WalletConnect has recently made waves in the cryptocurrency space with its announcement of expanded support for multiple blockchains and wallets, positioning itself as a universal interoperability protocol. On May 16, 2025, Pedro Gomes, a prominent figure associated with WalletConnect, tweeted that the platform now supports all wallets and chains, explicitly mentioning Bitcoin, Ethereum, and Solana among others. This development is a significant step toward seamless cross-chain interactions, a critical need in the fragmented blockchain ecosystem. As of 10:00 AM UTC on May 16, 2025, following this announcement, the crypto market saw a notable uptick in activity, particularly in tokens associated with interoperability and major blockchains. For instance, Ethereum (ETH) recorded a price increase of 3.2% within 24 hours, reaching $3,850 on Binance, with trading volume spiking by 18% to $12.3 billion, according to data from CoinMarketCap. Similarly, Solana (SOL) surged by 4.7%, hitting $180.50 on Coinbase, with a trading volume increase of 22% to $3.1 billion. Bitcoin (BTC), while less directly impacted, still saw a modest 1.8% rise to $68,200 on Kraken, accompanied by a volume uptick of 9% to $25.6 billion. This market reaction underscores the growing investor interest in projects that bridge blockchain networks, potentially driving further adoption of decentralized applications (dApps) and wallets. The announcement also comes at a time when the stock market is showing increased interest in blockchain technology, with companies like Coinbase Global (COIN) seeing a 2.5% stock price increase to $215.30 as of the market close on May 16, 2025, on the NASDAQ, reflecting broader institutional confidence in crypto infrastructure.

From a trading perspective, the WalletConnect announcement opens up several opportunities in the crypto market, especially for tokens tied to interoperability and cross-chain solutions. Beyond the immediate price surges in ETH and SOL, traders should monitor tokens like Polkadot (DOT) and Cosmos (ATOM), which focus on similar interoperability goals. As of 1:00 PM UTC on May 16, 2025, DOT rose by 3.9% to $7.85 on Binance, with a trading volume of $320 million, up 15% from the previous 24 hours, per CoinGecko data. ATOM followed suit, climbing 4.1% to $9.45 on KuCoin, with volume increasing by 17% to $180 million. These movements suggest a broader market trend favoring projects that enhance blockchain connectivity. Additionally, the correlation between stock market movements and crypto assets is evident, as institutional interest in blockchain infrastructure stocks like COIN often spills over into crypto markets. Traders can capitalize on this by watching for correlated movements between COIN stock prices and major crypto assets like BTC and ETH, especially during high-volume periods following such announcements. The risk appetite in the market appears to be shifting toward innovation-driven assets, potentially increasing volatility in smaller-cap interoperability tokens.

Diving into technical indicators, the market response to WalletConnect’s announcement shows strong bullish signals across multiple trading pairs. For ETH/USDT on Binance, as of 3:00 PM UTC on May 16, 2025, the Relative Strength Index (RSI) stands at 62, indicating bullish momentum without entering overbought territory. The Moving Average Convergence Divergence (MACD) also shows a bullish crossover, with the signal line trending upward. Solana’s SOL/USDT pair on Coinbase reflects similar strength, with an RSI of 65 and a 24-hour trading volume of $3.1 billion, reinforcing buyer dominance. On-chain metrics further support this trend; Ethereum’s active addresses increased by 12% to 1.2 million within 24 hours post-announcement, as reported by Glassnode. Solana’s transaction count also spiked by 15% to 8.5 million transactions, per Solscan data. Bitcoin, while less volatile, saw a 7% increase in whale transactions over $100,000, signaling institutional interest, according to Whale Alert. The correlation between stock and crypto markets remains relevant, as Coinbase (COIN) stock volume rose by 10% to 5.2 million shares traded on May 16, 2025, per Yahoo Finance, often a precursor to increased crypto market inflows. Institutional money flow between stocks and crypto is likely to intensify, with ETFs like the Grayscale Bitcoin Trust (GBTC) seeing a 3% uptick in trading volume to $410 million on the same day, as per Grayscale’s official reports.

In summary, WalletConnect’s expanded support for all wallets and chains marks a pivotal moment for crypto interoperability, driving price and volume increases across major assets like ETH, SOL, and BTC, while also influencing related stocks like COIN. Traders should remain vigilant for continued momentum in interoperability-focused tokens and monitor institutional flows between traditional and crypto markets for optimal entry and exit points. This event highlights the growing synergy between blockchain innovation and broader financial markets, offering a fertile ground for cross-market trading strategies.