The crypto market registered a notable uptick on Monday, getting off to a strong start to the new week. Price action remained subdued last weekend as Bitcoin (BTC) and other cryptocurrencies traded sideways. However, market sentiment changed on Monday, and BTC broke out of its sideways range to cross $87,000.
Other cryptocurrencies also surged, outperforming traditional stocks that registered a substantial decline as over $1.5 trillion was wiped out from Wall Street. BTC is up almost 1% over the past 24 hours, trading above $88,000 and eying a move to $90,000. However, markets declined on Tuesday. Ethereum (ETH) has lost momentum and is down over 4% to go below $1,600 and trade around $1,578.
Ripple (XRP) also fell back in the red, dropping almost 3% to $2.06, while Solana (SOL) is down over 1% and trading around $0.160. Dogecoin (DOGE) is also marginally down, while Cardano (ADA) is down over 3%, trading around $0.623. Chainlink (LINK), Stellar (XLM), Toncoin (TON), Hedera (HBAR), Litecoin (LTC), and Polkadot (DOT) also registered notable declines.
US Dollar, Stocks Tumble As Trump Guns For Powell
The crypto markets have so far avoided the latest stock market rout caused by President Donald Trump’s latest comments against Federal Reserve Chair Jerome Powell. Trump’s comments led to the stock market and the Dollar tumble, with the S&P 500 dropping over 2.4% while the Nasdaq declined 2.5%. The Dow Jones also fell 2.5%, losing nearly 1,000 points. The S&P 500 has dropped over 12% since the beginning of the year, with the Nasdaq down 18%. Powell has been critical of Trump’s trade tariffs, stating they could lead to a dangerous economic mix of rising prices and slowing growth called stagflation. Trump responded to Powell’s comments by saying he wanted to fire the Fed Chair, adding that his termination could not come fast enough. Meanwhile, the Federal Reserve is expected to maintain its wait-and-watch approach at its May 7 meeting, with predictions of a 13% chance of a rate cut.
Wealthy Koreans Prefer Crypto For Long-Term Value
A report from Hana Bank, one of South Korea’s largest banks, has revealed that Korean investors, especially younger ones, are pivoting towards crypto. According to the report, traditional financial systems have fallen short of younger investors’ expectations. According to Hana Bank, if digital assets gain the function of settlement and legal status as a financial investment product, the likelihood of a new financial order increases. According to the report, some changes are visible as young Koreans shun the traditional stock market, with investors moving towards UN equities and crypto.
Data from the Korea Securities Depository revealed that by 2023, only 11% of investors in the Korean market were in their 20s, down from 14.9% in 2021. Meanwhile, the percentage of investors in their 30s dropped from 20.9% to 19.4% in the same period. Meanwhile, investor interest in crypto has surged, with the report revealing 48% of crypto market participants in South Korea were in their 20s and 30s. The trading volume of the five major crypto exchanges operating in South Korea totaled 2.52 quadrillion won ($1.76 trillion). One industry insider stated,
“It’s now common knowledge in the industry that cryptocurrencies like Bitcoin are siphoning off retail investment funds from the stock market.”
According to CryptoQuant Chief Executive Ki Young Ju, the strong demand comes from Korean retail investors, who have a higher appetite for risk than US-based investors.
“Crypto trading volume in Korea has long surpassed that of the local stock market (Kosdaq), and when it comes to altcoins, Korea leads the world. By the end of 2024, Coinbase’s monthly altcoin volume was $107 billion —while Upbit’s hit nearly $154 billion.”
While Hana’s report did not endorse a specific crypto asset, researcher Yoon Seon-young stated that high net-worth individuals expecting growth potential in crypto signal the maturity of this field.
“However, the institutional safety nets are still insufficient, and understanding of new technologies is lacking, leading to a clear division in opinions about virtual assets. Nonetheless, the wealthy tend to study thoroughly before investing and prefer to invest in areas they understand. I hope their interest and efforts to learn about new investment areas will continue.”
Circle To Launch New Global Payments System
Circle, the entity behind the USDC and EURC stablecoins, plans to launch a new global payments system to streamline cross-border bank transactions. According to Circle’s press release, the Circle Payments Network will connect banks, digital wallets, fintech firms, and other financial institutions using regulated stablecoins, including USDC and EURC.
International payments generally involve several intermediaries, slow settlement times, and high fees. The Circle Payments Network tackles these drawbacks by combining robust compliance standards and cybersecurity procedures with 24.7 stablecoin settlements. Circle has collaborated with Banco Santander, Deutsche Bank, Société Générale, and Standard Chartered to design the network’s architecture and meet compliance requirements. Other fintech and infrastructure partners, including BCB Group, Flutterwave, dLocal, Coins.ph, Zodia Markets, and Fireblocks are helping Circle with integrations and local currency access points.
