Famous cryptocurrency analyst Benjamin Cowen warned that if there is a downward trend in Federal Reserve (Fed) interest rates, there may be a serious decline in the cryptocurrency market this quarter. Cowen emphasized that investors should be careful about potential risks, especially in the altcoin market.
Underlined the Risks for the Altcoin Market
In his latest video update, Cowen noted that tracking altcoin performance against Bitcoin is a key bearish indicator amid the pressures the coming recession could bring to the market. In April, he suggested that any decline in the performance of altcoins relative to Bitcoin could be the beginning of an overall market decline.

ADA, Cardano's cryptocurrency, has experienced a significant depreciation within the overall market downtrend, dropping over 5% in the last 24 hours and trading below $0.60. ADA, which has experienced a total decrease of over 20% in the last 30 days, fell to the 10th place in the list of the largest cryptocurrencies with these losses. However, some analysts predict that ADA could rise to $5 or even $8 in the future.

Markus Thielen, founder of 10x Research, stated that the decline in Bitcoin is due to US inflation expectations and is temporary.
Bitcoin started to decline again before the US inflation data to be announced today at 15.30 GMT. According to many analysts, this indicates that the upward trend in the short term has stopped.
Bitcoin's retracement of the symmetrical triangle breakout is thought to signal further declines in price. However, Markus Thielen told Coindesk that Bitcoin's unsuccessful breakout reflects the tension experienced before US inflation. Thielen also emphasized that this situation does not reverse the trend.

Financial markets in Hong Kong are buoyed by the rise of Bitcoin. Work to launch spot Bitcoin ETFs in the city is well underway, with official approvals expected in the coming weeks, Reuters reported. The move will see Hong Kong join Asia's leading ETF providers and is considered a major advance in the industry.
New Investment Opportunities Arise
Hong Kong has had a difficult time financially due to the pandemic period and tensions between China and the US. Now, steps are being taken to revitalize financial trade. Adrian Wang, CEO of Metalpha, states that the new ETFs could attract global investors to Hong Kong and increase the acceptance of cryptocurrencies. Spot Bitcoin ETFs launched in the US show interest in cryptocurrencies, with net inflows of around $12 billion.

We are trying to make the Binance SQUARE Platform more valuable and attentive for you. Here are the details of our news;
Fitness cryptocurrency app Stepn announced that it will airdrop $30 million worth of bonus points equivalent to GMT tokens. The company is also distributing 100 million “FSL” points to its users, which can be exchanged 1:1 for GMT tokens on the Stepn marketplace.
According to CoinMarketCap data, GMT tokens are currently trading at around $0.30 and the total value of Stepn's point distribution is estimated to be around $30 million. “As a business, we have the opportunity to give our stability back to our users because this is our line of work,” said Stepn CEO Shiti Manghani.

A negative trend continues in the price of Ripple (XRP) in the days when Bitcoin fails the peak test. Investors have been frequently investigating in which direction the XRP price will move in the coming days.
It remains unclear when the ongoing correction in Ripple will end. In this article, we will take a look at the technical outlook on the US-based blockchain company's main cryptocurrency.
Fibonacci Barrier in XRP
Over the past seven days, XRP price has partially recovered without correcting. However, as of yesterday, Ripple showed a downward movement again.

First Digital Trust (FDUSD), a Hong Kong-based stablecoin provider, announced on Wednesday that it has expanded its $3 billion FDUSD token to the Sui (SUI) blockchain. This move follows the launch of the FDUSD token on Ethereum (ETH) and BNB Chain (BNB).
This expansion is part of First Digital's goal to increase FDUSD usage among decentralized finance (DeFi) users. “Sui is a network with great future potential and is very supportive of the DeFi space,” First Digital Trust CEO Vincent Chok said in an interview, adding:

VanEck's CEO does not believe the US will approve spot Ethereum ETFs in the near future.
Jan van Eck does not expect the US Securities and Exchange Commission (SEC) to approve applications for spot Ethereum ETFs until the May decision deadline.
VanEck's CEO stated that the SEC has not yet responded to the applications and said, "We made our S1 application, but we did not receive any response. This may be a sign." He commented:
The cryptocurrency community thinks it may be Ethereum's turn after the SEC approves spot Bitcoin ETFs. Bitcoin price reached record highs with the approval of ETFs and the upcoming halving event.

On-Chain Analysis for Bitcoin Whales: What Does It Reveal?
The choppy waters of the cryptocurrency market often reflect the impressive movements of the great whales that inhabit Bitcoin's oceans. Many believe that the behavior of these sea giants can foresee the fate of market tides. And this idea may be viewed cynically, but history shows us that whale activity can really affect the course of Bitcoin.
Last 7~30 Days Activity of Whales shows the explosion of these magnificent creatures since March 2024. This type of activity has often heralded a significant bull run in the Bitcoin market. Whales being active for 7 to 30 days is generally associated with an increase in the value of Bitcoin; this is a phenomenon known as the Bull Run.

