New York City Mayor Eric Adams announced partnerships between the city and financial firms as part of his crypto plans.

In a May 12 press conference at Gracie Mansion, the the city’s official mayoral residence, Adams said June Ou, founder of financial services company Figure, and Richie Hecker, CEO of private equity firm Traction and Scale, would be assisting the city in its crypto efforts. He spoke of Ou and Hecker acting as advisers for New York City’s next steps in “economic development and opportunities to serve the public using digital assets.” 

“We are focused on the long-term values of these technologies for our city and its people, not chasing memes or trends,” said Adams, adding:

“If you’re in the crypto, blockchain, Web3 or the fintech space, New York City is open for business.”Eric Adams addressing reporters on May 12. Source: Yedda Araujo/Cointelegraph

Adams made digital assets a large part of his policy platform after assuming office in January 2022, when he announced plans to accept his first three paychecks in Bitcoin (BTC). In a 2023 financial disclosure, the mayor reported holding between $5,000 and $54,999.99 worth of Bitcoin, but suggested it was worth more in a December 2024 press conference.

Trump DOJ dismissed the corruption case against Adams

Adams had been facing corruption charges over alleged illegal donations from the Turkish government, but Justice Department officials appointed by US President Donald Trump stepped in and directed local authorities to intervene. The case was dismissed with prejudice, meaning it cannot be reopened, in April, and Adams traveled to the White House on May 9 to reportedly thank Trump for his “words of support” during his 2024 campaign.

Related: 8 major crypto firms announce US expansion this year

It’s unclear whether Adams’ May 12 announcement was related to his meeting with the president, who has also pushed significant policies related to digital assets since taking office. Cointelegraph reached out to the mayor’s office for comment, but had not received a response at the time of publication.

Adams announced in April that the city would be hosting its own crypto summit on May 20.

Magazine: Crypto City: Guide to New York

Key points:

Bitcoin price saw profit booking near $105,819, signaling that bears remain active at higher levels.

Select altcoins have continued to move higher, indicating increased investor interest.  

The SPX and the DXY are playing catch-up to Bitcoin following the US-China trade deal.

Bitcoin (BTC) has started the new week on a cautious note, falling below $103,000, but the S&P 500 Index (SPX) and the US Dollar Index (DXY) have risen sharply following the announcement of the US-China trade agreement. One of the reasons could be that other assets are trying to play catch up with Bitcoin, and the sharp rally in the US dollar may be acting as headwinds for Bitcoin in the near term.

Bitwise European Head of Research André Dragosch said in a post on X that the firm’s proprietary indicator has reached its highest level since 2024. Historically, high levels of the indicator have resulted in a short-term correction or sideways price action.

Crypto market data daily view. Source: Coin360

The short-term uncertainty has not stopped the long-term bulls from adding more Bitcoin to their portfolio. Michael Saylor’s Strategy acquired 13,390 Bitcoin at an average price of $99,856 between May 5 and May 11. The latest purchase has boosted the firm’s haul to 568,840 Bitcoin.

What are the crucial support levels to watch out for in Bitcoin and altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

S&P 500 Index price prediction

The S&P 500 Index gapped up sharply on May 12 and rose above the stiff overhead resistance at 5,800.

SPX daily chart. Source: Cointelegraph/TradingView

Time is running out for the bears. If they want to prevent the upside, they will have to fiercely defend the 5,800 level and quickly drag the price below the 20-day exponential moving average (5,570). If they manage to do that, the index could start a deeper correction toward 5,400.

Instead, if the price closes above 5,800, the up move may continue toward the 6,000 level. There could be a minor halt at 6,000, but if the bulls prevail, the index could retest the all-time high at 6,147.

US Dollar Index price prediction

The US Dollar Index pierced the 20-day EMA (100.42) on May 8, indicating that the bears are losing their grip.

DXY daily chart. Source: Cointelegraph/TradingView

Sellers tried to pull the price back below the 20-day EMA on May 9, but the bulls held their ground. The index has reached the 50-day simple moving average (102.08), which is expected to behave as a resistance. 

If the price turns down from the 50-day SMA but finds support at the 20-day EMA, it suggests a positive sentiment. That increases the likelihood of a rally to 103.54 and thereafter to 104.68.

Bitcoin price prediction

Bitcoin has turned down from $105,819, indicating that the bears are defending the $107,000 to $109,588 zone.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The first support on the downside is the $100,000 level, and below that, the 20-day EMA ($97,238). If the price rebounds off the support zone, the bulls will again try to kick the BTC/USDT pair above $109,588. If they can pull it off, the pair could ascend to $130,000.

Conversely, if the price turns down and breaks below the 20-day EMA, it signals that buyers are booking profits at higher levels. That opens the doors for a fall to $93,000 and then to the 50-day SMA ($89,302).

Ether price prediction

Ether (ETH) bulls are trying to sustain the price above $2,550, but the bears have kept up the selling pressure.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

If the price skids below $2,435, the ETH/USDT pair may fall to $2,320. If the price rebounds off $2,320, the bulls will try to resume the up move. There is resistance at $2,850, but if it is crossed, the pair could reach $3,000.

Contrary to this assumption, if the price turns down and breaks below $2,320, it suggests that the bulls are booking profits. The pair may drop to the breakout level of $2,111, which is likely to act as support.

XRP price prediction

XRP (XRP) broke above the resistance line on May 10, and the bulls successfully held the retest of the breakout level on May 11.

XRP/USDT daily chart. Source: Cointelegraph/TradingView

The bulls have strengthened their position by pushing the price above the $2.50 resistance. There is minor resistance at $2.65, but if the level is scaled, the rally could reach $3. Such a move signals a potential trend change.

