WMA: Bitcoin Back Above $64,000, CZ Gets 4 Months in Prison

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This Week’s Summary

The crypto market ends the week at a total market capitalization of $2,37 trillion.
Bitcoin is up by about 1.5% to trade at around $64,500.
Ethereum decreased by almost 5% to trade at around $3,100.
XRP is up by 2%, Solana by 4%, and Dogecoin by 8%.
Almost all altcoins are trading in the green, with very few exceptions.
The DeFi sector decreased the total value of protocols (TVL) to around $93 billion.

Crypto Trends 29 April – 05 May 2024: Market Analysis and Performance

The crypto market closed a highly eventful week, seeing most cryptocurrencies go on a wild rollercoaster ride. In fact, many of them have been dipping in the red for most of this period. Only toward the weekend, most crypto assets recovered. Meanwhile, the market capitalization stagnates at around $2,37 trillion.

Bitcoin had a rough week but still managed to come up on top. The king of cryptocurrencies dropped to nearly $57,000 on Tuesday as BTC miners started selling considerable amounts. It traded in that zone for almost 3 days or until BlackRock’s IBIT ETF began outflowing. This event helped BTC recover and even gain $1,000 compared to last weekend. Currently, Bitcoin is trading at around $64,500.

Ethereum is among the few notable cryptocurrencies that failed to get out of the red zone by the end of the week. The second crypto in command lost 5%, which is what it had gained the previous week. This seesawing journey has seen it trade again at around $3,100.

Altcoins & DeFi

Most altcoins are trading in the green, although they haven’t done so for the past seven days. This week’s climbers include XRP, up by 2%; Solana, up by 4%; Dogecoin, up by 8%; Toncoin, up by 7%; and Avalanche, up by 6%. On the other hand, BNB is down by 2%, Cardano by 1%, and Litecoin by 4%.

The Metaverse sector has also seen notable movements in the past week. For instance, Axie Infinity is up by 2%, Render by 17%, Floki by 8%, and MultiverseX by 1%. Meanwhile, ICP is down by 3%, Stacks by 7%, Theta Network by 1%, ApeCoin by 2%, The Sandbox by 1%, and Decentraland by 1%.

The DeFi sector lost almost $1.5 billion from the total value in locked protocols (TVL), which is now $93.32 billion.

Crypto Market Analysis – What’s in the News?

Changpeng Zhao, the former Binance CEO, has been sentenced to 4 months in prison for violating anti-money laundering regulations.
Robinhood teamed up with Uniswap to simplify crypto purchases for US-based users.

Next Week’s Crypto Market Forecast

The crypto market experiences extreme volatility at the beginning of a new and exciting month. Most crypto enthusiasts hope these turbulent times will settle down soon, paving the way for the much-expected bull run. However, seasoned industry experts believe we may have to wait a bit more before value surges become more consistent.

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