Cryptocurrencies have joined Sunday’s rally, with bitcoin exceeding $70,000 in the quiet trading hours after Easter in the United States.
The gains are accompanied by a modest advance in major stock averages ahead of President Trump’s Tuesday ultimatum for Iran to open the Strait of Hormuz. Shortly after noon on the East Coast, the Nasdaq rose 0.45% and the S&P 500 rose 0.3%.
Bitcoin is now up almost 4% in the last 24 hours, with ether, XRP, and solana posting similar gains.
Anti-bitcoin bulls (when bitcoin plunged to $60,000 in early February) first held out hope that a bottom was forming, when the Financial Times, which was not betting on the coins, took a victory lap.
The bulls may have been even more pleased over the past weekend by a couple of other signs of bottoming. First came Friday night’s news 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 formed in 2025 with the aim of latching onto the BTC bull market and replicating the success of Michael Saylor’s strategy.
As with others of the 2025 vintage, including David Bailey’s Nakamoto (NAKA) and Jack Mallers’ Twenty One Capital (XXI), ProCap stock has struggled mightily, performing much worse for shareholders than bitcoin itself.
In second place was Willy Woo, a long-time well-followed bull, who suggests that Bitcoin could trade sideways for 8 to 12 years from here before finally entering a major bull market.
Other signs in recent weeks: bitcoin miner MARA Holdings dumped more than 15,000 from its bitcoin stack, peer Riot Platforms sold its entire March BTC production of 3,778 coins, and the aforementioned Nakamoto parted ways with some of his holdings.
It remains to be seen whether the bottom has actually been reached, but the signs that the bottom has been reached continue to mount.
