18/04 Market Recap: BTC Rebounds Off $60K, Crypto Mixed


Bitcoin saw a brief fall below the $60,000 mark for the first time in over a month, a sharp decline from its position above $70,000 just last Friday. This downturn was influenced by various external factors, including comments from the US Federal Reserve and escalating tensions between Iran and Israel, which led to a sudden price drop after Iran’s attack on Israel.

Altcoins weren’t spared from the market’s downturn, with Ethereum dipping below $3,000. From then there has been a brief recovery wil Bitcoin now sitting at $62,000 and Ethereum just over $3,000. Major coins like Nervos, Core, THORchain and Monero all saw over 5% losses, while Injective, Stacks, NEAR Protocol and Axelar posting gains over 5%. For altcoins, new Solana meme coin PONKE leads the way with over 50% gain, while Bluzelle, OpSec, and Safemoon all posted gains over 15%. On the flip side, Omni Network is down 25% and PIZA, a relatively new meme coin is down 20% to $1.35 after debuting at just $0.20.

Despite these challenges, there’s a glimmer of hope as Bitcoin attempts to reclaim its support, with traders eyeing a potential rebound for altcoins. The upcoming Bitcoin halving event, expected to occur on April 20, adds to the anticipation, with Google searches for “Bitcoin halving” hitting an all-time high. This event, which will reduce the reward for mining Bitcoin, has historically been a catalyst for price increases.

In the midst of these market movements, Binance secured a regulatory license in Dubai after its co-founder, Changpeng Zhao, stepped down, marking a significant step for the exchange in expanding its global footprint. Meanwhile, in the US, Senators introduced a stablecoin bill, aiming to streamline the regulatory process for payment stablecoins and ban unbacked, algorithmic ones.