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Hello everyone! This is a blockchain analyst, coolly analyzing the hot issues of the blockchain market. Over the past 24 hours, the cryptocurrency market has shown a truly roller-coaster-like trend. In particular, Bitcoin's struggle around $80,000 has made investors nervous. But it's too early to just worry. The important thing is what opportunities we can seize amidst this confusion. Let's go over the key issues together and forecast the future market.
Bitcoin has been in a fierce battle over the $80,000 mark for the past 24 hours. US April employment figures exceeded market expectations, weakening interest rate cut expectations, which in turn put a brake on the rally of Bitcoin, a risk asset. Some even analyzed that the market is shaking again as the inflow rally of Bitcoin spot ETFs has stopped.
However, not all indicators are negative. While the average purchase price of short-term Bitcoin holders recorded $80,300, making it crucial to maintain this line, some analysts view the current sideways trend as a natural adjustment phase. This interpretation suggests it's a breathing room for the next rise rather than a full-blown bear market. Indeed, in the recent correction phase, Bitcoin showed a reversal signal as large holders defended the $66,000 to $70,600 range. This can be interpreted as meaning that a strong support base still exists in the market.
Of course, there was a fake crash incident where the Bitcoin price allegedly dropped to $0.019 on the Revolut app, but this was revealed to be a temporary error by a third-party service provider and did not significantly affect the actual market.
While Bitcoin continued its struggle at $80,000, individual altcoin movements were noticeable. Ondo Finance (ONDO) surged more than 27% in a single day, re-emphasizing the presence of the Real World Asset (RWA) tokenization theme. In particular, Solana (SOL) showed much higher utilization than Ethereum (ETH), with 43.7% of its active RWA market cap being used in the DeFi lending market. Analysis also suggested that Solana is rapidly increasing its market share in the developer ecosystem, shaking Ethereum's dominance.
Ethereum (ETH) also saw a purchase of $6.67 million from a large accumulation wallet, and institutional investors like BlackRock and Fidelity deposited 110 billion KRW worth of Ethereum into Coinbase Prime, indicating sustained institutional interest. However, at the same time, net outflows occurred from Ethereum spot ETFs, and selling pressure from investors who reached their break-even price emerged, being blamed for the $2,300 breakdown. This shows an ongoing tug-of-war between institutional buying and profit-taking sales.
Meanwhile, USDAI (CHIP), an artificial intelligence (AI) themed coin, surged 34%, and Pharos (PROS), listed on Upbit, also jumped over 60% in a single day, indicating strong upward momentum for specific themes and newly listed coins. This supports the analysis that a selective bull market is continuing rather than an 'altcoin season' where the entire market rises.
The institutional integration of the cryptocurrency market is accelerating further. The US Securities and Exchange Commission (SEC) is reviewing the creation of new regulations for the on-chain financial market, including potential rules for the qualification requirements of cryptocurrency exchanges, brokers, dealers, and clearing organizations. In particular, a survey result showing that 7 out of 10 US voters strongly desire the introduction of clear virtual asset regulations is expected to accelerate political action. Indeed, the news that the US Senate Banking Committee is preparing to formalize the schedule for mark-up of the cryptocurrency market structure bill is a very positive signal.
Global companies are also actively moving. Global companies like JPMorgan and Mastercard are joining the XRP payment network, and Ripple announced that it is nearing obtaining a US Office of the Comptroller of the Currency (OCC) license for its stablecoin business. Kraken's parent company, Payward, has applied to the OCC for a federal trust company charter, beginning its full-fledged journey to become a federally regulated 'crypto bank'.
However, there are also shadows of institutional integration. The European Central Bank (ECB) criticized US-style stablecoins for potentially threatening financial stability and monetary policy transmission channels, emphasizing the protection of financial sovereignty. Additionally, April was recorded as the month with the most hacking damages in the cryptocurrency industry based on the number of hacking incidents, and 'wrench attacks', violent crimes targeting cryptocurrency holders, are also increasing, indicating that security risks still exist.
Today's market is intertwined with various issues: Bitcoin's struggle at $80,000, selective strength in altcoins, accelerating institutional integration, and security risks casting shadows. Macroeconomic conditions, as seen in US employment figures and Federal Reserve governors' statements, still carry uncertainty, directly impacting Bitcoin prices.
However, the advancement of blockchain technology and the sustained interest of institutional investors suggest the market's long-term growth potential. The important thing is not blind optimism or pessimism, but a cool analysis based on data and facts. Now is the time for a flexible response that reads the big trends of the market while meticulously examining the technological capabilities and growth potential of individual projects. The next opportunity will come to those who are prepared. Always keep an eye on the market and make wise investment decisions!
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