Crypto.com Weekly Market Update (Week 15, 12/04/2021 - 18/04/2021)
BTC at $56K, ETH at $2,251; Price index dropped while volume and volatility indices rose.
Market Recap
Bitcoin has jumped above $60,000 and hit another all-time high of $64,747 on Wednesday prior to the Coinbase IPO. On Sunday, however, bitcoin lost nearly $10,000 in price within 20 minutes after dropping from around $60,000 to $52,148, resulting in the liquidation of $10B worth of derivatives positions. By the time of writing, Bitcoin has rebounded back above $55,000.
After reaching an all-time high of $2,550 on Friday, Ethereum faced a sharp decline on Sunday, which is also the largest percentage loss within one day since last month. It has rebounded and closed above $2,150 on Sunday.
The latest crash was purportedly driven by a single unsubstantiated tweet that the US Treasury was allegedly charging a number of financial institutions with money laundering using cryptocurrencies.
Overall, the price index dropped 4.42%, while the volume and volatility index rose 19.11% and 60.83% respectively.
Check the latest prices on crypto.com/price.
Price Index
It was a mixed bag for token prices.
Top 3 gainers: LINK (+11.23%), XMR (+7.06%), EOS (+3.99%)
Top 3 losers: XLM (-8.80%), DOT (-8.08%), BTC (-6.35%)
Benchmark: BTC (-6.35%)
Chainlink has announced version 2.0, where it proposed seven improvements to Chainlink, including hybrid smart contracts, which combine blockchain computing with off-chain smart contracts (ref).
Stellar reportedly gained traction from institutional investors, with data from Bybt showing that Grayscale invested around $2.5 million into XLM (ref).
Bridgewater's Ray Dalio and asset manager Blackrock both extolled the virtues of Bitcoin as an asset class (ref and ref). However, this didn't stop the market from plunging, following unsubstantiated rumors that the US Treasury Department may soon accuse a number of financial institutions of using digital assets for money laundering. This triggered at least $7.9 billion in liquidations, according to the analytics tracker Bybt (ref).
Volume Index
Token volumes were mixed.
Top 3 increase: ADA (+79.22%), LINK (+73.27%), ATOM (+60.99%)
Top 3 decrease: XTZ (-19.38%), XLM (-14.37%), EOS (-7.27%)
Benchmark: BTC (+23.18%)
Cardano announced its next upgrade Alonzo will introduce smart contract support to the blockchain (ref).
Societe Generale, the third-largest bank in France, issued a security token on the Tezos blockchain (ref). Additionally, Tezos (XTZ) was reported to be testing a new consensus algorithm called ‘Tenderbake’, which is capable of shorter block times and near-instant finality (ref).
Volatility Index
Most tokens’ volatilities rose except XLM (-19.29%).
Top 3 increase: XMR (+136.72%), ATOM (+107.93%), LINK (+101.47%)
Top News
MicroStrategy becomes the first American company to pay its directors in Bitcoin (BTC)
The New York Stock Exchange (NYSE) is issuing NFTs for these 6 stocks
Bitcoin breaks new all-time high above $63K: What are traders saying?
Coinbase Listing on Nasdaq! Largest US cryptocurrency exchange debuts on Wall Street
Bitcoin and Crypto Markets Plummet As U.S. Treasury Rumor Spreads
Top DeFi News
Inside the Chainlink 2.0 whitepaper—the 7 updates you should know
Linux Foundation launches blockchain-based platform for insurance
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