Bitcoin and Cryptocurrencies Face Daily Market Pressures

Cryptocurrency Market Overview
The crypto market capitalisation fell by 2.6% in the last 24 hours, dropping to $2.63 trillion. Selling pressure intensified following announcements that the US may raise duties on Chinese goods to 245%. This news impacted the market amid previous consolidations, prompting concerns of a correction.
Bitcoin's Resistance and Implications
Bitcoin is facing challenges with resistance posed by a cluster of 50- and 200-day moving averages. The relevance of these levels indicates a potential pause in movement, yet the prospects for a rebound remain promising. With the low point in early April over 30% below historical peaks, many perceive current pricing as enticing for long-term acquisitions.
Market Trends and Analyst Insights
- MN Trading founder Michael van de Poppe highlights the growing money supply measured by the M2 aggregate, suggesting that Bitcoin may reach new record highs this quarter.
- Macro analyst TomasOnMarkets remarks an increase in liquidity within the financial system amounting to $6.3 trillion, setting a favourable environment for BTC growth.
- According to Bitwise, Bitcoin reserves held by publicly traded companies surged 16% in Q1, amounting to 688,000 BTC (~$56.7bn).
Emerging Opportunities: Solana-ETFs
Canada is launching the world's first spot Solana-ETFs, which will incorporate a Solana staking feature, potentially yielding higher returns compared to Ethereum-based products while reducing the ETF's cost of ownership, per TD Bank.
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This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.