🚀 Crypto Chaos: Bitcoin Soars, Altcoins Crash! 😱

Ah, the crypto market, that grand theater of absurdity! Over the past 24 hours, it has performed its usual dance of marginal gains and dramatic losses. Despite the altcoins crashing like a poorly rehearsed comedy on April Fools’ Day, the crypto market cap has managed to rise by a whopping 0.50%, now sitting at a princely $2.7 trillion. Bitcoin (BTC), the star of the show, has risen just over 1% to cross $84,000. Bravo, BTC! 👏

Yet, our dear Bitcoin remains down by over 4% over the past week. Ethereum (ETH), the understudy, has registered a marginal increase but is still struggling to reclaim $2,000, languishing just above $1,850. Meanwhile, Ripple (XRP) has dropped almost 1% to $2.08, as sellers attempt to drive the price below $2. Most altcoins have registered substantial declines, with Solana (SOL) down almost 2% and trading at $124. Dogecoin (DOGE) and Cardano (ADA) are down nearly 1%, while Toncoin (TON) has fallen almost 4%. Chainlink (LINK), Stellar (XLM), Hedera (HBAR), Polkadot (DOT), and Litecoin (LTC) have also joined the chorus of decline. 🎭

Altcoins: The Tragic Comedy

Several prominent altcoins and meme coins have registered a significant decline on April 1. The decline comes despite April being a historically strong month for crypto. However, market sentiment remains cautious due to macroeconomic uncertainties. Riya Sehgal, Research Analyst at Delta Exchange, stated,

“The upcoming ISM Services PMI, US Non-Farm Payrolls (NFP), and Fed Chair Jerome Powell’s speech could drive volatility, alongside former President Donald Trump’s tariff announcement. These factors may cause fluctuations in IV, leading to both periods of contraction and expansion.”

Despite the downturn, Bitcoin (BTC) and Ethereum (ETH) have registered notable increases. According to Sehgal, BTC must hold above $84,000 to maintain its bullish structure and retain chances of a potential upside. A break above $85,000 could open the door for a move to $90,000. Meanwhile, Ethereum (ETH) has registered a marginal increase to maintain its upward trajectory. However, the world’s second-largest cryptocurrency is struggling to reclaim $2,000. Altcoins, however, have traded primarily in the red, with Ripple (XRP) down over 1%, while Dogecoin dropped towards $0.168, falling almost 1%. Solana (SOL) is down nearly 2% as it struggles to stay above $120, while Cardano (ADA), Polkadot (ADA), Toncoin (TON), Chainlink (LINK), and Litecoin (LTC) have also registered substantial losses. 🎪

Crypto Traders: The Waiting Game

Bitcoin (BTC) has maintained its position above $83,000 as traders prepare for President Donald Trump’s next tariff-related announcement, expected this week. While BTC and ETH have made notable gains, altcoins have remained in the red as markets adopt a wait-and-see approach. Presto Research Analyst Min Jung stated,

“Right now, the market is in a wait-and-see mode, as the details of the tariffs have yet to be disclosed.”

Trump is expected to announce “several massive tariffs” later today. According to reports, analysts worry the latest tariffs could cause a chain reaction and trigger a global trade war. Jung added,

“There’s a mix of sentiment. Some investors believe the impact may be less severe than initially feared, viewing the recent dip as a potential ‘buy the dip’ opportunity. However, many traders are still opting to remain on the sidelines until there’s greater clarity. The market’s next move will largely hinge on the tone and substance of the actual announcement.”

UK Trade Bodies: The Crypto Crusade

Several British trade associations have urged Prime Minister Keir Starmer to appoint a special envoy dedicated to crypto. They have also asked for a dedicated action plan for digital assets and blockchain technology. In a letter written on March 31, the coalition of six UK digital economy trade bodies urged the Prime Minister’s special advisor on business and investment, Varun Chandra, for a greater strategic focus and alignment to deliver investments, growth, and jobs for the crypto industry. The coalition comprises the UK Cryptoasset Business Council, Global Digital Finance, The Payments Association, Digital Currencies Governance Group, the Crypto Council for Innovation, and techUK. They also highlighted the US’ shift on crypto under the Trump administration. The coalition letter stated,

“Britain’s commitment to an economic trade deal focused on technological cooperation with the US presents a significant opportunity to mirror the United States’ ambition in fostering leadership in blockchain, digital assets, and other emerging financial technologies.”

The group also called for creating a dedicated government action plan for crypto and blockchain technology.

SEC: The Legal Drama

The United States Securities and Exchange Commission (SEC) and Gemini Trust have requested a 60-day stay in their ongoing lawsuit to explore a potential resolution. The motion was submitted to the US District Court for the Southern District of New York on April 1 and requests the court postpone all future deadlines as discussions occur. The SEC filed its first lawsuit against Gemini Trust and Genesis Global Capital, claiming they unlawfully raised billions through the Gemini Earn program without registering it as a securities offering. The lawsuit was part of a broader crackdown on crypto firms under the Biden administration. Gemini had previously agreed to return $2.18 billion to customers as part of a settlement with New York regulators.

