23/04 Market Recap: Bitcoin Recovery Faces Resistance Amid Altcoin Turbulence


Bitcoin saw its price climb above $67,000, marking a significant recovery from its dip below $60,000 last week. This recovery was short-lived, however, as it faced resistance and dropped over $1,000, now hovering above $66,000. Despite this, Bitcoin’s dominance in the market remains strong, with a market capitalization of $1.3 trillion.

Altcoins have had a somewhat turbulent time as well. TON, after its partnership announcement with Tether, experienced a sharp decline, falling by 10% at one point and currently trading around $5.65. Most larger-cap altcoins also saw slight decreases, except for BNB and XRP, which enjoyed a 2% increase following positive developments in its ongoing SEC case. XRP’s price increase is noteworthy, especially considering Ripple’s strong stance against the SEC’s hefty penalty demand. This defiance, coupled with increased interest from large investors, suggests a growing confidence in XRP’s future prospects.

Akash Network was a top gainer on the day with a 40% gain after their Upbit listing. PEPE and TAO stood out with close to 10% gains as well. Notable losers was PUPS, who continues their descent with a 30% loss, and Safe dropped 20% after unpausing their contract and allowing their token to be moved.

In other news, Binance is facing legal challenges in Canada, accused of violating local securities laws. This comes alongside reports of two SEC attorneys resigning over the regulator’s handling of a crypto case, highlighting ongoing tensions between regulatory bodies and the crypto industry.

Despite these challenges, there are positive signs for Bitcoin and altcoins. Bitcoin’s price resilience can be attributed to several factors, including easing Middle East tensions, developing metaprotocols, and positive expectations for Big Tech earnings. Additionally, the recent Bitcoin supply halving has sparked optimism for potential new highs, with investors closely watching the market’s response.