Bitcoin, Ethereum Plunge in Fresh Crypto Market Dip; Here Is Why This Lesser-Known Crypto Sentinel (UPP) Is Up 500%

Bitcoin (BTC) saw a fresh price dip on May 21 amid news of China’s alleged crackdown plans on mining and trading while Ethereum and the rest of the Altcoin market plunged to fresh daily lows. The majority of crypto assets were seen recording double-digit losses to erase most of the gains acquired in the prior day’s rebound. Bitcoin fell from highs of $42,275 to reach lows of $35,242 while Ethereum dropped by nearly 18% to reach lows of $2,252.

Polkadot (DOT, -23.49%), Internet Computer (ICP,-21.45%), VeChain (VET, -21.53%), Fantom (FTM), and the rest of the Altcoin market reversed the prior day’s gains to trade in the negative. At the time of writing, only a small handful of tokens such as Horizen (ZEN, +19.50%), Helium (HNT,+4.32%), LBRY Credits (LBC,+ 42.03%), 12Ships (TSHP, +21.26%), FinNexus (FNX,+390.32%), SentinelProtocol (UPP,+172%) managed to shake off the selling pressure a bit.

Notably, the May 19 cryptomarket bloodbath had coincided with the news of China’s cryptocurrency ban which prohibits its financial institutions and payment companies from providing cryptocurrency-related services.
In other news, Hong Kong regulators may be set to ban retail Bitcoin trading if the FSTB proposal is passed by the city’s legislature. According to a Reuters report on Friday, Hong Kong’s Financial Services and the Treasury Bureau (FSTB) has released the results of its consultation on a likely retail crypto trading ban, which dates back to late 2020.

In its resolve, Hong Kong’s FSTB called for a comprehensive licensing regime for crypto exchanges while restricting trading only to qualified investors. Based on Hong Kong regulations, only individuals with portfolios worth 8 million Hong Kong dollars (nearly $1 million) qualify as professional investors.

UPP/USD Daily Chart

In another regulatory move, a May 20 report concerning tax proposals for Joe Biden’s American Families Plan features a call from US treasury officials to exchanges and custodians to report crypto transactions greater than $10,000 to the IRS. Amid all these, a lesser-known crypto, Sentinel (UPP) seems to be riding on the ”regulatory headwinds”, rallying nearly 500% on May 21.

Why Sentinel (UPP) Is Up 500%

Sentinel (UPP) is the native token of Uppsala security which offers Decentralized Solutions and Risk Management Tools for Cryptocurrency AML, Regulation Compliance, and Cybersecurity.

Sentinel (UPP) had a strong breakout from the downside move it began after reaching all-time highs of $0.37 on Apr. 2nd. UPP subsequently rallied nearly 500% (as seen on Bittrex) from lows of $0.06 to highs of $0.36 on May 21.

UPP’s breakout also coincided with the news of an imminent partnership with a next-generation financial firm, stating in a May 21 tweet ”We are about to sign a contract with the Next Generation Financial Firm!”
Sentinel Protocol (UPP) was trading at $0.377 as of press time.

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