However, the motion did not specify if discussions could lead to a settlement, dismissal, or another resolution. Both parties have stated that pausing the case is in the public interest and conserves judicial resources. The SEC and Gemini also agreed to provide a joint update within 60 days of the request being approved.

Bitcoin (BTC): The Price Rollercoaster

Bitcoin (BTC) recovered on Tuesday as it reclaimed $85,000. However, the flagship cryptocurrency has dropped during the ongoing session, as selling pressure forces the price back below $85,000. BTC’s push above $84,000 comes after it registered a substantial decline of over 4% last week. According to data from Crypto Finance, Bitcoin dominance has increased to 61.4%, marking a substantial shift towards BTC and cementing its position as a resilient asset during periods of market stress. However, it also urged traders to remain cautious as economic uncertainties, including President Trump’s tariffs and stagflation risks, could pressure BTC, thanks to its correlation with Equity markets during risk-off sentiment.

“Bitcoin dominance increased to 61.4%, underscoring a rotation toward BTC as the relatively more resilient asset during market stress.”

The report added that as long as market uncertainty and volatility persist, BTC would retain its relative strength. However, if risk appetite returns, the market could see some mean reversion in ETH/BTC and broader altcoin performance. However, the report stresses that the market favors caution for now. BTC encountered a testing weekend that saw the price register a substantial decline, plunging to a low of $81,578. However, the markets showed signs of a recovery on Monday, as BTC registered a marginal increase despite considerable selling pressure.

BTC started the previous week on a bullish note, rising almost 2% to reach an intraday high of $88,839 before settling at $87,523. BTC encountered volatility and selling pressure on Tuesday as buyers lost momentum. As a result, BTC registered a marginal decline and settled at $87,417. Sellers retained control on Wednesday as BTC slipped below $87,000 and settled at $86,942, registering a marginal decline. BTC recovered on Thursday to reclaim $87,000 and settle at $87,236. Bearish sentiment intensified on Friday as the price plunged over 3%, slipping below the 200-day SMA and $85,000 to $84,422.

Sellers retained control on Saturday as BTC slipped below the 20-day SMA, falling over 2% and settling at $82,704. Price action remained bearish on Sunday as BTC registered a marginal decline and settled at $82,404. BTC faced volatility on Monday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as BTC registered a marginal increase and settled at $82,511. However, bullish sentiment intensified on Tuesday as BTC surged over 3%, crossing the 20-day SMA and $85,000 to settle at $85,150. BTC is back in the red during the ongoing session, down almost 1% and trading at $84,622, having slipped below the 20-day SMA. Sellers will look to retain control and drive BTC towards $80,000. Analysts have predicted BTC could slip below $80,000 this week. A break below this level could see a decline to $75,000.

Ethereum (ETH): The Struggle Continues

Ethereum (ETH) failed to push above $2,000 despite a positive start to the week and surging past $1,900. However, it lost momentum after coming across resistance around $1,920. However, buyers have not ceded much ground to the bears, keeping ETH above $1,800. While ETH has recovered during the week, it faces significant challenges, with the world’s second-largest cryptocurrency losing over half its value since December.

ETH started the previous week on a bullish note, rising almost 4% on Monday, pushing above the 20-day SMA and $2,000 and settling at $2,082. However, it lost momentum after reaching this level and registered a marginal decline on Tuesday, falling to $2,068. Sellers retained control on Wednesday as ETH dropped almost 3% and settled at $2,010. Price action remained bearish on Thursday as ETH registered a marginal drop and settled at $2,003. Bearish sentiment intensified on Friday as ETH plunged below $2,000 and the 20-day SMA and settled at $1,897.

Price action remained bearish over the weekend, with ETH registering a drop of almost 4% on Saturday and 1.14% on Sunday to settle at $1,807. ETH started the current week p, rising nearly 1% on Monday to settle at $1,822. Bullish sentiment intensified on Tuesday as ETH rose almost 5% to move past $1,900 and settle at $1,905. However, it has lost momentum during the ongoing session, with the price down over 1% at $1,878. If sellers retain control, ETH could drop below $1,800. On the other hand, buyers will look to regain control and attempt a move past $2,000.

Solana (SOL): The Sideways Saga

Solana (SOL) has been trading sideways since Sunday as traders wait for the next catalyst to dictate price action. SOL has struggled to build momentum in recent sessions, losing key support levels and losing over half its value since reaching $295 in January. At present, the Ethereum killer is struggling to build momentum and push above $150. SOL started the previous week on a positive note, rising over 6% and settling at $141. Buyers retained control on Tuesday as SOL registered an increase of nearly 2% and settled at $143. SOL lost momentum after reaching this level and dropped 4.43% on Wednesday, slipping below $140 and settling at $137. Despite the overwhelming selling pressure, SOL registered a marginal increase on Thursday and settled at $138.

