What a week it has been. The cryptocurrency market went on a massive rollercoaster where the market cap ping-ponged tremendously. At the end, it turned out somewhat fine, but what a ride it was. Let’s unpack.
First things first, Bitcoin’s price was trading quietly around $27,500 throughout the beginning of the week, but all that changed on April 26th when it soared toward $28,500. After spending a few hours there, it was up only once again. BTC touched $30K and sent the entire community in disbelief.
The bears got wrecked, and talks of “we’re so back” skyrocketed. Unfortunately, it was all short-lived. During the evening of April 26th – the same day the price pumped, it lost close to $3K of its value in a matter of a single hour. This also had the entire market plummet with it.
Ultimately, it resulted in hundreds of millions worth of liquidated long and short positions. However, that dip was also bought up, and the price is now trading above $29K once again.
Elsewhere, the US financial system continues to struggle in certain aspects. This time, the tension manifested within First Republic Bank. Its problems started earlier in the year and ultimately culminated with other big banks injecting a whopping $30 billion.
In any case, it remains particularly interesting to see how the market will turn out and whether or not this turmoil will go on.
Market Data
Market Cap: $1,248B | 24H Vol: $53B | BTC Dominance: 45.3%
BTC: $29,199 (+3.4%) | ETH: $1,888 (-2.8%) | BNB: $322 (+1.4%)
This Week’s Crypto Headlines You Can’t Miss
Robinhood Now Lets Users Buy Crypto Directly From Their Personal Wallet (Consensus 2023 LIVE). Robinhood’s general manager overseeing cryptocurrencies suggested that the company has partly benefitted from the collapse of FTX and has allowed users to buy crypto directly from their personal wallets.
Phantom Launches Multichain App, Will Support Ethereum, and Polygon. The popular Solana-based wallet – Phantom – has launched a multichain app and will also be supported on Ethereum and Polygon.
FTX to Sell LedgerX Exchange for $50 Million Amid Bankruptcy Recovery. FTX will be selling the LedgerX exchange for $50 million. This comes amid the attempts of recovery during the bankruptcy case.
Arbitrum Airdrops $120M Worth ARB Tokens to 125 DAOs. The well-known Ethereum layer-2 scaling solution Arbitrum has airdropped $120 million worth of its native cryptocurrency to 125 decentralized autonomous organizations.
Uniswap Surpasses $1.5T Trading Volume: Data. The largest decentralized exchange – Uniswap – has managed to surpass $1.5 trillion in trading volume. This comes amid increased interest in decentralized solutions.
Big Banks Help Stabilize First Republic With $30 Billion Cash Injection. The turmoil with the US banking system continues. Big banks have injected $30 billion in cash to stabilize First Republic Bank.
