Crypto Price Analysis 5-1: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, TONCOIN: TON, APTOS: APT, INTERNET COMPUTER: ICP, COSMOS: ATOM
The crypto market registered modest gains on Tuesday before marginally declining as Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies lost momentum. Bitcoin (BTC) continues to trade around $95,000 after recovering from a low of $93,076 late Wednesday. The flagship cryptocurrency reclaimed $95,000 before declining to current levels.
Meanwhile, ETH registered a marginal increase to reclaim $1,800 and trade around $1,809. Ripple (XRP) has traded in the red during recent sessions and is down nearly 2%, trading around $2.19. Solana (SOL) is up over 1% as it attempts to reclaim the crucial $150 mark. Dogecoin (DOGE) and Chainlink (LINK) also registered marginal increases.
Meanwhile, Cardano (ADA), Stellar (XLM), Toncoin (TON), Hedera (HBAR), Polkadot (DOT), and Litecoin (LTC) registered notable declines.
Coinbase Urges Supreme Court To End IRS Surveillance Of Crypto Users
Coinbase has urged the US Supreme Court to hear a case that could limit the Internal Revenue Service’s (IRS) ability to monitor crypto transactions on exchanges and other platforms. Coinbase is not a direct party to the case but has joined several states, Elon Musk’s X, and privacy advocacy groups in filing an amicus brief in Harper v. O’Donnell on Wednesday morning, asking the court to reconsider how the so-called third-party doctrine is applied in the digital age. The doctrine dates back to the 70s and states that individuals lose their expectation of privacy when they voluntarily share information with third parties, including banks, phone companies, and, in this case, crypto exchanges.
The brief states that the IRS issued Coinbase a John Doe summons, compelling the exchange to provide information about unnamed taxpayers suspected of violating tax laws. Unlike traditional summons, John Doe summons seek data on a broad group of individuals. In Coinbase’s case, the IRS demanded information on over 14,000 customers, stating it needed to identify taxpayers who may not have reported their crypto gains. Coinbase argues that users don’t surrender their right to privacy by storing information with a third party. The brief states,
“Exposure of a person’s identity on the blockchain opens a potentially wide window into that person’s financial activity… easily ascertain[ing] all transactions the person has made using that address—or track future transactions.”
Crypto Market Faces Volatility
The crypto market faced volatility on Wednesday, but most cryptocurrencies continued trading within a narrow range. BTC was trading around $94,700 after the close of the US market, registering a marginal decline over the past 24 hours. Altcoins rebounded after an early decline but underperformed the flagship cryptocurrency, with Litecoin (LTC), Ripple (XRP), Avalanche (AVAX), and Chainlink (LINK) registering notable declines. Major US stock averages dropped over 2% early in the day after less than impressive economic data. However, this has not deterred President Trump from his tariff policies.
“Somebody said all the shelves are going to be open. Well, maybe the children will have two dolls instead of 30 dolls, and maybe the two dolls will cost a couple of bucks more than they would normally. They have ships that are loaded up with stuff, much of which we don’t need.”
Crypto Industry Demands Clarity On Staking
A coalition of 30 crypto organizations is urging regulators to define staking’s legal future, the outcome of which could reshape the digital economy. The coalition, led by the Crypto Council for Innovation (CCI) and the Proof of Stake Alliance (POSA), sent an urgent letter to the Securities and Exchange Commission (SEC), arguing that staking, a process that secures blockchain networks, is a technical function, not a financial investment. Clarity on staking could determine whether the US lags or leads in the blockchain revolution.
The coalition includes prominent companies like Kraken, Lido, and Andreessen Horowitz. It insists staking lacks key traits associated with traditional securities. Unlike stocks and bonds, stakers retain asset ownership, earning rewards through automated protocols.
“Staking isn’t niche it’s the backbone of the decentralised internet.”
The Howey Test, a legal benchmark defining securities, is key to the ongoing debate. According to the coalition, staking fails the Howey Test because rewards depend on the blockchain’s protocol.
“Stakers aren’t passive investors. They’re active network participants.”
