If you’ve been curious about what’s new in crypto this week, we’ve got you covered!
In this analysis report, we explore the latest happenings, uncovering market trends, top performers, and crucial insights.
Get all the information you need to get a head start on the latest developments in the crypto space. So, what are you waiting for? Dive right in.
PayPal has recently announced a major expansion, allowing users in the United States to engage in international money transfers using the PYUSD stablecoin. This move broadens the range of global payment options available to US users, making transactions with friends and family abroad smoother through currency conversion.
Pyth Network, a leading price feed oracle and market data provider, has rolled out 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, a prominent crypto venture capital firm co-founded by Fred Ehrsam and Matt Huang, is reportedly in discussions with investors to raise between $750 million and $850 million for a new crypto fund. This initiative seeks to capitalize on the increasing institutional interest in the crypto space following a slowdown in VC investing.
Binance, a leading cryptocurrency exchange, has announced its decision to close its Bitcoin NFT marketplace, ceasing support for traders and deposits starting April 18. Users are required to withdraw their NFTs by May 18, marking the end of Binance’s brief venture into the realm of Bitcoin collectibles.
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, the largest crypto exchange in the United States, has chosen Lightspark as its partner to lead the implementation of Bitcoin’s lightning network. Led by PayPal co-founder David Marcus, Lightspark’s expertise will help enhance transaction scalability and efficiency within Coinbase’s platform.
CrowdSwap has introduced the Bull Run dETF, marking the debut of the first decentralised crypto exchange-trading fund ever. Comprising ten digital assets, including Bitcoin and Ether, this innovative fund offers investors a diversified portfolio while maintaining decentralised and secure processes amidst a growing market for such products.
Reports suggest that US authorities may be considering selling additional portions of the nation’s significant Bitcoin stash, potentially impacting 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.
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 lead to the cessation of operations, in line with recommendations from the Financial Action Task Force, as Argentina seeks to comprehensively regulate its crypto sector.
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, a leading institutional crypto asset management firm, has introduced its inaugural 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.
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.
In this section, we will analyse two factors primarily: the top-performing blockchains based solely on their 7-day change and the top performers among the top five blockchains with the highest TVL.
This week’s standout blockchain performers, based on their 7-day change, are Core, Mantle, Chiliz, Linea, and Base.
| Blockchain | 7-Day Change (in %) | TVL |
| Core | +119.1% | $12,855,537 |
| Mantle | +86.7% | $509,090,713 |
| Chiliz | +74.7% | $157,104 |
| Linea | +55.1% | $148,219,099 |
| Base | +15.3% | $1,271,647,515 |
Core led with a remarkable 119.1% increase, followed closely by Mantle at 86.7%, and Chiliz at 74.7%. Linea showed a substantial 55.1% rise, while Base recorded a modest 15.3% growth.
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 7-day TVL change.
| Blockchain | 7d Change (in %) | Dominance (in %) | TVL (in Billion) |
| Ethereum | -1.0% | 60.16% | $55,340,901,436 |
| TRON | -3.7% | 10.42% | $9,584,107,166 |
| BNB Smart Chain | -8.6% | 6.54% | $6,015,949,320 |
| Solana | -6.8% | 4.97% | $4,569,571,906 |
| Arbitrum One | -3.5% | 4.41% | $4,055,436,444 |
| Others | 13.5% |
This week, BNB Smart Chain experienced 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.
The crypto 7-day price change and dominance analysis and top gains and losers analysis are the two prime areas of the crypto market 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.
| Cryptocurrency | Dominance Percentage | 7-D Change (in %) | Dominance Percentage | Price | Market Cap |
| BTC | 50.49% | -2.8% | 50.49% | $68,107.23 | $1,339,982,030,607 |
| ETH | 15.08% | -4.7% | 15.08% | $3,345.70 | $401,535,499,274 |
| USDT | 4.03% | +0.0% | 4.03% | $1.00 | $106,995,622,185 |
| BNB | 3.37% | -4.5% | 3.37% | $582.34 | $89,553,946,264 |
| SOL | 2.94% | -10.7% | 2.94% | $177.59 | $79,014,398,157 |
| Others | 24.08% |
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.
Let’s explore the top gainers and losers in the cryptocurrency market this week.
| Cryptocurrency | 7-Day Gain | Price |
| Core | +112.91% | $2.54 |
| Pendle | +58.57% | $7.07 |
| Ethena | +56.24% | $1.07 |
| Bitget Token | +22.78% | $1.29 |
| Flare | +19.77% | $0.04113 |
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.
Also Read: Crypto Hack Report Q1 2024: Trends, Losses, and Recovery Efforts
| Cryptocurrency | 7-Day Loss | Price |
| Wormhole | -28.11% | $0.9916 |
| dogwifhat | -26.27% | $3.34 |
| Conflux | -24.83% | $0.3616 |
| Axelar | -24.51% | $1.52 |
| Aptos | -22.16% | $13.25 |
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.
Tether, USDC, DAI, First Digital USD, and Ethena USDe dominate the stablecoin market. Let’s analyze their weekly performance.
| Stablecoins | Market Dominance (7d) [in %] | Market Capitalisation (7d) | Trading Volume (7d) | Market Capitalisation |
| Tether | 70.36% | $106,688,966,459 | $49,954,604,763 | $106,887,238,660 |
| USDC | 21.74% | $32,959,702,182 | $14,453,026,413 | $32,947,808,359 |
| Dai | 3.33% | $5,056,208,757 | $783,578,952 | $5,058,072,602 |
| First Digital USD | 2.33% | $3,540,106,965 | $8,321,897,124 | $3,528,928,752 |
| Ethena USDe | 1.33% | $2,012,845,407 | $93,776,623 | $2,023,963,080 |
| Others | 0.91% |
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. Tether’s significant lead reflects its widespread use and stability, while USDC’s strong position indicates growing adoption.
