Cryptokits lost 30,000 bitcoins in two months

Despite a sharp drop in the US stock markets, the major cryptocurrencies remained relatively stable on Wednesday, April 16. Thus, Bitcoin BTC $85,302.17 Bitcoin 0.85% Market capitalization $1.69 trillion VOL. 24 hours $0.63 billion grew by 0.88% to $ 84,097, Ethereum ETH $1,596.75 Bridged Ether (StarkGate) 0.36% Market capitalization $0.14 billion VOL. 24 hours $0.3 billion decreased by 0.11% to $ 1,584, and Dogecoin DOGE $0.16 Binance-Peg Dogecoin 1.39% Market capitalization $0.4 billion VOL. 24 hours $54.26 million rose by 0.7% to $ 0.1548. This restrained market movement took place against the backdrop of statements by US Federal Reserve Chairman Jerome Powell about a possible easing of cryptocurrency regulation.

Powell noted that the cryptocurrency industry is «maturing» and is increasingly integrating into the traditional financial system. His words were received positively by investors, despite the general decline in the Dow Jones, S&P 500, and Nasdaq indices, which lost from 1.7% to more than 3%. Investors see cryptocurrencies as an alternative asset amid growing fears of inflation and economic slowdown.

At the same time, technical analysis shows mixed signals for market participants. Analysts from CryptoQuant reported the lowest level of Bitcoin accumulation in two months, while large players («whales») reduced their positions by 30,000 BTC. There are also significant withdrawals from miners' wallets — 15,000 BTC per day, which indicates pressure to sell.

As for Ethereum, analyst Ali Martinez points to an important support level around $ 1,528.50. According to his estimates, it is here that about 2.61 million addresses have accumulated more than 4.8 million ETH, which creates a powerful technical support for the coin’s rate in case of further decline.

At the time of publication, the total capitalization of the cryptocurrency market amounted to $ 2.65 trillion, showing a slight increase of 0.41% per day. Bitcoin’s dominance increased to 63.1%, while Ethereum’s share fell to 7.2%. Despite the cautious sentiment, there is still interest in altcoins, especially in the face of a possible new wave of capital redistribution associated with the decline in BTC’s dominance.