Cryptocurrency Market Performance

BTC ETF saw net outflows this week, with a significant market decline. BTC once dropped below $60,000, and ETH briefly fell below $2,800. The overall market remained mostly flat, with a slight upward trend over the weekend. BTC's market dominance reached a new high since April 2021, with a current market value of $1.28 trillion, accounting for 53.62%. BTC has completed its fourth block reward halving this week, and the market outlook for the future is positive, but the market development will not happen overnight.

Recap of Major Events of the Week:

1. The Hong Kong Securities and Futures Commission has approved the management of Bitcoin and Ethereum spot ETF products by Huaxia Fund, HashKey Capital, Boshi Fund, and Jia Shi Investment.

2. Vitalik holds over $7.5 billion worth of ETH in Safe.

3. Data shows that only 6 tokens, including DOGE, SHIB, and STX, among the top 50 tokens by market capitalization, have outperformed BTC this year.

4. Analysis: The approval of spot Bitcoin and Ethereum ETFs in Hong Kong will release institutional demand during the Asian trading session.

5. Puffer completed a $18 million Series A financing, jointly led by Brevan Howard Digital and Electric Capital.

6. UniSat: has supported the test network of Runes and has launched the UniSat OpenAPI for Runes.

7. Goldman Sachs: Overinterpreting historical Bitcoin halving cycles should be avoided, and the continuous rise of Bitcoin may depend on the inflow of spot ETFs.

8. Binance launched a new token issuance platform, Megadrop, with the initial project being BounceBit (BB).

9. JPMorgan: Bitcoin may fall after the "halving" as the market is still in an overbought state.

10. Merlin's airdropped tokens will be unlocked in batches, with 50% unlocked in the first month.

Macroeconomics

1. On April 17, Federal Reserve Chairman Powell stated, "Strong first-quarter inflation has brought new uncertainty to whether and when the Fed will cut interest rates later this year. If high inflation persists, the Fed can maintain the current interest rate as long as it is necessary."

2. The futures market shows that the market's expectation of a Fed rate cut further decreased after Powell's comments on inflation, with investors now betting on only one to two rate cuts this year, around 40 basis points.

ETF

Total outflows: $16.731 billion, net inflows: $12.328 billion.

Upcoming Events

The Southeast Asia Blockchain Week will be held in Bangkok, Thailand from April 22 to 28.

Project Updates

1. Eigenpie LST withdrawals provided by SubDAO, an organization under the multi-chain yield protocol Magpie, will go live on April 22. Users with LST deposits on the platform will be able to cancel their asset pledges while retaining their accumulated points.

2. NFT marketplace Magic Eden will launch the Runes trading platform on April 23.

3. The Safe token (SAFE) on the digital asset management platform will be transferable starting from April 23.

4. Binance will conduct regular system upgrades from 14:30 on April 23 to 17:30 on April 23 (Beijing time) to improve overall system performance and stability. During the system upgrade, users may encounter system errors when using the Binance website or app.

5. The AI Crypto Hackathon, co-hosted by BeWater and supported by ABCDE, OKX Ventures, SevenX Ventures, and BNB Chain, will officially start on April 24, with registration open on the BeWater platform.

6. The Filecoin network upgrade coordinator has decided to postpone the nv22 network upgrade to April 24 to track and assess the status of the STFIL Protocol.

Token Unlocking

1.SPACE ID token ID unlocked 18.49 million tokens worth approximately $15.29 million, accounting for 4.29% of the circulating supply on April 22 at 8:00.

2. Cartesi token CTSI unlocked 21.43 million tokens worth approximately $4.66 million, accounting for 2.73% of the circulating supply on April 23 at 12:00.

3. Yield Guild Games token YGG will unlock 16.69 million tokens worth approximately $15.71 million, accounting for 5.33% of the circulating supply on April 27 at 22:00.

4. SingularityNET token AGIX will unlock 8.84 million tokens worth approximately $8.78 million, accounting for 0.69% of the circulating supply on April 28 at 8:00.

Important Events

The U.S. Securities and Exchange Commission (SEC) filing states that Ripple should submit a response to the SEC's ruling by April 22, 2024. The SEC has requested a New York judge to impose a $1.95 billion fine on Ripple Labs.

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