Ripple's CEO, Brad Garlinghouse, predicts that the cryptocurrency market will reach a value of $5 trillion, thanks to key macroeconomic factors such as the first spot bitcoin exchange-traded funds (ETFs) launching in the US this year and the upcoming bitcoin halving. This prediction seems to be in line with the upward trend in the XRP price.
Garlinghouse stated that his optimism about the cryptocurrency market stems from the economic principles that increase demand along with increasing institutional investments and limited supply generally increase the market value.

We are trying to make the Binance SQUARE Platform more valuable and attentive for you. Here are the details of our news;
Reasons for Solana's Loss in Value
Recently, the loss of value in memecoin projects and the decrease in airdrop events have caused a decrease in interest in Solana. Despite the high trading volume, Solana's market value is not recovering. Additionally, increased selling pressure among SOL investors reinforces the bearish trend prevailing in the market.

Cryptocurrencies continue to exist as a sector that has not yet been fully regulated worldwide. Especially in the USA, a hesitant approach is adopted on this issue and it lags behind in regulation compared to the European Union. There is a generally negative attitude towards cryptocurrencies in the USA, with the Securities and Exchange Commission (SEC) in particular arguing that this sector should not be subject to regulation.
Approach to Cryptocurrencies and Political Debates

Bitcoin's upcoming halving has become a major driver of speculation in the market. VeChain founder Sunny Lu claims that the increasing influence of regulations will significantly affect the course of Bitcoin following the upcoming halving event.
“When we compare this cycle with the previous one, the impact of regulation becomes apparent,” Lu said in an email. Lu also noted that regulatory actions have triggered significant price movements since the last halving in May 2020.

We are trying to make the Binance SQUARE Platform more valuable and attentive for you. Here are the details of our news;
Binance Margin, the margin trading division of Binance, announced that it has added new altcoins and trading pairs to its portfolio. These new additions aim to improve the experience for both Cross Margin and Isolated Margin users.
Binance Margin has started offering users five new altcoins, including AS Roma, Atletico de Madrid, Juventus fan tokens ASR, ATM, JUV, as well as FIO Protocol and Wanchain. These altcoins can be used to borrow money and as collateral.

We are trying to make the Binance SQUARE Platform more valuable and attentive for you. Here are the details of our news;
The firm continues to monitor buyers of long-term BTC call contracts, particularly large daily purchases of $200,000 contracts for March 2025.
QCP Capital has also begun monitoring market positioning for the upcoming ETH spot ETF, which has a May 23 filing deadline. The firm noticed signs similar to those observed prior to BTC spot ETF approval:

Binance Margin, Binance's margin trading platform, announced that it has significantly expanded its asset offerings.
With its latest update, Binance Margin has introduced many new assets such as AS Roma Fan Token (ASR), Atletico de Madrid Fan Token (ATM), FIO Protocol (FIO), Juventus Fan Token (JUV) and Wanchain (WAN). Both Cross and Isolated Margin can be borrowed and added as collateral assets.
Additionally, the platform introduced new trading pairs in Bitcoin (BTC), FDUSD and USDC, available on Cross and Isolated Margin.

An overview of the situation of Bitcoin and altcoins in the markets
Bitcoin is currently traded at $69,396, down 2% at the time of writing, while it is traded at 2,298,357 TL against the Turkish lira. Ethereum (ETH) decreased by 2.8% to $3,542, BNB (BNB) decreased by 0.1% to $581, Ripple (XRP) decreased by 0.5% to $0.613, Dogecoin (DOGE) decreased by 3.7% to $0.1905, Cardano (ADA) is down 3% to $0.587, while Solana (SOL) is trading around $172.5, down 2%.

VanEck CEO Jan van Eck expressed skepticism about the US Securities and Exchange Commission (SEC) decision regarding spot Ether exchange-traded funds (ETFs) in May.
In a statement to CNBC on April 9, van Eck said his company's application for a spot ETF on Ethereum "will probably be rejected."
VanEck, along with ARK Invest, led by Cathie Wood, became one of the first companies to file for a spot Ether ETF in the US. Both companies said the final decision is expected to be made on May 23 and May 24.

The SEC plans to make its decision by the end of May, after deferring to review the Ethereum Spot ETF. Companies like BlackRock, Fidelity, and VanEck have expressed interest in Ethereum products this year, but some applicants are unsure the SEC will approve.
“We were the first company to apply for Ethereum in the US and most likely we will be rejected in May,” VanEck CEO Jan van Eck told CNBC at the Paris Blockchain Week event in France. He also noted that the legal process involves commenting on applications, and this process occurs weeks before Bitcoin ETFs are approved. Currently, “there is complete silence about Ethereum,” he added.

We are trying to make the Binance SQUARE Platform more valuable and attentive for you. Here are the details of our news;
While Bitcoin (BTC) was trading below the $70,000 level, the crypto market fell ahead of US inflation data. Altcoins such as Ethereum (ETH) also lost over 5 percent. Investors are eagerly waiting for the announcement of March inflation data in the USA and the impact of these data on interest rates.
Focus Point of the Market: US Inflation Data