Crypto Price Analysis 4-30: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, JUPITER: JUP, CARDANO: ADA, UNISWAP: UNI, FILECOIN: FIL
The crypto market remains muted, with most cryptocurrencies trading in the red. Despite this, the crypto market cap has registered a marginal increase of 0.32%. Bitcoin (BTC) is marginally up but still trading under $95,000, at around $94,880. Meanwhile, Ethereum (ETH) is down nearly 1%, struggling to stay above $1,800.
Ripple (XRP) has seen a bigger drop and is down almost 2%, trading at $2.24. Meanwhile, Solana (SOL) continues to trade under $150 after registering a marginal decline over the past 24 hours.
Dogecoin (DOGE) is down over 2%, while Cardano (ADA) is down 1.58% and trading at 1.58%. Chainlink (LINK), Stellar (XLM), Toncoin (TON), Hedera (HBAR), Polkadot (DOT), and Litecoin (LTC) have also registered notable declines over the past 24 hours.
Australia To Crack Down On Dormant Crypto Exchanges
Australia’s financial intelligence agency, AUSTRAC, has asked dormant crypto exchanges to withdraw their registrations or risk having them canceled over fears they could be used to orchestrate elaborate scams. Over 400 crypto exchanges are registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). However, the agency suspects many of them are inactive and vulnerable to being acquired by criminals. The agency has reached out to digital currency exchanges (DCEs) that are no longer trading and will tell them to “use the license or lose it.” AUSTRAC CEO Brendan Thomas stated,
“Businesses registered with AUSTRAC are required to keep their details up to date; this includes details about services that are no longer provided.”
Any business that wishes to offer Australians conversions between cash and crypto, including crypto ATM providers, is required to register with AUSTRAC. The agency monitors crimes, including money laundering and tax evasion. The agency also has the authority to cancel registrations if it has reasonable grounds to believe the business is inactive or no longer offering crypto-related services. AUSTRAC has canceled the licenses of ten firms since 2019, the most recent being FTX Express.
The agency also plans to publish a list of registered exchanges to help Australians verify legitimate providers. According to Thomas, a registry of legitimate providers will make it difficult for malicious entities to scam people, and improve the accuracy of the agency’s register.
“If a DCE does intend to offer a service, they need to contact us otherwise we will cancel the registration, and this information will be added to the register. Members of the public should feel confident that they can identify legitimate cryptocurrency providers that are registered and subject to regulatory oversight and that we are driving criminals out of this industry.”
DOJ Seeks 20-Year Sentence For Mashinsky
The United States Department of Justice (DOJ) has sought a 20-year prison sentence for Alex Mashinsky, co-founder and former CEO of defunct crypto lender Celsius. The DOJ filed the government’s sentencing memorandum on April 28, recommending a 20-year sentence for Mashinsky for his fraudulent actions, which led to billions in losses for Celsius customers. The 97-page memorandum stated that Celsius users could not access $4.7 billion in crypto after the platform stopped withdrawals on June 12. The DOJ stated,
“The Court should sentence Alexander Mashinsky to twenty years’ imprisonment as just punishment for his years-long campaign of lies and self-dealing that left in its wake billions in losses and thousands of victimized customers.”
The DOJ also noted that Mashinsky personally profited from the fraudulent schemes at Celsius. Mashinsky admitted in his guilty plea that he was the leader of criminal activity at Celsius and that his crimes led to losses of over $550 million and that he personally benefited $48 million.
Crypto Group Asks Trump To Stop Prosecution Of Open-Source Developers
The DeFi Education Fund has petitioned White House Crypto Czar David Sacks to end the “lawless prosecution” of open-source software developers, including Roman Storm, the creator of Tornado Cash. The group also urged President Donald Trump to take immediate action and discontinue the Biden-era Department of Justice’s campaign to criminalize open-source software development.