The Circle Payments Network is expected to launch in a limited capacity in May 2025, with participation limited to licensed financial institutions.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has $90,000 firmly in its sights as the flagship cryptocurrency continues to push higher despite the traditional markets facing a substantial decline. BTC has reached its highest level since President Trump announced tariffs, with more upside on the way. The growing economic uncertainty and the standoff between President Donald Trump and Federal Reserve Chair Jerome Powell has taken a toll on the markets. Markets plunged on Monday, with the S&P 500 dropping over 2.4% while Nasdaq declined 2.5%. The Dow Jones also fell 2.5%, losing nearly 1,000 points. The S&P 500 has dropped over 12% since the beginning of the year, with the Nasdaq down 18%. As a result, over $1.5 trillion was wiped out from Wall Street. However, BTC held firm and registered a notable uptick, crossing $88,000 before settling at $87,497.
Analysts believe BTC’s upward momentum and resilience at higher levels are driven by rising global liquidity, an expanding M2 money supply, and a jump in institutional interest.
“Renewed institutional interest has boosted market sentiment, with BTC spot ETFs seeing over $300 million in inflows and MicroStrategy adding 6,556 BTC to its holdings.”
However, some analysts believe the wider market is giving mixed signals as Gold continues its record-breaking rally while the US Dollar Index (DXY) drops to a three-year low. With major stock indices in the red, Bitcoin must exhibit significant divergence from the traditional markets to continue its rally. A loss of momentum at this stage could drive BTC back below $85,000.
BTC was quite bullish over the previous weekend, rising almost 5% on Friday (April 11) to reclaim $80,000, cross the 20-day SMA and settle at $83,370. Buyers retained control on Saturday as the price rose 2.41%, crossing the 50-day SMA and settling at $85,378. However, BTC lost momentum on Sunday, dropping 1.88%, slipping below the 20-day SMA and settling at $83,776. BTC was back in positive territory on Monday, rising 1.01% to $84,619. The price reached an intraday high of $86,533 on Tuesday but lost momentum after reaching this level and dropped 1.08% to $83,703. Buyers returned to the market on Wednesday as BTC registered a marginal increase before rising 1.10% on Thursday to cross the 50-day SMA and settle at $84,956.
Source: TradingView
Despite the positive sentiment, BTC dropped 0.52% on Friday and settled at $84,518. Buyers returned to the market over the weekend as BTC rose 0.61% on Saturday and 0.24% on Sunday to settle at $85,240. Bullish sentiment intensified on Monday as BTC broke out of its trading range, rising almost 3% to cross $87,000 and settle at $87,497. The current session sees BTC up over 1% and trading at $88,415 as buyers look to build momentum and push past $90,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) fell below $1,600 on Sunday as it faced selling pressure after crossing $1,600 earlier during the weekend. The latest decline means ETH is down almost 2% over the past seven days as it looks to reclaim lost ground during the ongoing session. Despite the pullback, ETH is showing higher lows, indicating that buyers are still active. Analysts believe if ETH can reclaim and consolidate above $1,600, a break to $2,000 is possible.
ETH’s price action was mixed over the previous weekend. It registered an increase of almost 5% on Saturday but fell back on Sunday, dropping nearly 3% and settling at $1,596. The price was back in positive territory on Monday, rising almost 2% to reclaim $1,600 and settle at $1,622. However, bearish sentiment returned on Tuesday as ETH fell over 2% and settled at $1,589. ETH continued to drop on Wednesday, registering a marginal decline and settling at $1,577.
Source: TradingView
Price action was muted on Thursday and Friday as ETH registered marginal increases to settle at $1,588. Bullish sentiment intensified on Saturday as ETH rose 1.51% to reclaim $1,600 and settle at $1,612. However, it was back in the red on Sunday, dropping almost 2%, slipping below $1,600 and settling at $1,586. Buyers retained control on Monday as ETH registered a marginal decline and settled at $1,579. The current session sees ETH up over 3%, having reclaimed $1,600 and crossed the 50-day SMA to trade at $1,627.
Solana (SOL) Price Analysis
Solana (SOL) has hit a wall of resistance around $140 as it struggles to push higher. As a result, SOL’s rally has stalled, with buyers struggling to build momentum and go higher. SOL’s price action was bullish over the previous weekend as it registered an increase of almost 8% on Friday and 9% on Saturday to cross the 20 and 50-day SMAs and settle at $132. However, it lost momentum on Sunday, dropping over 3% to slip below the 50-day SMA and $130 and settle at $128. The price recovered on Monday, rising almost 1%, but was back in the red on Tuesday, dropping 2.48% and settling at $126.
