Crypto Market Recap: New Hampshire First for State Crypto Reserves, Trump’s Ventures Stir Controversy

Here’s a quick recap of the crypto landscape for Wednesday (May 7) as of 9:00 a.m. UTC.

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$97,046.21 as markets opened up 3.3 percent in 24 hours. The day’s range has seen a low of US$93,592.03 and a high of US$97,511.91.

Bitcoin performance, May 7, 2025.

Chart via TradingView

This upward movement is largely attributed to investor anticipation surrounding the Federal Reserve’s upcoming interest rate decision. Analysts suggest that expectations of dovish signals from the Fed are fueling bullish sentiment in the crypto market
Ethereum (ETH) stated the day at US$1,840.64, a 3.3 percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$1,757.78 and saw a daily high of US$1,845.61.

Altcoin price update

Solana (SOL) reached its peak at the end of the day, hitting a value of US$147.73, up 3.1 percent over 24 hours. SOL experienced a low of US$141.90.

XRP is trading at US$2.15, reflecting a 1.7 percent increase over 24 hours and its highest point of the day. The cryptocurrency recorded an intraday low of US$2.09.

Sui (SUI) is priced at US$3.42, showing an increaseof 4.5 percent over the past 24 hours. It achieved a daily low of US$3.14 and a high of US$3.43.

Cardano (ADA) is trading at US$0.6752, up 3.6 percent over the past 24 hours. Its lowest price of the day was US$0.6448, and it reached a high of US$0.6875.

Today’s crypto news to know

New Hampshire becomes first state to launch crypto reserve

New Hampshire has officially become the first US state to greenlight a cryptocurrency reserve after Governor Kelly Ayotte signed House Bill 302 into law.

The measure authorizes the state treasurer to invest up to 5 percent of public funds in digital assets with a market cap above US$500 billion—effectively limiting the scope to Bitcoin for now.

The assets, along with precious metals, will be held either via a secure custodian or an exchange-traded product. The law goes into effect in 60 days and marks a significant milestone in state-level crypto adoption.

Unlike the federal government’s stagnant plans for a bitcoin reserve, New Hampshire is moving ahead with direct investment. Advocates hope the move will inspire similar initiatives in other states and potentially drive further institutional interest in Bitcoin.

Trump’s crypto projects spark legislative gridlock on Capitol Hill

President Donald Trump’s growing involvement in the crypto sector is intensifying partisan divisions in Congress and jeopardizing progress on digital asset legislation.

A hearing that was set to lay groundwork for crypto market regulation was abruptly cancelled after Rep. Maxine Waters voiced strong objections, citing Trump’s self-promotional crypto ventures as a conflict of interest.

Trump’s $TRUMP meme coin and his partial ownership of World Liberty Financial have drawn criticism from ethics experts and lawmakers alike. Democrats argue that advancing regulation while the former president promotes personal crypto investments creates a perception of impropriety.

Meanwhile, the administration defends the projects, stating Trump’s assets are held in a trust and pose no conflict. Nonetheless, legislative momentum on crypto has clearly slowed, with bipartisan collaboration now under strain.

BlackRock’s Bitcoin ETF outpaces gold funds in 2025 Inflows

Despite gold outperforming bitcoin in price appreciation this year, BlackRock’s spot Bitcoin ETF (IBIT) has outshined traditional gold funds in net inflows.

Since January, IBIT has drawn nearly US$7 billion, surpassing the SPDR Gold Trust, which brought in US$6.5 billion over the same period.

The ETF’s success comes even as Bitcoin prices have lagged behind gold’s recent surge, reflecting institutional faith in digital assets’ long-term value.

Analysts say this trend underscores a shift in investor behavior, with many viewing Bitcoin as a digital complement—or even replacement—for gold.

Analysts now believe bitcoin ETFs could triple gold’s assets under management within the next five years.

Crypto gains traction in New Jersey democratic primary

Democratic gubernatorial hopefuls in New Jersey are leaning into crypto policy as a key plank of their campaigns, signaling a broader political shift.

A Bloomberg exclusive reports that leading candidates like Rep. Mikie Sherrill and Jersey City Mayor Steve Fulop have publicly endorsed integrating digital assets into state governance.

Fulop even proposes allocating part of the state’s pension fund to Bitcoin ETFs, a move he previously advanced at the city level. Rep. Josh Gottheimer, another contender, has framed crypto as a driver of economic growth and has backed federal legislation aimed at regulating the industry.

With Donald Trump having successfully capitalized on crypto enthusiasm in his reelection campaign, Democrats are recalibrating their stance to stay competitive.

The growing acceptance of digital assets among candidates suggests crypto will remain a prominent topic in the 2025 election cycle.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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