The group highlighted Storm’s case, stating that he was charged in August 2023 with helping to launder over $1 billion in crypto through Tornado Cash. The group said that the DOJ is attempting to hold software developers criminally liable for how others use their code, calling it absurd and stating that it sets a precedent that adversely impacts crypto development in the US. The DeFi Education Fund’s petition has garnered over 250 signatures from industry executives and developers.
SEC Delays Franklin Templeton ETF Decision
The United States Securities and Exchange Commission (SEC) has delayed its decision on the proposed Franklin Templeton XRP Fund. According to a recent filing, the SEC extended the review period from the initial deadline of May 3 to June 17, stating that additional time was required to assess the application and associated regulatory concerns. Franklin Templeton filed the proposal for the Franklin Templeton XRP Fund on March 13 through the Cboe BZX Exchange, with the SEC officially publishing the filing for public comments in the Federal Register on March 19. The SEC noted in its filing,
“The Commission finds it appropriate to designate a longer period within which to take action so that it has sufficient time to consider the proposed rule change and the issues raised therein.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) continues to oscillate around $95,000 as buyers struggle to overcome the overhead resistance between $95,000-$96,000. The flagship cryptocurrency has traded sideways since the middle of last week after rallying past $90,000 and has stayed between $90,000 and $95,000 since, briefly rising above $95,000 on a few occasions. However, buyers have not ceded ground to the bears, and a breakout could push the price to $100,000 or beyond. Markets remained calm on Tuesday, with most cryptocurrencies, including Bitcoin, registering marginal gains. Despite the stability, markets remain pessimistic about the Trump administration’s policies and their impact on the market.
Crypto stocks were quiet on Tuesday, with Coinbase (COIN) and Strategy (MSTR) up 9.0% and 3.3%. Some analysts believe the market has become unanchored from the wave of economic data suggesting US economic activity is slowing down. Consumer confidence has also dropped to its lowest point since 2020, while consumer outlook fell to its lowest point since 2011. Jeff Park, Head of Alpha Strategies at Bitwise, warned of a blind market, stating,
“Hard to fathom how blind the market really is. A Fed cut means nothing if U.S. creditworthiness is permanently impaired by the global community as a result of dollar weaponization. That’s the mispricing we are talking about here. The myopic focus on whether [we] are getting a fed cut in May/June is completely irrelevant if the notion of the risk-free as we know it is fundamentally challenged forever, which means the cost of capital globally is going higher.”
Meanwhile, Bitcoin’s hashrate registered a significant increase, rising to 913.63 exahashes per second, a 9.91% increase over the past 24 hours. The increase suggests growing confidence and activity among Bitcoin miners. The hashrate is the total computing power securing the Bitcoin network, measuring the number of calculations by BTC miners each second to process and secure transactions. An increase in the hashrate suggests that more machines are working to ensure the network’s security and decentralization. A higher hashrate also indicates positive market sentiment, suggesting more miners are participating in the network.
BTC’s price action was positive over the previous weekend, rising 0.61% on Saturday and 0.22% on Sunday to reclaim $85,000 and settle at $85,224. The price continued to push higher on Monday, rising nearly 3% to cross $87,000 and settle at $87,508. Bullish sentiment intensified on Tuesday as BTC rallied almost 7%, surging past $90,000 and settling at $93,373. However, the rally stalled on Wednesday after encountering volatility and selling pressure. Despite this, BTC registered a marginal increase and settled at $93,749. The price dropped to an intraday low of $91,693 on Thursday as sellers attempted to overwhelm the support at $90,000. However, BTC rebounded from this level to register a marginal increase and settle at $94,009.
