Weekly recap: crypto prospects amid the US inflation peak

Crypto market in numbers

The crypto market cap experienced a downtrend since 05th April 2022. Amid the news that inflation in the USA hit a fresh 40-year record in March 2022, the indicator failed to remain above the $2 trillion mark. Over the week, the crypto market cap decreased by more than 4% to $1.9 trillion, according to CoinMarketCap. Nevertheless, on 14th March 2022, some stabilisation was observed.

Trading activity slowed down once again after three consecutive weeks of trading volume growth. If a week earlier, the maximum weekly trading volumes since the beginning of the year were observed, then between 07th and 13th April, they decreased by 28% to $577 billion. The largest jump in daily volumes for the week was recorded on Monday, 11th April 2022 – $100.7 billion.

The Cryptocurrency Fear & Greed Index returned to the “Fear” zone. On 12th April, the indicator fell into the “Extreme Fear” zone – up to 20 points. Such low levels have not been observed since mid-March. During the following days, a slight improvement in market sentiment was noticeable – up to 28 points. The median value of the index for the week is 29 points.

Bitcoin volatility has dropped significantly over the past two weeks. The 30-day volatility index has remained below 3% for the past week. Over the month, it decreased from 4.57% to 2.53%. Such low volatility levels have not been observed since mid-January.

Gainers of the week (8th – 14th April 2022)

Losers of the week (8th – 14th April 2022)

Easily track gainers and losers within the Simple trade section on EXMO. Check real-time updates in the last 24 hours, week and month.

Segmentation of cryptocurrencies based on trading results
(8th – 14th Arpil 2022)

Most traded coins (7th – 13th April 2022)

Top crypto market driving factors

Overall crypto market

▲ 07.04.2022 – Honduras Special Economic Zone Próspera adopts bitcoin and other cryptocurrencies as legal tender.

▼ 11.04.2022 – CoinShares: between 04th and 08th April 2022, digital asset investment products saw outflows totaling $134 million, marking the second-largest weekly outflow this year. Price appreciation probably prompted investors to take profits.

▲ 11.04.2022 – CoinShares: most altcoins remained resilient to outflows over the past week. Multi-asset investment product flows were in stark contrast to Bitcoin and Ethereum with inflows totaling $5 million. Since the beginning of the year, this type of investment product recorded inflows of $133 million.

▼ 12.04.2022 – Inflation hit a fresh 40-year record in March as U.S. consumer prices rose 8.5% from a year ago.

▲ 12.04.2022 – USDC stablecoin issuer, Circle, raises $400 million in a new funding round. The funds will be used to study the impact of USDC on traditional markets and the global economy. The funds will be used to explore capital market applications for USDC. The funding round is headlined by the BlackRock investment company.

▲ 12.04.2022 – Pantera Capital plans to close the Pantera Blockchain Fund, its first blockchain fund, in the next three to four weeks with about $1.3 billion in committed capital.

▲ 13.04.2022 – Federal Reserve Governor Christopher Waller: Inflation may now have passed the peak and is likely to start declining.

▼ 13.04.2022 – Federal Reserve Governor Christopher Waller: Inflation remains very high and the central bank should raise interest rates by more than usual to bring consumer price growth under control.

▲ 13.04.2022 – BlackRock CEO Larry Fink: the company will become the primary asset manager of USDC cash reserves and explore capital market applications for its stablecoin.

▲ 13.04.2022 – Apple is hiring senior counsel with legal experience in blockchain and digital assets to work with the Apple Pay and Wallet team.

Bitcoin (BTC)

▲ 08.04.2022 – Elon Musk’s Tesla, Jack Dorsey’s Block and Adam Back’s Blockstream team up to mine bitcoin off solar power in Texas.

▲ 08.04.2022 – ForkLog: Bitcoin mining revenues climb back up to $1.21 billion in March 2022, for the first time in five months.

▲ 08.04.2022 – eCommerce platform, Shopify, is partnering with payments network, Strike, to enable its merchants to accept Bitcoin payments.

▼ 11.04.2022 – CoinShares: between 04th and 08th April, Bitcoin bore the brunt of the outflows, which totaled $132 million.

▼ 11.04.2022 – Glassnode: the bitcoin market has returned to a correction after a short-term exit from a multi-month consolidation zone. The price has yet to find sustained upward momentum, with on-chain activity and spending dynamics suggesting that investors are taking profits and there is no convincing influx of new users.

