Cryptocurrency Market Update: BTC Steady at $85k Amid SEC Delays

The cryptocurrency market is stable at $2.7 trillion, with Bitcoin holding near $85k. The SEC has delayed a key decision on Ethereum ETFs, increasing market caution, which has stalled XRP and Solana prices. Bitcoin ETFs showed renewed buying interest, while a DOJ memo indicates a potential shift in crypto enforcement policy. However, regulatory pressures have led to operational challenges for some crypto firms.

The cryptocurrency market remains stable with a total market capitalisation of around $2.7 trillion. On April 17, the US SEC postponed its decision regarding Grayscale’s proposal for Ethereum ETFs which allows staking. Bitcoin price stands at approximately $85,000, while XRP and Solana are below $2.10 and $135 respectively, leading to a cautious trading environment as traders await regulatory updates.

Bitcoin price has remained within a narrow range of $83,000 to $85,000 for most of the week. This stabilisation comes after significant volatility sparked by Trump’s tariff announcements, which previously drove prices to lows under $75,000. At the time of writing, Bitcoin is priced at $84,600, maintaining a level above $80,000, indicating market resilience as weaker investors exit.

Recent activity involving Bitcoin ETFs has contributed positively to Bitcoin’s price. On Thursday, Bitcoin ETFs transitioned to a buying mode, accumulating $106.9 million, as reported by Farside data. Notably, BlackRock’s IBIT and Fidelity’s FBTC led the inflows, attracting $81 million and $25.9 million respectively, with other funds demonstrating minimal activity.

In the altcoin sector, XRP and Solana experienced stagnation around $2.07 and $134.41 respectively. The global crypto market saw a decrease of 1.9%, dropping total capitalisation to $2.76 trillion, while daily trading volume fell to $83.8 billion. Investors appear to be shifting focus from altcoins back to Bitcoin as uncertainty looms over ETF decisions.

As the SEC postponed its decision on Grayscale’s Ethereum spot ETF staking, market sentiment has dimmed. The extension may last up to 90 days, causing caution among traders, particularly affecting Solana and XRP, which had gained traction amidst ETF speculation. Consequently, Solana struggled below the $135 support level following its recent ETF debut in Canada.

Recent developments indicate a potential shift in the US Department of Justice’s approach to cryptocurrency. A recent memo suggests a pivot towards targeting significant crimes such as investor fraud rather than a broad crackdown on the crypto sector. Additionally, former Galaxy Digital executive Richard Kim was arrested for misappropriating funds intended for a crypto project.

Moreover, the privacy-focused crypto platform eXch announced its shutdown due to regulatory pressures. To conclude its operations, eXch plans to donate 50 BTC to support privacy initiatives across various blockchain platforms. Investors should remain vigilant and conduct thorough research, given the evolving landscape of crypto regulations and market dynamics.