BTC is currently trading around $63,900 and ETH around $3,100. Notable gainers in the last 24 hours are CORE, ZBC, and NEO. The global crypto market cap is $2.43T, up 0.1% over the last day. DeFi Total Value Locked is ~$89b and BTC dominance is around 56%.
Crypto markets are recovering from a rocky weekend that started on Friday as falling equity markets, inflation fears, and heightened liquidations caused crypto to sell off. Prices continued to decline further on Saturday with BTC falling below $62,000 as geopolitical tensions in the Middle East escalated between Iran and Israel. Crypto prices have recovered off the lows, helped in part by strong US retail sales, though are struggling to regain their footing. Looking ahead, its a particularly light week on the data front, though market participants will be watching speeches by various central bank leaders, the developing situation in the Middle East, and of course the coming Bitcoin halving that’s projected to occur on April 19th or 20th.
Notable news includes: UK Economic Secretary Afolami stated that the UK will introduce new legislation for cryptocurrencies and stablecoins by July; Norway passed data center legislation that requires miners to register with the government; Hong Kong regulators approved spot Bitcoin and Ethereum ETFs for at least three local issuers; the US spot Bitcoin ETFs saw $83m of net outflows last week; Germany’s LBBW bank revealed plans to offer crypto custody services; Coinbase filed an interlocutory appeal in a federal court to try to settle whether a token that trades on a secondary market is a security; OKX launched an Ethereum zero knowledge rollup; Bitcoin dominance hit a three-year high; Bitcoin inscription NFTs amounted to 55% of total NFT trades over the last week, outpacing Ethereum and Solana combined; Solana developers released a network update aimed at addressing recent congestion; Uniswap Labs raised its interface fee from 0.15% to 0.25% on an expanded set of token pairs for swaps conducted through its front end; and, Adidas partnered with fitness app Stepn to release limited edition NFTs and sneakers.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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