The Treasury Secretary has a big update about crypto again. This time, he goes to the length of claiming that crypto is the future of finance. Within an hour after his comment, there was a spark of activity around various stablecoins.
AltcoinGordon took to “X” to signal that there has been a record surge in institutional activities in the crypto world, attracting enough capital inflows. This happened on May 2nd, when BTC recorded a price of 96,860.88 USD, marking a decent “+365.04” today.
However, the effect is not quite limited to Bitcoin. Ethereum, the biggest name after BTC, has also joined the party. ETH is trading at 1,831.64 USD at press time, marking a meager 0.39% fall today!
CoinBase exchange data reflects that the ETH/USD pair has reached a trading volume of 850,000 ETH, a staggering 12% growth in hours.
# What Fueled the Market’s Reactions?
The activity surge signals Bessant’s remarks have reached institutional investors well. They feel that this surge in trading volume has been supported by key on-chain metrics that support the narrative of reasonable price growth!
In the meantime, Glassnode records that the number and volume of activities on the Bitcoin wallet have increased by 25%. Each wallet holds more than 1 BTC, implying a growth in interest among larger investors.
Bessant’s comments can further leverage the adoption of AI-based tokens pegged to BTC. The reason is the advent of innovation every other day through a new token.
# What Does the Future Hold?
The future is ripe for a strong BTC rally, with institutional interest already gathering around several other coins. The AI token’s season may also start soon, in a merger with Bitcoin’s stride. The correlation efficiency of AI token performance is already 0.85 (↑).
