Crypto Market Recap: Saylor Buys US$180 Million BTC, Arizona Says No to Bitcoin

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$94,111 as markets wrapped for the day, down 0.9 percent in 24 hours. The day’s range has seen a low of US$93,806.23 and a high of US$95,741.62.

Bitcoin Performance, May 5, 2025

Chart via TradingView

The cryptocurrency market is seeing mixed movement as Bitcoin pulls back slightly from recent highs, trading near US$94,000. All eyes are on the upcoming Federal Reserve FOMC meeting (May 6–7), with investors anticipating signals on interest rates that could impact market sentiment. Despite the dip, Bitcoin remains resilient, and analysts see potential for a short-term push toward the US$96,000–US$98,000 range.

Ethereum (ETH) ended the day at US$1,828.22, a 1.3 percent decrease over the past 24 hours. The cryptocurrency reached an intraday low of US$1,787.46 and reached its daily high of US$1,839.29.

Altcoin price update

• Solana (SOL) ended the day valued at US$146.61, down 0.8 percent over 24 hours. SOL experienced a low of US$143.03 and peaked at $147.78.

• XRP traded at US$2.18, reflecting a 2.1 percent decrease over 24 hours. The cryptocurrency recorded an intraday low of US$2.13 and reached its highest point at US$2.20.

• Sui (SUI) was priced at US$3.44, showing an increaseof 6.5 percent over the past 24 hours. It achieved a daily low of US$3.22 and a high of US$3.47.

• Cardano (ADA) was trading at US$0.6841, down 4.0 percent over the past 24 hours, and its lowest price of the day. It reached a high of US$0.6927.

Today’s crypto news to know

Saylor’s Strategy buys US$180 million in Bitcoin as price forms bullish double bottom

Michael Saylor’s Strategy (NASDAQ:MSTR) has acquired another 1,895 BTC at an average price of US$95,167, bringing its total Bitcoin holdings to a staggering 555,450 BTC worth over US$38 billion.

This recent US$180.3 million purchase, funded through proceeds from its common and STRK ATM offerings, signals the firm’s unwavering commitment to a Bitcoin-centric treasury strategy.

As of May 4, Strategy’s average purchase price across all holdings stands at US$68,550 per coin, showing the company’s profitable long-term conviction.

Technically, BTC/USD is showing signs of bullish reversal on the H1 chart, forming a textbook double bottom near US$94,000. A bullish engulfing candle has emerged, and if price breaks above US$94,800 and the prevailing descending trendline, a strong upside move may be in play.

The market is watching closely as Strategy continues to be one of the largest institutional holders pushing Bitcoin as a macro asset.

Maldives courts crypto billions in bid to become a blockchain finance hub

The Maldives, traditionally known for its luxury tourism, is pivoting toward digital finance with a massive US$8.8 billion crypto investment deal led by MBS Global Investments, the family office of Sheikh Nayef bin Eid Al Thani.

The deal, which dwarfs the island nation’s US$7 billion GDP, involves building a massive blockchain-focused financial hub spanning 830,000 square meters and employing up to 16,000 people.

Maldives’ Finance Minister Moosa Zameer called the initiative crucial for economic diversification and a potential solution to mounting foreign debt obligations due over the next two years. Early financing commitments have already surpassed US$4 billion, with the remainder to be raised via equity and debt.

The proposed Maldives International Financial Centre would transform the country into a key player in the global digital assets space. If realized, this could mark the most aggressive national pivot to crypto infrastructure in the Global South.

Arizona governor vetoes Bitcoin Reserve bill, labels crypto ‘untested investment’

In a decisive move against digital asset adoption at the state level, Arizona Governor Katie Hobbs vetoed a controversial bill that would have allowed the state to invest in Bitcoin using seized funds.

Senate Bill 1025 had narrowly passed the state legislature and aimed to establish a crypto reserve managed by the state, a first-of-its-kind initiative in the U.S.

However, Hobbs dismissed the proposal, saying Arizona’s retirement and treasury systems should avoid “untested investments like virtual currency,” emphasizing fiscal conservatism and a cautious approach to emerging financial instruments, even as crypto assets gain traction globally.

The veto effectively halts what could have been a landmark experiment in state-level Bitcoin adoption.

Binance to roll out crypto payments in Kyrgyzstan

Binance has signed a landmark partnership with Kyrgyzstan’s National Agency for Investments, aiming to introduce crypto payments and blockchain education as part of a broader national tech initiative.

Through this memorandum of understanding, Binance Pay will soon enable crypto transactions for local residents and tourists, while Binance Academy will collaborate with Kyrgyz financial regulators and institutions to build out educational infrastructure.

The agreement was announced during Kyrgyzstan’s first Council for the Development of Digital Assets, with President Sadyr Japarov in attendance, highlighting high-level state support for crypto integration.

Binance’s regional head, Kyrylo Khomiakov, stressed the importance of the partnership in shaping regulatory clarity and fostering innovation in the country.

Kyrgyzstan has also committed to launching a central bank digital currency (CBDC), the “digital som,” after a law granting it legal tender status was signed on April 18.