Bitcoin Bitcoin is performing a similar dance in the big round just below $80,000, only to be held back by sellers, although new stablecoin liquidity, ETF demand, and stock market risks suggest the breakout may be delayed rather than denied.
The leading cryptocurrency briefly climbed above $79,000 during the Asian trading session before recently falling back below $78,000. Bitcoin has fallen about 0.4% in the past 24 hours. Ethereum (ETH) fell 0.6%, XRP (XRP) fell 0.8% and Solana’s SOL fell more than 1%. Broader market benchmarks including the CoinDesk Memecoin Index and Smart Contract Platform Select Cap Index were also under pressure, with both falling more than 1%.
Alex Kuptsikevich, chief market analyst at FxPro, said the $80,000 level is the near-term upper limit due to the concentration of sell orders.
“Bitcoin approached the $80,000 mark for the second time in the past few days, but has since experienced significant downward momentum. As it approaches this number, the accumulation of sell orders is preventing further gains,” he said in an email.
Nonetheless, Kuptsikevich believes the pullback appears to be temporary and consistent with the broader uptrend that began in late March.
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On-chain and ETF data provide support for this view. Cryptocurrency exchange Binance has seen net stablecoin inflows of approximately $3.4 billion so far this month, according to CryptoQuant data, following $3 billion in March. This indicates new capital inflows awaiting entry points.
“This shows that there is an influx of new capital waiting to participate in the economic recovery,” Darkfost, a pseudonymous CryptoQuant analyst, wrote on X.
Institutional demand remains strong. U.S.-listed spot Bitcoin ETFs attracted $2.44 billion in investor funds this month, the highest level since October, when Bitcoin hit a record high above $126,000.
But not everything is rosy. Security risks in decentralized finance (DeFi) continue to impact market sentiment. On Sunday, the SUI-based lending platform Scallop was exploited, resulting in the loss of approximately 150,000 SUI (approximately $142,000). Although small in scale, the list of attacks this month continues to grow, including the massive Drift and KelpDAO attacks.
According to Memento Research, DeFi protocols lost approximately $623 million due to hacking attacks in April alone. Since its launch, total losses from DeFi-related attacks have climbed to approximately $7.72 billion, according to data source DeFiLlama. This highlights the ongoing structural risks in the industry.
In traditional markets, WTI crude prices continue to hover above $90 a barrel and Brent crude prices are above $100 as supply remains limited. The latest pricing is significantly higher than the $70 or lower seen before the Iran war broke out in late February, and threatens to destabilize the global economy due to high inflation. Stay alert!
Read more: For analysis of today’s altcoin and derivatives activity, see Today’s Cryptocurrency Market. For a complete list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
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The pie chart shows details of the total losses suffered by cryptocurrency hackers due to different attack methods, including private key leaks, phishing attacks, access control issues and other smart contract vulnerabilities.
Since launch, the largest vulnerability has been private key leaks, accounting for 40% of the total.
Think of the private key as the master password for your crypto wallet. This is a long, random string that proves you control your wallet and own the cryptocurrency funds within it, allowing you to conduct on-chain transactions. But the problem is, if you lose your key, there is no option to reset your password.
So, once a hacker gets their hands on it, you lose your wallet and funds. The fact that this is known as a private key leak and is the biggest security risk shows that audits need to focus on more than just smart contracts.
