Crypto Market Recap: Bitcoin in Bear Market, SEC-Ripple Pause Granted

Bitcoin and Ethereum price update

At the time of this writing, Bitcoin (BTC) was priced at US$84,336.30 and is up 0.4 percent in 24 hours. The day's range has seen a low of US$83,592.79 and a high of US$85,311.80.23.

Trade tension escalation between China and the US continues to drag on the crypto market.

Ethereum (ETH) is priced at US$1,588.68, a 1.1 percent decrease over the past 24 hours. The cryptocurrency reached an intraday low of US$1,551.41 and a high of US$1,605.30.

Altcoin price update

• Solana (SOL) is currently valued at US$132.69, up 3.7 percent over the past 24 hours. SOL experienced a low of US$124.95 and peaked as the stock markets closed on Wednesday.

• XRP is trading at US$2.11, reflecting a 0.6 percent decrease over the past 24 hours. The cryptocurrency recorded an intraday low of US$2.07 and reached its highest point as markets closed for the day.

• Sui (SUI) is priced at US$2.11, showing a decrease of 0.7 percent over the past 24 hours. It achieved a daily low of US$2.04 and a high of US$2.13

• Cardano (ADA) is trading at US$0.6130, down 0.9 percent over the past 24 hours. Its lowest price on Wednesday was US$0.6007, with a high of US$0.6152.

Today's crypto news to know

Analysts confirm crypto bear market

Recent market analysis suggests the cryptocurrency market has been experiencing a bear market cycle. Bitcoin's price has been below its 200-day simple moving average (SMA) since March. The 200-day SMA is a key metric used to identify trends in Bitcoin’s price movements and potential market cycles.

“The 200DMA model on bitcoin does suggest that the token’s recent steep decline qualifies this as a bear market cycle starting in late March. But the same exercise performed on the COIN50 index (which includes the top 50 tokens by market capitalization) shows the asset class as a whole has been unequivocally trading in bear market territory since the end of February,” David Duong, global head of research at Coinbase Institutional, said in a note published Monday.

“All of these structural pressures stem from the uncertainty of the broader macro environment, where traditional risk assets have faced sustained headwinds from fiscal tightening and tariff policies, contributing to the paralysis in investment decision making."

The authors of the report urge cautious trading for the next month or so, after which the sentiment could change “rather quickly.” Duong said the market could rebound in the second half of 2025.

A market analysis by Bitcoin researcher Axel Adler Jr also points to potential for price recovery later in the year, noting the increasing dominance of US-regulated exchanges and a recurring bullish technical signal. Reduced supply, noted by analyst Borin Vest, could also contribute to upward price movement.

Janover increases Solana holdings

According to an April 15 announcement from real estate-focused financial technology firm Janover (NASDAQ:JNVR), the company’s Solana holdings have doubled to 163,651.7 after its latest purchase of 80,567 tokens for roughly US$10.5 million.

Janover’s total Solana holdings are now worth about US$21.2 million, including staking rewards.

Janover recently raised approximately US$42 million in a convertible note and warrants sale to bolster its digital asset treasury strategy. This funding round saw participation from investors including Pantera Capital, Kraken, Arrington Capital, Protagonist, The Norstar Group, Third Party Ventures, Trammell Venture Partners and 11 angel investors.

The company intends to utilize the newly acquired capital to enhance its digital asset treasury strategy, including immediate staking of recently purchased SOL to generate additional revenue.

Ripple Labs and SEC appeal paused amid settlement talks

In the ongoing legal dispute between Ripple Labs and the SEC, an appeals court has approved a request to halt proceedings while settlement discussions take place, raising speculation about a potential imminent resolution. The SEC is required to provide an update on the situation by June 15.

China faces a regulatory dilemma over seized crypto assets

China’s growing trove of seized cryptocurrencies — confiscated from fraud, money laundering and gambling cases — has become a legal and political hot potato as local governments debate how to convert illicit digital wealth into usable state revenue, Reuters reported.

With crypto trading banned and virtual assets not recognized as legal tender, authorities currently rely on loosely regulated private firms to offload seized tokens on offshore exchanges, raising concerns over transparency, corruption and inconsistent enforcement.

Legal experts, judges and financial authorities are now calling for new national guidelines, including proposals to centralize asset management, establish crypto disposal agencies or even hold confiscated Bitcoin as sovereign reserves — a potential pivot that could reshape China's crypto stance amid broader geopolitical and economic shifts.

OKX ramps up US presence with exchange launch, wallet rollout

OKX, one of the world’s top cryptocurrency exchanges, is making a calculated leap into the US market with a phased rollout of its centralized trading platform and a powerful self-custody Web3 wallet for retail and institutional users.

Spearheading this expansion is newly appointed US CEO Roshan Robert and a fresh San Jose headquarters, signaling the company’s strategic commitment to regulatory compliance and American market penetration.

The exchange offers deep liquidity, low fees and fast execution, while the new wallet — compatible with over 130 blockchains — lets users manage NFTs, tokens and dApps across multiple ecosystems.

OKX is also prioritizing transparency, publishing monthly proof-of-reserves reports verified by third-party auditors to reinforce user trust in its custodial holdings.

Semler Scientific doubles down on Bitcoin despite substantial unrealized loss

Healthcare technology firm Semler Scientific (NASDAQ:SMLR) revealed a US$41.8 million paper loss on its Bitcoin investment as of Q1 2025 following a sharp decline in Bitcoin’s price — from US$93,500 in January to US$82,350 in March — but has nonetheless pledged to press forward with its crypto acquisition strategy.

As of March 31, the company held 3,182 Bitcoin valued at over US$263 million. It remains undeterred, announcing plans to issue up to US$500 million in securities to support further purchases and shore up operating capital.

Semler also disclosed a tentative US$30 million settlement with the Department of Justice related to a civil probe, signaling ongoing legal pressures even as it pushes into risky, non-core asset classes.

The firm's stock is down 36 percent this year, remaining a polarizing example of Bitcoin's expanding foothold in non-crypto industries.

Oklahoma pulls out of Bitcoin reserve race after narrow senate vote

Oklahoma’s ambitious plan to become a state-level crypto pioneer came to an abrupt halt after its Strategic Bitcoin Reserve Act (HB1203) failed to pass the Senate Revenue and Taxation Committee by a razor-thin 6–5 vote.

The proposed legislation would have allowed the State Treasurer to allocate up to 10 percent of public fund assets into Bitcoin and other large-cap digital assets, while also exploring staking mechanisms and crypto integration into retirement accounts.

Supporters argued the bill could hedge against inflation and government overreach, but critics raised concerns about volatility, fiduciary responsibility and the need for deeper regulatory safeguards.

With the bill's collapse, Oklahoma joins a growing list of states backing away from crypto investment, leaving Arizona, Texas and New Hampshire as the frontrunners in the race to make Bitcoin a strategic public asset.