cryptocurrency widget, price, heatmap
Burger icon
cryptocurrency widget, price, heatmap
News/Coin360 Daily Dispatch (Apr 5, 2023): Crypto Market Updates & Higlights

Coin360 Daily Dispatch (Apr 5, 2023): Crypto Market Updates & Higlights

Apr 5 2023

last year3 minutes read

US Dollar Weakens, Bitcoin Rises: Market Events and the Future of Gold, Crypto, and Ethereum

Written by Van - Perfected by ChatGPT

The value of the US dollar has decreased by 0.5% due to a decrease in demand for workers in the largest economy, leading to Bitcoin’s price increasing by 3.5% to reach its daily peak of $28,600 today. The February Job Openings and Labor Turnover Survey (JOLTS) showed a decrease in official job vacancies, meaning there are now 1.67 jobs available for each unemployed person. The latest JOLTS data does not include March’s sudden wave of bank failures and layoffs, indicating worse data may be seen in the next few months, prompting a dovish response from the Federal Reserve.


According to CoinShares’ weekly Digital Asset Fund Flows report, digital asset investment products saw lackluster inflows of only \(2.5 million, and trading volumes in investment products fell by 33% compared to the prior week. Bitcoin saw modest inflows of \)8.8 million, while short Bitcoin investment products saw outflows of \(2.5 million. Despite low volumes, the dollar value of total assets under management for Bitcoin reached its highest since the collapse of Three Arrows Capital in June 2022 at \)23.5 billion.


Source: CoinShares

Experts Predict a Bullish Future for Gold and Bitcoin, While Warning of Possible Setbacks Ahead

Jan van Eck, the CEO of VanEck, has forecasted a multi-year bull cycle for both gold and bitcoin, saying that economic conditions are set to increase the value of both assets. April has historically been a good month for BTC, so there’s a precedent for the rally to continue. Bitcoin has gained in six of the past 10 Aprils, returning 17% on average, according to data from Matrixport.

However, crypto analyst Justin Bennett predicts that Bitcoin could have a significant move to the downside and may witness a deep correction to around \(20,000 due to the markets' tendency to seek liquidity. However, he believes that in the near term, Bitcoin could rally above \)29,500 to liquidate traders who are counting on a correction.

Justin Bennett Twitter.jpg

Source: Justin Bennett/Twitter

Gareth Soloway, Chief Market Strategist at, believes that a stock market sell-off could have a negative influence on the cryptocurrency market even though it is trading in the green. He thinks that the bear market is still ongoing in the crypto sector and that Bitcoin would have to stay above $30,000 for a week or so before he can consider it back in bull market territory.

Ethereum Hits 9-Month High and MEV Blocker RPC Launches to Combat Malicious Attacks

The upcoming Ethereum network upgrade, Shapella, is driving interest towards ether (ETH) and staking-focused tokens as traders anticipate higher prices for these assets in the future. Ethereum jumped to a nine-month high of over \(1,900, driven in part by accumulation by addresses holding between 100-10,000 coins, known as "shark" addresses. Open interest for ether futures also rose to \)5.6 billion, with over $23 billion worth of these products traded on crypto exchanges.

chart (3).jpeg

More than 30 Ethereum projects have collaborated to launch MEV Blocker RPC, a tool designed to protect users from various types of Maximal Extractable Value (MEV) attacks, including front-running and sandwich attacks. The tool routes user transactions to a network of “searchers” instead of the public memory pool, shielding users from malicious MEV attacks and returning at least 90% of the profits from winning bids to users. The initiative is aimed at addressing the growing problem of MEV in the Ethereum ecosystem and competing with existing RPC tools like Infura, Ankr, and Alchemy.

Trust Wallet Partners With Ramp And Moonpay To Offer Direct Crypto-To-Fiat Withdrawals Within The App

Trust Wallet has partnered with Ramp and MoonPay to offer crypto-to-fiat withdrawals directly within the wallet app, eliminating the need for the transfer of funds to a centralized wallet for liquidation. With centralised exchanges and peer-to-peer platforms shutting down, the feature will help Trust Wallet customers to stay in control of their cryptocurrency funds. Following the announcement, TWT rose by 7.81% to enter the list of biggest gainers among the top 100 cryptocurrencies by market cap.

chart (1).jpeg

Open Exchange (OPNX) Launches With Minimal Trading Volume, FLEX Drops 29%

The Open Exchange, co-founded by executives of CoinFLEX and Three Arrows Capital, has posted minimal trading volume since its launch on Tuesday. As of press time, only two trades worth a total of $1.26 have been executed across all spot and derivatives markets on the exchange. OPNX CEO Leslie Lamb attributed the lack of liquidity to the absence of internal market makers, adding that a public marketing program will be launched to boost liquidity. It is unclear whether the issue is a lack of demand or difficulty enlisting new customers. It’s worth noting that the tokenized bankruptcy claim feature is not yet live.

In response to the news, FLEX, which is OPNX’s native token, went down 29% over the past 24 hours to $1.98, losing all the gains it made during a rally earlier this week.


Summary of Market Events and Price Action

As a summary of today’s events and price action in the market, it is crucial to note the following key points:

Top Altcoin Gainers and Losers


Klaytn KLAY (+11.96%)

Trust Wallet Token TWT (+7.81%)

GMX GMX (+7.13%)


Kaspa KAS (-13.12%)

Solar SXP (-8.13%)

Unus Sed Leo LEO (-2.15%)  

NFT Market Map

The NFT market looks inactive today. Gemesis, which was born to mark the launch of NFT marketplace aggregator OpenSea Pro, ranked no.1 in trading volume. Traders who used before before March 31, 2023 are eligible to claim the NFTs as a thank you from OpenSea.

CryptoPunks (0.00%), Otherdeed (-6.29%) and Milady Maker (-8.08%) saw minor losses in trading volume, while others in the top 10 recorded a loss of up to -91.04%, such as Wrapped Cryptopunks.


cryptocurrency widget, price, heatmap
v 5.6.19
© 2017 - 2024 All Rights Reserved.