The 20 cryptocurrencies operate with a majority of increases of up to 11% led by Solana, followed by Shiba Inu (-8.7%) and Polygon (6.3%).
Bitcoin May started below US$60,000 with doubts and in its lowest level since February 27. Seasonally, too, as with equities, May is not a good month for bitcoin and digital asset market. In the last 13 years, ‘crypto’ has fallen on average 20% each time.
The 20 cryptocurrencies operate with a majority of increases of up to 11% led by Solana, followed by Shiba Inu (-8.7%) and Polygon (6.3%).
CryptoQuant, The platform that is dedicated to collecting blockchain data has not shown signs of weakness among bitcoin miners despite the halving of block rewards. “Mining has become dangerously centralizedwith only one organization holding the cryptocurrencies mined across nine major pools, collectively controlling around 47% of the network’s hash rate,” wrote Rania Gule, markets analyst at XS.com.
Cryptocurrencies: the variables that the market looks at
However, the investment fund outflows Bitcoin exchange trading has continued for five consecutive days. Since the approval of these products on January 11, the cumulative investment volume has reached $11.94 billion. “In April, there was a multidirectional flow pattern,” says the expert.
“I think that enactment of the cryptocurrency payments law in the United States will allow banks like JP Morgan to enter the ‘crypto’ market. It is worth noting that one of the main reasons for the fall of bitcoin is the four-month prison sentence of former Binance CEO Changpeng Zhao after the US Department of Justice demanded a three-year prison sentence,” indicates Rania Gule.
“Furthermore, in my view, the interest rate outlook is likely to have supported the dollar and put pressure on bitcoin during the last month. The Federal Open Market Committee’s statement expressed concern about inflation yesterday but did not rule out interest rate cuts. Therefore, the expectation of future interest rate cuts could significantly support bitcoin prices and cryptocurrency markets.”
Source: Ambito
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