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Recently, there has been a lot of volatility in the crypto market. The market is moving up or down based on the news coming out. The tension between Iran and the United States is directly affecting oil prices, which in turn is impacting the entire macro market.
Talking about Bitcoin, it is hovering around $77.39K, which has slightly decreased from previous days. Its dominance remains around 59.8%, which is quite strong. Altcoins are also following the main trend but are not able to make independent moves. Ethereum is also close to $2.31K.
Some interesting things are happening in the crypto sector. Are you paying attention to the BLUR token? After the news of the NFT marketplace Foundation shutting down, some activity has been seen in BLUR. There is also a lot of rotation in the meme sector, with movements in tokens like BOME, NEIRO, and PNUT.
Everyone knows about ASTEROID – Elon Musk approved SpaceX’s mask, but now this token has fallen significantly. RAVE’s situation is even worse, down 96% because some exchanges suspect price manipulation.
There is also pressure on Aave because of the exploit with KelpDAO, which caused a bad debt problem. Over $77.39k in capital has been withdrawn. AAVE token has also declined.
In the coming days, some important events are happening. The Senate hearing for the Tennessee Strategic Bitcoin Reserve bill is underway. The Hong Kong Web3 Carnival is also ongoing. Token unlocks for ZRO and KAITO are also expected, which could create some pressure.
On a macro level, negotiations between Iran and the US are still uncertain. The Strait of Hormuz has reopened, which poses a risk of rising oil prices. All of this could also impact the crypto market.
The SEC is also approving new things – supporting on-chain settlement for tokenized securities. This is good news for the crypto industry in the long term.
Ethereum processed over 2.31k transactions in Q1, setting a new all-time high. Overall, a lot is happening in the crypto space – some good, some bad. Volatility will continue until the Iran-US issue is resolved.