Monday Market Report | Apr 22nd-29th

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.

Last Friday evening, the Bitcoin network experienced a significant event known as the fourth halving, where the reward for finding a new block was halved, decreasing from 6.25 to 3.125 bitcoins. Unsurprisingly, the whole thing went off without a hitch.

• What’s the news on BlackRock's 71-day inflow streak for the IBIT ETF?  

BlackRock's spot bitcoin ETF (ticker IBIT) did not receive any investor inflows on Wednesday, breaking a 71-day streak of inflows since its inception in January.  Seven out of the 10 other bitcoin ETFs also saw no inflows on Wednesday. While Fidelity's FBTC and ARK's ARKB saw modest inflows, Grayscale's GBTC had outflows of $130 million. Overall bitcoin ETF inflows have slowed significantly in April compared to the first quarter when they debuted.  Coindesk  

Market Summary

• The global cryptocurrency market has reached a total market capitalization of CAD $3.16 Trillion.  
• Bitcoin continues to lead the market with a dominance of 53.3%, followed by Ethereum at 16.6%. 

Performance

• After slowly regaining lost ground over the past few weeks, Bitcoin continued its slow consolidation. BTC ended the week flat (-0.3%) with a weekly amplitude—volatility of roughly 20X that move; 6%. BTC is now trading somewhere between the CA$84K and $86K levels.

Top Weekly Movers at Ndax

Who were the top performing assets on NDAX last week?

Up by around 15%, the Algorand’s ALGO token market cap reached CA $2.2B  (spot #67): ALGO is currently trading around CA$ 0.25.  

Up by almost 25%, the so-called “green” Near protocol’s native token NEAR’s market cap surpassed CA$ 10B (spot #19): NEAR is currently trading around CA$ 9.2.

But week over week, the top performer at Ndax (up by almost 50%) was Hedera Hashgraph. On bullish BlackRock-related news, its token HBAR surged almost 100% before correcting. In spot #28, tearing through the CA$5.4B market cap level, HBAR is currently trading around CA$0.14.

Prices as of 04/29/2024 10:00 AM 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:

• Franklin Templeton Upgrades $380M Tokenized Treasury Fund to Enable Peer-to-Peer Transfers Coindesk 
• EU's anti-money laundering bill passes final vote, here's what's next for crypto-asset service providers The Block  
• Ripple proposes ‘no more than $10M’ in penalties after SEC seeks $1.9B Cointelegraph 
• SEC delays decision on listing and trading spot bitcoin ETF options, and asks for public comments The Block 
• ViaBTC's 'epic sat' from fourth Bitcoin halving block sells for 33.3 BTC ($2.13 million) The Block 
• Consensys sues SEC, the its approach to Ethereum and seeking court intervention The Block 
• Bitcoin-hating European Central Bank isn't doing much to stop scammers Cointelegraph   

For more new stories, visit our LinkedIn

Mark your calendars!

• 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.