Morning Minute: SEC Reverses Course on Tokenized Stocks, HYPE Soars
SEC allows tokenized stocks, HYPE jumps 5% as Bitcoin holds steady.
Decrypt1 min read
Pi Network’s PI Token Suffers Another Setback as Bitcoin (BTC) Calms at $78K: Weekend Watch
TL;DR
Bitcoin has stabilized around $78,000 after a significant drop from a peak of $82,000. Meanwhile, larger-cap altcoins remain sluggish, with some privacy coins showing notable rebounds.
Key points
- Bitcoin peaked at $82,000 before dropping to $78,000
- Larger-cap altcoins are sluggish in performance
- Privacy coins have shown impressive rebounds
After losing over $4,000 since the Thursday evening peak at $82,000, bitcoin has finally calmed at around $78,000 following yesterday’s multi-week low.
Most larger-cap alts are quite sluggish on a daily scale, aside from the two largest privacy coins, which have posted impressive rebounds.
BTC Settles at $78K
It was less than 11 days ago when the primary cryptocurrency spiked to its highest price level in three months at almost $83,000. This meant that it had recovered nearly 40% since its early February low. However, it was quickly stopped there and pushed to $79,000 by that Friday. After a quiet weekend, it rose past $82,400 lat Monday, where it faced another rejection and dipped to $80,000 in the following days.
The bears took it a step further on Wednesday, driving the asset south to $78,500. Then came the positive news on the CLARITY Act in the US Senate, and BTC rocketed by several grand to $82,000 once again.
That resistance turned out to be too strong, and BTC dipped to $80,500 in hours. The situation worsened on Friday evening and Saturday when the cryptocurrency dumped to a two-week low of $77,600. It has recovered some ground since then and now stands inches above $78,000.
Nevertheless, its market cap is down to $1.560 trillion, but its dominance over the alts stands tall above 58% on CG.
BTCUSD May 17. Source: TradingView
PI Out of Top 50
As mentioned above, there’s not much action on a daily scale from the larger-cap alts. ETH, XRP, SOL, and BNB are slightly in the red, while TRX, ADA, and DOGE have marked insignificant gains.
HYPE is up by over 2% daily to $43, while XMR has gained 3% to $390, and ZEC has surged past $515 following a 4.5% increase.
Q&A
What caused Bitcoin to drop from $82,000 to $78,000?
Bitcoin's drop was influenced by market corrections after reaching a three-month high, facing resistance at $82,400.
How has the Pi Network's PI token been affected by Bitcoin's price changes?
The article indicates that the PI token has suffered setbacks, but specific details on its performance relative to Bitcoin are not provided.
What is the current price trend for larger-cap altcoins?
Larger-cap altcoins are experiencing sluggish performance, with only a few privacy coins showing significant rebounds.
