Bitcoin: The Absolut Dominance
Bitcoin dominance is currently 46.80 % of total market capitalization.
Bitcoin, Ether See Bull Breather as Higher Bond Yields Support Dollar
Major cryptocurrencies experienced moderate losses on Monday as the dollar index tracked Treasury yields higher, signaling the market's growing comfort with the Federal Reserve's liquidity tightening cycle. Bitcoin fell below $30,000, registering a 1.7% drop on a 24-hour basis, while Ethereum's native token Ether fell by nearly 1.8% to $2,084. The DeFi dominance index held steady at around 4.3%, according to data from TradingView. The dollar index rose to 101.80, and the yield on the 10-year note rose to its highest level in a month at 3.54%. The Fed is expected to raise rates by 25 basis points to the new range of 5% to 5.25%, which could inject volatility into risk assets, including cryptocurrencies. Tech billionaire Elon Musk also revealed that US government agencies have full access to Twitter user activity, including direct messaging.
Staked Ethereum Declines 3.8% As Withdrawals Cross 1M
More than 1 million ETH has been withdrawn from the Ethereum (ETH) blockchain following the recent Shapella upgrade, according to beaconcha.in data. Lido DAO accounted for the majority of withdrawals, while centralized exchanges like Kraken, Coinbase, Binance, and Gemini dominate the platforms awaiting withdrawals. Recent regulatory troubles in the United States have forced these platforms to withdraw their assets to remain in compliance with the Securities and Exchange Commission. Despite investors depositing 380,420 ETH, the staked ETH balance has declined by 3.8% since the upgrade, with a net decline of 657,570 ETH ($1.36 billion) in staked ETH as of press time. Ethereum has increased by more than 12% over the past week and pulled the broader market into a green run.
Ether’s Strong Price Action May Continue Until the End of the Month: Coinbase
According to a research report by Coinbase, the successful upgrade of the Ethereum blockchain during the Shanghai Fork, also known as Shappela, supported better than expected price action for ether (ETH). The upgrade allows validators to withdraw staked ether and rewards that have been locked up, which has limited ether supply due to the majority of addresses receiving partial withdrawals not spending their rewards and a healthy number of new entrants in the validator entry queue. Furthermore, ether's relative underperformance versus bitcoin year-to-date has left room for catch-up post the upgrade, leading to some rotation from bitcoin into ether. The macro environment also remains conducive to risk-taking, which may support ether's price through the end of April.
Ethereum's Bullish Run Pauses as US Federal Reserve Hints at May Rate Hike
The recent bullish run of Ethereum has hit a pause, with prices dropping to lows of $2,080 on Monday. This is attributed in part to statements by US Federal Reserve officials regarding another rate hike in the upcoming May policy rate meeting. The withdrawal of Ethereum staking contracts have consistently exceeded deposits, potentially adding sell pressure to the asset. The successful Shanghai upgrade, which enabled withdrawals of staked ETH from the proof-of-staking chain, had propelled Ethereum to new yearly highs above $2,129. However, statements from Fed officials that hinted at another rate hike in May strengthened the dollar, which can have a negative impact on more risky assets such as cryptocurrencies and stocks. Another rate hike may make the dollar a more attractive investment, potentially diminishing the appeal of top cryptocurrencies like Ethereum to investors seeking stable yields. It remains to be seen whether Ethereum can regain its bullish momentum in the face of possible market headwinds.
Over 1M Ether Withdrawn After Shapella Fails to Dent Risk Appetite
Ether (ETH) withdrawals surpassed 1 million tokens on Sunday night, despite concerns that the recently-implemented Shappella upgrade would have a bearish effect on the Ethereum native token. Shappella, which allows investors to withdraw their staked ether on the Ethereum blockchain, was thought by some to be a "sell the news" event that could negatively impact ether prices. However, selling has remained low so far, with users restaking the ether or sending it to exchanges. Some wallets withdrew and restaked over 34,000 ether, valued at over $72 million, while others withdrew over 50,000 ether and deposited over 5,000 ether on a crypto exchange's Ethereum staking tool. Ether remains above $2,000 during Asian trading hours on Monday.
ARK Invest CEO Foresees Booming Adoption for Bitcoin and Ethereum as Safe Havens
Catherine Wood, Founder, CIO, and CEO at ARK Investment Management, LLC (aka “ARK” or “ARK Invest”), predicts a seismic shift in the financial landscape as Bitcoin and Ethereum emerge as the new safe havens.
Polygon (MATIC) Future In Jeopardy Post-Ethereum Transition, RenQ Finance (RENQ) Being Seen As A Replacement By Experts
Polygon (MATIC), a Layer-2 scaling solution for Ethereum, has been a popular choice for developers due to its fast and cheap transactions. However, its future may be in jeopardy as Ethereum transitions to a proof-of-stake (PoS) consensus mechanism, which is expected to significantly reduce gas fees and increase transaction speeds. This has led experts to consider RenQ Finance (RENQ) as a potential replacement for Polygon. RenQ Finance is a decentralized finance (DeFi) platform built on the Ethereum blockchain. What sets RenQ Finance apart from other DeFi projects is its modular and composable architecture, which makes it easier to integrate with other DeFi projects.
Top 5 GameFi Projects To Watch Out For
There are a lot of great things in store for the future of video gaming, and one company that is at the forefront of this revolutionary change is GameFi. Based out of Los Angeles, GameFi is a startup that is focused on developing new technology that will shape the future of gaming. Here are five GameFi projects that are worth keeping an eye on:
Pundit Predicts Bitcoin's Next Price Move as Accumulation Continues
Bitcoin (BTC) continued to trade in a narrow range over the weekend, around $30,000, after a week of volatility. Ethereum (ETH), on the other hand, has been relatively quiet and has remained around $2,100 after gaining over 13% in the past seven days, partly thanks to the recently concluded Shanghai upgrade.
