Monday, 10 April 2023

Market Summary

Market Summary 10 April 2023

Bitcoin Price: US$ 28,323.76 (+1.38%)
Ethereum Price: US$ 1,858.92 (+0.55%)  


In March, the US added 236,000 jobs, slightly below economist forecasts, but still demonstrating the strength of the jobs market. The unemployment rate also decreased to 3.5%, beating expectations. Meanwhile, Dogecoin’s price dropped after Twitter removed its blue bird logo and replaced it with the cryptocurrency’s mascot, leading to a 7.3% decrease to around 8.6 cents. On the other hand, Ethereum’s upcoming Shanghai hard fork, set for April 12, is expected to be bullish for Ether in the long term, with the potential for a further increase in the ETH/BTC pair’s value.

Bitcoin remains in a narrow trading range near $28,000 on Bitstamp, with increasing order book liquidity providing little room for price maneuvering. While there are calls for both $25,000 and $30,000 as near-term targets, the cryptocurrency market appears to be waiting for fresh catalysts. Meanwhile, Hut 8 Mining CEO Jaime Leverton believes that Bitcoin’s energy consumption is a notable feature of its proof-of-work process, emphasizing the transparency of the Bitcoin network’s hash rate as an advantage over the traditional financial system. Additionally, Craig Wright, the self-proclaimed creator of Bitcoin, hinted that Apple might be violating copyright laws by storing the Bitcoin white paper on its computers.

Next week’s Ethereum Shanghai upgrade will allow users to unstake their ETH from the network, but it could take weeks to complete, according to an analyst at crypto data platform Nansen. The withdrawal queue may cause users to wait several weeks to withdraw their assets and accumulated rewards due to the length of the queue. In other news, OpenSea Pro has seen a surge in transaction volumes and active addresses since its launch, surpassing rival NFT aggregator Blur. The rebranded platform has seen daily volume surpass $3 million, with active addresses hovering around 3,000. However, Blur still dominates daily volume among NFT aggregators, having overtaken OpenSea Pro on April 7.

Decentralized derivatives exchange dYdX announced that it will stop supporting Canadian customers due to the country’s restrictive regulatory environment. New Canadian users won’t be able to join the exchange as of now, and trading support for existing users will end next week. The move is in line with Canada’s more cautious approach towards exchanges, which has been accelerated after the FTX collapse, and updated regulatory guidance is expected in the future. dYdX said it hopes that the situation will change, allowing it to resume services in the country. In other news, Paxos’s application for a national banking charter has expired, but the company may attempt to reapply, according to a spokesperson.




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