Bitcoin has surged over the past 24 hours, breaking through critical resistance levels and now heading testing the $101,200 mark, the final major hurdle before a new all-time high comes into view. The rally is being fueled by strong technical…

Bitcoin is pumping: new highs likely if $101k breaks

The US federal court for the Southern District of New York has sentenced 
former Celsius CEO Alex Mashinsky to 12 years in prison for fraud.
Mashinsky&#8217;s legal team sought a light sentence. They highlighted his spotless 
record before the Celsius incident, along with his military service and 
willingness to plead guilty. But US prosecutors were less inclined to 
leniency, suggesting on April 28 that the judge deliver a 20-year sentence for 
his actions.
Betting markets predicted a light sentence ahead of the May 8 hearing. 
Polymarket showed only 11% odds for a 20-year sentence or higher.
_Source:__Polymarket_
President Donald Trump began his second term with high-profile pardons of 
crypto executives, signalling that his administration may bring leniency to 
crypto fraudsters like Mashinsky. His sentencing today, however, suggests 
otherwise.
## Trump&#8217;s DOJ wants Mashinsky sentence to serve as a warning
Crypto-related crimes have their limits, according to the current US 
Department of Justice. Jay Clayton, the Trump-nomianted US attorney leading 
the prosecution, said on April 28 that the suggested 20-year sentence serves 
as a &#8220;critical warning to other entrepreneurs, executives, and promoters in 
the cryptocurrency industry and in any future industry as-yet unconceived: 
that fraud will be punished severely, regardless of the technology or industry 
in which it occurs.&#8221;
_Bitcoin advocate Jameson Lopp quotes the prosecution &#8216;s argument that 
Mashinsky targeted retail investors. Source: __Jameson Lopp_ 
Clayton argued that a strong sentence was warranted as the fraud targeted 
unsophisticated retail investors rather than institutional parties with 
protections and expertise. Mashinsky &#8220;preyed on ordinary individuals who 
relied on his promises of safety and financial security.&#8221;
The Mashinsky defense team drew attention to Mashinsky&#8217;s character, 
highlighting his long career in business, devotion to family and service with 
the Israel Defense Forces.
His lawyers also drew distinctions between Mashinsky&#8217;s case and that of 
Bankman-Fried, claiming, &#8220;There are no allegations &#8212; let alone any proof &#8212; 
that Alex misappropriated, embezzled or stole any customer assets or any 
Celsius money.&#8221;
On May 5, Mashinsky&#8217;s legal team argued that these mitigating factors should 
warrant a sentence of no more than 366 days.
&#8220;The government&#8217;s venom-laced submission recasts this case as one involving a 
predator with an intent to target victims, harm them, and steal their money,&#8221; 
his team said.
Mashinsky&#8217;s lawyers called the suggested 20-year term a &#8220;death-in-prison 
sentence.&#8221;
## Mashinsky&#8217;s sentence follows high-profile Trump pardons for crypto execs
Trump started his term with the pardon of Silk Road 2.0 founder Ross Ulbricht, 
whose acceptance of Bitcoin (BTC) on his narcotics trading platform endeared 
him to the crypto community.
The president also commuted the sentences of Arthur Hayes, Benjamin Delo and 
Samuel Reed, three BitMEX crypto exchange executives who pleaded guilty to 
violating the Bank Secrecy Act and failing to establish a proper Anti-Money 
Laundering program.
Sam Mangel, a consultant to white-collar convicts who advised former Trump 
staffer Steve Bannon and Bankman-Fried, told Politico there has been a large 
spike in interest in presidential pardons.
&#8220;Everybody that is in prison now is keenly aware of the environment, and it&#8217;s 
become a very hot topic within the low- and minimum-security inmate 
communities,&#8221; said Mangel.
_**Related:**__**US stablecoin bill loses democrats amid Trump corruption 
concerns**_
High-profile crypto defendants seem to have taken notice, too. Roger Ver, an 
early Bitcoin advocate and libertarian activist, is facing federal tax evasion 
charges. In January, he released a video making an outright plea to Trump for 
a commutation. Ver claimed that he is the victim of lawfare and likened his 
persecution to Trump&#8217;s legal problems following the Jan. 6 scandal.
Sam Bankman-Fried, the disgraced former CEO of now-defunct exchange FTX, 
likened his court experience with Trump&#8217;s defamation lawsuit in an interview 
with The New York Sun on Feb. 18. He claimed his trial was politicized under 
the Biden administration and that he didn&#8217;t think there was &#8220;a very fair and 
balanced view or approach.&#8221; His parents also reportedly met with lawyers and 
people close to the Trump administration to explore the possibility of a 
presidential pardon.
Trump&#8217;s commutation of the BitMEX executives has even led former Binance CEO 
Changpeng Zhao to apply for clemency. On May 6, Zhao said that his lawyers had 
submitted an application and were awaiting a response.
The current administration is still writing the rules of the road as 
regulators reshuffle personnel and priorities and new legal frameworks for 
crypto take shape. The picture is further muddled by Trump&#8217;s own crypto 
projects, which have raised concerns over corruption and conflicts of 
interest. Mashinsky&#8217;s sentence shows that, for the financial world, certain 
crimes will not go unpunished.
_**Magazine:**__**Adam Back says Bitcoin price cycle &#8217;10x bigger&#8217; but will 
still decisively break above $100K**_

