Canadian Crypto Observer

By Aditya Nain on May 29, 2025
Estimated reading time: 6 minutes

By Aditya Nain on May 29, 2025
Estimated reading time: 6 minutes

Bitcoin hits a new all-time high above $111,000, Ethereum mounts a comeback you can’t ignore, and U.S. stablecoin regulation could become a reality.

Welcome to the Canadian Crypto Observer. Financial journalist and author Aditya Nain offers perspective on market-moving headlines to help Canadian investors navigate the cryptocurrency market.

On May 22, bitcoin (BTC) reached a new all-time high of $111,681 (all figures in U.S. dollars unless otherwise specified). This was likely driven in part by the ongoing “sell U.S.” trend, with uncertainty around Trump-led policy pushing investors towards non-U.S. assets, including gold and bitcoin.

Could it go higher? Or is the crypto party over for this market cycle? Here’s some useful perspective.

What’s the Fear and Greed Index telling us?

When BTC first neared the key psychological threshold of $100,000 in December 2024, two indicators suggested that the market could be overheated: the CMC Fear and Greed Index and Google search volume for “bitcoin.” This time, those same indicators give us reason to believe that BTC could rise further.

Below is the one-year chart of the CMC Fear and Greed Index (multi-coloured line), overlaid with the price of BTC (grey line). You’ll notice that when BTC neared $100,000 in December, the index was at “extreme greed,” suggesting a market top. But now, with BTC at a new all-time high, the index is still in “greed” territory—which indicates that the market may not be overheated yet.

Data from search query tool Google Trends suggests to me that BTC could rise further. Typically, close to or at new market highs, search interest in “bitcoin” on Google goes through the roof, as it did, for example, in March 2021 and November 2024. However, we’re not seeing that burst of search interest just yet. The........

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