Market update

Cointree Crypto Market Update - April 3rd 2024

Market report for traders

🔮 BTC and altcoins

Over the last 7 days, Bitcoin ends at AU$101,006, dropping -9% at the time of writing. Meanwhile, Ethereum ends at AU$5,065 moving -11.07% week-on-week. Altcoins are seeing a sudden drop too, Solana -6.61%, Cardano -15.21%, and Dogecoin -0.91%..

🗞 What’s happening in the news?

ETFs Take Center Stage: A Triple Triumph

In an unprecedented surge of activity, Spot Bitcoin ETFs have witnessed a nearly threefold increase in monthly trading volume, soaring to an astonishing $111 billion in March. This remarkable uptick from February's $42 billion underscores the growing investor interest in these innovative financial instruments since their debut on January 11. Leading the charge in the ETF arena are industry giants Grayscale, BlackRock, and Fidelity, dominating the market with their spot Bitcoin ETF offerings. Notably, Grayscale's GBTC fund experienced over $15 billion in total outflows, indicating a shifting landscape in cryptocurrency investments.

A Legal Odyssey: Sam Bankman-Fried’s Reflections

Following a dramatic legal battle, former FTX CEO Sam Bankman-Fried has been sentenced to 25 years in federal prison. From his current confines, Bankman-Fried shared his thoughts, stating, “I never thought that what I was doing was illegal. I’m haunted, every day, by what was lost. I never intended to hurt anyone or take anyone’s money.” This candid admission comes amid his reflections on the consequences of his actions, offering a glimpse into the personal turmoil following his company's downfall. With no parole in the federal system, his sentence marks a significant moment in cryptocurrency regulation and legal accountability.

Ethereum’s Evolution: The Purge Awaits

Ethereum co-founder Vitalik Buterin has unveiled the next steps for the Ethereum network, aptly named the Purge. This crucial phase aims to streamline the network by eliminating outdated and redundant data, significantly reducing the historical data storage and hard disk requirements for node operators. By embracing protocol simplification and shedding technical debt, Ethereum is poised for a more efficient and scalable future. The introduction of history expiration through EIP-4444 and the reduction of node data bandwidth to 50 gigabytes highlight the network’s commitment to innovation and sustainability.

📖 What we’ve been reading

Second phase of crypto bull market about to start, says on-chain analyst

The crypto market is transitioning from the “enthusiastic bull” phase to the “euphoric bull” phase, claims on-chain analyst James Check in a latest Cointelegraph interview.

Read more

Silk Road Bitcoin Worth $2B Moved by U.S. Government: On-Chain Data

The last confirmed government sale was just more than a year ago.

Read more

Bitcoin Becomes More Volatile Than Ether as Halving Approaches

Bitcoin's annualized 30-day historical or realized volatility rose to nearly 60% late last week, surpassing ether's 30-day realized volatility by nearly 10 percentage points.

Read more

12 Future Bitcoin Scenarios: From Bullish to Bearish

Predictions from Anthony Pompliano, Des Dickerson, Cory Klippsten, Isaiah Jackson, David Johnston, Wendy O, Cas Piancey, and others.

Read more

Disclaimer: The information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.

Ready to invest?

Get $10 worth of BTC free, when you make your first trade. T&Cs apply.