Weekly Crypto Market Wrap: 5th April 2024
London: 5 April 2024 (TraderMade): Welcome back to our weekly roundup of the most significant events in the world of cryptocurrencies and blockchain technology. This week has been nothing short of eventful, with over $1 billion in US treasuries being tokenized on public blockchains.
Ethereum reached a milestone of one million validators and much more. Let's dive right into the details!
Key Takeaways
- Over $1 billion worth of US treasuries are tokenized on public blockchains.
- Ethereum reaches one million validators.
- Fidelity files with SEC for spot Ethereum ETF.
- FTX co-founder Sam Bankman-Fried was sentenced to 25 years in prison.
Major Headlines
Over $1 Billion in US Treasuries Tokenized on Public Blockchains.
In a groundbreaking move, over $1 billion worth of US treasuries have been tokenized on public blockchains. This advancement signifies a major stride toward the broader acceptance of blockchain technology within conventional financial systems.
Ethereum Blockchain Reaches One Million Validators
Ethereum, the world's most popular smart contract platform, has reached a major milestone: One million validators have secured its blockchain. This achievement underscores the growing strength and decentralization of the Ethereum network.
Fidelity Files with SEC for Spot Ethereum ETF
Financial giant Fidelity has filed with the US SEC (Securities and Exchange Commission) for a spot Ethereum ETF, signaling the company's bullish outlook on Ethereum and the broader cryptocurrency market.
FTX Co-founder Sam Bankman-Fried Sentenced to 25 Years in Prison
Sam Bankman-Fried is the co-founder of FTX. In a shocking turn of events, he has been sentenced to 25 years in prison. Moreover, $11 billion is also fined for his involvement in a fraud and conspiracy scheme that led to the collapse of the prominent crypto exchange.
Fifth Richest Bitcoin Whale Moves $6 Billion Worth of BTC
A major Bitcoin whale ranked fifth in terms of wealth has moved a staggering $6 billion worth of BTC. This significant transaction has caught the attention of the crypto community and could have implications for Bitcoin's price movement.
Bitcoin ETFs End Five-Day Outflow Streak
After five consecutive days of outflows, Bitcoin ETFs have finally seen a turnaround, with inflows returning to the market. This positive development suggests renewed investor interest in Bitcoin and the broader crypto market.
Google Now Allows Wallet Address Searches for Bitcoin, Fantom, Arbitrum, and Others
In a move that could make crypto transactions more accessible, Google now allows users to search for wallet addresses of various cryptocurrencies, including Bitcoin, Fantom, and Arbitrum, among others.
Singularity.Net, Fetch.Ai, and Ocean Protocol Discuss Potential Token Merger
Three major blockchain projects, Singularity.Net, Fetch.Ai, and Ocean Protocol, are reportedly in talks to merge their tokens. If successful, the new token would have a fully diluted valuation of $7.5 billion, making it one of the largest mergers in the crypto space.
FED Chair Jerome Powell Stated Recent US Inflation Data is "Along the Lines of What We Would Like to See"
Federal Reserve Chair Jerome Powell has indicated that the recent US inflation data is "along the lines of what we would like to see," raising hopes for potential rate cuts in the future.
Technical Analysis: BTCUSD
Market Sentiment
Happy Easter to all! However, the ISM data overnight did not bring much joy to the market, pulling down risk assets and bonds and putting further pressure on risk parity portfolios. All eyes remain on the Fed's monetary timeline, and last night's data has reduced the probability of a rate cut in June to below 50%.
BTC Price Movement
Bitcoin is feeling the pressure more so than stocks. We are currently finding some support on the ascending trendline from early February 2024 (65,500 level), but it's a break lower at this stage. The next level of support would be 60,000, and below this, a fairly exposed liquidity gap would be 53,000.
Key Levels to Watch
- Support: 53,000 / 65,500
- Resistance: 69,000 / 70,000 / 80,000
Conclusion
This week has been packed with significant developments across the crypto and blockchain landscape. From major milestones in Ethereum and the tokenization of US treasuries to regulatory challenges and market volatility, the crypto world continues to evolve at a rapid pace.
Stay tuned for more updates next week.