Source: TradingView
Buyers retained control on Friday as the price rose almost 1% to $94,776. Price action turned negative over the weekend as BTC registered a marginal decline on Saturday and then dropped 0.99% to settle at $93,802. The week started on a bullish note as BTC rose 1.29% to claim $95,000 and settled at $95,010. However, it could not stay above $95,000 and fell almost 1% on Tuesday to settle at $94,341. The current session sees BTC marginally up as buyers look to reclaim $95,000. If BTC can break above $95,000, it could extend its gains and test the resistance around $97,000. A resumption of bullish sentiment could see the price surge to $100,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) remains penned below $1,850 as it struggles to build momentum and move past this key resistance level. A break above this level could set ETH on a course toward $2,000. ETH has entered a consolidation phase, trading around $1,800 for now.
ETH ended the previous weekend on a bearish note, dropping almost 2% to $1,586. Buyers attempted a recovery on Monday as the price reached an intraday high of $1656 before losing momentum and settling at $1,579, ultimately registering a marginal decline. Sentiment changed on Tuesday as markets rallied. As a result, ETH surged over 11%, going past the 20-day SMA and settling at $1,757. Buyers retained control on Wednesday as the price rose 2.19% and settled at $1,796. However, ETH lost momentum on Thursday after encountering selling pressure. As a result, the price fell 1.40% to $1,770. Buyers returned to the market on Friday as ETH registered a marginal increase and settled at $1,786.
Source: TradingView
Price action remained positive on Saturday as ETH registered an increase of almost 2% to cross the 50-day SMA and $1,800 and settle at $1,821. Despite the positive sentiment, the price was back in the red on Sunday, dropping 1.60%, slipping below $1,800 and the 50-day SMA, and settling at $1,792. ETH started the week on a tepid note, rising to $1,799 after a marginal increase. However, it was back in the red on Tuesday, registering a marginal decline. The current session sees ETH back above $1,800 as it looks to build momentum and overcome the overhead resistance. If ETH breaks and closes above the $1,850 resistance, it could extend its gains and test the $2,000 level. The RSI is above the neutral level, suggesting bullish momentum, and the MACD also indicates a bullish bias.
Solana (SOL) Price Analysis
Solana (SOL) continued its recent decline on Tuesday as it struggled to reclaim the $150 level. SOL’s impressive recovery from a low of $95 (April 7) stalled at $150 after buyers lost momentum in the face of substantial selling pressure at upper levels. The price had stalled around $140 last weekend before forming a base and starting a fresh increase towards $150-$155.
SOL ended the previous weekend in the red, dropping 1.44%. Price action remained bearish on Monday as SOL lost momentum after reaching an intraday high of $142 and settled at $136, ultimately falling almost 1%. Sentiment changed on Tuesday as SOL rallied nearly 9%, surging past $140 and settling at $148. Buyers retained control on Wednesday as the price rose 1.59% to cross $150 and settle at $151. SOL plunged to an intraday low of $145 on Thursday as sellers attempted to regain control. However, it rebounded from this level to register an increase of 0.98% and settle at $152.
Source: TradingView
SOL reached an intraday high of $156 on Friday as buyers attempted a move past key resistance levels. However, the price lost momentum after reaching this level and dropped 1.10% to $150. Price action remained bearish over the weekend as SOL dropped 1.08% on Saturday and 0.84% on Sunday, slipping below $150 and settling at $148. SOL experienced volatility on Monday as buyers and sellers attempted to establish control. Buyers ultimately gained the upper hand as SOL registered a marginal decline and settled at $147. The price declined on Tuesday, falling almost 1% to $146. The current session sees SOL up nearly 1% as it looks to reclaim $150 and move past $155.
Jupiter (JUP) Price Analysis
Jupiter (JUP) started the previous week on a bullish note, rising over 3% on Monday and settling at $0.403. Bullish sentiment intensified on Tuesday as the price rallied over 9% and settled at $0.440. Buyers retained control on Wednesday as JUP rose to an intraday high of $0.474. However, it could not stay at this level and settled at $0.453, rising almost 3%. The price dropped to an intraday low of $0.424 on Thursday as sellers attempted to gain control. JUP rebounded from this level to register an increase of 1.06% and settle at $0.457. Bullish sentiment intensified on Friday as JUP surged almost 6% to cross the 50-day SMA and settle at $0.483 after reaching an intraday high of $0.483.