Trump Shifts Blame On Biden As Markets Weaken
US stocks wrapped up a turbulent April marked by trade policy uncertainty and economic contraction. The S&P 500 registered an increase of 0.15%, while the Nasdaq Composite declined 0.86%. Meanwhile, the Dow Jones Industrial Average gained 141 points as data showed the US economy shrank for the first time since 2022. According to the US Commerce Department, the first-quarter GDP dropped 0.3%, reversing a 2.4% gain from the previous quarter. Market watchers attributed the contraction to a 41% surge in imports as businesses stockpiled ahead of Trump’s tariffs. Consumer spending also dropped to its weakest levels in over a year, while government spending declined, further dragging growth.
Trump attempted to shift blame for the economic slide on former President Joe Biden, stating this is Biden’s stock market, not Trump’s, claiming a Biden overhang was behind the poor numbers. He urged patience, stating his policies would take time to deliver results. The US stock market under Trump has posted one of the weakest performances for any president’s first 100 days in modern history. Analysts believe continued policy uncertainty is one of the primary causes of the decline, with Kelly Bouchillon of Sound View Wealth Advisors stating,
“This is very clearly brought on by the uncertainty surrounding the tariffs, period.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) held firm at around $95,000 as the US economy contracted for the first time in five years. Analysts believe the economy contracted at an annualized rate of 0.3% in the first quarter, rekindling recession concerns associated with President Trump’s tariff policies. Analysts and economists expected the economy to grow at an annualized rate of 0.3% during the first quarter. However, the decline marks the first quarterly decline since the first quarter of 2022.
A disappointing ADP jobs report on Tuesday also unsettled markets. According to the report, US employers created just 62,000 jobs in April, half of what analysts expected. The Personal Consumption Expenditures also cooled in April. However, the impact of Trump’s tariffs is yet to appear.
BTC rallied when the Federal Reserve initiated a series of rate cuts last year, lowering its benchmark rate to a target range of 4.25% to 4.50%. However, the Fed adopted a cautious stance in December, highlighting potential shifts in immigration and trade policy under Trump, potentially complicating the Fed’s efforts to restore price stability. Trump’s efforts to reshape global trade have led to plunging sentiment among US customers. Wednesday’s economic data was evidence that Trump’s tariffs are hurting the economy.
Meanwhile, Standard Chartered has said ETFs are witnessing a shift of investor capital from spot gold ETFs to spot Bitcoin ETFs, as the flagship cryptocurrency holds above $90,000. Geoffrey Kendrick, head of digital assets research at Standard Chartered, highlighted the widening gap between gold ETF inflows and spot Bitcoin ETFs, suggesting BTC could be gearing up for a major surge in the asset’s price.
“The last time the gap was this wide was the week of the U.S. election. Bitcoin gains are catching up to gold, and I think bitcoin is a better hedge than gold against strategic asset reallocation out of the U.S.”
BTC’s price action turned positive over the previous weekend as it rose 0.61% on Saturday and 0.22% on Sunday to claim $85,000 and settle at $85,224. The price continued to push higher on Monday, rising almost 3% to cross $87,000 and settle at $87,508. Bullish sentiment intensified on Tuesday as BTC rallied nearly 7%, surging past $90,000 and settling at $93,373. However, the rally stalled on Wednesday after volatility and selling pressure. Despite this, BTC registered a marginal increase and settled at $93,749. The price plunged to an intraday low of $91,693 on Thursday as sellers attempted to overwhelm support levels. It rebounded from this level to register a marginal increase and settle at $94,009.
