The Pi Network price has continued to underperform the broader cryptocurrency market, having fallen by nearly 80% from its February highs. Pi Coin (PI) has been left behind in the ongoing crypto recovery, which has pushed Bitcoin (BTC) above $93,000…

Here’s why Pi Network founders could be crypto billionaires

**Key Takeaways:**
 * Bitcoin short-term holders are back in profit, increasing chances for a rally to $100,000.
 * Long-term holders added 363,000 BTC since February, with new buyers injecting capital in April.
 * Bitcoin sell pressure risk exists at $97,000, where 392,000 BTC could be sold. 
Bitcoin&#8217;s (BTC) surge above $91,700 on April 22 pushed its value above the 
short-term realized price or cost basis. This implies that a majority of 
short-term holders (STHs) are currently back in profit.
STHs returning to profit after unrealized losses signal a bullish outlook, 
paving the way for a potential $100,000 retest.
_Bitcoin short-term onchain cost basis bands. Source: Glassnode_
Historically, during the early phase of a rally, STHs in profit provided 
upward momentum by holding firm and drawing in new investors. Bitcoin&#8217;s supply 
mapping indicated &#8220;strong activity&#8221; in April from first-time buyers, 
indicating fresh capital injections in the market at higher prices.
Long-term holders (those holding for more than 155 days) increased their 
allocation by 363,000 BTC since February, while Bitcoin whales and sharks have 
absorbed 300% of the yearly issuance.
Despite this week&#8217;s price breakout, Bitcoin researcher Axel Adler Jr. noted 
that the last strong resistance remains at $96,100. In an X post, the analyst 
said,
&gt; &#8220;At the $96K level, there will be the final resistance from the cohort 
&gt; holding coins for 3-6 months, after which the next target of $100K opens 
&gt; up.&#8221;
_Bitcoin realized price analysis. Source: X.com_
 _**Related: Why is Bitcoin price up today?**_
## 392,000 Bitcoin at $97K could trigger a sell-off
According to Bitcoin&#8217;s cost basis distribution data, investors hold 
approximately 392,000 BTC at an average cost basis of $97,000, creating a 
potential resistance zone. This concentration suggests many investors may sell 
at break-even, potentially stalling Bitcoin&#8217;s upward momentum.
_Bitcoin cost basis distribution chart. Source: X.com_
However, anonymous trader Ezy Bitcoin emphasized Bitcoin&#8217;s price action in the 
Wyckoff reaccumulation phase is &#8220;playing out beautifully&#8221;. The chart indicated 
continued strength, with three price targets: $131,500 (target 1), $144,900 
(target 2), and $166,700 (target 3).
This Wyckoff pattern points to possible accumulation by large players, 
signaling an upward trend for Bitcoin, as the market absorbs supply and 
prepares for an uptrend.
_Bitcoin Wyckoff pattern analysis by Ezy Bitcoin. Source: X.com_
 _**Related: Bitcoin price prepares for &#8216;70% to 80%&#8217; gain as onchain metrics 
and spot BTC ETF inflows spike**_
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.

Bitcoin holders back in profit as new capital enters the market — Is $100K BTC price next?

Officials with the US Securities and Exchange Commission&#8217;s (SEC) crypto task 
force met with the El Salvador National Commission on Digital Assets (CNAD) to 
discuss regulation and a proposed cross-border sandbox.
In an April 22 memo, the SEC&#8217;s crypto task force reported meeting with 
officials from El Salvador, Perkin Law Firm, and former Goldman Sachs partner 
Heather Shemilt as part of the commission&#8217;s outreach to the industry. The 
representatives discussed US-El Salvador cross-border collaboration on crypto 
regulation at a time when the relationship between the two countries was in 
the national spotlight over immigration and US deportations to an El Salvador 
prison.
According to the meeting notes, El Salvador&#8217;s national commission agreed to 
collaborate with the SEC to establish a sandbox pilot program, capped at 
$10,000 for each scenario. The program proposed allowing brokers licensed in 
the US to obtain a digital asset license in El Salvador and issue &#8220;non- 
securities&#8221; tokens in collaboration with a local company.
Many in the crypto industry see Salvadoran President Nayib Bukele as behind 
the country&#8217;s efforts to adopt cryptocurrency since he announced legislation 
to recognize Bitcoin (BTC) as legal tender in 2021. Bukele met with US 
President Donald Trump on April 14, discussing details of a $6 million deal in 
which the Trump administration has been sending immigrants, whose legal status 
to be in the US is unclear, to prisons in El Salvador. Some of these 
deportations violated orders from federal judges.
_**Related:**__**Bitcoin takes back seat as Trump, Bukele focus on trade and 
immigration**_
## New SEC chair sworn in
It&#8217;s unclear if the Trump administration may intend to deepen ties to El 
Salvador through additional regulatory partnerships or stepping up 
deportations in its existing deal. Cointelegraph reached out to SEC 
Commissioner Hester Peirce, who heads the crypto task force, for comment, but 
did not receive a response at the time of publication.
The meeting report came roughly a day after the SEC announced that Paul Atkins 
had been sworn in as the commission&#8217;s new chair, following Gary Gensler and 
acting chair Mark Uyeda. During his swearing-in ceremony, Atkins said his top 
priority would be to &#8220;provide a firm regulatory foundation for digital 
assets.&#8221;
_**Magazine:**__**Ethereum maxis should become &#8216;assholes&#8217; to win TradFi 
tokenization race**_

