Bitcoin rises only 2.5%: Looking back on April | coindesk JAPAN

According to the CoinDesk Market Index (CMI), which measures the performance of the cryptocurrency market as a whole, Bitcoin (BTC) rose sharply in March, but fell sharply in April amid regulatory, banking and other macroeconomic uncertainties. It rose only 2.5%.

Ethereum (ETH) surged 4.4%, largely due to a massive sell-off of ETH that was made available for withdrawal following the success of the “Shanghai” mega-upgrade, as expected by some market players.

In April, RNDR, the utility token of distributed rendering service Render Network, showed the highest performance, rising 77%. The INJ token, the native token of decentralized finance (DeFi) platform Injective Protocol, rose 69%.

CoinDesk Indices

On the other hand, Chain’s native token “XCN” in the currency sector fell by more than 33%. It was down more than 53% in March.

Regulation remains a major constraint for the industry. In the United States, exchange giant Coinbase has sued the U.S. Securities and Exchange Commission (SEC) to clarify whether existing securities laws apply to crypto assets. Meanwhile, the EU (European Union) has passed legislation clarifying its regulatory approach to this area.

Many analysts believe the next move in global regulation will affect cryptocurrency prices in the coming months.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: CoinDesk Indices
｜Original: Bitcoin Drops Below $28K; JPMorgan Takes Over Embattled First Republic Bank