BTC smacked hard

In the darkest moments, when everything seemingly goes to hell, remember: there's always beer.

And Solana (SOL). What exactly did SOL think it was doing yesterday? Climbing to a new all-time high above $50, entering the Top 15 largest coins ranked by market capitalization, that’s what – oh, and SOL has gained more than 3,000% in 2021.

The new ATH comes with the launch of Solana’s hackathon, which started May 15 and runs for three weeks.

The SOL token peaked at $52.42 on Sunday, according to TradingView, having gained 24% in 24 hours as of then, per Cointelegraph. At last check, SOL was trying to hold on to $48, having shed 4% between 6 a.m.-7 a.m. (EST). Century-old Mexican lager Sol, meanwhile, has ... ahh ... yes, indeed retained its crisp refreshing taste.

The bad news: Bitcoin fell in some spot markets to $42,000, a low not seen for three months. The good news, however, is that BTC hasn't been near $42,000 for now going on more than 7 hours. As of early Monday morning, about 8:45 a.m. (EST), BTC was more like $45,000. Over the past seven days, BTC has declined 23%.

Elon Musk tweets, rampant speculation regarding Tesla maybe being BTC sellers, Musk-tweeted reassurance that it is not – a long, strange Sunday has become a white-knuckle Monday replete with anguished, sobering reflection. There is a stark new reality in which a good week means merely maintaining a post-breakdown support level above $37,000. Technical indicators in the weekly time frame are bearish (BeInCrypto).

Bitcoin has experienced a 29% correction since the all-time high of $64,800 was reached last month.

As market sentiment fluctuates, so too do inflows to exchanges; an increase in inflows suggests increased selling pressure.

Exchange inflow continues to rise with unusual persistence, which might indicate another bearish downtrend (Coingape).

U.S. inflation fears are on the rise in the wake of the recently revealed official declaration by government statisticians that a 12-month spike (+4.2%) had been recorded. That’s the sharpest yearly uptick since 2008. Now comes a report from Bloomberg that global supply chains are being roiled by panic hoarding as companies race to stock up. From mattress producers to aluminum foil makers, Bloomberg said, companies are buying more material than they need, “raising the concern that a supercharged global economy will stoke inflation.”

To recap, last week Dogecoin clone Shiba Inu (SHIB) took off in Asia, was listed on Binance, skyrocketed, created a spike in Ethereum gas fees, and resulted ultimately in SHIB's creators gifting $6.7 billion worth of tokens (half the supply) to Ethereum co-founder Vitalik Buterin, who, according to Cointelegraph, liquidated them, donated a portion to charity and burned the rest. Keeping up with crypto yarns can be fun but also hectic, although all’s well that ends well, we gather.

And One From The DarkSide: To further recap, last week hackers known as DarkSide shut down Colonial Pipeline in the eastern part of the U.S., creating a spike in gas prices, and resulted ultimately in Colonial sending $17.5 million in crypto payments to the criminal group, which (according to a blockchain analytics firm that was able to identify the hackers' Bitcoin wallet) moved most of the ransom payment out of it.