This week sees a green trend in the cryptocurrency market, bouncing back from its previous downturn. The overall market value surpasses $2.7 trillion, while daily trading volumes hover around $100 billion.
The cost of Bitcoin has stabilized around $70,000 so far, although this could change. Last week saw significant market turbulence following the release of the latest Consumer Price Index (CPI) figures from the US Bureau of Labor Statistics, which caused volatility in Bitcoin pricing.
In the last week, Bitcoin has seen significant fluctuations, with its price currently up by 6%. Things were looking positive until April 8th, when Bitcoin surged past $72,000, fueling optimism among investors that a new record high was imminent. However, bullish sentiment was short-lived as bears took control and drove the price back down to below $68,000 in the days following.
Buyers seemed to be eagerly anticipating this event, quickly purchasing discounted Bitcoin and helping push its price back up towards $71K, where it currently stands.
Despite my previous comments, the broader cryptocurrency market is still showing gains with various altcoins performing better than others. Among the top 10 coins, Ethereum has climbed approximately 8% and is currently trading at $3,500. XRP is also moving upwards, regaining the $0.6 threshold and experiencing a 5.5% rise. Keep in mind that the highly-anticipated trial between the US SEC and Ripple Labs is slated to begin later this month.
Regarding legal issues, the Securities and Exchange Commission is actively pursuing cases against crypto projects. Most recently, Uniswap Labs, the creators of the largest decentralized cryptocurrency exchange, Uniswap, have been served a lawsuit notice by the commission. The company has expressed their intention to defend themselves, believing that their actions and protocol adhere to current regulations.
In total, only a week remains before the Bitcoin halving event, and the anticipation within the crypto community is noticeably high. Numerous experts and investors have begun voicing their opinions and making projections – encompassing both optimistic and pessimistic outlooks.
Without a doubt, the coming days are guaranteed to bring excitement. Keep an eye out for updates!
Market Data
Market Cap: $2.74T | 24H Vol: $90B | BTC Dominance: 50.6%
BTC: $70,666 (+6.2%) | ETH: $3,504 (+8.2%) | BNB: $618 (+7.2%)
This Week’s Crypto News You Can’t Miss
The SEC has announced its intention to take legal action against Uniswap Labs, the firm responsible for the well-known Decentralized Finance (DeFi) platform, Uniswap. The Securities and Exchange Commission in the US has made this decision and Uniswap Labs is prepared for a battle.
Bitcoin (BTC) Becomes Even More Secure Just Days Ahead of 2024 Halving. The Bitcoin network has become even more robust just days before the highly anticipated 2024 halving. The blockchain saw its mining difficulty increase by almost 9%, achieving yet another peak above the one established on March 28th.
After going through some significant events with the US Department of Justice towards the end of 2023, Binance, as led by its CEO Richard Teng, has reportedly grown and become more refined in the aftermath.
The usage of Ordinals in Bitcoin activities is gaining momentum just before the launch of Runes protocol. This is due to the innovation brought about by Runes, a new token standard being introduced by the Ordinals creator.
Voyager Digital obtained approximately $484 million from agreements reached with the collapsed crypto exchange, FTX. This is a positive development for Voyager’s creditors.
Meme coins have seen significant growth in recent months, leading to a surge in profits for this niche segment of the altcoin market. Notably, this trend has gained momentum with Bitcoin climbing above the $70,000 threshold.
Charts
This week, I’d like to share an analysis of the recent price trends for Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin. For a detailed look at the charts, please follow this link.
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2024-04-12 16:10