Massive BTC Price Roller Coaster and Australia’s First Bitcoin ETF: This Week’s Crypto Recap

This week, the cryptocurrency market saw some serious turbulence as prices for the largest coins by total capitalization took a roller coaster ride. The turbulent market dynamics ultimately resulted in a slight gain of about $15 billion added to the cap.

At the forefront of the market, of course, was Bitcoin. The price was around $40,000 this time last week and stayed there for a few days. On April 18, we saw BTC plunge to a monthly low below $39,000, but the bulls quickly recovered. A day later – on Tuesday – the price had crossed $41,000. On Thursday, BTC surged towards $43,000 which was a 10-day high but failed to close above it and collapsed.

At the time of writing, Bitcoin is trading more or less the same price as it was last week – $40,000.

The rest of the market followed suit, and the weekly price change shows that most altcoins are seeing insignificant gains or losses. ETH is down 1.7%, while SOL is up 0.6%. Of course there are certain exceptions. LUNA is up 17% over the past week and is once again targeting the coveted $100. Memecoins are the week’s biggest losers in the face of DOGE and SHIB, down 5.2% and 6%, respectively.

Meanwhile, Australia became the next country to launch a Bitcoin ETF. A collaboration between 21Shares and ETF Securities has resulted in two products that would offer investors direct, regulated exposure to Bitcoin and Ethereum. the exchange-traded funds are called ETFS 21Shares Bitcoin ETF (EBTC) and ETFS 21Shares Ethereum ETF (EETH) and are scheduled to start trading on April 27.

The launch of the Moonbirds NFT collection also took place last Saturday, April 16th. It turned out to be one of the most anticipated drops as it drew massive attention and generated over $300 million in volume in six short days.

market data

Market Cap: $1,951 billion | 24-hour band: $122 billion | BTC dominance: 38.9%

Bitcoin: $40,400 (-0.1%) | ETH: $2,973 (-1.7%) | ADA: $0.90 (-3.2%)

Crypto is probably the most mature investment asset, says Mastercard Exec. The Global Head of Crypto and Blockchain at the world’s leading payment processor Mastercard – Raj Dhamodharan – said that cryptocurrencies are “probably the most mature” investment vehicle. Needless to say, he sees no threat in that either.

EOS introduces EVM support to revitalize the platform. EOS – widely known for holding the largest ICO ever – has now introduced EVM compatibility. This is to support developers who have not been adequately supported under the previous project leadership, and with the goal of setting the record for the future.

DeFi giant Uniswap gains 50% market share at Polygon. Uniswap – the leading decentralized exchange and automated market maker – has managed to occupy a nearly 50% market share on Polygon. This comes three short months after the protocol was first deployed on the ETH Layer Two scaling solution network.

The US sanctions its first cryptocurrency mining company – and it’s from Russia. BitRiver – a cryptocurrency mining company – is the first company to be sanctioned by OFAC along with its subsidiaries and a Russian bank. The mining company is based in Moscow and has been banned from doing business with US citizens.

Russia May Mine Bitcoin and Other Cryptocurrencies to Circumvent Sanctions, IMF Warns The International Monetary Fund (IMF) believes the Western sanctions imposed on Russia are for a good cause and warns that Russia could mine Bitcoin to overcome their impact.

21Shares and ETF Securities to Launch Bitcoin and Ethereum Spot ETFs in Australia. A collaboration between 21Shares and ETF Securities – Australia will see its first cryptocurrency exchange-traded funds, giving investors direct access to Bitcoin and Ethereum. The funds in question are called ETFS Shares Bitcoin ETF (EBTC) and ETFS 21Shares Ethereum ETF (EETH).

charts

This week we have chart analysis of Ethereum, Ripple, Cardano, Luna and Polygon (MATIC) – click here for full price analysis.

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