The cryptocurrency market is experiencing a slowdown today, with Bitcoin holding steady at around $85,000 and altcoins like XRP and Solana stalling. The global crypto market capitalization remains firm at around $2.7 trillion.
Bitcoin's price has stabilized within a 2% range between $83,000 and $85,000 this week, following volatile reactions to Trump's tariffs announcements in early April. Notably, BTC has avoided dropping below $80,000, signaling that weak hands may have been shaken out of the market recently.
The SEC's delay in approving or denying Grayscale's Ethereum spot ETF staking has weighed heavily on sentiment, causing a shift in capital from altcoins back to Bitcoin and stablecoins. Solana's price has stumbled below $135 support, while XRP has reversed toward $2.
In other news, the US Department of Justice has indicated a softer stance on crypto prosecutions under the Trump administration, focusing on crimes involving direct harm such as investor fraud and money laundering. Additionally, a former Wall Street executive has been arrested for securities and wire fraud charges related to a crypto casino project.
Follow me for more information...