Selling pressure returned on Friday as SOL plunged over 6%, slipping below the 20-day SMA and $130 and settling at $129. Price action remained bearish on Saturday as SOL dropped almost 4% and settled at $124. SOL remained static on Sunday after sellers got exhausted and buyers failed to capitalize, ending the weekend at $124. The current week began with a marginal decline as sellers attempted to exert control. However, buyers returned to the market on Tuesday as SOL rose almost 2% and settled at $126. The current session sees SOL marginally down and trading at $125. Buyers will look to regain control and drive SOL past the 20-day SMA towards $140. On the other hand, sellers will look to retain control and drive SOL below $120.

Bittensor (TAO): The Bearish Battle

Bittensor (TAO) started the previous week on a bullish note, rising 4.52% to move past the 20-day SMA and settle at $268. Buyers retained control on Tuesday as TAO registered a marginal increase and settled at $270. TAO lost momentum after reaching this level, thanks to growing selling pressure. As a result, the price dropped over 3% on Wednesday, slipping below $270 and settling at $261. TAO recovered on Thursday, rising over 3%. However, it fell short of $270 and settled at $269. Bearish sentiment registered a substantial uptick on Friday as TAO plunged over 9%, slipping below the 20-day SMA and $250 to settle at $244.

Price action remained bearish over the weekend as TAO registered a drop of almost 6% on Saturday and settled at $230. The price continued to decline on Sunday, falling 1.67% to $226. TAO began the current week on a bearish note, falling to an intraday low of $212. However, it recovered from this level to settle at $223, ultimately registering a drop of 1.56%. Despite the overwhelming selling pressure, TAO recovered on Tuesday, rising almost 4% and settling at $231. The current session sees TAO marginally down as buyers and sellers struggle to establish control. Sellers will look to drive TAO below $220. A break below this level could see the price drop to $200. On the other hand, buyers will look to regain control and push the price towards $250.

Injective (INJ): The Volatile Voyage

Injective (INJ) registered a notable rally last weekend, rising 2.51% on Saturday and almost 1% on Sunday to settle at $9.96. Bullish sentiment intensified on Monday as INJ surged 5.52%, moving past $10 and the 20-day SMA to settle at $10.51. Buyers retained control on Tuesday as the price rose 1.49% and settled at $10.67. INJ rallied to an intraday high of $11.13 on Wednesday as bullish sentiment intensified. However, it could not stay at this level and dropped 1.40% to settle at $10.52. Sellers retained control on Thursday as the price fell 1.67% and settled at $10.34.

Bearish sentiment intensified on Friday as INJ plunged almost 11%, slipping below the 20-day SMA and $10 and settling at $9.22. Price action remained bearish on Saturday as the price fell over 6%, falling below $9 and settling at $8.66. INJ registered a marginal increase on Sunday despite the overwhelming selling pressure to end the weekend at $8.68. Price action remained muted on Monday as INJ registered a marginal increase. Buyers returned to the market on Tuesday as the price registered an increase of almost 3% and settled at $8.95. The current session sees INJ down 2.72% and trading at $8.79.

Jupiter (JUP): The Downward Spiral

Jupiter (JUP) started the previous week on a bullish note but lost momentum after failing to move past $0.60. As a result, price action turned bearish as JUP fell below the 20-day SMA and a key support level. JUP registered an increase of over 4% on Monday to settle at $568. However, sentiment changed on Tuesday as the price fell 1.54% and settled at $0.559. Price action remained bearish on Wednesday as JUP fell over 4% and settled at $0.536. The price recovered on Thursday, registering an increase of almost 2% and settling at $0.545. JUP was back in the red on Friday as the price plunged nearly 9%, slipping below the 20-day SMA and $0.50 to $0.497.

JUP continued to decline on Saturday, falling almost 5% and settling at $0.472 but not before dropping to an intraday low of $0.450. The price recovered on Sunday, rising 1.25% to end the weekend on a positive note at $0.478. JUP started the current week in the red as bearish sentiment prevailed. The price fell over 11% and settled at $0.424. The price registered a marginal increase on Tuesday but is back in the red during the ongoing session, with JUP down over 5% and trading at $0.402. If sellers retain control, JUP could slip below $0.40. The MACD has turned bearish, indicating that sellers have the upper hand.

Dogecoin (DOGE): The Meme Coin Meltdown

Dogecoin (DOGE) registered a substantial rally last week, rising over 6% on Monday to move past the 20-day SMA and settle at $0.182. Buyers retained control on Tuesday as the price registered an increase of 5.04% and settled at $0.191. DOGE surged to an intraday high of $0.206 on Wednesday as bullish sentiment intensified. However, it could not stay at this level and settled at $0.194, ultimately registering an increase of 1.62%. DOGE lost momentum on Thursday as the price registered a drop of almost 2% and settled at $0.191. DOGE declined on Friday, falling over 5% to $0.180.

Bearish sentiment intensified over the weekend as DOGE fell over 6% on Saturday, dropping below the 20-day SMA and $0.170 and settling at $0.169. Sellers retained control on Sunday as the price fell over 1% and settled at $0.167. Price action was muted on Monday as DOGE settled at $0.166. However, buying pressure returned on Tuesday as DOGE registered an increase of almost 5% and settled at $0.174. The current session sees DOGE down nearly 2% and trading at $0.171.

2025-04-02 14:54