BTC, ETH post weekly gains on inflation, and Shapella upgrade
Crypto market rallies with Bitcoin surpassing US$30k and Ethereum's Shapella upgrade unlocking US$34bn in staked ETH.
The crypto market experienced significant gains last week, with Bitcoin (BTC) and Ethereum (ETH) leading the rally. Bitcoin surpassed the US$30k mark for the first time in nine months, fueled by lower U.S. inflation numbers. Ethereum's Shapella upgrade unlocked U$34bn in staked ETH, propelling its price to an 11-month high. The industry witnessed several noteworthy developments, including FTX's potential comeback, and Twitter's crypto trading plans.
Market Performance:
Bitcoin and Ethereum posted substantial gains last week, with BTC surging ~8% to reach US$30.2k and ETH rising ~10% to hit US$2.1k. Other cryptocurrencies, such as Solana (SOL), and Cardano (ADA) also experienced rallies. Lower-than-anticipated U.S. inflation may have contributed to these gains, as it could prompt the Fed to reconsider its policy of raising interest rates
Ethereum's Shapella upgrade:
Ethereum implemented the Shapella upgrade, which jointly refers to two upgrades, Shanghai and Capella, on April 12, unlocking a significant amount of staked ETH and boosting its price above US$2,000. We expect this upgrade to improve the network's functionality and scalability, potentially attracting more users and developers.
FTX's Potential Comeback:
Bankrupt crypto exchange FTX is considering a comeback after recovering US$7.3 bn in liquid assets. The potential restart of operations in April 2024 led to a +100% surge in the FTX token (FTT) price. The successful relaunch of FTX could boost investor confidence in the crypto exchange industry.
Twitter's Crypto Trading Plans:
Twitter is planning to launch a feature enabling users to trade cryptocurrencies and stocks through a partnership with fintech firm eToro. This development aligns with the growing trend of integrating financial services into social media platforms and could further increase mainstream adoption of cryptocurrencies.
Mastercard's NFT-gated Artist Accelerator Program:
Mastercard announced its Mastercard Music Pass program in collaboration with Polygon, offering NFT-based access to its artist accelerator. This initiative highlights the increasing convergence of the music and cryptocurrency industries and the growing interest in NFTs among corporate entiti
The crypto market experienced a positive week, with BTC and ETH posting substantial gains amid key industry developments. Ethereum's Shanghai upgrade and Twitter's crypto trading plans could have far-reaching implications for the industry. However, regulatory uncertainties and debates around decentralization continue to pose challenges. Investors should closely monitor these developments to assess their potential impact on cryptocurrency valuations and market dynamics, in our view.
About digitra.com
We are a global cryptoassets exchange. We became the first business worldwide to use NASDAQ’s technology to offer cryptocurrencies trading. We are also the first exchange not charging trading fees, keeping our clients assets with Fireblocks, the main institutional cryptoassets storage company in the world, and also having insurance for those assets.
Therefore, we built a governance level in the crypto market only compared with that of traditional financial institutions.
