In April, risky assets showed marginal gains with the S&P 500 Index rising around 1.5% and Bitcoin gaining over 4%. While the recovery in these assets may continue into May, there are concerns that the United States banking sector could face further turmoil, which could lead to a correction in the equity markets. JPMorgan Asset
Analysis
The price of Ether (ETH) has weakened after failing to surpass the $1,950 resistance on April 26. The subsequent correction led to a drop in ETH’s price to $1,810 on May 1, nearing its lowest level in four weeks. Interestingly, this movement happened around the same time that the First Republic Bank (FRB) was seized
Analytics firm Glassnode has revealed that short-term holders (STHs) may be responsible for the recent speculative behavior in the bitcoin market. Glassnode’s market value to realized value (MVRV) metric has identified the possibility of short-term corrections when STH-MVRV is above 1.2, signalling a 20% unrealized profit. At its peak in mid-March, STH-MVRV hit 1.37, close
Data from Glassnode reveals that the number of Ether (ETH) held by “whale” addresses, which are defined as addresses with 1,000-10,000 ETH, has declined since Ethereum’s Shapella upgrade in mid-April. As of May 1, whale addresses held over 14.033 million ETH, compared to 14.167 million ETH on April 12, when the Shapella upgrade went live.
Bitcoin’s price has been fluctuating amidst market volatility. On May 2, Bitcoin struggled to maintain its $28,000 support after the month opened to multiday lows. The previous day’s Wall Street open brought the latest wave of downside volatility, with the pair dipping below $27,700. This followed a leg lower immediately after the weekly and monthly
Bitcoin (BTC) has dropped to multi-day lows as it approaches $28,000 support after the May 1 Wall Street open. The decline comes as markets digest fresh United States banking jitters. Despite warnings that another lender might already be in trouble, Bitcoin has shown little interest in mimicking its reaction to the start of the banking