BTC prices fell to a two-month low of $59,130 ​​in early trading on May 1. This is the first time the asset has fallen to this level since late February.

Analysts are watching the next levels and the bottom of the expected market correction.

This is the fourth correction of this magnitude in the last 12 months.

It is also noted that corrections in previous bull cycles were much larger in scale, so there may be more pain before the rally resumes.

The overall market capitalization is down 6.4% in the last 24 hours, with approximately $135 billion leaving the space.

As usual, the main blow fell on altcoins.

The market decline followed news that former Binance CEO Changpeng Zhao was sentenced to four months in prison.

Solana-based meme coin Bonk Inu (BONK) is up more than 50% over the past two weeks, becoming the fifth-largest in its class with a market capitalization of nearly $1.6 billion.

Its growth is supported by strong investor interest and listings on major cryptocurrency exchanges such as Binance and Coinbase.

BONK is the second largest meme coin created on the Solana blockchain, second only to dogwifhat (WIF).

The meme coin was created in December 2022, but began to attract attention only a year later.

Trading volume on Uniswap, a decentralized exchange built on Ethereum Layer 2 (L2), now accounts for approximately 37% of total L2 trading volume. This is a significant increase compared to the trading volumes observed two years ago.

Uniswap trading volume on L2 has grown more than 650% over the past 24 months, reaching more than $30 billion this year, up from about $4 billion in 2022.

Meanwhile, despite its current success, Uniswap faces regulatory pressure from the US Securities and Exchange Commission (SEC) as part of a broader regulatory crackdown on the cryptocurrency market.

On April 30, Ripple announced a partnership with HashKey Group, expanding its collaboration with financial giant SBI Group.

The joint venture with HashKey DX, a specialist consulting firm of Tokyo-based HashKey Group, aims to bring XRP Ledger (XRPL) enterprise solutions to the Japanese market.

HashKey DX will be bringing supply chain finance solutions to Japan through this partnership, which the company's CEO Brad Garlinghouse highlighted in the post.

The supply chain technology will be built on the Ripple blockchain - XRP Ledger. SBI Group companies will be the first Japanese corporates to use this solution for supply chain finance, according to the statement.

HashKey Group launched blockchain supply chain solutions in 2019 and is seeing significant adoption in China.

There are currently over 4,000 registered companies, including 23 banks and 4,300 suppliers, with a total trading value of over $7 billion.

Ripple's token, XRP, did not respond to the news and was trading 1.7% higher on the day, trading at $0.514 at the time of writing.

A recent attack on the Bitcoin testnet resulted in a surge in network activity and the generation of more than 165,000 blocks, the equivalent of three years of work in one week.

The attack was acknowledged by Jameson Lopp, co-founder and chief security officer of Casa, which sparked backlash from other Bitcoin developers.

Lopp defended his actions, arguing that his goal was to draw attention to an issue he had previously raised.

The attack involved spamming the testnet with redundant transactions, causing the network's complexity to skyrocket and generating over 165,000 blocks.

Some have compared Lopp's actions to vandalism, arguing that the only harm is interfering with Bitcoin open source developers' testing and wasting their time.

The trading day continued with heavy losses for Bitcoin, which fell to its lowest in two months below $59,300. The situation is even worse for altcoins, with ETH falling below $3,000, SOL losing 8%, and several other cryptocurrencies posting double-digit declines.

Just a few hours ago, Bitcoin bulls took the lead and began an impressive rally that brought the asset close to $65,000 for the first time in several days.

However, he was unable to overcome this level, and the subsequent failure led to dire consequences. Amid the disappointing debut of Bitcoin and Ethereum spot ETFs in Hong Kong, the largest cryptocurrency fell several thousand dollars during the day and continued to fall in the following hours.

As a result, the total value of liquidated positions soared to nearly $400 million per day. More than 110,000 traders suffered losses during the same period, the largest of which was liquidated on Bybit, amounting to more than $5 million.

The founder and former CEO of crypto exchange Binance, Changpeng Zhao (CZ), was sentenced to 4 months in prison after a hearing in a Seattle court. The sentence follows Zhao's pleading guilty to violating know-your-client and anti-money laundering requirements at his exchange in November. Binance has already agreed to pay a $4 billion fine, and CZ paid a $50 million fine as part of a plea deal last year.

Bitcoin miners are starting to feel the effects of the latest halving, with industry revenues at their lowest levels since early 2023.

According to analytics platform CryptoQuant, "Puell Multiple" Bitcoin fell sharply immediately after the halving between April 19 and 20.

On April 28, the figure was just 0.73, well below its 365-day simple moving average of 1.43.

Miners now have two options: 1. Capitulate, or 2. Wait for the price of $BTC to rise,” CryptoQuant CEO Ki Young Ju tweeted on Tuesday.

Although miner earnings are now severely depressed, the halving day itself was unusually profitable for miners, generating $106 million in revenue compared to ~$68 million in previous days.