Alternatively, if the price turns down sharply from $2.65 and breaks below the 20-day EMA ($2.27), it signals a possible range formation in the near term. The XRP/USDT pair could swing between $2 and $2.65 for some time.

BNB price prediction

BNB (BNB) turned down from $679 on May 10 but rebounded off the breakout level of $644 on May 12.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

Buyers tried to resume the up move, but the long wick on the candlestick shows selling near the $700 level. If the price stays above $644, the bulls will make another attempt to propel the BNB/USDT pair to $745.

Sellers will have to pull the price below $644 to weaken the bulls. The pair could then fall to the 20-day EMA ($621). Buyers are expected to defend the 20-day EMA because a break below it could tilt the advantage in favor of the bears.

Solana price prediction

Solana’s (SOL) up move has stalled near the $180 resistance, but a positive sign is that the bulls have not given up much ground to the bears. 

SOL/USDT daily chart. Source: Cointelegraph/TradingView

A shallow pullback increases the possibility of the continuation of the rally. If buyers drive the price above $180, the SOL/USDT pair could rally to $210.

The immediate support on the downside is at $168. If the price slides below $168, the pair could descend to the 20-day EMA ($155). A solid rebound off the 20-day EMA suggests the bulls remain in control. That increases the likelihood of a break above $180. Sellers will gain the upper hand on a break below $153.

Related: Bitcoin set for $150K BTC price rally as US, China agree to slash tariffs

Dogecoin price prediction

Dogecoin (DOGE) turned down from $0.26 on May 11, indicating profit booking by short-term buyers.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

The bulls are expected to aggressively defend the breakout level of $0.21. If the price rebounds off $0.21 with strength, it signals that the bulls have flipped the level into support. The DOGE/USDT pair could then climb to $0.31.

On the contrary, a break and close below the $0.21 level suggests that bears remain active at higher levels. The pair could then drop to the moving averages, pointing to a possible range formation between $0.14 and $0.26 in the near term.

Cardano price prediction

Cardano (ADA) is facing resistance near $0.86, but a positive sign is that the bulls have not ceded much ground to the bears.

ADA/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day EMA ($0.72) has started to turn up, and the RSI is near the overbought area, indicating an advantage to buyers. If the price rebounds off the neckline, the bulls will try to propel the ADA/USDT pair above $0.856. If they can pull it off, the pair could travel to the target objective of $1.01.

If sellers want to prevent the upside, they will have to swiftly yank the price below the moving averages. If they do that, the pair could descend to the solid support at $0.58.

Sui price prediction

Sui (SUI) is facing selling at $4.25, but a positive sign is that the bulls have maintained the price above the breakout level of $3.90.

SUI/USDT daily chart. Source: Cointelegraph/TradingView

Both moving averages are sloping up, and the RSI is near the overbought zone, indicating that the path of least resistance is to the upside. If buyers clear the $4.25 level, the SUI/USDT pair could soar to $5.

The first sign of weakness will be a break and close below the $3.90 level. That opens the doors for a fall to the 20-day EMA ($3.48). A bounce off the 20-day EMA signals that the positive momentum remains intact. The bulls will then again try to clear the overhead hurdle at $4.25. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Emerging technologies, including quantum computing, could potentially render the cryptography securing Bitcoin and other blockchain networks ineffective, asset manager BlackRock said in a regulatory filing. 

On May 9, BlackRock updated the registration statement for its iShares Bitcoin ETF (IBIT). The revised version addressed potential risks to the integrity of the Bitcoin network posed by quantum computing, the filing shows.

“[I]f quantum computing technology is able to advance […] it could potentially undermine the viability of many of the cryptographic algorithms used across the world’s information technology infrastructure, including the cryptographic algorithms used for digital assets like bitcoin,” BlackRock said.

It is the first time the asset manager has explicitly flagged this risk in its IBIT disclosures. The IBIT ETF is the largest spot Bitcoin (BTC) ETF, with approximately $64 billion in net assets, according to its website. 

Quantum computing is an emergent field that seeks to use the principles of quantum mechanics to greatly enhance computers’ processing capabilities. 

Source: James Seyffart/Bloomberg Intelligence

Related: Quantum computing will bring lost Bitcoin ‘back in circulation’ — Tether CEO

Record-breaking inflows

James Seyffart, an analyst for Bloomberg Intelligence, cautioned that risk disclosures such as IBIT’s are required to highlight every possible risk to an asset, even those that are extremely unlikely. 

“They are going to highlight any potential thing that can go wrong with any product they list or underlying asset that’s being invested in,” Seyffart said in a May 9 X post. “It’s completely standard. And honestly [it] makes complete sense.”

Since launching in January, Bitcoin ETFs have collectively attracted more than $41 billion in net inflows, according to data from Farside Investors. 

Bitcoin ETF inflows reached all-time highs on May 8. Source: Eric Balchunas/Bloomberg Intelligence

On May 8, Bitcoin ETF net inflows surpassed all-time highs of around $40 billion, according to Bloomberg Intelligence. 

“Lifetime net flows is #1 most imp metric to watch IMO, very hard to grow, pure truth, no bs,” Bloomberg Intelligence analyst Eric Balchunas said in a May 9 X post. “Impressive, they were able to make it to a new high water mark so soon after the world was supposed to end.”

In February, Tether CEO Paolo Ardoino predicted that quantum computing would eventually enable hackers to break into inactive Bitcoin wallets and recover the dormant coins. 

“Any Bitcoin in lost wallets, including Satoshi (if not alive), will be hacked and put back in circulation,” Ardoino said in a Feb. 8 X post.

Magazine: Adam Back says Bitcoin price cycle ’10x bigger’ but will still decisively break above $100K