Bitcoin fell on Wednesday despite positive momentum and the convention of the Bitcoin 2025 conference in Las Vegas, while both Ripple and Solana lost 1%.
The decline comes a week after bitcoin hit a record high near $112,000 on hopes for trade deals with US partners, and supportive legislation in the Senate.
Institutional Support for Bitcoin
The annual bitcoin conference in Las Vegas showcased increasing acceptance for bitcoin payment methods through Square and other mechanisms, with application expected in the second half of 2025.
Donald Trump Junior expressed great optimism during the conference, and announced a bitcoin treasury within the Trump Media, collecting over $2.5 billion to invest in the cryptocurrency.
GameStop Enters Bitcoin World
On May 28, Gamestop announced its first direct investment in bitcoin, purchasing 4710 units at a value of $513 million.
The company’s stock spiked 30% in 30 days and reached $36.30 in pre-market trading today.
Otherwise, some House Democrats said they’ll withdraw their support for the Stablecoin project on concerns about Trump’s bitcoin investments.
It comes after the Trump Media & Technology Group confirmed plans to gather $2.5 billion to invest into bitcoin, divided into:
$1.5 billion from stock sales
$1 billion from interest-free convertible bond coupons
Otherwise, the Circle company that issues USDC announces an IPO at the New York Exchange, with 9.6 million shares directly issued, and 14.4 million shares sold by current shareholders, and potentially an additional 3.6 million shares to cover the IPO.
Price Outlook
Bitcoin is currently down 0.5% to $109.1 thousand on Coinmarketcap as of 13:44 GMT.
However, several analysts expect prices to surge to as far as $135,000 through June. if market conditions continued to be favorable.
Historic Performance
Bitcoin hit a record high of $112,000 last week, amid strong institutional demand and investments into bitcoin ETFs.
JPMorgan already expects bitcoin to outmatch gold in the second half of the year, bolstered by increasing institutional dependence on the cryptocurrency, and the new batch of supportive global legislations.
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