Cryptocurrency Market Performance
BTC ETF experienced a net outflow this week, and the market fell sharply. BTC once fell below $60,000, and ETH once fell below $2,800. The overall trend was sideways, and the market showed a slight upward trend over the weekend. BTC's market share hit a new high since April 21, with a current market value of 1.28 trillion, accounting for 53.62%. BTC has completed its fourth block reward halving this week, and is optimistic about the market development in the future, but the market will not happen overnight.
Review of the week's major events:
1. The Hong Kong Securities and Futures Commission has approved the Bitcoin and Ethereum spot ETF products jointly managed by China Asset Management, HashKey Capital and Bosera Fund, as well as Harvest Investment;
2. Vitalik personally holds over $750 million in ETH stored in Safe;
3. Data: Among the top 50 tokens by market capitalization this year, only 6 currencies, including DOGE, SHIB and STX, have outperformed BTC;
4. Analysis: The approval of spot Bitcoin and Ethereum ETFs in Hong Kong will release demand for Asian trading hours for institutions;
5. Puffer completed $18 million in Series A financing, led by Brevan Howard Digital and Electric Capital;
6. UniSat: The Runes testnet is supported and the Runes UniSat OpenAPI has been launched;
7. Goldman Sachs: The historical Bitcoin halving cycle should not be over-interpreted. The continued rise of Bitcoin may depend on the amount of spot ETF inflows;
8. Binance launches new token issuance platform Megadrop, with the first project being BounceBit (BB);
9. JPMorgan Chase: Bitcoin may fall after halving because the market is still overbought;
10. Merlin airdrop tokens will be unlocked in batches, with 50% unlocked in the first month;
Macroeconomics
1. On April 17, Federal Reserve Chairman Powell said: "Strong inflation in the first quarter has brought new uncertainty about whether and when the Fed will be able to cut interest rates later this year. If high inflation persists, the Fed can maintain current interest rates as long as it is necessary."
2. Futures markets show that market expectations for the Fed to cut interest rates have fallen further after Powell's comments on inflation, and investors are now betting that there will be only one or two rate cuts this year, with expectations of around 40 basis points.
ETF
Total outflow: US$16.731 billion, net inflow: US$12.328 billion.
Upcoming Events
Southeast Asia Blockchain Week was held in Bangkok, Thailand from April 22 to 28.
Project Progress
1. Eigenpie LST withdrawals will be launched on April 22, and LST deposit users on the platform will be able to unstake their assets while retaining their accumulated points.
2. NFT marketplace Magic Eden will release the Runes trading platform on April 23.
3. The digital asset management platform Safe token SAFE will be transferable from April 23.
4. Binance will conduct regular system upgrades from 14:30 on April 23 to 17:30 on April 23 (GMT+8) to improve overall system performance and stability. During the system upgrade, users may encounter system errors when using the Binance website or Binance App.
5. The AI Crypto Hackathon, hosted by BeWater and co-sponsored by ABCDE, OKX Ventures, SevenX Ventures and BNB Chain, will be officially launched on April 24 and registration will be open on the BeWater platform.
6. The Filecoin network upgrade coordinator decided to postpone the nv22 network upgrade to April 24. The reason for the postponement is to track and evaluate the status of the STFIL Protocol.
Token Unlock
1. SPACE ID token ID unlocked 18.49 million tokens at 8:00 on April 22, worth approximately US$15.29 million, accounting for 4.29% of the circulating supply.
2. Cartesi token CTSI unlocked 21.43 million tokens at 12:00 on April 23, worth approximately US$4.66 million, accounting for 2.73% of the circulating supply.
3. Yield Guild Games token YGG unlocked 16.69 million tokens at 22:00 on April 27, worth approximately US$15.71 million, accounting for 5.33% of the circulating supply.
4. SingularityNET token AGIX unlocked 8.84 million tokens at 8:00 on April 28, worth approximately US$8.78 million, accounting for 0.69% of the circulating supply.
important events
The U.S. Securities and Exchange Commission (SEC) document stated that Ripple should submit a response to the SEC's ruling by April 22, 2024. The SEC has asked a New York judge to impose a fine of $1.95 billion on Ripple Labs.
