Weekly Analysis of Cryptocurrency: Web3, Blockchains, DeFi, NFTs, and Beyond!
Looking for the latest updates in the crypto world? Look no further! In this comprehensive analysis report, we’ll dive into the most recent happenings, uncover market trends, and provide you with valuable insights. Get ready to stay ahead of the game and discover the latest developments in the crypto space. So, what are you waiting for? Let’s jump right in!
1. Breaking News This Week
Paypal Expands International Transfers with PYUSD to USD Conversions
Paypal has recently made a significant expansion by allowing users in the United States to engage in international money transfers using the PYUSD stablecoin. This move opens up a wider range of global payment options for US users and makes transactions with friends and family abroad much smoother through currency conversion.
Pyth Network Enhances Market Data with New Price Feeds for W and USDB
Pyth Network, a leading price feed oracle and market data provider, has introduced fresh price feeds for two blockchain tokens: W and USDB. These newly integrated feeds are now accessible across approximately 50 blockchains that have integrated Pyth, improving the availability and accuracy of market data for users.
Paradigm Aims to Raise $750-$850 Million for New Crypto Fund
Paradigm, a prominent crypto venture capital firm co-founded by Fred Ehrsam and Matt Huang, is reportedly in talks with investors to raise between $750 million and $850 million for a new crypto fund. This initiative aims to capitalize on the growing institutional interest in the crypto space following a slowdown in VC investing.
Binance to Shut Down Bitcoin NFT Marketplace
Binance, one of the leading cryptocurrency exchanges, has announced its decision to close its Bitcoin NFT marketplace, putting an end to support for traders and deposits starting April 18. Users are required to withdraw their NFTs by May 18, signifying the end of Binance’s brief venture into the world of Bitcoin collectibles.
Ripple Plans to Launch 1:1 USD-Pegged Stablecoin
Ripple, a prominent provider of enterprise blockchain and crypto solutions, has unveiled plans to introduce a stablecoin pegged 1:1 to the US dollar (USD). Backed by a reserve of US dollar deposits, short-term US government treasuries, and other cash equivalents, this stablecoin aims to provide stability and reliability in transactions.
Coinbase Partners with Lightspark for Lightning Network Implementation
Coinbase, the largest crypto exchange in the United States, has selected Lightspark as its partner to lead the implementation of Bitcoin’s lightning network. Led by PayPal co-founder David Marcus, Lightspark’s expertise will enhance transaction scalability and efficiency within Coinbase’s platform.
CrowdSwap Launches First Decentralized Crypto ETF
CrowdSwap has introduced the Bull Run dETF, marking the debut of the first decentralized crypto exchange-trading fund ever. This innovative fund comprises ten digital assets, including Bitcoin and Ether, offering investors a diversified portfolio while maintaining decentralized and secure processes in a growing market for such products.
US Authorities May Sell More Bitcoin
Reports suggest that US authorities are considering selling additional portions of the nation’s significant Bitcoin stash, which could potentially impact the crypto market. With approximately 2000 BTC recently transferred from the government’s holdings to Coinbase, concerns arise regarding the implications of increased sell pressure on market dynamics.
Argentina Mandates Registration for Local Crypto Firms
The Argentine government has made it mandatory for all local crypto firms to register with the newly established Registry of Virtual Asset Service Providers. Non-compliance could result in the cessation of operations, in line with recommendations from the Financial Action Task Force, as Argentina seeks to comprehensively regulate its crypto sector.
OFAC Strengthens Oversight on Russian Individuals and Entities in Virtual Assets
The Office of Foreign Assets Control has intensified its enforcement efforts targeting individuals and entities operating within Russia’s financial services and technology sectors, especially those involved in virtual assets. This crackdown aims to combat activities that facilitate evasion of US sanctions, tightening regulatory oversight in this domain.
Grayscale Launches Grayscale Dynamic Income Fund
Grayscale, a leading institutional crypto asset management firm, has introduced its first actively managed investment product, the Grayscale Dynamic Income Fund (GDIF). This new fund focuses on optimizing income through staking rewards associated with proof-of-stake crypto assets, providing investors exposure to innovative yield-generating strategies.
Prisma Finance Hacker Claims Ethical Retrieval of Stolen Funds
The hacker responsible for the $11.6 million theft from Prisma Finance has asserted that the exploit was a ‘Whitehat Rescue’ attempt. Seeking guidance on how to return the funds, the hacker characterizes their actions as an endeavor to identify and rectify security vulnerabilities in the DeFi protocol, emphasizing ethical intent.
2. Blockchain Performance Analysis
In this section, we’ll analyze two key factors: the top-performing blockchains based on their 7-day change and the top performers among the top five blockchains with the highest TVL.
2.1. Top Blockchain Performers by 7-Day Change
This week’s standout blockchain performers based on their 7-day change are Core, Mantle, Chiliz, Linea, and Base. Core leads the pack with an impressive 119.1% increase, closely followed by Mantle at 86.7% and Chiliz at 74.7%. Linea shows a substantial 55.1% rise, while Base records a modest 15.3% growth.
2.2. Top Performers: 7-Day Change in Top 5 Blockchains with Highest TVL
Ethereum, TRON, BNB Smart Chain, Solana, and Arbitrum One are the top five blockchains based on TVL and market dominance. Let’s review their performance this week using the 7-day TVL change. Among the top five blockchains, BNB Smart Chain experiences the most significant decline at -8.6%, followed by Solana at -6.8%, TRON at -3.7%, Arbitrum One at -3.5%, and Ethereum at -1.0%. All the top five blockchains saw negative trends, indicating potential market volatility or shifts in sentiment.
