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Crypto Prices April 22: Cryptocurrency Market Turns Bullish

Key Takeaways
  • Bitcoin approaches $66,000, while Ethereum nears $3,200, marking a rebound frenzy in crypto prices.
  • The cryptocurrency market saw a modest 0.80% increase, pushing the total market capitalization to $2.54 trillion.
22-Apr-2024 By: Lokesh Gupta
Crypto Prices April

Crypto market ascends by 0.80%, valued at $2.54 trillion

  • Polkadot's mainnet experienced a runtime upgrade launch, leading to an unexpected pause in parachain activity.

  • Bitcoin ETFs received a $30.4 million inflow the day before the halving, ending five days of outflows.

Major Events To Watch

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Crypto Fear and Greed Index:

fear and greed index

Currently, the "Fear and Greed Index" sits on the positive side at 73 out of 100, suggesting an upward trend as it holds above the 70 levels.

Latest Market Update: 

  • Crypto prices continued to climb today as the price of #Bitcoin ($BTC) approached the $66,000 level.

  • #XRP ($XRP), #Chainlink ($LINK), #Thorchain ($RUNE), and #BNB ($BNB) all witnessed price increases.

  • #Core ($CORE) surged by 13.06% within 24 hours, achieving the highest gain among tokens.

  • Conversely, #Nervous Network (CKB) faced the largest decline, dropping by over 7.70% in a single day.

  • Total crypto market volume in the last 24 hours stands at $60.91 billion, reflecting a decrease of 0.97%.

  • DeFi volume is currently $4.98 billion, constituting 8.18% of the total crypto market's 24-hour volume.

  • Stablecoin volume now amounts to $56 billion, representing 91.95% of the total crypto market's 24-hour volume.

  • Bitcoin's dominance is at 53.55%, marking a daily increase of 0.06%.

Major Worldwide News Update:

  • Bitcoin's recent memes extend beyond the "4/20" halving date. The success of spot Bitcoin ETFs fuels celebration, with market observers deeming the halving timing "almost too perfect." Eric Balchunas notes a curious coincidence: the halving coincided with 69 days of straight inflows for the largest US Bitcoin ETF.

  • Polkadot's awaited runtime upgrade went live on the mainnet, causing a sudden halt in parachains. Moonbeam Network confirmed disruption around 10:27 am UTC on April 21. Unlike hard forks, Polkadot's upgrades change on-chain logic autonomously through governance, minimizing coordination challenges.

  • Ethereum's price surged 3.66% to $3,175 within 24 hours, coinciding with the reactivation of a dormant wallet holding 197 ETH ($622,685). Speculation surrounds the wallet's awakening, with some suggesting lost keys and others strategic "hodling." A significant ETH withdrawal from Binance indicates bullish sentiment.

  • Speculations suggest ZKasino may have executed a rug pull, diverting funds from ZigZag Treasury. Allegations include misleading users about funding and unpaid developers. Users express concerns over Ethereum withdrawal. Similar scams are on the rise. Some investors disassociate from ZKasino amid fraud allegations.

  • Emails between Satoshi Nakamoto and Martti Malmi unveil Bitcoin's original vision, emphasizing its utility as a payment method over speculation. Nakamoto highlights privacy concerns and addresses energy efficiency and scalability, showing foresight. The correspondence underscores collaborative development efforts, humanizing Nakamoto as a practical developer.

  • Bitcoin fees plunged to $8-10 after hitting a record $128 post-halving. A single block saw $2.4 million in fees, mainly from memecoin and NFT enthusiasts. Although miners initially escaped the subsidy halving impact, fees have dropped to 1-2 Bitcoin, surpassing Ethereum for six consecutive days.

  • Grayscale plans to launch a "mini" version of its Bitcoin Trust ETF with fees nearly a tenth cheaper than GBTC. Bloomberg's Eric Balchunas cautions against premature optimism, noting the proposed fees are provisional. Grayscale's move aims to counter GBTC outflows since spot Bitcoin ETFs debuted in January.

  • Victory Securities proposes fees of 0.5% to 1% for Bitcoin and Ethereum ETFs in Hong Kong, pending SFC approval. Transaction fees on primary market include a minimum of $850. Secondary market fees range from 0.15% to 0.25%. Comparable to U.S. spot Bitcoin ETF fees, ranging from 0.19% to 1.5%. China's offshore asset managers also plan ETF launches.

COIN GABBAR Views: Has Bitcoin surged from its recent low? Is the sell-off potentially concluded? Might we witness a post-halving rally this week? Will BTC break its all-time high following the Bitcoin Halving? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Also Read: Crypto Prices 20 Apr: Is Bitcoin Halving Rally Fizzling Out?

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