26/04 Market Recap: Bitcoin stuck in Neutral, Spotlight on Regulation


Bitcoin has struggled to find a clear direction. Despite several attempts to break above the $68K resistance, Bitcoin’s price has hovered around $64K, reflecting the market’s indecision. On the other hand, altcoins have seen some action, with notable gains from ETH, XRP, SHIB, TRX, and BNB, the latter being the standout performer with an almost 8% increase over the past week.

The spotlight has also been on the legal arena, where Ripple Labs has entered the final phase of its long-standing trial with the SEC, stirring speculation about potential outcomes ranging from a settlement to a decisive victory for Ripple. In a twist, Consensys has taken the offensive against the SEC, suing over concerns that proposed regulations could stifle the blockchain industry in the U.S.

Adding intrigue to the market, a trader made headlines by netting over $22.83 million from flipping Solana memecoins, showcasing the high-stakes play within the meme token ecosystem. Meanwhile, a rare satoshi from the fourth Bitcoin halving fetched a whopping $2.1 million at auction, highlighting the unique value attributed to specific crypto assets.

Yesterday, Ethereum’s price took a hit, dropping over 6.7% amid fading hopes for a spot Ethereum ETF approval and a bearish technical setup. It has since recovered a bit to $3150 while Solana’s price also faced downward pressure, attributed to unresolved network outage issues and a gloomy U.S. economic report, further dampening investor sentiment across the crypto space.