Source: TradingView
Price action turned bearish over the weekend after a failed attempt to move past $0.50. As a result, JUP dropped 0.61% on Saturday and settled at $0.480. Bearish sentiment intensified on Sunday as the price fell 3.35% and settled at $0.464. JUP started the current week positively, as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as the price rose 1.12% to $0.469. However, selling pressure returned Tuesday as JUP fell over 4% to $0.449. The current session sees JUP down over 2% and trading at $0.459. Buyers will look to build momentum and push the price beyond $0.50.
Cardano (ADA) Price Analysis
Cardano (ADA) registered a sharp rally at the beginning of the previous week but lost momentum after falling to cross $0.750. ADA rose to an intraday high of $0.651 on Monday (April 21) but lost momentum after reaching this level and settled at $0.624, ultimately registering a marginal increase. However, bullish sentiment intensified on Tuesday as ADA rose almost 9% and settled at $0.679. ADA continued to push higher on Wednesday, rising nearly 3% to cross the 50-day SMA and settle at $0.697. The price faced considerable selling pressure on Thursday, falling to an intraday low of $0.670. It rebounded from this level to register an increase of 3.59% and settle at $0.722.
Source: TradingView
Despite the positive sentiment, ADA lost momentum on Friday, dropping 1.11% to $0.714. Price action remained bearish over the weekend, falling 0.98% on Saturday and 0.42% on Sunday to settle at $0.704. ADA faced volatility on Monday as buyers and sellers attempted to establish control. Buyers ultimately gained the upper hand as the price registered a marginal increase and settled at $0.705. However, it was back in the red on Tuesday, dropping 1.28%, slipping below $0.70 and settling at $0.696. The current session sees ADA marginally up as it attempts to reclaim $0.70.
Uniswap (UNI) Price Analysis
Uniswap (UNI) registered a marginal increase on Monday (April 21) and settled at $5.27. Bullish sentiment intensified on Tuesday as the price surged over 10%, crossing the 20-day SMA and settling at $5.81. Buyers retained control on Wednesday as UNI registered an increase of almost 4% to claim $6 and settle at $6.03. However, price action turned bearish on Thursday after UNI failed to move past the 50-day SMA. As a result, the price dropped almost 4% and settled at $5.81. UNI encountered volatility on Friday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as the price registered a marginal increase and settled at $ 5.83.
Source: TradingView
UNI was back in bearish territory over the weekend, dropping marginally on Saturday and then falling over 5% on Sunday to end the weekend at $5.50. Price action remained bearish on Monday, as the price dropped 1.25% to $5.43. Bearish sentiment intensified on Tuesday, and UNI fell nearly 3%, slipping below the 20-day SMA and settling at $5.27. The current session sees UNI up over 2% and trading at $5.38.
Filecoin (FIL) Price Analysis
Filecoin (FIL) started the previous week in the red, dropping almost 2% on Monday and settling at $2.60. The price fell to an intraday low of $2.48 on Tuesday as bearish sentiment intensified. However, FIL rebounded from this level to register an increase of 4.43% and settle at $2.71. Buyers retained control on Wednesday, and FIL rose 2.33%, crossing the 50-day SMA and settling at $2.78. Sellers attempted to retake control on Thursday as the price fell to an intraday low of $2.66. However, it rebounded from this level to register an increase of 2.60% and settle at $2.85.
Source: TradingView
Price action was muted on Friday and Saturday as FIL registered marginal increases and settled at $2.86. However, selling pressure returned on Sunday as the price plunged almost 6%, slipping below the 50-day SMA and settling at $2.71. The price recovered on Monday, rising over 2% to move above the 50-day SMA and settle at $2.76. FIL was back in the red on Tuesday, dropping just over 1% to $2.73. The current session sees FIL up almost 2% and trading at $2.78 as buyers set their sights on $3.
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.
