New York is mirroring the United States’ embrace of Bitcoin to unfurl its ambitions to become the crypto capital of the world. NYC Mayor Eric Adams is at the center of the Bitcoin push, taking swipes at critics while confirming the city’s first-ever Crypto Summit.
New York’s Mayor Unveils Ambitious Bitcoin And Cryptocurrency Plans For The City
While the US is steamrolling toward a warm embrace of Bitcoin, New York City is keen on matching the pace of the Trump-led administration. NYC Mayor Eric Adams revealed in a press conference that the city has ambitious plans to be the cryptocurrency capital of the world.
Adams is urging service providers in the cryptocurrency space to turn their gaze to New York and set up shop in the Empire State. In his press statement, Adams expressed a long-term commitment to cryptocurrencies and their underlying technology while highlighting the benefits for residents. Adams is luring crypto firms with a pledge to create a friendly regulatory landscape in New York, hinting at passing a Bitcoin Reserve Bill akin to New Hampshire.
“We should be looking forward to building empires, particularly in the crypto space,” said Eric Adams. “My goal remains the same as it was on day one as mayor: making New York City the crypto capital of the globe.”
Adam’s affinity for cryptocurrencies is not a bolt from the blue, with the NYC mayor famously advocating for Bitcoin back in 2021. With BTC price exceeding $105K and the US setting a Strategic Bitcoin Reserve, the NYC Mayor teased critics by asking, “Who is laughing now?”
A First-Ever Crypto Summit For NYC, But The NYDFS May Derail Plans
In a similar fashion to the White House Digital Asset Summit, NYC Mayor Eric Adams says the city will host its inaugural Crypto Summit. Scheduled for next week, the conference will feature representatives of cryptocurrency firms, regulators, and city officials to chart a new path for the city.
The summit will feature keynote addresses revolving around the viability of a state-owned Strategic Bitcoin Reserve and a new licensing regime for crypto firms. Despite the ambitious plans, critics say the New York Department of Financial Services (NYDFS) may stifle the city’s cryptocurrency ambitions..
The NYDFS has earned a name as a strict regulator, famed for its watertight Bitlicense for potential cryptocurrency service providers. To make substantial progress with Bitcoin and cryptocurrencies, the NYDFS will be required to relax its tough rules, but Adams hails the regulators’ tough stance as a win-win for New York.
“It’s good to know that the city is going to have safe regulations in place for those who are investing, and there’s not going to be any abuses,” said Adams.
New York’s bid to revolutionize its digital asset landscape comes in the middle of a seismic rally that sees Bitcoin and other cryptocurrencies as altcoin season gathers steam.
The cryptocurrency market has surged by 4.7% in the last 24 hours, with top altcoins showing impressive gains. Ethereum has jumped by 10.1%, XRP by 8.3%, Solana by 8.4%, Dogecoin by 11.3%, Cardano by 10%, Avalanche by 13.2%, Chainlink by 11.6%, and Stellar by 10.2%.
The latest bullish rally in the altcoin market has the crypto community buzzing, and renowned analyst Miles Deutscher has shared his secret formula for spotting the next altcoin pump.
Altcoin Market Analysis
At the start of April, the total market cap of the crypto market was $2.63 trillion, dropping to $2.31 trillion on April 7. However, since April 9, the market has surged by over 20.92%. Similarly, the altcoin market, which fell to $831.83 billion in the early days of April, has seen a recovery of 17.57%. Over the last three days, the market has risen by 7.67%, reaching $1.03 trillion.
Bitcoin Dominance and Spotting the Next Altcoin Pump
Bitcoin’s dominance started the month at 62.30%, reaching a peak of 64.59% yesterday. Currently, Bitcoin dominance sits at 64.31%, showing a slight decline. This indicates that altcoins are gradually gaining strength, as Bitcoin’s dominance starts to weaken.
Crypto analyst Miles Deutscher reveals the secret formula for spotting the next altcoin pump, highlighting four key factors investors should look out for:
Oversold Coins: Look for coins that have dropped significantly or are being shorted.
Strong Narratives: Coins tied to powerful stories, such as those in AI or gaming.
Upcoming Catalysts: Coins gaining attention due to upcoming events or news.
Technical Indicators: Coins that show a perfect alignment of technical signals, including key support and resistance levels.
Conclusion
With Bitcoin’s dominance weakening, the altcoin market is showing clear signs of recovery. According to experts like Miles Deutscher, focusing on oversold coins, strong narratives, upcoming events, and solid technical indicators could help investors spot the next big altcoin breakout. As the market continues to evolve, these insights provide traders with the tools to prepare for the next major rally.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
The post Top Altcoins Poised to Surge as Bitcoin Dominance Weakens appeared first on Coinpedia Fintech News
The cryptocurrency market has surged by 4.7% in the last 24 hours, with top altcoins showing impressive gains. Ethereum has jumped by 10.1%, XRP by 8.3%, Solana by 8.4%, Dogecoin by 11.3%, Cardano by 10%, Avalanche by 13.2%, Chainlink by 11.6%, and Stellar by 10.2%. The latest bullish rally in the altcoin market has the …
The crypto market has been under bearish pressure because of President Trump’s tariff policy. The Federal Reserve Chair Jerome Powell has also sparked concerns after his recent remarks revealed that US inflation may also rise because of these tariffs. This article explores the top altcoins that crypto traders should sell as the economic climate flips bearish.
