Monday Market Report | April 9th - 15th
đ˘ Weekly TL;DR
Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, to industry news, and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.
Dear Ndaxers, weâre less than 800 blocks left to mine before Bitcoinâs Fourth Halving!
- Hong Kong regulators approve launch of spot Bitcoin and Ether ETFs
- Is Bitcoinâs imminent 4th Halving âpriced inâ, or not? Â Â
Hong Kong regulators approved the launch of spot Bitcoin and Ether exchange-traded funds (ETFs). ChinaAMC, Harvest Global, and Bosera International are among those that have been given the green light to issue ETFs. While these asset managers have received the green light for the ETFs, they have not yet launched them. Crypto trading is effectively banned in mainland China after a massive crackdown on the sector in 2021, however, Hong Kong has slowly been trying to make itself a regulated crypto hub. CNBC
Contrary to the belief that the upcoming Bitcoin halving event has already been priced in, BitGo's Head of Go Network Matt Ballensweig argues that the halving will lead to "real changes" in Bitcoin's supply and demand dynamics. He explains that certain events, such as the approval of spot Bitcoin ETFs, trigger tangible shifts in supply and demand on exchange order books, causing bid-side pressure and impacting prices. He believes the same will happen with the halving, as traders attempt to position themselves ahead of the event, but when it occurs, there will be less daily supply on exchanges, leading to further bid-side pressure. Ballensweig maintains that the halving's impact on supply and demand will not be fully priced in, and the event will drive "real changes" in the market. In the meantime the halving is around 1 week awayâstill estimated to occur on April 20âjust as GBTC outflows taper and Spot bitcoin ETF flows turn positive again. Do you think the Halving is priced in? Let us know on Twitter. As always, potential investors should conduct their own research before making investment decisions. The Block
đ Weekly Moves
Market Summary
- The global cryptocurrency market has reached a total market capitalization of CAD $3.21 Trillion. Â
- Bitcoin continues to lead the market with a dominance of 54.1%, followed by Ethereum at 16.1%.Â
Performance
- After ending the month of March with its highest monthly candle on record, BTC continued its sideways price action through the second week of April, still chopping largely around a wide range between the CA$87K and $92K levels. (Get BTC Price on the go when you install Ndaxâs new price widget on your phone.) Â Â
Top Weekly Movers at Ndax
Who were the top-performing assets on Ndax last week?Â
DeFi Layer 1 Protocol Fantomâs token FTM was up 6% week over week. FTMâs marketing cap is just shy of $2.44B (ranked 50) and is currently trading around 0.88 CAD.Â
Meme Bitcoin clone Dogecoin was up under 7%. DOGE is currently ranked #9 by market cap ($30.8B) and is trading just shy of 0.21 CAD. ButâÂ
The clear winner among Ndax-listed tokens last week was VeChain. The blockchainâs VET token was up over 12% (ranked number 37), at a market capitalization of $4.082B CAD. VET is currently trading around 0.055 CAD. VET Â is up 87% year over year, but still down around 84% from its Spring 2021 ATH.
Prices as of 15/4/2024 3:15 PM EST
Keep an eye on the market here đ Cryptocurrency Prices
đ° Other Community News
In the cryptocurrency community, there's always something going on. Here are a few events and happenings that you might be interested in:
- 6 Ways the Halving Will Impact Bitcoin Mining Consensus Magazine (Coindesk)Â
- The Chances of an Ethereum ETF Approval Next Month: JP Morgan Decrypt Â
- Spot bitcoin ETF flows turn positive again as GBTC outflows taper BlockworksÂ
- Uniswap UNI Token Tanks After SEC Issues a Wells Notice DecryptÂ
- BlackRock bitcoin fund accounts for 20% of the firmâs Q1 ETF net inflows Blockworks Â
- Anza releases proposed congestion fixes on Solana devnet, and asks validators to upgrade on testnet The BlockÂ
- Miners Sell Bitcoin Inventory to 3-Year Low in a Strategic Pre-Halving Move Coindesk  Â
For more new stories, visit our LinkedIn
đ Upcoming Events
Mark your calendars!
- April 20 (est.) â At block height 840,000; The Bitcoin HalvingÂ
- May â SEC Decision on BlackRock's Ether Spot ETF DecisionÂ
đ¸ Share your Ndax Affiliate link!
Join Ndax's tiered Affiliate Program and start earning passive income.
Find out more and start referring people today!
Thanks for reading our latest newsletter. Don't forget to follow us on social media for more updates and join the conversation on our forums.
Disclaimer: This article is not intended to provide investment, legal, accounting, tax, or any other advice and should not be relied on in that or any other regard. The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.