The cryptocurrency markets surged this week as Bitcoin reclaimed the $100,000 mark, Ethereum successfully deployed its highly anticipated Pectra upgrade, and institutional adoption gained momentum with major financial players entering the tokenization space. Meanwhile, regulatory uncertainty loomed over stablecoins as a key legislative effort stalled in Congress. This article breaks down the latest developments shaping the digital asset landscape.
Bitcoin Surpasses $100K Amid Macroeconomic Optimism
Bitcoin surged past $100,000 on Thursday, marking its first time above that psychological threshold since January 2025. The rally was fueled by improving macroeconomic sentiment, including easing trade tensions between the U.S. and U.K., steady inflows into spot Bitcoin ETFs, and growing confidence in long-term digital asset adoption.
This milestone comes after a volatile first quarter, during which Bitcoin retreated amid concerns over inflation, potential stagflation, and global trade instability—particularly between the U.S. and China. However, recent commentary from Federal Reserve Chair Jerome Powell suggested a cautious but stable economic outlook. While Powell maintained interest rates between 4.25% and 4.50%, he emphasized the need for more data before considering rate cuts, especially in light of proposed tariffs.
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Notably, Bitcoin continues to evolve beyond its “risk-on” label. Increasingly viewed as digital gold, it is being integrated into corporate treasuries and state-level reserves as a hedge against inflation and currency devaluation.
Ethereum’s Pectra Upgrade Enhances Scalability and Usability
Ethereum’s latest network upgrade, Pectra, officially went live this week, introducing 11 Ethereum Improvement Proposals (EIPs) designed to improve efficiency, staking flexibility, and user experience.
One of the most impactful changes is EIP-7702, which enables account abstraction by embedding smart contract logic directly into external owned wallets (EOAs). This means users can now automate transactions, pay fees in tokens other than ETH, and enjoy more flexible wallet functionality—bringing Ethereum closer to a seamless Web3 experience.
Additionally, EIP-7251 increases the maximum ETH staking limit per validator from 32 to 2,048. This change allows large stakers and institutional validators to consolidate multiple nodes under a single address, reducing operational complexity and improving network efficiency.
Despite initial delays due to bugs uncovered during testnet trials, the successful rollout underscores Ethereum’s commitment to continuous innovation. Ether’s price responded positively, gaining over 10% in the past seven days.
Stablecoin Regulation Stalls in U.S. Congress
The GENIUS Act, a bipartisan bill aimed at establishing a clear regulatory framework for stablecoins, failed to advance in the Senate after a procedural vote fell short. The final tally was 48-49—well below the 60 votes needed to proceed to debate.
Opposition from several Democratic senators reportedly stemmed from concerns about potential conflicts of interest tied to World Liberty Financial, a firm linked to former President Donald Trump’s family. Although negotiations were underway to amend certain provisions, no agreement was reached before the vote.
Senate Majority Leader John Thune (R-SD) criticized the blockage, suggesting political obstruction rather than policy disagreement may have driven the decision. Meanwhile, Senator Ruben Gallego (D-AZ), top Democrat on the digital assets subcommittee, had requested a delay to resolve differences—a motion that was denied.
The setback delays much-needed clarity for stablecoin issuers and users alike, leaving regulatory ambiguity in one of crypto’s most critical infrastructure layers.
Citi Partners with SDX to Tokenize $75 Billion Pre-IPO Market
In a landmark move for institutional blockchain adoption, Citi announced plans to serve as custodian and issuer for tokenized late-stage, pre-IPO equities on SDX’s blockchain-based Central Securities Depository (CSD) platform.
Targeting a $75 billion private equity segment currently burdened by slow, paper-based processes—where settlements take five to eight weeks—the pilot aims to enable near-instant clearing and seamless portfolio integration using R3 Corda infrastructure.
Initially available to non-U.S. investors in Switzerland, Singapore, and parts of Asia, the program is set to launch in Q3 2025. Nadine Teychenne, Citi’s global head of digital assets, described the initiative as a pivotal step in expanding access to tokenized real-world assets (RWAs).
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According to a recent McKinsey report, the global tokenized asset market could reach $2 trillion by 2030, driven by increased efficiency, transparency, and liquidity.
New Hampshire Establishes First-Ever State Crypto Reserve
New Hampshire has become the first U.S. state to legally authorize a crypto reserve through the passage of HB 302. The law permits the state treasurer to allocate up to 5% of public funds into precious metals and digital assets with a market cap exceeding $500 billion.
Currently, only Bitcoin qualifies under these criteria. Holdings must be secured via regulated custody solutions or exchange-traded products (ETPs), ensuring compliance and safety.
This development marks a significant shift in public-sector asset management, positioning Bitcoin as a legitimate store of value at the state level. Advocates believe New Hampshire’s model could inspire similar legislation in other states, including Florida and Montana, where prior attempts stalled.
Strategy Adds Nearly 1,900 BTC in Latest Acquisition
Corporate Bitcoin holder Strategy purchased an additional 1,895 BTC for approximately $180 million at an average price of $95,167 per coin. The acquisition was funded through equity offerings—$128.5 million in common shares and $51.8 million in preferred stock.
With this purchase, Strategy’s total Bitcoin holdings now stand at 555,450 BTC, acquired at a blended cost basis of $68,550**. At current market prices near $97,000, the company’s BTC treasury is worth nearly $54 billion**, representing substantial unrealized gains.
Despite strong fundamentals, Strategy’s stock dipped 2.7% in premarket trading following the announcement—possibly reflecting investor concerns over continued equity dilution. Nevertheless, CEO Michael Saylor reaffirmed the firm’s long-term accumulation strategy.
Frequently Asked Questions (FAQ)
Q: Why did Bitcoin surpass $100K again?
A: Renewed optimism around global trade relations, ongoing ETF inflows, and Bitcoin’s growing perception as digital gold contributed to the price surge.
Q: What is account abstraction on Ethereum?
A: Account abstraction allows wallets to function like smart contracts, enabling advanced features such as batch transactions, fee payments in different tokens, and social recovery—improving usability and security.
Q: Why did the GENIUS Act fail in Congress?
A: The bill failed to secure enough votes due to bipartisan disagreements and allegations of conflict of interest involving entities linked to political figures.
Q: How does tokenizing pre-IPO shares benefit investors?
A: It reduces settlement times from weeks to minutes, increases liquidity, lowers transaction costs, and enables broader access to high-growth private market opportunities.
Q: Can other states follow New Hampshire’s crypto reserve model?
A: Yes—while regulatory hurdles exist elsewhere, New Hampshire’s success provides a viable blueprint for state-level digital asset adoption.
Q: Is staking still profitable after Ethereum’s Pectra upgrade?
A: Yes—enhanced staking capabilities and improved network efficiency may increase participation and reward stability over time.
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