Fed Chair Warns Tariffs Will Fuel Inflation – Time to Sell Altcoins?
According to Powell, the ongoing tariff war will have a negative impact on inflation. Following these remarks, Reuters reported that experts are also expressing concerns about US economic growth. One expert noted,
“Powell is confirming what investors have been worried about, and that is the likelihood of slowing economic growth and more stubborn inflation as a result of the tariffs.”
Meanwhile, US President Donald Trump attributes the wrangles in the financial markets to Powell’s hawkish stance on inflation. In his recent post on Truth Social, Trump noted that other central banks were lowering their rates to stimulate economic growth.
Trump Truth Social
Despite the mounting concerns, data from CME FedWatchTool shows that 87% of investors believe that interest rates will remain the same next month after the FOMC meeting. If this happens, the crypto market faces volatility, hence the need for traders to seek the best altcoins to sell to minimize risks.
Top 3 Altcoins to Sell Now to Avoid Losses
The harsh macroeconomic situation is spooking crypto investors, and some are looking for the best altcoins to sell. The top altcoins to sell amid growing concerns are Mantra (OM), Pi Network (PI), and Trump (TRUMP)
Mantra (OM)
One of the top altcoins to sell to avoid losses is Mantra. This token recently recorded one of the worst crashes in crypto history, and it is now down by 92% from its all-time high recorded only two months ago.
Despite this dip, the RSI remains historically low at 27, which highlights a bearish momentum. At the same time, the ADX line is rising, which is a sign that the downtrend is gaining strength. This technical outlook supports a bearish Mantra price prediction.
OM/USDT: 1-day Chart
Pi Network (PI)
Pi Network (PI) is also another altcoin to sell due to upcoming token unlocks. On-chain data shows that over 10M PI Coin tokens will be added to the circulating supply in the next month.
PI Token Unlocks
According to an X post by analyst Dr Altcoin, these unlocks are the main reason that the Pi Coin price is falling. These events have led to the Pi Coin market being flooded by more sellers than buyers, which is having a bearish effect on the price.
TRUMP (TRUMP)
TRUMP is also one of the top altcoins to sell as traders remain concerned about inflation and tariffs. Data from Coinglass shows that TRUMP’s funding rates have been predominantly negative in the last month. This indicates that many traders are taking long positions, further showing bearish momentum.
TRUMP Funding Rates
Summary of Top Altcoins to Sell
The Federal Reserve Chair Jerome Powell has warned that US inflation may rise again due to tariffs. His remarks have drawn criticism but have also caused concerns in the crypto industry about a possible downtrend. If the market starts to drop, the top altcoins to sell are Mantra (OM), Pi Network (PI), and the TRUMP meme coin.
China’s recent directive for its state-owned banks to decrease reliance on the US dollar has amplified a growing trend among countries seeking alternatives to the dominant reserve assets. In some instances, Bitcoin has emerged as a viable competitor.
BeInCrypto spoke with experts from VanEck, CoinGecko, Gate.io, HashKey Research, and Humanity Protocol to understand Bitcoin’s rise as an alternative to the US dollar and its potential for greater influence in global geopolitics.
The Push for De-Dollarization
Since the 2008 global financial crisis, China has gradually reduced its reliance on the US dollar. The People’s Bank of China (PBOC) has now instructed state-owned banks to reduce dollar purchases amid the heightened trade war with US President Donald Trump.
China is among many nations seeking to lessen its dependence on the dollar. Russia, like its southern neighbor, has received an increasing number of Western sanctions– especially following its invasion of Ukraine.
Furthermore, Rosneft, a major Russian commodities producer, has issued RMB-denominated bonds, indicating a shift towards RBM, the Chinese currency, and a move away from Western currencies due to sanctions.
This global shift away from predominant reserve currencies is not limited to countries affected by Western sanctions. Aiming to increase the Rupee’s international use, India has secured agreements for oil purchases in Indian Rupee (INR) and trade with Malaysia in INR.
The country has also pursued creating a local currency settlement system with nine other central banks.
As more nations consider alternatives to the US dollar’s dominance, Bitcoin has emerged as a functional monetary tool that can serve as an alternative reserve asset.
Why Nations Are Turning to Bitcoin for Trade Independence
Interest in using cryptocurrency for purposes beyond international trade has also grown. In a notable development, China and Russia have reportedly settled some energy transactions using Bitcoin and other digital assets.
“Sovereign adoption of Bitcoin is accelerating this year as demand grows for neutral payments rails that can circumvent USD sanctions,” Matthew Sigel, Head of Digital Assets Research at VanEck, told BeInCrypto.
