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Bitcoin's Roller Coaster at $30,000, Millions in Liquidations, Turmoil in the First Republic: This Week's Roundup
What a week it has been. The cryptocurrency market experienced a massive rollercoaster ride, with the market capitalization fluctuating enormously. In the end it was reasonably good, but what a ride. Let's unpack. First things first: Bitcoin's price was trading quietly around $27,500 at the start of the week, but all that changed on April 26 when it rose to $28,500. After I had spent a few hours there, things started to look up again. BTC touched $30,000, leaving the entire community in disbelief. The bears were destroyed, and talk of "We're so back" exploded into...
Bitcoin's Roller Coaster at $30,000, Millions in Liquidations, Turmoil in the First Republic: This Week's Roundup
What a week it has been. The cryptocurrency market experienced a massive rollercoaster ride, with the market capitalization fluctuating enormously. In the end it was reasonably good, but what a ride. Let's unpack.
First things first: Bitcoin's price was trading quietly around $27,500 at the start of the week, but all that changed on April 26 when it rose to $28,500. After I had spent a few hours there, things started to look up again. BTC touched $30,000, leaving the entire community in disbelief.
The bears were destroyed, and talk of “we’re so back” skyrocketed. Unfortunately, everything was short-lived. On the evening of April 26th - the same day the price was pumped - it lost almost $3,000 of its value in an hour. This also caused the entire market to collapse.
Ultimately, this resulted in hundreds of millions worth of liquidated long and short positions. However, this decline was also bought up and the price is now trading above $29,000 again.
Otherwise, the U.S. financial system continues to struggle in certain aspects. This time the tension manifested itself within First Republic Bank. Its problems began earlier in the year and eventually culminated in other major banks injecting a whopping $30 billion.
In any case, it remains particularly interesting to see how the market develops and whether this turbulence will continue or not.
Market data
Market cap: $1,248 billion | 24-hour band: $53 billion | BTC Dominance: 45.3%
BTC: $29,199 (+3.4%) | ETH: $1,888 (-2.8%) | BNB: $322 (+1.4%)
This week's crypto headlines you can't miss
Robinhood now allows users to buy crypto directly from their personal wallet (Consensus 2023 LIVE).Robinhood's general manager in charge of cryptocurrencies suggested that the company partially benefited from FTX's collapse, allowing users to buy crypto directly from their personal wallets.
Phantom launches multichain app, will support Ethereum and Polygon.The popular Solana-based wallet – Phantom – has launched a multichain app and is also supported on Ethereum and Polygon.
FTX Sells LedgerX Exchange for $50 Million Amid Bankruptcy ReorganizationFTX will sell the LedgerX exchange for $50 million. This comes amid attempts at recovery during the bankruptcy process.
Arbitrum airdrops $120M worth of ARB tokens to 125 DAOs.Ethereum's well-known Layer 2 scaling solution Arbitrum has airdropped its native cryptocurrency worth $120 million to 125 decentralized autonomous organizations.
Uniswap Surpasses $1.5 Trillion Trading Volume: Data.The largest decentralized exchange – Uniswap – has managed to exceed $1.5 trillion in trading volume. This is happening against the background of increased interest in decentralized solutions.
Large banks are helping to stabilize the First Republic with a financial injection of $30 billionThe turmoil in the US banking system continues. Major banks invested $30 billion in cash to stabilize First Republic Bank.