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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