Coin360 Daily Dispatch (Apr 11, 2023): Crypto Market Updates & Higlights
Apr 11 2023
Crypto Market Update: Fiat Currencies Loses Value Compared To Bitcoin While China’s Top Video-Sharing App Shows Btc Price In Search Results
Written by Van - Perfected by ChatGPT
Fiat currencies such as USD, EUR, GBP, CNY and RUB have been losing value compared to Bitcoin, with drops ranging from 30.44% to 38.46% in the last month. Crypto community spotted it while Douyin, the most downloaded short video-sharing platform in China with 700 million daily active users, has been showing the price of Bitcoin in search results. Given that social media within China is tightly controlled, it is possible that this is another signal that Beijing is warming up to crypto and loosening its control over the digital asset ecosystem.
Source: pricedinbitcoin21
Bitcoin Surpasses $30,000, Reaches Highest Dominance Level Since May 2021
After soaring to \(30,000 to mark its highest level since June 2022, [Bitcoin](https://coin360.com/coin/bitcoin-btc) is currently outperforming ETH as its dominance reaching 45%, the highest level recorded since May of 2021. Bitcoin surpassed the \)30,000 mark as on-chain data reveals large outflows from exchanges by BTC whales. The negative impact on the exchange flow balance suggests holders are withdrawing the cryptocurrency to accumulate.
On the other hand, the buying pressure from the whales may be driving the price higher, but there hasn’t been any significant spikes in the daily amount of unique addresses taking part in transaction activity on the Bitcoin blockchain. The sustained price move fueled by the trading volume may not continue if active participation from the average investor remains low.
Source: Santiment
Crypto analyst Willy Woo suggests that Bitcoin’s cost-basis analysis signals that the re-accumulation phase has started, hinting at a big move for BTC. Short-term holders have a lower cost basis than long-term holders, implying that Bitcoin has likely hit a bottom and is ready for a new phase. Woo also notes that April will be an interesting month to watch for BTC as sellers are scarce till $40,000 and volatility is expected to ramp up. Bitcoin’s price stability forming a peak could lead to a big move usually happening within a week, according to Woo.
Source: Willy Woo/Twitter
Ethereum Burning \(5.5 Billion Annually and Shapella Upgrade to Unlock \)31 Billion Worth of Staked ETH This Wednesday
Ultrasound.money data has revealed that Ethereum is burning ETH at a rate of \(5.5 billion per year before the Shapella upgrade, which is set to occur on Wednesday to enable users to access the \)31 billion worth of ETH staked in the blockchain since December 2020. However, the upgrade is not expected to drastically affect the price of ETH, according to Brian Mosoff, CEO of Ether Capital. Instead, he believes that more ETH may be locked into staking a few months after the upgrade, attracting new group of investors looking to earn yield on the staked ETH.
IOG Launches Cardano Network’s First Native Wallet “Lace” For Easy Access To Decentralized Applications
Blockchain-focused development lab IOG has launched its first native wallet called Lace for the Cardano network. Similar to MetaMask, Lace is a browser-based wallet that enables users to access the Cardano network and use Cardano-based decentralized applications. It allows users to send and receive Cardano digital assets like ADA, non-fungible tokens, and Cardano-native tokens.
Lace also features a new “bundle transaction” feature, enabling users to send multiple assets to different addresses in one transaction with one transaction fee. Developers plan to add fiat-to-crypto on-ramps, a dapp store, in-wallet swaps, and staking enhancements in future releases. The price of ADA rose by 4.33% over the past 24 hours.
Altcoins On The Move: SOL, LDO, ARB, DYDX, GMX Investors Being Active
Solana (SOL) has experienced a price surge, increasing over 10.1% in the past day and reaching a monthly peak of \(22.50. This has led to nearly \)2.7 million in liquidated positions, with over 92% of that figure being short positions.
According to recent research by Thor Hartvigsen, some prominent crypto whales have been active over the past month. Arthur Hayes, former CEO of BitMEX, and venture capital firm Dragonfly Capital, have been selling some of their cryptocurrency assets. Hayes sold his entire 758,000 Lido (LDO) bag worth $1.9 million, Dragonfly Capital reportedly sold almost half of its 12 million LDO tokens, and Wintermute bought 2.5 million LDO for market-making purposes.
Meanwhile, Andrew Kang has been investing in Arbitrum’s ARB token. According to on-chain activity, Kang bought 800,000 ARB on April 4 at a price of \(1.25 and 1.5 million [ARB](https://coin360.com/coin/arbitrum-arb) on April 5 at \)1.23.
Arca, a venture fund, invested over \(4 million in [DYDX](https://coin360.com/coin/dydx-dydx) and also purchased \)350,000 worth of GNS tokens from Gains Network. However, Arca decided to sell \(3.5 million worth of GMX tokens, which they had bought earlier this year, to take profit. Despite selling GMX, Arca still holds \)1.6 million in GMX, along with their largest holdings in USDT and DYDX.
Aptos Token Unlock Set to Increase Circulating Supply by 0.5%
On Wednesday, a planned token unlock of millions of Aptos (APT) tokens is set to increase circulating supply by 0.5%. The APT unlock is valued at over $50 million based on current prices, and some 84% of total APT tokens are still locked. APT rose by 8.92% in the past 24 hours, outperforming bitcoin and the broader market.
Conflux’s CFX Token Gains Momentum with Binance Support and Partnership Growth
Conflux, a blockchain platform that is compliant with regulations in China and have formed partnerships including with China Telecom, dForce, and Samurai, indicating growth, saw its CFX price increase by 8.98% following a major update. Binance, the world’s largest cryptocurrency exchange, announced support for Conflux’s mainnet integration, allowing for deposits and withdrawals of CFX tokens through various channels.
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:
- BTC crosses $30,000 for the first time since June 2022
- ETH sits above $1,900 as Shapella upgrade is coming so close
- ADA becomes the second-best performer among the top 10 cryptos
- SOL turns out to be the biggest winner in the top 10
- LDO, ARB, DYDX, GMX see big whale movements
- APT increases by nearly 9% ahead of the token unlock
- CFX records a 9% surge thanks to Binance’s support
- Level Finance, dYdX, and GMX – Decentralized Perpetual Exchanges Set to Drive the Next Crypto Bull Run with DeFi
Top Altcoin Gainers and Losers
Gainers:
Render Token RNDR (+21.60%)
Solana SOL (+15.13%)
Stacks STX (+13.08%)
Losers:
Radix XRD (-3.15%)
eCash XEC (-2.54%)
Kaspa KAS (-1.38%)
NFT Market Map
Wrapped Cryptopunks (+744.57%) are being traded actively on Blur, data from NFTGo shows. Interestingly, the number of sellers, buyers, and sales all aee a drop in the past 24 hours. The only metric that records an increase is Transfers, which grew by over 91% in the same period.
MetaZellys ETH, with its 12,596.96% surge, still flipped blue-chip NFT collections to be the second biggest project by daily volume. Milady Maker made its way to the top 5 as the project posted a 387.66% increase in 24h trading volume.
