Bitcoin Standing Strong Amidst Selling Pressure

The cryptocurrency market has been experiencing downward pressure due to Bitcoin's performance, with the market cap valued at $2.2 trillion as of Monday. Despite some growth over the weekend, the market has been on a steady decline since March 14th, characterized by lower lows and lower highs. Cryptocurrencies have been receiving support from an increase in risk traction in stock markets, but also faced internal pressure due to asset sell-offs by miners and fears of tighter regulation of cryptocurrencies.

Bitcoin's performance has been largely responsible for the current state of the overall crypto market. However, it has been exhibiting some resilience over the past two months, garnering significant buyer interest as it approaches the $60K mark. A failure to maintain its current level could potentially trigger a panic sell-off. A rise above 65K , with the price fixing at the 50-day moving average and the reversal area in early May, could signal a more positive scenario.

US venture capital fund Pantera Capital has invested an undisclosed amount in TON , citing the project's potential to become one of the largest crypto networks. Ethereum co-founder Joseph Lubin expressed concern that the US SEC is impeding innovation, which could jeopardize the future of the country's financial system. ARK Invest and 21Shares have removed staking from their application to launch a spot Ethereum-ETF, possibly indicating an attempt to clean up paperwork based on SEC comments.