Bitcoin Closes at $106,500, Dollar Falls After Moody’s Downgrade, and Hayes & Novogratz Forecast Crypto’s Next Moves

Bitcoin’s Historic Weekly Close at $106,500

– Last week, Bitcoin closed the weekly candle at $106,500, its highest weekly close on record.

U.S. Dollar Loses Ground After Moody’s Downgrade

– The U.S. Dollar Index fell to 100.85 after Moody’s downgraded the U.S. sovereign rating from AAA to AA1, citing rising fiscal deficits.
– Dollar weakness lifted gold by 0.4% and may bolster risk assets including Bitcoin, as 10-year Treasury yields rise and markets digest the mixed news.

Arthur Hayes Bullish on Altseason and $250K Bitcoin

– Arthur Hayes forecasts a robust altseason this summer, with ETH outperforming SOL over the next 18–24 months.
– He sees Bitcoin reaching $250,000 by year-end and $1 million by the end of Trump’s presidency, while keeping 20% of his portfolio in gold.

Michael Novogratz Sees $22 Trillion Crypto Market

– Michael Novogratz, CEO of Galaxy Digital, predicts the crypto market cap will match gold’s $22 trillion as $90 trillion of wealth transfers to millennials more inclined toward digital assets.

Nic Pakriny Says Altseason Isn’t Here Yet

– Nic Pakriny of Coin Bureau notes that the “altseason” has not begun—altcoin spot volumes remain below January 2025 and March 2024 levels.

Justin Sun Hints at Major U.S. Events

– Justin Sun arrived in the U.S. and teased “big events this week,” likely referencing his participation in a Trump dinner on May 22.

Sahara AI Launches SIWA Testnet

– Sahara AI announced the launch of its SIWA Testnet—the final stage before mainnet—focused on governance, licensing, and NFT-based ownership of AI assets.

Japan’s Finances Worse Than Greece

– Japan’s Prime Minister admitted his country’s fiscal health is worse than Greece’s, underscoring economic fragility in the world’s third-largest economy.

Record Equity Longs and Global Policy Uncertainty

– Deutsche Bank reports last week’s surge in equity long positions was the largest on record.
– The Global Economic Policy Uncertainty Index hit its highest level ever, reflecting widespread macro concerns.

Consumer Delinquencies at Historic High

– Over 6.5% of borrowers are 60+ days delinquent on loans—an all-time high indicating stress in consumer credit.

Trump’s Tax Break Bill Advances

– A Trump-backed tax incentives bill cleared a key House committee and heads to a full chamber vote this week, aiming to offer substantial relief for middle- and lower-income Americans.

CONCLUSION

Bitcoin’s record weekly close and a weaker dollar set the stage for potential further crypto gains, but mixed signals—from low altcoin volumes to extreme policy uncertainty—call for cautious optimism. Bullish convictions from industry leaders contrast with macroeconomic headwinds, highlighting a complex landscape for investors to navigate.