Mashinsky’s 12-year sentence sets tone of enforcement in Trump era

HyperLiquid has flipped a major resistance level into support at $20, 
signaling strong bullish momentum. If this level holds, a 41% move toward $29 
could be on the horizon. After a series of consistent higher lows and higher 
highs, Hyperliquid…

Hyperliquid breakout: $20 resistance flip signals 41% upside potential

Sui rose over 19% on May 8, climbing from $3.33 to $3.92 in 24 hours, 
following a brief decline the day prior. The move came with a sharp rise in 
trading volume, signaling increased market activity. On May 7, SUI…

SUI price prediction as ETF filings, DeFi TVL boost sentiment

Bitcoin&#8217;s price is coasting along at $101,251 on May 8, 2025, leaving a 7.44% 
gap before reaching its all-time high. With a market capitalization of $2.01 
trillion and a 24-hour trading volume of $58.84 billion, bitcoin’s current 
positioning reveals a complex but bullish technical landscape, as it ranged 
intraday between $95,967 and $101,711. Bitcoin On […]

Bitcoin Price Watch: On the Verge of History With Only 7.44% Left to Break All-Time High

**Key takeaways:**
 * Bitcoin rallies to $101,707 against a backdrop of strong fundamentals in the regulatory and traditional finance space.
 * Traders are confident that $100,000 will hold as support.
Bitcoin (BTC) price rallied above $100,000 on the heels of US President Donald 
Trump&#8217;s announcement of a &#8220;trade deal&#8221; with the UK, which could possibly 
include the removal of the blanket 10% tariff on all imports.
Frequent social posts from President Trump and public comments from White 
House cabinet members have hinted at a handful of trade deals in negotiation 
with various countries, and markets have responded positively to the 
messaging. In addition to the UK trade deal, the US is set to meet with 
Chinese officials in Switzerland on May 10.
The Dow gained 500 points following the White House announcement, while the 
S&amp;P 500 rose 1.47%, and Bitcoin trades near $101,600 at the time of writing.
In a Truth Social post, Trump wrote:
&gt; &#8220;Many other deals, which are in serious stages of negotiation, to follow!&#8221;
The significance of Bitcoin&#8217;s return to six-figure territory after trading 
below the level since February was not lost on investors:
In an X post, popular independent market analyst Macroscope said he was 
&#8220;watching closely now,&#8221; and stressed the importance of BTC &#8220;holding&#8221; the 
$100,000 level as a support, rather than a brief pop above the psychological 
resistance level.
_X /__MacroScope_ _ _
While the initial surge through the $100,000 level appears to be driven by 
$241 million in futures market liquidations, the political and investment 
environment surrounding Bitcoin has seen vast improvements since the last time 
BTC traded above six figures.
In the past week, the governors of two US states have signed bills, which now 
make it legal for the states to establish strategic Bitcoin reserves. On May 
8, the legislature in the US state of Missouri sent Bill 594, a bill which 
would end all capital gains taxes, to the desk of Governor Mike Kehoe.
_**Related:**__**Strive to become Bitcoin treasury company**_ _ _
On May 7, the US Office of the Comptroller of the Currency (OCC) confirmed 
that banks within its jurisdiction can &#8220;responsibly&#8221; trade crypto on behalf of 
their customers, and they can also &#8220;outsource&#8221; crypto and custodial activities 
to trusted third parties.
&gt; 🇺🇸 LATEST: The Office of the Comptroller of the Currency confirms that 
&gt; national banks and federal savings associations &#8220;may engage in certain 
&gt; cryptocurrency activities.&#8221; pic.twitter.com/4EuJ6A7OUI 
&gt; 
&gt; &#8212; Cointelegraph (@Cointelegraph) May 8, 2025
In late March, the FDIC issued guidance giving banks the green light to hold 
crypto assets and offer various goods and services to clients. In addition to 
growing legislative and regulatory support for Bitcoin and other 
cryptocurrencies, inflows to the spot Bitcoin ETFs have soared, alongside 
increasing buying and BTC treasury from US-based and international publicly 
listed companies.
_Spot Bitcoin ETF inflows (weekly). Source:__SoSoValue_
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.