Crypto News April 04: BTC Hits $67K, BCH Breaks $700 Barrier

Crypto market ascends 1.9%, hitting $2.65 trillion valuation

• Ripple, originator of the XRP token, intends to introduce its proprietary stablecoin tied to the value of the US dollar.

• Galaxy Digital has unveiled the Galaxy Ventures Fund I, LP, aiming to secure $100 million through fundraising efforts.

Major Event to be watch

Crypto Fear and Greed Index:

The "Fear and Greed Index" surged by 9 points, hitting Extreme Greed at 79 out of 100, signaling a notable uptick in buying activity. Despite this, the overall market sentiment continues to stay largely positive, holding steady above 70.

Latest Market Update: 

• #Bitcoin ($BTC) surpassed the $67,000 threshold early Friday, asserting its position as the oldest and most valued cryptocurrency.

• Various popular altcoins, including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Bitcoin Cash (BCH), experienced gains during this period.

• Among these, the PENDLE token stood out as the top performer, exhibiting a remarkable 24-hour surge of over 26 percent.

• Conversely, the CORE token experienced the most significant decline, with a 24-hour decrease of over 20 percent.

• Total crypto market volume over the last 24 hours: $96.05 billion, showing a 0.66% increase.

• DeFi volume stands at $9.53 billion, constituting 9.92% of the total crypto market 24-hour volume.

• Stablecoin volume amounts to $89.6 billion, representing 93.29% of the total crypto market 24-hour volume.

• Bitcoin dominance is currently at 52.85%, marking a 0.65% increase over the day.

Major Worldwide News Update:

• Cryptocurrencies surged, disregarding concerns about uncertainty surrounding the Federal Reserve's rate cut timeline. Hawkish remarks from Fed officials, casting doubt on the timing of potential rate cuts, emerged ahead of the crucial U.S. job market update scheduled for Friday. Fed Chair Jerome Powell reiterated on Wednesday the importance of the Fed achieving greater confidence in inflation steadily moving towards the 2% target.

• Ethena Labs plans to bolster USDe stablecoin by integrating Bitcoin as an additional backing asset, aiming to enhance stability and scalability. With Bitcoin's liquidity, USDe's capacity to scale has grown over 2.5 times, leveraging Bitcoin derivative markets' growth for delta hedging. MakerDAO proposes channeling $600 million into USDe and sUSDe via Morpho Labs to diversify investments.

• Ripple plans to launch a dollar-pegged stablecoin backed by U.S. dollar deposits and treasuries. CEO Brad Garlinghouse sees this move as bridging traditional finance with crypto. The stablecoin will debut on XRP Ledger and Ethereum, expanding to other blockchains later. The company aims to tap into the growing stablecoin market.

• Bhutan accelerates Bitcoin mining capacity ahead of halving, aiming to offset revenue impact. Bitdeer and Bhutan's investment arm plan to triple mining operations, doubling capacity by 2025. The move follows Bhutan's entry into mining in 2023 amidst economic recovery from COVID-19. Bitcoin halving aims to control supply, potentially increasing value and demand.

• Crypto spot derivatives hit record volume in March, reaching $2.94 trillion, highest since May 2021. Total spot and derivatives trading nearly doubled to $9.1 trillion. Binance's volume surged, with derivatives up 89.7% to $2.91 trillion and spot up 121% to $1.12 trillion. EY notes growing popularity of decentralized derivatives due to security and transparency. Risk management crucial due to high volatility, legal issues, and regulatory concerns in crypto derivatives trading.

• Legendary trader Peter Brandt criticizes Ethereum's Proof-of-Stake protocol, dubbing it a "junk coin" despite its prominent position in the crypto market. Brandt highlights flaws in Ethereum's functionality, particularly its high fees on Layer 2 protocols, dismissing its potential as a store of value. Brandt previously shorted Ethereum, foreseeing a crash.

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Also Read: Crypto News April 4: BTC at $66k While Ethena Takes the Lead