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 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
Performance
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:
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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.