The cryptocurrency market witnessed a slight uptick of 0.13% during early European trading on Friday, adding $3.52 billion to the total market capitalization. Amid heightened volatility, exchange-based tokens like BNB, OKB, and BGB attracted significant demand, contributing to a $19 billion surge within the sector. Major players including Bitcoin, Shiba Inu, and Chainlink also emerged as top performers among the twenty largest cryptocurrencies.
Bitcoin Market Update
Bitcoin’s price climbed to $83,000 on Friday, marking a 5% increase from its 24-hour low of $79,000. This upward movement occurred despite a $143 million outflow from Bitcoin ETFs on Thursday, which followed a modest $13 million inflow the previous day—the first positive movement since early March.
In the derivatives market, Bitcoin trading volume declined by 14% to $75.77 billion, while open interest surpassed $48 billion, increasing by 1.5% over the past day. This suggests a lack of strong conviction behind the rally, as traders are entering new positions with lower volume, indicating reluctance to take on greater risk under current market conditions.
Altcoin Performance: Chainlink, Shiba Inu, and XRP Lead Gains
Leading altcoins such as XRP, BNB, Chainlink, and SHIB posted notable gains during Friday’s early trading session. However, the broader cryptocurrency market saw only a mild rebound of 0.13%, indicating that the outperforming assets benefited mainly from traders rotating their holdings across different sectors rather than new capital inflows.
- XRP price increased by 2.3% over the past 24 hours, stabilizing above $2.30 at the time of reporting. One of the key narratives driving demand is the prospect of the U.S. SEC considering XRP as a commodity in its settlement negotiations with Ripple.
- Binance Coin (BNB) continued to trade sideways, maintaining its position above $570. Recent media discussions about former President Donald Trump’s family engaging in acquisition talks with Binance have bolstered BNB’s market performance this week.
- Shiba Inu (SHIB) rose by 4%, trading at approximately $0.000012. Since the beginning of the year, SHIB has underperformed as new rival meme coins took center stage. The current rebound is linked to traders seeking discounted opportunities during market dips, capitalizing on SHIB’s oversold condition.
- Chainlink (LINK) gained 5%, reclaiming the $20 level. Despite the overall bearish market trend, major crypto projects continue to form partnerships aimed at integrating traditional finance and artificial intelligence, providing long-term opportunities for Chainlink’s oracle services.
Exchange Tokens Surge as Traders Rotate Portfolios
Friday’s modest 0.13% rebound in the crypto market suggests that gains among top-performing assets were driven mainly by traders reallocating funds across sectors rather than new capital entering the market. This reflects cautious investor sentiment, as global macroeconomic uncertainties—particularly escalating trade war tensions—overshadowed the milder U.S. inflation data released earlier in the week.
Amid a broadly bearish sentiment, traders are redistributing capital to capitalize on niche media narratives or arbitrage opportunities. This shift has inadvertently boosted demand for exchange tokens, led by Binance Coin (BNB), OKB, and Bitget Token (BGB).
According to data from Coingecko, the valuation of exchange-based tokens grew by $19 billion over the past 24 hours, reaching $122 billion. BNB traded at $578.51, up 0.2% on the day, while OKB rose to $45.05, marking a 7.5% gain. Meanwhile, Bitget’s BGB token traded at $4.18, up 3.7% over the same period.
The outperformance of exchange tokens confirms that crypto traders are shifting liquidity into exchange-native assets. These tokens often offer benefits such as fee discounts, staking rewards, and governance rights—features that become particularly attractive during periods of high market volatility.
If this trend continues, BNB, OKB, and BGB could see further gains, especially if volatility drives increased trading activity. 👉 Explore real-time trading tools to stay ahead of market movements.
However, strategic traders may remain hesitant to deploy large leveraged positions, which could limit aggressive upside movement. Without new bullish catalysts, buyer fatigue may set in, potentially leading to a liquidation cascade.
Key Developments in the Crypto Space
Russia Turns to Cryptocurrency for Oil Trade with China and India
Russia is increasingly using Bitcoin, Ethereum, and stablecoins to facilitate oil transactions with China and India, as Western sanctions limit traditional payment channels, according to a Reuters report published on Friday.
Citing sources with direct knowledge of the transactions, the report noted that crypto payments, while still a small portion of Russia’s $192 billion annual oil trade, represent a growing segment. Russian companies are using intermediaries to convert yuan and Indian rupees into rubles, ensuring smooth transactions despite financial restrictions.
This move follows legislative changes in December, when Russia officially permitted the use of cryptocurrency for international trade, as stated by Finance Minister Anton Siluanov. One source revealed that a Russian oil trader is now generating tens of millions of dollars in monthly crypto sales to China.
BlackRock’s BUIDL Fund Reaches $1 Billion Milestone
BlackRock’s BUIDL tokenized treasury fund has surpassed $1 billion in total investments, marking a significant milestone on its first anniversary. Established in partnership with Securitize, the fund offers crypto investors exposure to U.S. Treasury bonds.
The fund provides investments in Treasury bonds, cash, and repurchase agreements on the Ethereum blockchain. Recent capital inflows include a $200 million investment from Ethena Labs, further solidifying BUIDL’s position in the growing tokenized assets space.
The broader tokenized Treasury market has now expanded to a record $4.4 billion, thanks to contributions from firms like Franklin Templeton, Ondo Finance, and Superstate.
U.S. Senate Banking Committee Advances Stablecoin Regulation Bill
The U.S. Senate Banking Committee approved a major stablecoin regulatory bill with an 18–6 vote, moving it closer to consideration by the full Senate. The legislation aims to establish federal oversight for U.S. stablecoin issuers, representing a significant milestone in crypto regulation.
This development follows similar efforts in the House of Representatives, indicating growing momentum for comprehensive stablecoin rules. However, key challenges remain, including reconciling differences between the Senate and House versions of the bill.
The proposed regulations address issues such as consumer protection, reserve transparency, and issuer compliance, as lawmakers push for a structured framework to govern the expanding stablecoin market.
Frequently Asked Questions
What caused the recent rally in exchange tokens?
The surge in exchange tokens like BNB, OKB, and BGB is largely due to traders rotating their portfolios to capitalize on volatility-driven opportunities. These tokens offer fee discounts and staking benefits, making them attractive during uncertain market conditions.
How is regulatory progress affecting stablecoins?
Recent U.S. Senate advances in stablecoin regulation are boosting investor confidence by promising clearer guidelines for issuers. This could lead to greater adoption and stability in the crypto market.
Why is Russia using cryptocurrency for oil trades?
Western sanctions have limited Russia’s access to traditional payment systems. Using cryptocurrencies allows the country to bypass these restrictions and continue trading with key partners like China and India.
What is driving interest in tokenized Treasury products?
Tokenized Treasuries offer crypto investors a way to gain exposure to traditional, yield-generating assets. The growth of BlackRock’s BUIDL fund reflects increasing demand for such hybrid financial products.
Can Shiba Inu sustain its recent gains?
While SHIB has rebounded from oversold conditions, its long-term performance depends on broader market sentiment and adoption trends. Traders should monitor volume and community activity for signals.
Where can I learn more about trading during volatile markets?
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