Senators are expected to hold another vote Monday night on advancing the GENIUS Act, a bill that would set the first U.S. rules for stablecoins. The renewed effort follows a failed vote earlier this month after Democrats raised concerns about…

Senate eyeing second vote on stablecoin bill after revised text

**Key takeaways:**
 * Bitcoin buying in the spot and futures markets helped BTC price keep its upward momentum despite $170 million in margin liquidations.
 * Weak stablecoin demand in China and the limited use of futures leverage suggest Bitcoin&#8217;s current rally is sustainable.
Bitcoin (BTC) price has displayed strength at the $102,000 support level on 
May 19, following the $170 million in liquidations of leveraged positions. The 
abrupt $5,000 correction after hitting $107,090 may have been unexpected, but 
it does not mean the odds of reaching an all-time high in the near term are 
lower, especially since Bitcoin derivatives metrics have shown resilience.
_Bitcoin 1-month futures annualized premium. Source:__laevitas.ch_
The annualized one-month futures premium for Bitcoin remained close to 6% 
despite the retest of $102,000 support. This current level is within the 5% to 
10% neutral range, which has been the norm over the past week. While at first 
glance such data might suggest a lack of optimism, at the same time, it proves 
that the buying pressure is coming from the spot market rather than from 
leveraged bets.
## Japan bond spike and credit fears weigh on Bitcoin sentiment
Some analysts attribute Bitcoin&#8217;s correction to comments by Japan&#8217;s Prime 
Minister Shigeru Ishiba on the country&#8217;s fiscal situation being &#8220;undoubtedly 
extremely poor,&#8221; as reported by Bloomberg.
_Japan 15-year government bond yield. Source: TradingView / Cointelegraph_
Yields on Japan&#8217;s long-term government bonds soared to their highest level 
ever on May 19 as traders demanded higher returns, signaling a lack of trust. 
Japan is the largest holder of US Treasury bonds, so investors are concerned 
about contagion risks at a delicate moment for the global economy, especially 
as the ongoing trade war has severely limited growth prospects.
The fact that Moody&#8217;s rating agency cut the US government&#8217;s long-term credit 
rating to AA1 from AAA has also played a significant role in limiting 
Bitcoin&#8217;s upside, particularly as its correlation with the S&amp;P 500 index has 
stayed above 80% since early May. Investor sentiment could quickly deteriorate 
as the impact of tariffs becomes partially visible in second-quarter corporate 
earnings.
To understand if Bitcoin has what it takes to reach an all-time high in the 
near term, one should analyze the demand for stablecoins in China. Periods of 
excessive optimism usually lead to stablecoins trading above fair value, which 
is not a healthy indicator, as Bitcoin jumps above $105,000.
_USDT Tether (USDT/CNY) vs. US dollar/CNY. Source: OKX_
USD Tether (USDT) has been trading at a slight 0.4% discount in China, meaning 
Bitcoin&#8217;s price increase has likely not been driven by FOMO. The absence of 
excessive leverage on Bitcoin futures and the lack of desperate inflows into 
Chinese markets are key ingredients for sustainable price gains, paving the 
way for a more solid bullish momentum above $105,000.
## Bitcoin shrugs off bad news, holds support amid strong spot demand
Bitcoin&#8217;s price displayed significant resilience after the announcement of a 
class-action lawsuit against Strategy&#8217;s top executives, claiming &#8220;false and/or 
misleading statements&#8221; regarding risks associated with Bitcoin&#8217;s investment. 
The complaint specifically mentions unrealized losses, although those events 
do not affect the company&#8217;s cash flow.
Regardless of whether the case has foundation, negative headlines tend to have 
a much stronger and longer price impact in neutral to bearish markets, which 
clearly was not the case as Strategy (MSTR) shares traded up 2.4% on May 19.
Additionally, the fact that the $102,000 support held amid increased global 
economic uncertainty, combined with strong spot buying and resilient 
derivatives metrics, provides every indication that Bitcoin is well-positioned 
for further price gains.
This article is for general information purposes and is not intended to be and 
should not be taken as legal or investment advice. The views, thoughts, and 
opinions expressed here are the author&#8217;s alone and do not necessarily reflect 
or represent the views and opinions of Cointelegraph.

