El Salvador's tourism minister has announced that the country is experiencing a surge in tourist numbers. This comes as the country works to change its image from a violent backwater to a haven for Bitcoin enthusiasts and surfers. President Nayib Bukele has also recently announced that the country has gone a full year without a single homicide, making it the safest country in Latin America. Despite criticism from human rights groups and financial institutions, El Salvador's Bitcoin and surf tourism campaign is having a positive impact, with Lonely Planet rating it as one of the top countries to visit in 2023.

Bitcoin (BTC) has experienced a significant drop of over 10% in the past week, reaching a two-month low just above $26,000. This decline coincides with a reversal in the memecoin sector, which has also seen a drop in prices. Despite concerns among traders, some believe that BTC may be a short-term play to increase holdings at lower levels. Other cryptocurrencies, such as Ether (ETH), have also seen a decline in prices, though it has outperformed BTC slightly. The decline in memecoins, such as pepecoin (PEPE), dogecoin (DOGE), and Shiba Inu (SHIB), is largely due to the calming down of the FOMO sentiment with these new memecoins.

Bitcoin is currently approaching a critical support level of $25,000, and traders and investors are closely monitoring the market dynamics to determine its next potential move. The regulatory uncertainty in the United States, along with the strength of the US dollar, is impacting the market sentiment. The investigation into Marathon Digital by the SEC and the challenges faced by Digital Currency Group's subsidiaries are also contributing to the uncertainty. The current price of Bitcoin is $26,454, and it has found support around the $26,300 level after halting its downward trend. The oversold indicators suggest a potential bullish rebound, but the bearish bias still persists. The $26,000 level is a crucial pivot point to watch, and if Bitcoin holds above this level, it may test the next resistance levels at $27,500 or $28,400.

Whinstone US, a subsidiary of bitcoin mining company Riot Blockchain, has filed a lawsuit against Rhodium Enterprises, claiming that it is owed $26 million in hosting fees. Riot alleges that Rhodium deliberately miscalculated the amount it owed for hosting services and short-changed Whinstone. Riot is also seeking a court declaration that it does not owe Rhodium any power credits related to demand response programs. The civil case for breach of contract was filed in the district court of Milam County in Texas on May 2, with four of Rhodium's subsidiaries named as defendants.

Bitcoin's value has dropped below $27,000 in the past day, with on-chain analytics firm Glassnode breaking down the market segments that may be contributing to the selloff.

Bitcoin's price has been volatile over the past two days, with attempts at recovery followed by further crashes. The digital asset's price has revisited the $26,000 level, and a new bearish trend may indicate further decline. Bitcoin has fallen below its 50-day moving average, which is concerning for maintaining an upside in the coming days. Investor sentiment has also shifted, with the Fear & Greed Index declining by 20 points over the last three weeks, indicating increased wariness of the market. Support for BTC lies at $26,000, but the weekend's low volumes and volatility could prove detrimental for the cryptocurrency.

The cryptocurrency industry has been experiencing a downturn lately, with Bitcoin and Ethereum leading the bearish charge. Analysts are predicting how much further Ethereum could decline if the market continues to pull back. According to cryptocurrency analyst Josh Rager, the mid-$1,500s area is the level of interest in the previous range for Ethereum if the crypto market continues its bearish trend. However, this could be the potential bottom for the second-largest digital asset by market cap unless the flagship decentralized finance (DeFi) asset leads the prices further down. Despite the bearish trend, the member community over at the crypto monitoring website CoinMarketCap is bullish on Ethereum, predicting it would trade at the price of $1,834.84 by the end of May, with over 90% historical accuracy.

Bitcoin, the world's largest cryptocurrency by market capitalization, has experienced a decline of almost 10% in the past week, falling from $29,000 to just above $26,000. This unexpected drop has caused pessimism in the cryptocurrency market, with many investors looking for alternatives to Bitcoin. According to trading expert Michael van de Poppe, Bitcoin needs to reclaim the $26,500-$26,800 price range to avoid falling to $25,000. The technical analysis for Bitcoin on TradingView's 1-day gauges is not bullish, with moving averages and oscillators pointing to a sell sentiment.

Bitcoin and several altcoins, including ETH, MATIC, SHIB, DOT, and LDO, have experienced significant drops in the past 48 hours. Bitcoin initially spiked after the US CPI announcement, but quickly fell to its lowest price position since mid-March, currently sitting at over 4% down on the day. The crypto market cap has seen a daily loss of $40 billion, with the metric at just over $1.1 trillion. Ethereum has also experienced a decline in price, dropping to a 6-week low, while Binance Coin is close to breaking below $300.

Bitcoin's price has dropped by 10%, causing concerns about the $25,000 support level. The UK tax authority may be given the power to seize bitcoins from businesses that don't meet their cryptocurrency tax obligations. Despite the price decline, long-term holders of Bitcoin are accumulating more tokens. The market's direction should be closely monitored as the breach of the critical support level of $26,800 indicates selling pressure. Additionally, the Cryptonews Industry Talk team has compiled a list of the top 15 promising cryptocurrencies for 2023, which is not part of Cryptonews.com's editorial content.