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Opinion The conflict in the Middle East continues, international tensions persist, and US loan rates are not decreasing. The drop in major crypto assets this week was predictable. What happens next?
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Bitcoin
Bitcoin lost slightly more than half a percent from April 24 to May 1, 2026. The leading cryptocurrency failed to hold above the $79,500 level, leading to a local correction.
Source: tradingview.com
On Wednesday, April 29, the US Federal Reserve held its final interest rate meeting under the leadership of Chair Jerome Powell. He will leave his post as head of the US central bank on May 15. Some crypto enthusiasts view this as a positive signal, expecting a more dovish policy from the new Fed Chair Kevin Warsh. At the last meeting, Powell did not surprise the crypto community, leaving the rate at 3.5–3.75%. This fully matched the consensus forecast and did not cause significant changes in Bitcoin’s price.
The conflict in the Middle East continues to influence crypto investor sentiment. A global resolution between the US and Iran is still distant. This week, Donald Trump rejected Iran’s proposal to open the Strait of Hormuz for the Republic’s ships. According to the US President, the blockade proved more effective than bombing. The Strait of Hormuz will remain closed to Iranian vessels until the issue of Iran’s nuclear program is resolved. Investors continue to show nervousness and indecision amid high uncertainty.
Spot Bitcoin ETFs experienced a capital outflow of $475.87 million after four weeks of inflows. The largest losses were $164.89 million for Fidelity’s fund, Fidelity Wise Origin Bitcoin Fund (FBTC).
Source: sosovalue.com
From a technical analysis perspective, despite the overall decline, Bitcoin’s trend remains upward. This is confirmed by the price staying above the 50-day moving average (marked in blue). The RSI also indicates support from buyers (bulls), staying above the 50 level. The nearest support and resistance levels on the daily chart are $75,000 and $79,500.
Source: tradingview.com
The Fear and Greed Index decreased by thirteen points compared to last week, down to 26. Fear still predominates in crypto investor sentiment.
Ethereum
Ether lost 1.46% of its value from April 24 to May 1. Trading of the second-largest cryptocurrency by market cap took place in a narrow range between $2,200 and $2,400. The week was marked by low asset volatility: the price of ether did not change by more than 3% at the end of any day.
Source: tradingview.com
One of the reasons for the decline in ETH’s value was selling by large players (whales). According to the analytics platform Lookonchain, World Liberty Financial (WLFI), associated with Trump, sold 8,500 ETH for $19.27 million, while the bankrupt Genesis sold 1,482 ETH for $3.38 million via OKX, Binance, and Bybit exchanges.
Spot Ethereum ETFs ended a three-week series of capital inflows, recording an investor outflow of $183.65 million. The majority of the volume, $114.61 million, was attributed to BlackRock’s fund, iShares Ethereum Trust (ETHA).
Source: sosovalue.com
The analytics platform Santiment reported that Ethereum currently has the blockchain with the largest number of users. About 190 million people hold a wallet with ETH. This is approximately three times more than Bitcoin, which ranks second with 60 million.
From a technical analysis perspective, Ethereum’s trend is upward. This is confirmed by the price exceeding the 50-day moving average (marked in blue). However, the strength of the trend is very low, as indicated by the ADX value (20.59). Support and resistance levels on the daily chart have remained the same as last week: $2,200 and $2,465.9.
Source: tradingview.com
How are other altcoins doing
BNB
BNB Chain became the leader among blockchains in terms of the number of deployed artificial intelligence (AI) agents by the end of April. According to the crypto exchange Bitget, their number reached 150,000 in April. In January, there were only 340 AI agents on BNB, representing a 43,750% growth over three months. This jump is associated with three main factors: transaction fees below one cent, a block time of 250 milliseconds, and a special ecosystem for developers.
Despite the positive statistics, the value of Binance Coin (BNB) did not increase. On the contrary, the coin lost almost 3%. The Binance exchange cryptocurrency continues to trade sideways between $570 and $690 for three consecutive months.
Source: tradingview.com
Dogecoin
The situation with the leading meme coin, Dogecoin, looks different: from April 24 to May 1, it grew by 10.29%. Investors positively reacted to Elon Musk’s words in the Oakland court, where the billionaire’s dispute with OpenAI and its CEO Sam Altman is ongoing, when he said:
“Some cryptocurrencies have their merits, but most of them are scams”.
Many holders of the largest meme coin by market cap apparently interpreted this statement in favor of DOGE. Musk has long been a supporter of the meme coin.
Source: tradingview.com
Spot DOGE ETFs also supported the price. The weekly inflow of funds into these exchange-traded funds amounted to $459,840. The main source of this inflow was Grayscale’s ETF, Grayscale Dogecoin Trust ETF (GDOG).
Source: sosovalue.com
Chainlink
The analytics platform Santiment reported that the outflow of Chainlink cryptocurrency from exchanges reached a four-month high. Recently, more than $9.5 million worth of LINK has left trading platforms. Usually, such dynamics indicate that investors prefer to accumulate the cryptocurrency rather than trade it. This is a bullish signal.
Additionally, the Chainlink blockchain reached a record transaction volume of $30 trillion. The network is becoming increasingly popular. Just two weeks ago, Chainlink reported $29 trillion. These results were achieved over ten years.
Spot LINK ETFs showed zero dynamics after three weeks of inflows. Nevertheless, since their admission to trading in early December, there has not been a single week of capital outflow.
Source: sosovalue.com
As with BNB, the growth of individual indicators did not lead to an increase in the asset’s value. During the week from April 24 to May 1, LINK lost more than 2.5% of its value. For the third consecutive month, the Chainlink token has been fluctuating between $8 and $10.
Source: tradingview.com
MemeCore
The cryptocurrency of the MemeCore project, which showed rapid growth just a few weeks ago, is now falling. Over seven days, from April 24 to May 1, the coin lost more than 25% of its value, making it the week’s biggest loser among major crypto assets. The main reason for the negative dynamics is overall market overbought conditions. From February to April, the coin’s value increased by almost 300%. Investors likely decided to take profits.
Source: tradingview.com
Conclusion
The result of the week for the crypto market as a whole is negative. Most major cryptocurrencies decreased in price. Against this background, Dogecoin stood out. The largest meme coin by market cap grew by more than 10% after a new statement from its long-time fan, Elon Musk.
This material and the information contained herein do not constitute individual or other investment advice. The editorial opinion may not coincide with the opinions of analytical portals and experts.