Source: TradingView
BTC continued to push higher on Friday, increasing almost 1% and settling at $94,776. However, price action turned bearish over the weekend, registering a marginal decline on Saturday before dropping 0.99% on Sunday to $93,802. BTC started the week on a bullish note, rising 1.29% to claim $95,000 and settle at $95,010. However, it was back in the red on Tuesday, dropping almost 1%, slipping below $95,000 and settling at $94,341. The price faced volatility on Wednesday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as BTC registered a marginal decline and settled at $94,160. The current session sees BTC up over 1% and trading above $95,000 at $95,365. If BTC stays 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) finally reclaimed $1,800 during the ongoing session, up 1.49% at the time of writing. Daily trading volume has also registered a notable increase as investor interest in the asset returns, likely anticipating a profit in the short term. However, despite recent stability and a price jump, ETH has underperformed since 2024, remaining over 50% below its local peak in December 2024. Investors and analysts are now turning to the long-awaited Pectra upgrade, going live next week. Pectra promises significant improvements in user experience, staking, and transaction flexibility, with market watchers hopeful it can positively impact ETH.
ETH started the previous week on a bearish note, rising to an intraday high of $1,656 before losing momentum and settling at $1,579, ultimately registering a marginal decline. Price action turned bullish on Tuesday as ETH rallied over 11%, surging past the 20-day SMA and settling at $1,757. Buyers retained control on Wednesday as the price rose over 2% and settled at $1,796. However, it failed to move past $1,800, dropping 1.40% on Thursday and settling at $1,770. Buyers returned to the market on Friday as the price rose almost 1% and moved to $1,786.
Source: TradingView
ETH continued to push higher on Saturday, rising almost 2% to cross the 50-day SMA and $1,800 and settle at $1,821. Price action turned bearish on Sunday as ETH fell 1.60%, slipping below $1,800 and the 50-day SMA and settling at $1,792. The price faced volatility on Monday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as the price registered a marginal increase and settled at $1,799. However, it could not move past $1,800 and registered a marginal drop on Tuesday, falling to $1,798. Sellers retained control on Wednesday as ETH dropped to an intraday low of $1,736 before settling at $1,795, ultimately registering a marginal decline. The current session sees ETH up almost 3%, having reclaimed $1,850 and trading at $1,843. Buyers will look to retain control and overcome the overhead resistance at $1,860. If ETH breaks above this level, it could move to $2,000.
Solana (SOL) Price Analysis
Solana (SOL) reclaimed $150 during the ongoing session as it eyes a bullish breakout. SOL plunged to a low of $140 on Wednesday but found support around the 20-day SMA and rebounded to cross $150. On-chain data supports a bullish outlook for SOL, with its stablecoin market capitalization surging to $13 billion, indicating growing network usage. Additionally, Bloomberg Intelligence stated the likelihood of US regulators approving a Solana spot ETF has risen to 90%, boosting investor sentiment around SOL. Six asset managers, including Grayscale, VanEck, 21Shares, Canary, Bitwise, and Franklin, have filed for a SOL ETF.
SOL started the previous week in the red, dropping almost 1% to $137. However, it rebounded on Tuesday, surging nearly 9% to cross $140 and settle at $148. Buyers retained control on Wednesday as the price rose 1.59% to $151. SOL plunged to an intraday low of $145 on Thursday as sellers attempted to overwhelm buyers. The price rebounded from this level, rising nearly 1% to reclaim $150 and settle at $152. Price action turned bearish on Friday as SOL lost momentum after reaching an intraday high of $156. As a result, SOL fell over 1% and settled at $150.
Source: TradingView
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. The price faced volatility on Monday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as the price registered a marginal decline and fell to $147. SOL declined on Tuesday, falling almost 1% to $146. Selling pressure intensified on Wednesday as SOL plunged to an intraday low of $140. However, it rebounded from this level to register an increase of 0.81% and settle at $147. The current session sees SOL up almost 3% and trading at $151 as buyers look to build momentum and push above $155.
Toncoin (TON) Price Analysis
Toncoin (TON) registered a substantial drop on Monday (April 21), falling 3.44% to $2.89. The price recovered on Tuesday, surging 6.60% to cross the 50-day SMA, reclaim $3 and settle at $3.08. TON continued to push higher on Wednesday, rising 3.37% and settling at $3.18. Momentum stalled on Thursday as the price fell to a low of $3.07. However, it rebounded from this level to register a marginal increase and settle at $3.19. Buyers retained control on Friday as the price registered a marginal increase.
