Bitcoin Weekly Report | 08 April 2024

In the past week, the crypto market has experienced a short bear rally with leading cryptocurrencies like Bitcoin, Ethereum, etc, showing a sudden downtrend by losing below major support levels.

The events of the previous week prompted a negative sentiment in the crypto world, and we are eager to see what this month has in store. Before you get started, check out our Bitcoin Weekly Report.

According to CoinMarketCap, the current market cap is  ₹215.60 Trillion on 08 April. However, in the past few weeks, even the top-performing coins were seen as struggling and were trying to set a new market trend.

As of the past week, Bitcoin is priced at ₹5,774,765.23, reflecting a 0.14% jump within the last 24 hours with a marginal drop of 3.10% over 7 days. Talking about Ethereum, ETH is currently valued at ₹284,767.29, showing a 1.07% jump in the past 24 hours, with a ground-breaking fall of 6.53% over 7 days.

Bitcoin Weekly Report: Top Trending Coins

In the past week, three cryptocurrencies have remained the talk of the town because of some recent developments related to these cryptocurrencies: Mantle (MNT), Bittensor (TAO), and Dogwifhat (WIF). 

In the past week, the price of Mantle (MNT) showed a 10.24% jump. In addition, the token experienced a rise of 4.39% in the past 24 hours. The token is currently trading at the price of ₹120.74.

Talking about Bittensor (TAO), the token illustrated an 11.67% spike as compared to other major cryptocurrencies. Moreover, TAO has shown a 3.33% jump in the past 24 hours, trading at a price range of ₹47,870.20.

However, the Dogwifhat (WIF) token dropped by 19.03% in the last 7 days. Moreover, in the past 24 hours, the token surged by more than 0.52%. In addition, the price of the WIF token is trading at ₹304.88. 

Top Crypto Gainers & Losers

The past week remains one of the most confusing weeks for the crypto market in 2024. So, let’s have a look at some of the top crypto gainers and losers from the past week:

Bitcoin Weekly Report

How the Crypto Market Became Optimistic?

The cryptocurrency market has recently experienced some correction over the last week, reflecting the past halving price trend. As the halving event comes to its peak, investors’ confidence in the market is dwindling as the market is currently preparing for a prolonged price correction for 2 months after the halving event. 

Furthermore, this month the FOMC meeting is going to be held on April 30 which generates a sense of fear of rising interest rates that affects the overall crypto market significantly. 

Bitcoin Weekly Report: Trending News From the Last Week

▪️ Bitcoin Cash (BCH) just reached a critical milestone in its lifespan. The coin just underwent a halving event with a block height of 840,000. This once-in-four-year event concluded on April 04.

▪️ Ripple, the XRP issuer, has revealed intentions to launch a stablecoin backed by the US dollar, with the goal of competing with Circle and Tether for market dominance over the next five years.

▪️ On April 05, SEC Enforcement Director Gurbir Grewal said that jurors in the United States District Court for the Southern District of New York held Kwon and Terraform guilty in the civil enforcement action following a brief deliberation. The SEC trial began on March 25 without the presence of Kwon, who is still in Montenegro while judges decide whether to approve an extradition request from the United States or South Korea.

SunCrypto Views

The recent optimistic trend in the cryptocurrency market demonstrates its dynamic evolution, which has included short-term losses and confusing investor confidence. This development reflects increasing institutional interest and technological advancements.

Despite these growing developments, the market’s intrinsic volatility persists. To navigate potential risks, investors should exercise caution, perform extensive research, and apply a variety of tactics. While the recent optimistic trend is encouraging, it’s critical to approach the cryptocurrency market with care and a long-term mindset.

For more crypto-related content like Bitcoin Weekly Report, informational blogs, and crypto news, check out Suncrypto Academy.

 

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your own research or consult an expert before making any investment decision. You may write to us at [email protected].

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