- Bitcoin (BTC) hit a new ATH of $112,000 on May 22 but with unusually low trading volume.
- Trump Media Technology Group reportedly plans a $3 billion investment in cryptocurrencies.
- India’s crypto industry advocates for tax reforms to revive domestic digital asset trading.
Bitcoin reached a new all-time high (ATH) of $112,000 on May 22, but data shows that the daily trading volume was notably low at $20 billion. This is over 50% less than volumes observed during previous big events, such as Trump’s inauguration day or last year’s ATH in December.
For comparison, daily trading volume hit $55 billion during Trump’s inauguration and $53 billion during the December 2024 ATH.
This points out that traders may be exercising caution, possibly awaiting further market developments or clearer signals before increasing their activity.
There could be several factors contributing to this, such as the outcomes of events like the FTX creditor repayments, or even just general market uncertainty. The last few months have been particularly volatile for the global financial scene due to Trump’s administration policies, something that wasn’t present in the last few ATHs.
Currently, Bitcoin is trading at $109,500, following the ATH from last week, while other cryptocurrencies such as Ethereum had a similar performance with a slight drop compared to the previous week.
Crypto Evolves: Trump Media Eyes $3B Bitcoin Investment, India Pushes Tax Reform
Lately, there have been various crypto developments around the world, as the industry is becoming more mainstream with the major financial institutions increasingly participating in the crypto market. Notably, Trump Media Technology Group (the company behind the Truth Social app and under the control of the president’s family) plans to raise $3 billion to invest in cryptocurrencies like Bitcoin.
It’s reported that the Trump Media plans to secure $2 billion in new equity and an additional $1 billion via a convertible bond.
The news comes just before a major crypto investor summit in Las Vegas this week, where Vice President JD Vance, Donald Trump Jr., Eric Trump, and Trump’s crypto adviser David Sachs are all expected to speak.
In other news, India’s crypto industry is advocating for tax reforms to rejuvenate domestic trading, which has been affected by strict levies. Current tax rules were introduced in 2022 and include a 30% capital gains tax and a 1% levy on every crypto transaction. This has led to over 90% of Indian crypto trading moving offshore, but if the government eases up on digital assets, it could lead to more favorable conditions for crypto trading in the region.
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