Source: TradingView
Bullish sentiment intensified on Saturday as TON rose 4.55%, surging past the 50-day SMA and settling at $3.34. However, price action turned bearish on Sunday as TON dropped 2.01% and settled at $3.27. TON faced volatility on Monday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as the price registered a marginal decline. Bearish sentiment intensified on Tuesday as the price fell nearly 3%, slipping below the 50-day SMA and settling at $3.17. Sellers retained control on Wednesday as TON registered a marginal decline and settled at $3.16. The current session sees TON up 0.40% and trading at $3.17.
Aptos (APT) Price Analysis
Aptos (APT) was bullish the previous week despite starting it on a bearish note, dropping almost 3% to $4.92. The price recovered on Tuesday, surging nearly 7%, crossing the 50-day SMA and settling at $5.26. APT continued to push higher on Wednesday, rising almost 2% and settling at $5.35. The price faced volatility on Thursday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as APT registered an increase of 2.64% and settled at $5.49. Buyers retained control on Friday as the price rose almost 1% to $5.54. APT started the weekend positively, increasing 1.53% to $5.62.
Source: TradingView
However, the price lost momentum on Sunday, falling 4.42% and settling at $5.37. APT started the current week on a bullish note, rising almost 3% despite volatility and settling at $5.53. Selling pressure returned on Tuesday as the price fell 1.77% to $5.43. Sellers retained control on Wednesday as the price plunged to an intraday low of $5.17. However, it rebounded from this level to settle at $5.34, ultimately registering a drop of $5.34. The current session sees APT up over 3% and trading at $5.52 as buyers look to build momentum and push the price towards $6.
Internet Computer (ICP) Price Analysis
Internet Computer (ICP) registered a sharp increase on Tuesday, rising nearly 7% to cross the 20-day SMA and $5 and settle at $5.09. The price continued to push higher on Wednesday, rising 1.57% and settling at $5.17. ICP plunged to an intraday low of $4.96 on Thursday as selling pressure intensified. However, the price rebounded from this level to reclaim $5, register a marginal increase, and settle at $5.20. Buyers retained control on Friday as ICP rose nearly 2% and settled at $5.30.
Source: TradingView
Price action turned bearish over the weekend as ICP dropped 0.57% on Saturday. Bearish sentiment intensified on Sunday as ICP dropped over 4% and settled at $5.05. The current week started positively, as ICP registered an increase of almost 1% and settled at $5.09. However, it was back in the red on Tuesday, dropping nearly 4%, slipping below the 20-day SMA and $5 and settling at $4.89. Selling pressure persisted on Wednesday as the price fell to a low of $4.75. ICP recovered from this level to register a marginal increase and settle at $4.92. The current session sees the price up 1.22% as buyers look to push above the 20-day SMA and reclaim $5.
Cosmos (ATOM) Price Analysis
Cosmos’s (ATOM) momentum has declined in recent sessions after it failed to push towards $5. ATOM was bullish the previous week, surging over 6% on Tuesday to settle at $4.31. The price continued to push higher on Wednesday, rising over 2% to cross the 20 and 50-day SMAs and settle at $4.41. Buyers retained control on Thursday as ATOM rose over 3% and settled at $4.54. The price encountered volatility on Friday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as ATOM registered a marginal decline and settled at $4.54. The price raced to an intraday high of $4.72 on Saturday. However, it lost momentum after reaching this level and settled at $4.59, ultimately registering an increase of 0.98%.
Source: TradingView
Price action turned bearish on Sunday as ATOM plunged nearly 5%, slipping below the 50-day SMA and settling at $4.38. ATOM started the week positively, recovering from a low of $4.29 to rise nearly 2%, crossing the 50-day SMA and settling at $4.46. However, selling pressure returned on Tuesday as the price fell 1.95%, slipping below the 50-day SMA and settling at $4.37. Sellers retained control on Wednesday as ATOM dropped nearly 2% and settled at $4.29. The price has recovered during the ongoing session and is up almost 3%, trading at $4.41.
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.
