Last week in the news
Relatively mixed week on financial markets. Friday was closed higher on both EU and US markets, as fears on banking contingencies eased. The crypto market continues to be supported by the deposits outflow from the banking industry to more secure assets, including the crypto market. Bitcoin is testing higher grounds above $28K, while Ether is struggling to hold $1.8K.
It seems that the inflation in the US continues to slow down. Previous week a personal consumption expenditures price raised 0.3% m/m, which was below $0.4% market estimate. Weaker figure came after the ease in oil prices, which put some relief on consumer prices. The PCE indicator is one of the favorites for FED when it comes to their inflation prediction, which put investors into a positive mood this year, assuming that quantitative tightening might soon come to an end. At the same time, the Euro zone inflation for March has been published. Although there has been a drop in headline inflation to 6.9% in March, from 8.5% in February, supported by the drop in energy prices, still, the core inflation rose to 5.7% y/y from 5.6% in February, supported by increase in retail prices.
Binance exchanger was once again the spotlight of news, as the Commodity Futures and Trading Commission (CFTC) pressed charges against exchanger, noting violation of several provisions on the commodities law, whose aim is prevention and detection of money laundering and terrorism financing. The negative news was immediately reflected in the price of BNB, but also in the share prices of tech companies with main operations on the crypto market, like Coinbase and MicroStrategy.
XRP continues to be positively supported, as leading people of Ripple are more convinced that they will win the battle with the SEC, during this year. In an interview with CNBC, Monica Long, president of Ripple noted that she is “very hopeful” about resolution of the SEC`s allegations.
Cardano`s EVM company Milkomeda announced a new upgrade of the Cardano`s network, through which, all users of the Cardano network will be able to access smart contracts on Ethereum Virtual Machine through ADA wallets. This will be the next step for Milkomeda, as they already support connections between Caradano and Algorand networks.
Visa is expanding the use of the Bitcoin rewards app Fold. As it has been announced, the app Fold will now be available in North America, Europe, Latin America and the Caribbean through prepaid debit card products. Visa is continuing to support its partnership with Bitcoin, as demand for the crypto currencies is rising.
Crypto market cap
Markets are digesting all news that hit the banking industry recently, where some optimism was back on the markets. The situation calmed down as there has not been any new news about potential contingencies and when the central bankers and government figures were trying to calm down the population ensuring them that the banking sector is stable and solvent. Still, deposit outflows from traditional banks are evident. People are still looking for a safe place for their deposits, but currently it comes with a slower pace of outflow from the previous period. Total crypto market capitalization remained relatively flat on a weekly basis. Coins were traded in a relatively mixed mode, with Bitcoin still dominating the crypto market. Total crypto market cap was increased by 2% compared to the end of a previous week, bringing modest $26B to the crypto market cap. Daily trading volumes remained relatively flat, still moving around $72B on a daily basis, for a second week in a row. Total crypto market capitalization increase from the beginning of this year modestly moved to 52% , where it has added total $395B to the market cap.
For a second week in a row, the crypto market was traded in a mixed mode, but Bitcoin continues to dominate the market and a drive of total crypto market capitalisation to the upside. During the previous week, BTC added $17.4B to its market cap, which is an increase of 3.2% on a weekly basis. At the same time Bitcoin Cash and Bitcoin Gold lost in value, when their total cap dropped by 1.6% and 3.8% respectively. The second largest coin, ETH, gained 2.9% w/w, but at the same time, its coins in circulation were down by 1.6% w/w, which is rare to see on the market. BNB was hit by the negative news around Binance exchanger, so the coin lost some 2.6% in value, decreasing its market cap by $1.3B. Among other altcoins, OMG Network was a huge surprise with a drop in market cap by 16% within a single week. On the opposite side, Uniswap had an excellent week, with an increase in the market cap of almost 30% and also by increasing its circulating coins by 22% w/w. XRP continues to gain on positive news about potential resolution of the SEC dispute, where the coin managed to gain additional $3B in value, which is a weekly increase of more than 12%.
Crypto futures market
The crypto futures market had a relatively calm week, in line with spot market developments. Short term futures for BTC were traded higher by more than 2% compared to the week before, while ETH futures were up by more than 3%. At the same time, longer term futures slowed down, during the previous week, ending the week at prices lower from the week before. BTC`s futures maturing in December this year were traded lower by 1.6%, same as futures with maturity in December next year. December 2024 ended the week below $30K, at a price of $29.690. Similar situation was for ETH long term futures, where prices dropped by more than 2%, with December 2024 dropping below $1.9K level, and ending the week at price $1.860.
