Bitcoin’s price tried to take down the $95,000 resistance but the bears were quick to intercept the move and pushed the asset south by a grand.

Many altcoins have turned red over the past day. LTC leads this adverse trend after the US SEC delayed making a decision on one of the ETF applications.

BTC Stalls at $94K

Bitcoin had a strong week at the end of April and the beginning of May when its price recovered from yet another slip to $93,000 and went on the offensive. That support line has turned out to be crucial for the asset, at least for now, and BTC spiked after last Wednesday’s retest.

In a few hours, the primary cryptocurrency jumped by several grand and rose above $97,000. The landscape became even more bullish on Friday when BTC tapped $98,000 for the first time in over two months. As the bulls were preparing for an attempt to take down the coveted $100,000 level, though, the situation changed, and bitcoin started to lose value gradually.

The culmination came yesterday and earlier today when BTC dropped toward the aforementioned $93,000 support. It bounced off once again but was stopped at $95,200 and driven south to just over $94,000 as of now.

Its market cap has remained sluggish at $1.870 trillion, while its dominance over the alts is close to 62% on CG.

LTC Drops Hard

Litecoin received some harmful but expected news on the ETF front yesterday when the US SEC extended the deadline to make its final decision for another month or so. Although it was no surprise for many, the native token dropped hard and is down by 7% on a daily scale. As of now, LTC remains inches above $80.

Granted, most other larger-cap alts are in the red as well. These include XRP, DOGE, ETH, ADA, SUI, LINK, LEO, XLM, AAVE, and APT, with losses of up to 5%.

BNB, TAO, and XMR are among the few with minor gains. However, the total crypto market cap has shed another $40 billion and is down to $3.030 trillion on CG.

[PRESS RELEASE – Abu Dhabi, UAE, May 6th, 2025]

Igniting a New Era for Crypto in MENA with Professional-Grade Trading and Bank-Grade Security

The future of crypto in MENA is taking shape. BurjX, a UAE-based digital asset brokerage, announced today that it has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). This marks a key regulatory milestone as BurjX moves towards securing its Financial Services Permission (FSP) to operate as a fully regulated, institutional-grade trading and custody platform.

As the pioneer of the world’s first comprehensive virtual asset regulatory framework, ADGM’s approval reinforces BurjX’s commitment to building a next-generation platform founded on trust, transparency, and institutional adoption in MENA.

A New Era for Crypto in MENA

“This is an exciting step forward – not just for BurjX, but for crypto in MENA as a whole,” said Omar Abbas, Co-Founder & CEO of BurjX. “Secure, institutional-grade custody is the foundation of a trusted trading platform, and the MENA region is ready for it. As BurjX moves toward final regulatory approval, we are reimagining crypto trading – seamlessly integrating cutting-edge security with a frictionless trading experience in a single, unified platform.”

Adam Ferris, Co-Founder & Chairman of BurjX, underscored the company’s vision: “This milestone is just the beginning. We’re building something that doesn’t just meet the highest security and regulatory standards – it’s about raising the bar for enterprise-grade custody, compliance, and market integrity. BurjX is shaping the future of responsible digital asset trading.”

Wall Street Meets MENA: The Next Crypto Powerhouse

BurjX was founded to bring North American expertise into MENA’s rapidly growing crypto landscape. Omar Abbas, co-founder of NDAX – Canada’s leading cryptocurrency exchange, has over a decade of experience in fintech, banking, and digital assets. He’s worked at Canada’s top banks, bridging traditional finance with the rise of crypto markets. Adam Ferris, a Harvard JD/MBA who previously held key roles at Goldman Sachs, has deep expertise in high-growth financial and technology markets, strengthening the team’s strategic leadership and expansion capabilities.

Recognising the immense potential of the MENA region – ranked as the seventh-largest crypto market globally in 2024, valued at an estimated $338.7 billion and accounting for 7.5% of the world’s total transaction volume – they’ve assembled a team of seasoned experts to reshape the crypto landscape and setting a new standard for digital asset trading.

Raising the Bar for Regulated Crypto

With final regulatory approval on the horizon, BurjX is preparing to launch later this year, bringing a full suite of digital asset trading and custody solutions to market. Designed for retail, professional, and institutional traders, the platform provides secure fiat on/off-ramps, deep liquidity, and advanced execution tools – all within a tightly governed and fully compliant framework.

At the heart of BurjX’s security framework is its integration with Fireblocks, the global leader in digital asset custody. By leveraging Fireblocks’ multi-party computation (MPC) technology and cutting-edge security protocols, BurjX ensures institutional-grade asset protection, secure transfers, and real-time risk management – setting a new benchmark for safeguarding digital assets in MENA.

Strengthening its security-first approach, BurjX has secured market-leading insurance coverage. This coverage offers comprehensive protection for client and operational assets against a range of potential risks, ensuring resilience and trust in its platform.

About BurjX

BurjX is a UAE-based digital asset brokerage and custodian designed to bring secure, efficient, and cost-effective access to digital assets such as Bitcoin, Ethereum, and Solana. Built from the ground up for MENA, BurjX is in the final stages of regulatory approval with the FSRA of ADGM, paving the way to set a new benchmark for compliant crypto trading and custody in the region.

For more details on BurjX, users can visit www.burjx.com. For PR inquiries, users can contact Janis D’Souza at janis@burjx.com

TL;DR

• ADA has slipped substantially from its December 2024 peak, recently failing to break key resistance. A renowned analyst warns the slump could intensify in the near future.

• Despite the bearish outlook, whales bought over 410 million ADA in April, signaling renewed confidence. Combined with a low RSI near overbought levels, this could hint at a potential bullish reversal.

ADA to Bleed in the Following Days?

Cardano’s ADA performed quite well towards the end of last year, with its price surging past $1.30. Despite its brief spikes in the next several months, though, it has been on an evident downtrend since then. Currently, ADA trades at roughly $0.66 (per CoinGecko’s data), representing a 45% decrease compared to the local peak observed in December 2024.

Popular analyst Ali Martinez recently explored the asset’s performance during that period. He argued that Cardano’s native token was rejected at the top of its descending channel, which has been in play for the past half-year. That said, Martinez believes the valuation could continue to decline to $0.63 or even $0.54 “if pressure persists.”

Approximately a week ago, the X user touched upon the same pattern. Back then, ADA was worth around $0.72, and he envisioned a pump toward $0.88 in the event of a breakout above the key level of $0.74. The price, though, could not pass that important barrier. 

The Bullish Scenario

Contrary to the assumption of a nearly 20% correction in the short term, some essential factors signal a potential price resurgence. In April, whales accumulated more than 410 million tokens, which, at current rates, equals roughly $270 million. This represents a much different strategy than the selling spree witnessed in late February and mid-March.

When large investors fill their bags, it usually indicates a growing confidence in the asset’s future performance. Smaller players closely monitor those actions and might also hop on the bandwagon, distributing fresh capital into the ecosystem.

ADA’s Relative Strength Index (RSI) also signals potential good times for bulls ahead. The momentum oscillator, which measures the speed and magnitude of recent price changes, varies from 0 to 100. Readings below 30 could be interpreted as bullish, suggesting the asset has entered overbought territory and may be on the verge of a rally. The ratio currently stands just north of that mark.