Source: TradingView
Bullish sentiment returned Wednesday as SOL rose 4% to reclaim $130 and crossed the 50-day SMA to settle at $131. SOL continued to push higher on Thursday, rising 2.57% and settling at $134. The price registered a marginal decline on Friday before rising over 4% on Saturday and settling at $139. With sellers active at higher levels, SOL lost momentum over the weekend, dropping 1.44% on Saturday and almost 1% on Sunday to settle at $136. The current session sees SOL up over 2% and trading at $139 as it looks to push above $140.
Ripple (XRP) Price Analysis
Ripple (XRP) is struggling to build momentum on the daily chart, with the price remaining below $2.12 in recent sessions. XRP registered a dramatic increase last Saturday, rising almost 7% to cross the 20-day SMA and settle at $2.15. The price surged to an intraday high of $2.24 on Sunday but lost momentum after reaching this level, ultimately dropping almost 2% to $2.11. XRP registered a marginal increase on Monday but was back in the red on Tuesday, dropping over 2% and settling at $2.08. Price action was muted on Wednesday as XRP registered a marginal decline.
Source: TradingView
The price declined on Thursday, falling almost 1% to $2.06. XRP registered another marginal decline on Friday but recovered on Saturday, rising 1.25% to $2.08. However, it was back in the red on Sunday, registering a marginal drop to $2.07. XRP started the current week positively, rising to an intraday high of $2.13 before settling at $2.08. The current session sees XRP up almost 1% as buyers look to build momentum and push towards the 50-day SMA.
Uniswap (UNI) Price Analysis
Uniswap (UNI) is looking to build momentum and move past $5.50, having crossed the 20-day SMA during the ongoing session. UNI registered a substantial increase over the previous weekend, rising 4.18% on Friday and over 5% on Saturday to settle at $5.50. However, it lost momentum on Sunday, dropping over 3% to $5.33. UNI surged to an intraday high of $5.64 on Monday but lost momentum after reaching this level and settled at $5.34, ultimately registering a marginal increase. Market sentiment changed on Tuesday, with the price dropping over 3% to $5.17. Sellers retained control on Wednesday as UNI registered a marginal decline and settled at $5.15.
Source: TradingView
Price action was muted on Thursday and Friday as UNI registered marginal increases and settled at $5.17. Bullish sentiment intensified on Saturday as the price registered an increase of over 3% and moved to $5.33. However, it was back in the red on Sunday, dropping 1.55% to end the weekend at $5.24. UNI started the current week with a jump to $5.50. However, it lost momentum after reaching this level and settled at $5.27, ultimately registering a marginal increase. The current session sees UNI up almost 3% and trading at $5.42. Buyers will look to retain control and push towards $5.50.
Cosmos (ATOM) Price Analysis
Cosmos (ATOM) registered a substantial decline last Sunday, dropping almost 5% to $4.14. The price encountered volatility on Monday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as ATOM registered a marginal decline and settled at $4.12. Selling pressure intensified on Tuesday as ATOM fell over 3%, slipping below $4 and settling at $3.98. The price recovered on Wednesday, rising almost 1% to reclaim $4 and settle at $4.01. ATOM continued to push higher on Thursday, rising over 2% and settling at $4.11.
Source: TradingView
Buyers retained control on Friday as ATOM registered a marginal increase. Price action turned bullish on Saturday, rising almost 2% and settling at $4.21. However, it was back in the red on Sunday, dropping 1.55% to $4.14. ATOM raced to an intraday high of $4.29 on Monday but lost momentum after reaching this level. As a result, the price fell over 2% to $4.96. The current session sees ATOM up 1.52%, recovering from a low of $3.97 to trade at $4.12.
Injective (INJ) Price Analysis
Injective (INJ) started the previous week in the red, registering a marginal decline. Bearish sentiment intensified on Tuesday as the price fell almost 4% to $7.69. Sellers retained control on Wednesday as INJ registered a marginal decline. However, price action turned positive on Thursday as INJ registered a marginal increase. The price continued to push higher on Friday, rising over 2% and settling at $7.89.
Source: TradingView
Bullish sentiment intensified over the weekend as INJ surged over 6% on Saturday, going past $8 and the 20-day SMA and settling at $8.38. Buyers retained control on Sunday, with the price rising 1.65% to $8.52. INJ raced to an intraday high of $9.07 on Monday as it started the week on a bullish note. However, it could not stay at this level and settled at $8.61, ultimately registering a marginal increase. The current session sees INJ up 0.37% as buyers and sellers struggle to establish control.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.