SEC discusses deepening US-El Salvador ties amid deportation backlash

President Donald Trump will gather the top 220 holders of his TRUMP meme coin 
for an exclusive gala at his private Washington, D.C., golf club on May 22. 
May 22 Gala Brings President Together With TRUMP Top Holders The invitation, 
posted on gettrumpmemes.com, extends black-tie optional attire for attendees 
at Trump National Golf Club in […]

Trump to Dine With Top 220 Meme Coin Holders at DC Golf Club Gala

Luxury hospitality platform Dorsia is rolling out crypto payments for clients 
in the United States, the United Kingdom, Europe, and six Arab nations.
The payments feature is being enabled through a partnership with MoonPay, the 
companies told Cointelegraph. With the integration, users will be able to book 
luxury travel experiences and complete transactions directly in USDC (USDC) 
and Solana-based tokens through the Dorsia app.
&#8220;[…] integrating crypto payments is a natural next step in aligning with the 
evolving preferences of our members,&#8221; Marc Lotenberg, founder and CEO of 
Dorsia, said in an interview.
Dorsia is the latest luxury firm to turn to crypto services for high-net-worth 
individuals. The industry has been highly active in the Web3 space over the 
past few years, exploring crypto on-ramps and customer engagement features, 
such as non-fungible tokens and metaverses.
Luxury carmakers Lamborghini and Ferrari, and watchmakers like Patek Philippe, 
are a few companies accepting payments in cryptocurrencies.
Dorsia is a luxury hospitality app that connects its members with high-end 
hotels. Instead of traditional booking models, Dorsia uses dynamic pricing and 
a membership-based system for reservations at luxury hotels. According to 
Grand View Research, the luxury travel market is expected to reach $2.3 
trillion by 2030.
_**Related:**__**Gucci the latest luxury brand to accept crypto payments in 
store**_
The company has raised a total of $50.4 million in funding across Seed and 
Series A rounds. Major backers include Index Ventures, RedSea, and individuals 
from Meta, Uber, Atomic, Groot Hospitality, and the Rockwell Group.
_**Related:**__**Polygon-based lending platform to provide crypto liquidity 
for luxury items**_
## MoonPay expands in 2024
Dorsia isn&#8217;t the first luxury brand to partner with MoonPay. According to the 
company&#8217;s CEO, Ivan Soto-Wright, it also offers a crypto on-ramp for clients 
like fashion house Gucci, carmaker Bugatti, and auction house Christie&#8217;s.
MoonPay&#8217;s net revenue increased 112% in 2024, while transaction volume in Q1 
2025 soared 123%, according to the company.
In January, MoonPay acquired the Solana-based payment processor Helio in a 
$175 million deal. The acquisition enabled a broader range of partnerships for 
payments, including with Dorsia, the company revealed. MoonPay has also 
recently acquired Iron to facilitate payments in stablecoins for merchants.
_**Magazine:**__**AI Eye: AI travel booking hilariously bad, 3 weird uses for 
ChatGPT, crypto plugins**_

Luxury app Dorsia taps MoonPay for crypto payments

Bitcoin is now at a pivotal turning point, trading into a dense cluster of 
technical resistance. While momentum has favored bulls recently, confluence 
with several high time frame metrics suggests this may be the setup for a 
deeper corrective phase.…