Let’s analyse the weekly performance of the top stablecoins further using the seven-day price change index.
| Stablecoins | 7-Day Price Change (in %) | Price |
| Tether | +0.0% | $1.00 |
| USDC | +0.2% | $1.00 |
| Dai | +0.2% | $1.00 |
| First Digital USD | -0.2% | $1.00 |
| Ethena USDe | -0.0% | $1.00 |
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%.
Bitcoin Futures ETFs and Bitcoin Spot ETFs should be analysed separately, in order to get the right picture of the Bitcoin ETF market, as they represent two different segments. Let’s start!
ProShares (BITO), VanEck (XBTF), Valkyrie (BTF), Global X (BITS), and Ark/21 Shares (ARKA) are the top Bitcoin Future ETFs, as per the Asset Under Management index. Let’s use the price change percentage index to analyse these ETFs.
| Bitcoin Futures ETFs | Price Change (Gain/Loss) [in %] | Asset Under Management (in Billion) | Price |
| ProShares (BITO) | -1.73% | $598.78M | $29.51 |
| VanEck (XBTF) | +0.33% | $42.41M | $39.22 |
| Valkyrie (BTF) | -1.54% | $38.20M | $19.82 |
| Global X (BITS) | -1.54% | $26.10M | $66.29 |
| Ark/21 Shares (ARKA) | -1.64% | $8.01M | $64.88 |
ProShares (BITO) experienced the largest decline among top Bitcoin Futures ETFs 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%.
Grayscale (GBTC), Blackrock (IBIT), Fidelity (FBTC), Ark/21 Shares (ARKB), and Bitwise (BITB) are the top Bitcoin Spot ETFs, as per the Asset Under Management index. Let’s analyse them using the price change index.
| Bitcoin Spot ETFs | Price Change (Gain/Loss) [in %] | Asset Under Management (in Billion) | Price |
| Grayscale (GBTC) | -1.72 | $24.33B | $59.99 |
| BlackRock (IBIT) | -1.71 | $17.24B | $38.41 |
| Fidelity (FBTC) | -1.65 | $9.90B | $58.94 |
| Ark/21 Shares (ARKB) | -1.62 | $2.85B | $67.43 |
| Bitwise (BITB) | -1.74 | $2.16B | $36.73 |
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%.
Lido, EigenLayer, AAVE, Maker, JustLend are the five top DeFi protocols on the basis of TVL. Let’s analyse its weekly performance using the 7d Change index.
| DeFi Protocols | 7d Change (in Total Value Locked) [in %] | TVL |
| Lido | -6.11% | $32.054B |
| EigenLayer | +1.58% | $12.225B |
| AAVE | -2.79% | $10.911B |
| Maker | -0.88% | $8.534B |
| JustLend | -4.69% | $7.348B |
Among the top DeFi protocols, only EigenLayer exhibited an increase. It experienced 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%.
Blur, Blur Aggregator, Opensea, Cryptopunks, and X2Y2 are the top NFT marketplaces on the basis of market share. Let’s analyse them using the Volume Change Index.
| NFT Marketplaces | Market Share | Volume Change [Last 7 Day over the Previous 7 Day Volume] | 7-day Rolling Volume | 7-day Rolling Trades |
| Blur | 64.07% | -15.48% | 15003.54 | 23036 |
| Blur Aggregator | 27.34% | +1.44% | 7505.91 | 11717 |
| Opensea | 2.91% | -78.22% | 820.72 | 5718 |
| Cryptopunks | 1.51% | +11.89% | 771.05 | 16 |
| X2Y2 | 1.13% | +9.96% | 414.87 | 350 |
| Others | 3.04% |
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%.
Bored Ape Yacht Club #591, Azuki #6525, Azuki #1836, CryptoPunks #5448, and Bitcoin Shrooms #a0e8054 are the top NFT collectable sales reported this week in the NFT market landscape.
| NFT Collectibles | Price (in USD) |
| Bored Ape Yacht Club #591 | $301,562.97 |
| Azuki #6525 | $249,298.03 |
| Azuki #1836 | $240,552.58 |
| CryptoPunks #5448 | $234,589.33 |
| Bitcoin Shrooms #a0e8054 | $216,656.90 |
This week’s top NFT collectibles 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.
Versus-X, Sensay, Ethena, BonusBlock, SatoshiSync, and Wormhole are the major ICOs that ended this week. Let’s analyse how much amount they have received.
| ICO | Received | Token Price | Fundraising Goal | Total Tokens | Token (Available for Sale) |
| Versus-X | N/A | $0.165 | $750,000 | 100,000,000 | N/A |
| Sensay | N/A | $0.001 | $800,000 | 10,000,000,000 | 20% |
| Ethena | $6,500,000 | N/A | 300,000,000 Tokens | 15,000,000,000 | N/A |
| BonusBlock | N/A | $0.25 | $100,000 | 100,000,000 | 15.8% |
| SatoshiSync | $1,120,000 | $0.013 | $300,000 | 1,000,000,000 | 13.5% |
| Wormhole | $225,000,000 | N/A | N/A | 10,000,000,000 | N/A |
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.
Also Check Out: Bitcoin ETF March Monthly Report: Insights into Performance Trends
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.
The world of cryptocurrency can feel like a thrilling treasure hunt, with new discoveries and hidden opportunities emerging every week. This report is 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 such reports!
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