The crypto market has shown remarkable resilience in the face of various challenges, with key cryptocurrencies like Bitcoin and Ethereum displaying a mix of volatility and stability.
Bitcoin, the world's largest cryptocurrency, touched a high of US$80,526 on May 4, marking its first time above the US$80,000 mark in three months. This surge was driven by renewed investor optimism and robust inflows into spot Bitcoin exchange-traded funds (ETFs).
However, as traders turned cautious over renewed Middle East tensions, Bitcoin's price eased back to around US$79,700 to US$80,000 by May 8.
Ethereum also had a volatile week, rising above US$2,370 midweek before retreating below US$2,300 by May 8. Despite this pullback, sentiment around Ethereum remained constructive due to improving ETF inflows and expectations of stronger institutional participation.