As of 5.00 PM Eastern time, Bitcoin (BTC 0.61%) had slipped 0.6% to $76,458.77, Ethereum (ETH +0.02%) inched up 0.3% to $2,296.30 and Solana (SOL 0.65%) slid 0.5% to $83.87 as major players consolidated near recent ranges.
Crypto market movers
The major cryptocurrencies barely moved today. Cardano and Dogecoin were two of the biggest gainers in the top 20 cryptos by market cap, though with no obvious triggers. Spot Bitcoin ETFs saw over $263.20 million in outflows yesterday, suggesting that the optimism of recent weeks is starting to fade.
Robinhood Markets fell following disappointing results. The popular brokerage missed analysts’ expectations and its Q1crypto trading revenues declined by 47% year-over-year.
What this means for investors
Crypto markets were muted today with investors in wait-and-see mode. The continued restrictions of oil tankers through the Strait of Hormuz and uncertainty over when U.S.-Iran peace talks might resume put pressure on risky assets like crypto.
Solana investors will be watching how the network handles Western Union‘s U.S. dollar stablecoin USDPT launch next month. The plan is to use the token as part of its interbank settlement, rather than as a consumer product. The move is another example of a wider trend of traditional financial players working with existing cryptocurrencies on stablecoin integration and could bode well for Solana’s long-term credentials.
Emma Newbery has positions in Cardano, Ethereum, and Solana. The Motley Fool has positions in and recommends Bitcoin, Ethereum, and Solana. The Motley Fool has a disclosure policy.