Crypto Weekly Recap: Bitcoin Slips While Hyperliquid Surges and Trump Revives Crypto Push

The crypto market experienced another volatile week between May 18 and May 23, as Bitcoin price dropped from $78,000 to nearly $75,000 despite several bullish developments across the industry. Investors closely watched major headlines involving Donald Trump, a proposed US Bitcoin reserve, SpaceX’s crypto holdings, and Hyperliquid’s explosive rally.

One of the biggest stories came from US House Republican Nick Begich, who introduced the American Reserve Modernization Act (ARMA) on May 21. The proposal revived discussions around a US strategic Bitcoin reserve, an idea originally promoted by President Trump during his 2024 campaign. White House digital assets advisor Patrick Witt recently hinted that the plan could move forward within weeks. The ARMA bill would require the US government to hold Bitcoin for at least 20 years, a move analysts believe could significantly boost Bitcoin price and potentially push BTC toward $88,000.

Trump also signed an executive order on May 19 directing the Federal Reserve to provide crypto-related firms access to its massive payment infrastructure. The move could benefit companies like Ripple and Circle, both of which previously applied for Fed master accounts. Analysts believe XRP price and Circle’s CRCL stock could rally if approvals happen, although Senator Elizabeth Warren continues to oppose the initiative.

Meanwhile, SpaceX revealed in its IPO filing that it owns 18,712 BTC worth roughly $1.45 billion. The disclosure exceeded expectations and reignited interest in Elon Musk-linked meme coins like Dogecoin. Analysts now predict DOGE could climb toward $0.15 amid renewed investor optimism.

Hyperliquid became the standout performer of the week as HYPE price surged 32% to a new all-time high while Bitcoin and Ethereum struggled. Institutional interest in Hyperliquid also increased, with reports suggesting Wall Street firms are rotating capital away from BTC and ETH into HYPE.

Adding to market debate, billionaire Mark Cuban criticized Bitcoin’s performance as a safe-haven asset, arguing that gold delivered stronger protection during recent market weakness.