3. Crypto Market Analysis
In this section, we’ll analyze the crypto market based on the 7-day price change and dominance, as well as the top gainers and losers of the week.
3.1. Crypto 7-Day Price Change and Dominance Analysis
Bitcoin, Ethereum, Tether, BNB, and Solana lead the crypto market in terms of market cap and dominance. Let’s delve into their seven-day price change. Among the top cryptocurrencies, Solana experienced the most significant decline at -10.7%, followed by Ethereum at -4.7% and BNB at -4.5%. Bitcoin saw a milder decrease at -2.8%, while Tether remained stable with no change.
3.2. Top Gainers & Losers of the Week in Crypto Market
Let’s explore the top gainers and losers in the cryptocurrency market this week.
3.2.1. Top Gainers of the Week in Crypto
This week’s top cryptocurrency gainers include Core with a remarkable +112.91% increase, followed by Pendle at +58.87% and Ethena at +56.24%. Bitget Token and Flare also saw gains of +22.78% and +19.77% respectively.
3.2.2. Top Losers of the Week in Crypto
This week’s top cryptocurrency losers include Wormhole with a significant loss of -28.11%, followed by Dogwifhat at -26.27% and Conflux at -24.83%. Axelar and Aptos also experienced notable losses at -24.51% and -22.16% respectively.
3.3. Stablecoin Weekly Analysis
Tether dominates the stablecoin market with 70.36% market dominance, followed by USDC at 21.74%. Dai holds 3.33%, while First Digital USD and Ethena USDe have 2.33% and 1.33% respectively. Among the top stablecoins, Tether and Ethena USDe remained stable with no change, while USDC and Dai experienced a slight increase of +0.2%. Conversely, First Digital USD saw a minor decrease of -0.2%.
4. Bitcoin ETF Weekly Analysis
Bitcoin Futures ETFs and Bitcoin Spot ETFs should be analyzed separately to get the full picture of the Bitcoin ETF market. Let’s analyze them individually.
4.1. Bitcoin Futures ETF Weekly Analysis
Among the top Bitcoin Futures ETFs, ProShares (BITO) experienced the largest decline at -1.73%, followed by Ark/21 Shares at -1.64%. Valkyrie (BTF) and Global X (BITS) both saw a -1.54% decrease. Conversely, VanEck (XBTF) showed a modest gain of +0.33%.
4.2. Bitcoin Spot ETF Weekly Analysis
Among the top Bitcoin Spot ETFs, Bitwise (BITB) faced the largest decrease at -1.74%, followed closely by Grayscale (GBTC) and BlackRock (IBIT) at -1.72% and -1.71% respectively. Fidelity (FBTC) and Ark/21 Shares (ARKB) also experienced declines at -1.65% and -1.62%.
5. DeFi Market Weekly Status Analysis
Among the top DeFi protocols, only EigenLayer exhibited an increase of +1.58%. Meanwhile, Lido saw a notable decline of -6.11%. JustLend and AAVE also experienced losses at -4.69% and -2.79% respectively. Notably, Maker also showed a decrease, but only a marginal loss of -0.88%.
6. NFT Marketplace: A Basic Weekly Analysis
Among the top NFT marketplaces, Cryptopunks and X2Y2 saw volume increases of +11.89% and +9.96% respectively, indicating heightened trading activity. Blur Aggregator showed a modest increase at +1.44%. However, Opensea experienced a significant decline of -78.22%, while Blur saw a comparatively modest decrease of -15.48%.
6.1. Top NFT Collectible Sales this Week
This week’s top NFT collectible sales showcase Bored Ape Yacht Club #591 leading at $301,562.97, followed by Azuki #6525 at $249,298.03 and Azuki #1836 at $240,552.58. CryptoPunks #5448 sold for $234,589.33, while Bitcoin Shrooms #a0e8054 fetched $216,656.90.
7. Web3 Weekly Funding Analysis
Among the major ICOs that ended this week, Wormhole received the highest amount at $225,000,000, indicating significant investor interest and project potential. Ethena secured $6,500,000, reflecting a medium-scale project, while SatoshiSync received $1,120,000, suggesting a smaller-scale project.
8. Weekly Blockchain Hack Analysis
As of April 6, 2024, hackers have successfully breached blockchain networks, resulting in a total loss of $7.77 billion. The majority of these breaches, approximately $5.85 billion, targeted decentralized finance (DeFi) platforms. Additionally, about $2.83 billion was siphoned from bridges connecting various blockchain networks.
Despite the absence of major hacks reported this month, the Web 3, Blockchain, and Crypto ecosystem faced significant breaches in late March 2024. On March 29, 2024, Lava incurred a loss of approximately $0.34 million due to a breach. The preceding day, March 26, 2024, Prisma Finance fell victim to hackers, resulting in a loss of $11.6 million. On the same day, Munchables experienced a breach via a storage slot exploit, leading to a substantial loss of $62.5 million, marking the largest reported hack of the year.
Fortunately, in the case of Munchables, the hackers returned the stolen Ether from the exploit. Moreover, the perpetrators of the Prisma Finance breach claimed it was a ‘Whitehat Rescue’ attempt. They sought guidance on returning the funds, asserting that their actions aimed to identify and rectify security vulnerabilities in DeFi protocols, underlining ethical intentions.
Endnote
The world of cryptocurrency is like a thrilling treasure hunt, with new discoveries and hidden opportunities emerging every week. This report serves as your trusty compass, guiding you through the twists and turns of the market. By staying informed about market movements, top performers, and emerging trends, you’ll be well-equipped to make informed decisions.
Stay tuned to Coinpedia for more insightful reports!