Ethereum (ETH)

▼ 11.04.2022 – CoinShares: between 04th and 08th April 2022, Ethereum saw outflows totaling US$15 million.

▲ 11.04.2022 – Ethereum’s first mainnet shadow fork has gone live as the move to PoS continues.

▼ 13.04.2022 – Ethereum developer Tim Beiko: the Ethereum 2.0 upgrade will be implemented a few months after June 2022.

Solana (SOL)

▲ 07.04.2022 – The largest non-fungible token (NFT) trading platform, OpenSea, has begun testing support for the Solana blockchain.

▲ 11.04.2022 – CoinShares: between 04th and 08th April 2022, Solana saw inflows totaling
$3.7 million.

XRP (XRP)

▼ 11.04.2022 – CoinShares: between 04th and 08th April 2022, XRP saw outflows totaling $0.6 million.

▲ 13.04.2022 – Lawyers for the crypto company, Ripple, believe that the judge’s words about the US SEC contradicting its own statements is a big step towards victory.

Cardano (ADA)

▲ 11.04.2022 – CoinShares: between 04th and 08th April 2022, Cardano saw inflows totaling $1 million.

▲ 13.04.2022 – The co-founder and head of IO Global, formerly known as IOHK: the Vasil hard fork planned for the summer on the Cardano will significantly increase the performance of the blockchain.

Dogecoin (DOGE)

▼ 07.04.2022 – Dogecoin was spotted at Tesla’s Giga Texas grand opening party.

▲ 08.04.2022 – Elon Musk has pitched his favourite cryptocurrency, the Dogecoin, as a payment option for users seeking to avail Twitter Blue services.

▼ 11.04.2022 – Tesla CEO Elon Musk will no longer be joining Twitter’s board.

▲ 11.04.2022 – Dogecoin Foundation: Dogecoin transactions could soon be done offline via Starlink’s technology.

Polkadot (DOT)

▲ 13.04.2022 – Tether has launched its USDT stablecoin on the Polkadot Kusama network.

NEAR (NEAR)

▲ 08.04.2022 – Digital Currency Group CEO, Barry Silbert: NEAR has become the company’s third-largest crypto holding in terms of position size.

▲ 08.04.2022 – NEAR Protocol is reportedly planning to launch its own stablecoin called USN.

Cosmos (ATOM)

▲ 12.04.2022 – Ignite (formerly known as Tendermint – a core development team within the Cosmos ecosystem ) launches a $150 million accelerator for Web 3 startups.

Uniswap (UNI)

▲ 11.04.2022 – Uniswap Labs launches Venture arm to invest in Web3. Prior to this, Uniswap Labs has invested in 11 projects, including MakerDAO, Aave, Compound Protocol and others.

▼ 13.04.2022 – A Uniswap user has filed a new class-action lawsuit against Uniswap Labs, which alleges that the company and its investors are culpable for her losses due to a failure to comply with securities laws.

Waves (WAVES)

▼ 11.04.2022 – IntoTheBlock: the team behind the USDN stablecoin has been allegedly propping up the price of WAVES by borrowing in the Vires protocol and lifting the USDN market cap.

▲ 12.04.2022 – Waves celebrated its 6th birthday.

Chiliz (CHZ)

▲ 13.04.2022 – Chiliz’s Socios, a crypto fan token platform, has signed multi-year marketing partnership deals with 13 new NFL teams.

Toncoin (TON)

▲ 11.04.2022 – TON Foundation is in talks with the governments of Cameroon, the Democratic Republic of Congo (DRC) and the Republic of Congo to launch stablecoins.
▲ 11.04.2022 – TONCoin has launched a $250-million ecosystem fund for the Open Network.

EXMO news

EXMO entered the top 20 crypto exchanges in the world. In April 2022, EXMO ranked among the top 20 best crypto exchanges, according to the Cryptocompare website.

EXM quarterly burn: completed.The quarterly burn of EXMO Coin – one of the most profitable and fastest-growing exchange tokens – took place on 01st April 2022.

EXMO to delist HP (HeartBout Pay), HB (HeartBout) and ZAG (ZigZag). Token withdrawals will be available until 11th May 2022.

That’s all for this week! Follow EXMO on YouTube, Twitter and Telegram to stay tuned to the main events and trends in the crypto market.