Two weeks ago, France’s Minister of Digital Affairs proposed using the surplus production of EDF, the country’s state-owned energy giant, to mine Bitcoin.
Last week, Pakistan announced similar plans to allocate part of its surplus electricity to Bitcoin mining and AI data centers.
Meanwhile, on April 10, New Hampshire’s House passed HB302, a Bitcoin reserve bill, by a 192-179 vote, sending it to the Senate. This development makes New Hampshire the fourth state, after Arizona, Texas, and Oklahoma, to have such a bill pass a legislative chamber.
If HB302 is approved by the Senate and signed into law, the state treasurer could invest up to 10% of the general fund and other authorized funds in precious metals and specific digital assets like Bitcoin.
According to industry experts, this is only the beginning.
VanEck Predicts Bitcoin to Become a Future Reserve Asset
Sigel predicts Bitcoin will become a key medium of exchange by 2025 and, ultimately, one of the world’s reserve currencies.
His forecasts suggest Bitcoin could settle 10% of global international trade and 5% of global domestic trade. This scenario would lead to central banks holding 2.5% of their assets in BTC.
According to him, China’s recent de-dollarization will prompt other nations to follow suit and lessen their reliance on the US dollar.
“China’s de-dollarization efforts are already having second- and third-order effects that create opportunities for alternative assets like Bitcoin. When the world’s second-largest economy actively reduces its exposure to US Treasuries and promotes cross-border trade in yuan or through mechanisms like the mBridge project, it signals to other nations—especially those with strained ties to the West—that the dollar is no longer the only game in town,” Sigel said.
For Zhong Yang Chan, Head of Research at CoinGecko, these efforts could prove catastrophic for the United States’ dominance.
“Broader de-dollarization efforts by China, or other major economies, will threaten the status of the dollar’s global reserve currency status. This could have [a] profound impact on the US and its economy, as this would lead to nations reducing their holdings of US treasuries, which the US relies on to finance its national debt,” he told BeInCrypto.
However, the strength of the US dollar and other dominant currencies has already shown signs of weakening.
A General Wave of Currency Decline
Sigel’s research shows that the four strongest global currencies—the US dollar, Japanese yen, British pound, and European euro—have lost value over time, particularly in cross-border payments.
The decline of these currencies creates a void where Bitcoin can gain traction as a key alternative for international trade settlements.
“This shift isn’t purely about promoting the yuan. It’s also about minimizing vulnerability to US sanctions and the politicization of payment rails like SWIFT. That opens the door for neutral, non-sovereign assets—especially those that are digitally native, decentralized, and liquid,” Sigel added.
This lack of national allegiance also sets Bitcoin apart from traditional currencies.
Bitcoin’s Appeal: A Non-Sovereign Alternative
Unlike fiat money or central bank digital currencies (CBDCs), Bitcoin doesn’t respond to any one nation, which makes it appealing to some countries.
For Terence Kwok, CEO and Founder of Humanity Protocol, recent geopolitical tensions have heightened this belief.
For these same reasons, experts don’t expect Bitcoin to replace fiat currencies fully but rather provide a vital alternative for certain cases.
A Replacement or an Alternative?
While Bitcoin offers several advantages over traditional currencies, Gate.io’s Kevin Lee doesn’t foresee its eventual adoption causing a complete overhaul of the currency reserve system.
Recent data confirms this. The number of Bitcoin transactions has fallen significantly since the last quarter of 2024. Bitcoin registered over 610,684 transactions in November, but that number dropped to 376,369 in April, according to Glassnode data.
The number of Bitcoin active addresses paints a similar picture. In December, the network had nearly 891,623 addresses. Today, that number stands at 609,614.
Bitcoin number of active addresses. Source: Glassnode.
This decline suggests reduced demand for its blockchain in terms of transactions, usage, and adoption, meaning fewer people are actively using it for transfers, business, or Bitcoin-based applications.
Meanwhile, the Bitcoin network must also ensure its infrastructure is efficient enough to meet global demand.
Can Bitcoin Scale for Global Use?
In 2018, Lightning Labs launched the Lightning Network to reduce the cost and time required for cryptocurrency transactions. Currently, the Bitcoin network can only handle around seven transactions per second, while Visa, for example, handles around 65,000.
“If expansion solutions (such as the Lightning Network) fail to become popular, Bitcoin’s ability to process only about 7 transactions per second will be difficult to support global demand. At the same time, as Bitcoin block rewards are gradually halved, the decline in miners’ income may threaten the long-term security of the network,” Guo, Director of HashKey Research explained.
While the confluence of geopolitical shifts and Bitcoin’s inherent characteristics undeniably create a space for its increased adoption as an alternative to the US dollar and even a potential reserve asset, significant hurdles remain.
Achieving mainstream Bitcoin adoption hinges on overcoming scalability, volatility, regulatory hurdles, stablecoin competition, and ensuring network security.
The unfolding panorama suggests Bitcoin will carve out an important role in the global financial system, though a complete overhaul of established norms seems unlikely in the immediate future.
