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## Crypto Daily Digest: <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> Drops 4.8% and Ether Falls Below $2,000; EU Lawmakers Back New Crypto Regulation Ahead of Thursday Vote

On Wednesday, <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> (BTC) and other major cryptocurrencies experienced a drop in price, with BTC hovering around $28,800, down 4.8% in the past 24 hours. This drop in price came after a significant sell order on Binance and hot inflation data in the UK. Traders who were betting on an increase were caught off guard, and most liquidated positions were long. Ether (ETH) also dropped below $2,000 for the first time in almost a week. Other major cryptos and decentralized finance tokens were also in the red. Decentralized exchanges (DEX) volumes had been surging amid concerns about centralized counterparts. However, regulatory scrutiny continues with the SEC reopening a proposal from last year targeting DeFi exchanges for regulation.

On the regulation front, aside from the SEC, lawmakers from multiple parties in the European Union expressed support for the Markets in Crypto Assets (MiCA) regulation during a debate on Wednesday. MiCA would allow crypto exchanges and digital-wallet companies to offer regulated services across the bloc and requires stablecoin issuers to hold sufficient reserves. The law is expected to pass in a vote scheduled for Thursday, assuming members of major political groupings vote accordingly. The MiCA regulation aims to protect consumers, prevent market abuse, and curb money laundering, and should restore trust in the sector. It is expected to take effect 12 to 18 months after being published in the EU's Official Journal, potentially making the EU the first major jurisdiction with a wide-reaching crypto law.

Lastly, Tesla did not buy or sell any <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> in the first quarter of 2023 and reported that its digital assets' value was $184 million, the same as in the previous quarter. The company's accounting rules do not allow gains to be booked, even though <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>'s value rose during the period. Tesla made no changes to the amount of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> it held for the third consecutive quarter. The company's adjusted earnings per share were 85 cents, and revenue was $23.33 billion, less than the expected $23.6 billion. Tesla's shares were down 4.2% in after-hours trading. The lack of movement on Tesla's <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> holdings is noteworthy given CEO Elon Musk's interest and influence in the crypto space.

## Ether (ETH) $1947 (+0.71%) - Neutral Outlook

![](https://gimg2.gateimg.com/image/article/1681953009Untitled0420 1.png)

The analysis of ETH on the 1-hour timeframe yesterday was inaccurate as it was in a distribution phase, not a re-accumulation phase. However, examining the daily timeframe shows that the current price has reached its "Last Point of Support," or a higher-low formation. If the price of ETH falls below this level, it is likely that smart money will start to accumulate positions in the 1918-1840 range while shorting from 2075-2150. If the bulls can maintain the monthly support level of 1918, we may see a prolonged accumulation phase. On the other hand, if the price falls to 1840 without retracing above 1918, ETH may experience a "Break of Structure," or a lower-low formation, and could potentially reach 1740-1680. Despite this, the overall sentiment remains bullish, so bears should take precautions to protect their profits in the event of volatility.

 **Overview:**

- ***Closest daily support zone: 1918 - 1909***
- ***Closest daily resistance zone: 1959 - 1991***
- ***Key Level: 1918 (Monthly Close of Mar. 2021)***


<br> **Daily Resistance zones**

1. 1959 - 1991
2. 2005 - 2024
3. 2063 - 2075


<br> **Daily Support zones**

1. 1918 - 1909
2. 1854 - 1840
3. 1800 - 1789


## Macro: Mixed US Earnings, Slowing Economy and Central Bank Tightening Concern Investors

Investors are focusing on corporate earnings and the Federal Reserve's next policy moves as stocks remain stable. The S&P 500 ended its two-day increase, and Tesla's shares fell, while IBM and Morgan Stanley saw gains after beating estimates. The Fed's Beige Book survey showed a slowing US economy, causing concern for investors about central bank tightening and companies' pricing power. Bond yields rose, and the dollar gained, while <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>, oil, and gold declined.

In Asia, shares are expected to open steadily, and US equity futures fell following Wall Street's cautious mood. The CBOE VIX index of volatility slid to its lowest level in over a year, and the yield on the two-year Treasury rose to the highest level in a month. Taiwan Semiconductor Manufacturing Co.'s earnings will be in focus. The Bank of America global measure of volatility reached its lowest level since early 2022.

The dollar was steady, oil fell, and gold declined below $2,000 an ounce in other markets.



<div class="blog-details-info">
<div>Author:** Peter L. **, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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Bitcoin and Ether experience drop in price. SEC reopens proposal targeting DeFi exchanges. EU lawmakers support crypto regulation. Tesla reports no change in Bitcoin holdings. Investors focus on earnings and Fed policy.

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Daily News | Crypto Market Suffers Amid Regulatory Changes and Economic Uncertainty as Mixed Corporate Earnings and Central Bank Concerns Weigh on Investors