Crypto added to Sunday rally, with bitcoin exceeding $70,000 during quiet post-Easter trading hours in the United States.
These gains are accompanied by a slight increase in the averages of the main stock markets before the ultimatum launched Tuesday by President Trump to Iran to open the Strait of Hormuz. Just after noon on the East Coast, the Nasdaq was up 0.45% and the S&P 500 was up 0.3%.
Bitcoin’s contrarian bulls – as bitcoin crashed to $60,000 in early February – initially held out hope that a bottom was forming, as the heavily non-coin-operated Financial Times took a victory lap.
The bulls were perhaps even more pleased last weekend by a few more bottom signals. First was the announcement Friday evening that Jeff Park was leaving his position as chief investment officer at ProCap Financial (BRR). Led by Anthony Pompliano, ProCap was among the Bitcoin treasury companies hastily created in 2025 with the aim of hitching their wagon to the BTC bull market and replicating the success of Michael Saylor’s strategy.
As with others from the 2025 crop – among them David Bailey’s Nakamoto (NAKA) and Jack Mallers’ Twenty One Capital (XXI) – ProCap stock has struggled mightily, performing far worse for shareholders than bitcoin itself.
The second was Willy Woo, a well-followed long-time bull, suggesting that bitcoin could trade sideways for 8-12 years from here before finally entering a major bull market.
Other signals from recent weeks: bitcoin miner MARA Holdings offloading more than 15,000 of its bitcoin stack, peers Riot Platforms selling its entire March BTC production of 3,778 coins, and the aforementioned Nakamoto parting ways with some of his holdings.
Whether the true bottom is reached remains to be seen, but signs of a bottom continue to grow.
