It has been a hectic week for the cryptocurrency market, with the market cap fluctuating wildly. Despite this, things appear to have calmed down somewhat, but it was an exciting ride. Let’s break it down.
Bitcoin had been trading steadily at around $27,500 at the start of the week, until April 26th when it shot up to almost $28,500. After a brief period, it went up again, this time hitting $30,000 and surprising the entire community.
The bears were crushed, and there was talk of “we’re back,” but it wasn’t to last. On the same day, April 26th, the price plummeted by almost $3,000 in just one hour. The whole market followed suit, resulting in hundreds of millions worth of liquidated long and short positions. However, the dip was quickly bought up, and the price is now trading above $29,000 once again.
Meanwhile, the US financial system is still experiencing difficulties, this time with First Republic Bank. The bank’s problems began earlier this year and culminated in other major banks injecting $30 billion into the bank.
It will be interesting to see how the market progresses and whether this turmoil persists.
Market Data
Market Cap: $1,248B | 24H Vol: $53B | BTC Dominance: 45.3%
BTC: $29,199 (+3.4%) | ETH: $1,888 (-2.8%) | BNB: $322 (+1.4%)
This Week’s Crypto Headlines You Can’t Miss
Robinhood Now Lets Users Buy Crypto Directly From Their Personal Wallet (Consensus 2023 LIVE). Robinhood’s general manager overseeing cryptocurrencies suggested that the company has partly benefitted from the collapse of FTX and has allowed users to buy crypto directly from their personal wallets.
Phantom Launches Multichain App, Will Support Ethereum, and Polygon. The popular Solana-based wallet – Phantom – has launched a multichain app and will also be supported on Ethereum and Polygon.
FTX to Sell LedgerX Exchange for $50 Million Amid Bankruptcy Recovery. FTX will be selling the LedgerX exchange for $50 million. This comes amid the attempts of recovery during the bankruptcy case.
Arbitrum Airdrops $120M Worth ARB Tokens to 125 DAOs. The well-known Ethereum layer-2 scaling solution Arbitrum has airdropped $120 million worth of its native cryptocurrency to 125 decentralized autonomous organizations.
Uniswap Surpasses $1.5T Trading Volume: Data. The largest decentralized exchange – Uniswap – has managed to surpass $1.5 trillion in trading volume. This comes amid increased interest in decentralized solutions.
Big Banks Help Stabilize First Republic With $30 Billion Cash Injection. The turmoil with the US banking system continues. Big banks have injected $30 billion in cash to stabilize First Republic Bank.
