Monday Market Report | April 9th - 15th

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, we’re less than 800 blocks left to mine before Bitcoin’s Fourth Halving!

• Hong Kong regulators approve launch of spot Bitcoin and Ether ETFs
• Is Bitcoin’s imminent 4th Halving “priced in”, or not?   

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 away—still estimated to occur on April 20—just 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

Market Summary

• The global cryptocurrency market has reached a total market capitalization of CAD $3.21 Trillion.  
• Bitcoin continues to lead the market with a dominance of 54.1%, followed by Ethereum at 16.1%. 

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 Ndax’s new price widget on your phone.)   

Top Weekly Movers at Ndax

Who were the top-performing assets on Ndax last week? 
DeFi Layer 1 Protocol Fantom’s token FTM was up 6% week over week. FTM’s marketing cap is just shy of $2.44B (ranked 50) and is currently trading around 0.88 CAD. 
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. But— 
The clear winner among Ndax-listed tokens last week was VeChain. The blockchain’s 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  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 👉 Cryptocurrency Prices

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) 
• The Chances of an Ethereum ETF Approval Next Month: JP Morgan Decrypt  
• Spot bitcoin ETF flows turn positive again as GBTC outflows taper Blockworks 
• Uniswap UNI Token Tanks After SEC Issues a Wells Notice Decrypt 
• BlackRock bitcoin fund accounts for 20% of the firm’s Q1 ETF net inflows Blockworks  
• Anza releases proposed congestion fixes on Solana devnet, and asks validators to upgrade on testnet The Block 
• Miners Sell Bitcoin Inventory to 3-Year Low in a Strategic Pre-Halving Move Coindesk   

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Mark your calendars!

• April 20 (est.) – At block height 840,000; The Bitcoin Halving 
• May – SEC Decision on BlackRock's Ether Spot ETF Decision 

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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.