According to a recent FOX report, the Securities and Exchange Commission (SEC) and its Chairman Gary Gensler have considered Ethereum an unregistered security for a long time. Documents filed in court by Consensys on April 29 indicate that the SEC and Gensler believe that Ether was traded in violation of applicable federal regulators as an unregistered security. Consensys sued the SEC in response to receiving a "Wells Notice" that outlined the SEC's plans to sue Ethereum for alleged violations of federal securities laws.

"According to Glassnode, Runes transactions generated $117 million in total Bitcoin network fee revenue after the halving, of which $62.4 million was accumulated on the day of the halving. However, recent data shows that on April 28, Runes transactions contributed only $1.03 million to Runes transactions accounted for 57.7% of all Bitcoin network transactions. However, by April 22, their dominance began to decline, falling to 42.5%. Now, medium-priority transactions are valued at approximately $8.48, and high-priority transactions are valued at approximately $9,321.

The Ripple cryptocurrency showed a significant decline, breaking through its multi-month upward trend line and falling back to the broken level. This indicates bearish sentiment in the market, which may lead to a continuation of the downward trend. Despite the temporary recovery, Ripple is likely to remain within the price range defined by the $0.45 support level and $0.59 resistance zone until a breakout occurs.

Ethereum is witnessing a modest bullish recovery after a period of consolidation near critical support levels defined by the 0.5 and 0.618 Fibonacci levels, as well as the 100-day moving average. However, it still faces a significant resistance range, a break of which could provide renewed bullish momentum. If unsuccessful, the consolidation phase may continue.

The stable cryptocurrency Tether (USDT) is gradually losing its market share due to increased competition. While USDT continues to lead the stablecoin market, its share of centralized exchanges has declined from 82% to 69% year-to-date. This is due to increased competition from stablecoins such as FDUSD and USDC. In addition, innovative alternatives such as USDe from Ethena are growing in popularity.

The dWallet network, the infrastructure for programmable native Bitcoin, announced support for the EVM-compatible layer 1 blockchain, Monad. This integration, announced on April 30, is designed to strengthen Monad's position as the leading ecosystem for EVM developers, leveraging dWallet technology to enable native multi-chain capabilities. As part of the Monad ecosystem, dWallet Network plans to provide developers with the ability to use decentralized building blocks to create DeFi applications on multiple chains without collusion and with high decentralization.

Six new Bitcoin and Ethereum exchange-traded funds (ETFs) debuted in Hong Kong with trading volume of HK$87.5 million ($11.2 million), significantly lower than the 11 US Bitcoin ETFs that reached $4.6 billion in trading volume.

Bitcoin price fell below $61,000, down 2.3% over the past 24 hours and down 8% over the week.

Data from the Hong Kong Stock Exchange (HKEX) shows that interest in six Bitcoin and Ethereum ETFs managed by China Asset Management, Harvest Global, Bosera and HashKey was relatively low.

Despite the introduction of Bitcoin and Ethereum ETFs in Hong Kong, the overall sentiment in the cryptocurrency market remains negative. Likely influenced by disappointing data from Asia, BTC reacted negatively and fell below $61,000 for the first time in 11 days.

Cloud-based GPU distributed computing platform Aethir has announced a partnership with NFT giant Magic Eden to power Web 3.0 gaming. The goal is to create a unified Web 3.0 gaming ecosystem using Aethir's GPU infrastructure and Magic Eden's NFT platform.

The new initiative will also allow Magic Eden gaming partners to gain access to Aethir's GPU-as-a-service platform, with the latter recommending Magic Eden to its gaming partners as a primary NFT platform.

Aethir, an AI-focused GPU-as-a-Service provider, distributes GPU Container resources worldwide. This reduces the physical distance between players and GPU cloud resources, reducing latency.

Analysts at cryptocurrency exchange Bitfinex report that several indicators on the blockchain indicate a profitable entry point for buying Bitcoin (BTC). According to the latest Bitfinex Alpha report, the MVRV and weighted open interest funding rate, which shows the cost of holding positions in Bitcoin futures, signal a profitable buying opportunity for BTC investors.

Shiba Inu (SHIB) saw a 4% increase in 24 hours, coinciding with an increase in large transaction volume. Updates to the Shibarium network, SHIB's second scaling layer, could attract more users and investments. Daily transaction volume exceeding $100,000 is approaching the mark $100 million, an increase of 268% since April 29. Large purchases could reduce the number of tokens available and increase the price as demand increases.

Bitcoin (BTC) fell back below $62K after rejecting the $65K level. Even Hong Kong-based Bitcoin and Ethereum ETFs were unable to change the negative sentiment in the crypto market. Most altcoins also showed declines, with the exception of CRO, which increased by 5%. The total capitalization of the crypto market fell by $40 billion to $2.41 trillion.

The SEC denies Ripple's request to reject the new expert materials, arguing that they are standard calculations from the company's financial statements. Speculation about a possible settlement of the lawsuit continues, with projections of a possible $100 million settlement by this summer, well below the regulator's initial demands.