay alert and avoid shady crypto offers.

Tesla reported a 71% drop in Q1 2025 profits, earning $409 million as revenue fell 9% to $19.3 billion. The company blamed weak demand on political backlash and global trade uncertainty. It pulled back its 2025 forecast and warned of near-term challenges. Despite this, Tesla confirmed plans to launch new, affordable models and a robotaxi by June. Analysts said the stale vehicle lineup and Musk’s political role have hurt the brand, with calls growing for him to refocus on Tesla.

Donald Trump said he won’t fire Fed Chair Jerome Powell, despite being frustrated over delayed rate cuts. Calling it the “perfect time” to slash rates, Trump urged Powell to act sooner rather than later. Though earlier he hinted at removing Powell, Trump clarified the controversy was overblown. The Fed has kept rates steady in 2025, prioritizing inflation control amid tariff-driven economic uncertainty.

Bitcoin Price today surged 5.61%, reaching $92,892.57 with a massive 24-hour volume of $56.38B, up 49.5%, and a market cap of $1.84T. Bulls pushed the price above the $92K resistance, with a sharp move testing the $94K zone and forming a high at $93,888. It’s now consolidating above the 23.6% Fib level from the $86,400 swing low. Interestingly, two wallets—likely a whale—shorted $74.5M in BTC at around $92.5K using 6x leverage, despite the bullish momentum.