Relatively mixed week on financial markets. Friday was closed higher on both EU and US markets, as fears on banking contingencies eased. The crypto market continues to be supported by the deposits outflow from the banking industry to more secure assets, including the crypto market. Bitcoin is testing higher grounds above $28K, while Ether is struggling to hold $1.8K.
It seems that the inflation in the US continues to slow down. Previous week a personal consumption expenditures price raised 0.3% m/m, which was below $0.4% market estimate. Weaker figure came after the ease in oil prices, which put some relief on consumer prices. The PCE indicator is one of the favorites for FED when it comes to their inflation prediction, which put investors into a positive mood this year, assuming that quantitative tightening might soon come to an end. At the same time, the Euro zone inflation for March has been published. Although there has been a drop in headline inflation to 6.9% in March, from 8.5% in February, supported by the drop in energy prices, still, the core inflation rose to 5.7% y/y from 5.6% in February, supported by increase in retail prices.
Binance exchanger was once again the spotlight of news, as the Commodity Futures and Trading Commission (CFTC) pressed charges against exchanger, noting violation of several provisions on the commodities law, whose aim is prevention and detection of money laundering and terrorism financing. The negative news was immediately reflected in the price of BNB, but also in the share prices of tech companies with main operations on the crypto market, like Coinbase and MicroStrategy.
XRP continues to be positively supported, as leading people of Ripple are more convinced that they will win the battle with the SEC, during this year. In an interview with CNBC, Monica Long, president of Ripple noted that she is “very hopeful” about resolution of the SEC`s allegations.
Cardano`s EVM company Milkomeda announced a new upgrade of the Cardano`s network, through which, all users of the Cardano network will be able to access smart contracts on Ethereum Virtual Machine through ADA wallets. This will be the next step for Milkomeda, as they already support connections between Caradano and Algorand networks.
Visa is expanding the use of the Bitcoin rewards app Fold. As it has been announced, the app Fold will now be available in North America, Europe, Latin America and the Caribbean through prepaid debit card products. Visa is continuing to support its partnership with Bitcoin, as demand for the crypto currencies is rising.
Crypto market cap
Markets are digesting all news that hit the banking industry recently, where some optimism was back on the markets. The situation calmed down as there has not been any new news about potential contingencies and when the central bankers and government figures were trying to calm down the population ensuring them that the banking sector is stable and solvent. Still, deposit outflows from traditional banks are evident. People are still looking for a safe place for their deposits, but currently it comes with a slower pace of outflow from the previous period. Total crypto market capitalization remained relatively flat on a weekly basis. Coins were traded in a relatively mixed mode, with Bitcoin still dominating the crypto market. Total crypto market cap was increased by 2% compared to the end of a previous week, bringing modest $26B to the crypto market cap. Daily trading volumes remained relatively flat, still moving around $72B on a daily basis, for a second week in a row. Total crypto market capitalization increase from the beginning of this year modestly moved to 52% , where it has added total $395B to the market cap.
For a second week in a row, the crypto market was traded in a mixed mode, but Bitcoin continues to dominate the market and a drive of total crypto market capitalisation to the upside. During the previous week, BTC added $17.4B to its market cap, which is an increase of 3.2% on a weekly basis. At the same time Bitcoin Cash and Bitcoin Gold lost in value, when their total cap dropped by 1.6% and 3.8% respectively. The second largest coin, ETH, gained 2.9% w/w, but at the same time, its coins in circulation were down by 1.6% w/w, which is rare to see on the market. BNB was hit by the negative news around Binance exchanger, so the coin lost some 2.6% in value, decreasing its market cap by $1.3B. Among other altcoins, OMG Network was a huge surprise with a drop in market cap by 16% within a single week. On the opposite side, Uniswap had an excellent week, with an increase in the market cap of almost 30% and also by increasing its circulating coins by 22% w/w. XRP continues to gain on positive news about potential resolution of the SEC dispute, where the coin managed to gain additional $3B in value, which is a weekly increase of more than 12%.
Crypto futures market
The crypto futures market had a relatively calm week, in line with spot market developments. Short term futures for BTC were traded higher by more than 2% compared to the week before, while ETH futures were up by more than 3%. At the same time, longer term futures slowed down, during the previous week, ending the week at prices lower from the week before. BTC`s futures maturing in December this year were traded lower by 1.6%, same as futures with maturity in December next year. December 2024 ended the week below $30K, at a price of $29.690. Similar situation was for ETH long term futures, where prices dropped by more than 2%, with December 2024 dropping below $1.9K level, and ending the week at price $1.860.
