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It’s a green week as the cryptocurrency market recovers from the slump that it had entered before that. The total capitalization stands tall above $2.7 trillion, as trading volume remains stable at around $100 billion on a daily basis.
Bitcoin’s price seems to have solidified itself above $70K, at least for the time being. The week was rather tumultuous as volatility increased on the announcement of the recent consumer price index (CPI) data from the US Bureau of Labor Statistics.
Currently trading at a 6% increase, BTC has experienced quite a rollercoaster in the past seven days. All was going well until April 8th, when the leading crypto soared past $72K, causing many to believe that a new all-time high was on the horizon. But that’s when the bears stepped in and pushed it all the way back below $68K during the following days.
It appears that buyers were waiting for that to happen as they scooped in discounted BTC and catapulted its price back toward $71K, where it’s more or less trading at the time of this writing.
That said, the rest of the market is also painted in green, with some altcoins doing better than others. From the top 10, ETH is up by around 8%, trading at $3.5K. XRP is also in the green, reclaiming the important $0.6 mark and trading at a 5.5% increase. Recall that the trial between the US SEC and Ripple Labs is set to start later this month.
Speaking of trials, the Securities and Exchange Commission is having a field day with crypto. It filed a notice to sue Uniswap Labs – the developers of Uniswap – the largest decentralized crypto exchange. The firm was quick to respond, saying they are ready to fight and that they believe its actions and protocol are in complete compliance with existing regulations.
All in all, there’s one week until the Bitcoin halving, and the excitement in the industry seems palpable. Many analysts and traders are already placing their bets and giving predictions – both bullish and bearish.
If one thing is for sure, though, it’s that the upcoming days will definitely be exciting, so stay tuned!
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
SEC Files Notice Of Intent To Sue Uniswap Labs. The United States Securities and Exchange Commission is having a field day again. The securities watchdog filed a notice of intent to sue the DeFi mogul Uniswap Labs – the company behind the popular Uniswap decentralized exchange. The company said it’s ready to fight.
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.
Binance Has Matured Since DOJ $4.3B Settlement: CEO Richard Teng. Binance has been through quite a bit throughout the past months following the developments with the US Department of Justice of late 2023. Now, Richard Teng – the CEO of Binance – said that the company has matured considerably since then.
Ordinals Activity Ramps Up Before Halving — Alongside Bitcoin Fees. Activity on the popular Bitcoin Ordinals protocol has been increasing as of late. This has to do with the upcoming release of the Runes protocol, which will introduce a new token standard on Bitcoin by the Ordinals creator.
Voyager Digital Secures $484 Million from FTX and 3AC Settlements. In a bit of good news for the creditors of Voyager Digital – the company has been able to secure and recover $484.35 million from settlements with the now-defunct cryptocurrency exchange FTX.
Meme Coins Dominate Profit Distribution Among Altcoins as BTC Rallies Above $70K. Meme coins have been booming throughout the past few months, and, expectedly, profit distribution has been running rampant. This happens as the market goes through an uptick and Bitcoin soared past $70K.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin – click here for the complete price analysis.
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Cryptocurrency charts by TradingView.
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