Bitcoin futures data aligns with BTC traders’ hope for new all-time highs

U.S. stocks were little changed Monday as investors reacted to Moody’s Ratings 
stripping the U.S. of its last triple-A credit grade and lawmakers advancing a 
tax bill expected to add significantly to federal deficits. The S&amp;P 500, 
coming off a…

Stocks flat as Moody’s downgrades U.S. credit, S&P 500 rally stalls

Dominari Holdings Inc., a small investment bank based in Trump Tower, is 
stockpiling bitcoin as it pivots deeper into crypto, Bloomberg first reported. 
Investment Bank Tied to Trump Family Deepens Crypto Footprint Dominari 
Holdings Inc. (Nasdaq: DOMH), a small bank headquartered in New York’s Trump 
Tower, is increasing its bitcoin ( BTC) holdings while pursuing […]

Boutique Trump Tower Bank Is Quietly Stockpiling Bitcoin: Bloomberg

MEXC COO points out a major milestone for Bitcoin, which is worth a kilogram 
of gold, even as gold has seen major growth.

Bitcoin surpassed gold per kilo, but gold still leads as a safe haven: MEXC COO

Quantum Biopharma has purchased an additional $1 million worth of Bitcoin and 
other cryptocurrencies, the Canadian biotechnology company said.
The buys take Quantum&#8217;s total cryptocurrency holdings to approximately $4.5 
million, according to a May 19 press release. The biotech company plans to 
stake a portion of its crypto to generate revenue.
Quantum expects that holding a treasury of Bitcoin (BTC) and other crypto 
assets will &#8220;provide a return on investment for shareholders and […] provide 
some hedge against the Canadian dollar,&#8221; it said.
Shares of Quantum&#8217;s stock, QNTM, rose by approximately 25% following the 
announcement, according to data from Google Finance.
_Quantum Biopharma &#8216;s stock rose on the announcement. Source: __Google 
Finance_
 _**Related:**__**Basel Medical shares down 15% on $1B Bitcoin buying plans**_
### Popular treasury strategy
Quantum is one of several healthcare companies accumulating Bitcoin as 
corporate crypto treasuries become increasingly popular.
In March, NASDAQ-listed biopharmaceutical company Atai Life Sciences tipped 
plans to buy $5 million worth of Bitcoin.
In a March 20 X post, Atai&#8217;s founder, Christian Angermayer, said &#8220;Bitcoin 
should be a part of ANY corporate treasury &#8211; especially, in fact, in the 
biotech sector.&#8221;
Angermayer added in a blog post that Bitcoin can help the biotech hedge 
against inflation and stay solvent during the long periods before drug 
approvals.
_Corporate treasuries are now major Bitcoin holders. 
Source:__Bitcointreasuries.net_
On May 16, Singapore-based healthcare company Basel Medical Group announced 
plans to buy $1 billion worth of Bitcoin.
It said a Bitcoin treasury will support its plans to expand in Asia through 
acquisitions by giving Basel &#8220;one of the strongest balance sheets among Asia- 
focused healthcare providers.&#8221;
Unlike Quantum, however, Basel&#8217;s shares dropped significantly on the day of 
the announcement.
Collectively, corporate treasuries hold more than $83 billion in Bitcoin as of 
May 19, according to data from BitcoinTreasuries.NET.
Publicly traded companies are now the largest institutional Bitcoin holders 
after exchange-traded funds (ETFs), the data shows.
Bitcoin can &#8220;potentially be a valuable hedge against growing fiscal deficits, 
currency debasement, and geopolitical risks&#8221; for companies, asset manager 
Fidelity Digital Assets said in a 2024 report.
_**Magazine: **__**Danger signs for Bitcoin as retail abandons it to 
institutions: Sky Wee**_