The BTC is declining, and this is no surprise. No miracle has happened: on Monday, the leading cryptocurrency is trading at $38,317. This makes relevant our previous scenario of a decline to $37,000, with the bears capturing the initiative. Let us limit ourselves to this area for now because there are no scenarios of a major bounce yet, but sellers are neither pressing harder.
The market remains focused on the dynamics of US stock indices because the BTC has a strong correlation with them, or at least with Nasdaq and S&P 500. This week, the market will see the statistics of durable goods orders, but the main attention will be driven to US GDP for Q1. Expectations here are quite modest, and any surprises will lead to major fluctuations.
The closer the US Fed's meeting in May, the more pressure feel the indices and crypto. The meeting is scheduled for the next week, which means volatility will only be growing.
NFT: a step towards new reality
The first sports event in the form of NFT will be held in Dubai. This will be a boxing competition. Access to the broadcast on 14 May will only be granted to those having NFT tickets, but to get them one's wallet must be bound to the platform. Thus, our digital future and the metaverse are almost here already.
New York will vote on mining issues
The New York Assembly is today voting for a draft bill banning crypto mining within the state. The initiative is environment-based: the authors of the draft bill think that mining has an adverse effect on nature. If the draft bill gets passed, New York will become the first US state that will ban mining on its territory.