We would like to start with some good news but we do not have any. Sales in the BTC sped up after the leading crypto broke through 21,350 USD. The inner tension is growing. It seems that this is just the beginning of the gloomy phase. We are all now keeping an eye on the important support area of 19,350-19,500 USD. If it breaks, the BTC will aim at 18,650 USD.
It feels like they are trying again to split the crypto market in parts. The first thing that makes us think so is the lawsuit to the Kucoin exchange from the New York attorney general stating that the ETH and other assets are securities. The second thing is the suggestion made by the White House to introduce an excise tax on the revenue of crypto miners: it might amount to 30% of the price of consumed electric energy. The third thing that enhances background nervousness is the bankruptcy of the Silvergate bank, as well as a pause in the work of a British asset management structure Blockchain.com.
The clouds are gathering, and the break of the correlation with the US stock market is more of good news; otherwise the crypto would drop even deeper. The capitalisation of the crypto market is shrinking and now amounts to 0.922 trillion USD. This is a negative signal. The BTC share of the market has dropped to 41.4%, while the ETH stably holds 18.6% of the market.
APT, KAVA and KLAY withstood the storm
While the crypto market was selling vigorously, certain digital currencies managed to grow. One such currency is the Aptos token that grew by more than 5% overnight. The KLAY saw an increase by 3.75%, and the KAVA - by 2.5%.
The Huobi crypto exchange decided to stop providing services with NFT. They will become unavailable for operations starting 13 May this year. The decision might have been provoked by the pressure from financial regulators.
