Market Overview

The cryptocurrency market experienced notable fluctuations this week, influenced by significant events such as the anticipation of new U.S. tariffs and technical market patterns. The global crypto market capitalisation stands at approximately $2.68 trillion, reflecting a decrease of 7% over the last day.​

Market Overview

• Bitcoin (BTC): Bitcoin's price fell below $82,000, trading at approximately $81,700, marking the seventh consecutive day of lower lows. ​Nairametrics+1CoinCentral+1

• Ethereum (ETH): Ethereum is trading at $1,794.38, experiencing a 2.76% decrease from the previous close.​

• Binance Coin (BNB): BNB's price stands at $592.19, down 2.65% from the previous close.​

• XRP: XRP has declined to $2.06, reflecting a 6.36% decrease.​

• Cardano (ADA): ADA is trading at $0.6406, down 6.63%.​

• Solana (SOL): SOL's price is $125.32, experiencing a slight decrease of 0.59%.​

• Dogecoin (DOGE): DOGE is at $0.1629, down 5.09%.​

• Polkadot (DOT): DOT is trading at $3.99, reflecting a 4.09% decrease.​

• Polygon (MATIC): MATIC's price stands at $0.2016, down 2.16%.​

• Litecoin (LTC): LTC is trading at $83.02, experiencing a 3.93% decrease.​

Notable Events Impacting the Market

1. Anticipation of U.S. Tariffs:

   • Investors are bracing for the impact of President Donald Trump's upcoming tariffs, dubbed "Liberation Day," set to take effect this week. This has contributed to the recent market downturn. ​marketwatch.com+2Nairametrics+2CoinDesk+2

2. Technical Market Patterns:

   • Bitcoin is approaching a "death cross," a technical pattern where the 50-day moving average crosses below the 200-day moving average, signaling potential bearish trends. ​FXEmpire+2Blockchain News+2CoinCentral+2

Investor Sentiment

• Caution Amid Uncertainty: The looming implementation of new tariffs has led to increased caution among investors, contributing to market volatility.​

• Technical Concerns: The potential formation of a "death cross" in Bitcoin's price chart has raised concerns among traders about a possible extended downturn.​

Conclusion

The past week highlighted the cryptocurrency market's sensitivity to geopolitical events and technical indicators. Investors are advised to monitor ongoing developments closely and consider risk management strategies in light of potential market fluctuations.

This Week in Crypto – Major Stories

1. Trump Family's Crypto Venture Complicates Legislation Efforts

   • The Trump family's launch of the USD1 stablecoin through World Liberty Financial has introduced complexities in bipartisan efforts to pass GOP-led cryptocurrency legislation. ​Financial Times+2Politico+2AP News+2

2. Sotheby's CEO Discusses Crypto Influence on Art Market

   • Sotheby's CEO Charles Stewart highlighted the impact of crypto billionaires on the art market, referencing the $6.2 million banana artwork purchased by Justin Sun. ​Financial Times

3. EU Proposes Strict Capital Rules for Insurers Holding Crypto

   • The European Insurance and Occupational Pensions Authority (Eiopa) proposed a 100% capital requirement for insurers holding cryptocurrencies, aiming to discourage such investments. ​Financial Times+1Wikipedia+1

4. SEC Nominee Paul Atkins Prioritizes Digital Assets

   • Paul Atkins, nominated by President Trump for SEC Chair, emphasized making digital assets a top priority and criticized previous regulatory approaches during his Senate confirmation hearing. ​MarketWatch+1Axios+1

5. Crypto Millionaires Targeted in Violent Crimes

   • High-profile crypto investors, including influencer Amouranth, have been targeted in kidnappings and home invasions, raising concerns about personal security within the crypto community. ​New York Post

6. Wyoming Tests State-Backed Stablecoin

   • Wyoming initiated testing of its state-backed stablecoin, WYST, on multiple blockchains, marking a significant step toward integrating state-level digital currencies. ​Axios

7. Trump's Crypto Empire Expands with New Offerings

   • President Trump's cryptocurrency ventures are expanding with the introduction of the USD1 stablecoin and plans for digital asset investment funds in collaboration with Trump Media & Technology Group. ​AP News+1Politico+1

8. Fidelity Plans to Launch Stablecoin

   • Fidelity Investments announced intentions to launch its own stablecoin, aligning with the U.S. government's supportive stance on regulated dollar-backed digital assets. ​Financial Times

9. Cook Islands Proposes Cryptocurrency Recovery Legislation

   • The Cook Islands government proposed a bill allowing "recovery agents" to use various means, including hacking, to retrieve cryptocurrency linked to illegal activities, sparking constitutional concerns. ​Wikipedia

10. The Block Acquired by Foresight Ventures

    • Crypto news outlet The Block sold an 80% stake to Singapore-based Foresight Ventures in a $56 million deal, aiming to enhance its financial stability and expand operations.

Meme of the week

About me

My name is Michael Burke, and I started working in the blockchain space 8 years ago, firstly with Deloitte, R3 and now with Fireblocks where I help our clients build their digital asset business on the most secure platform in the industry. My interest in blockchain and cryptocurrency stems from the sheer potential of the technology to completely transform industries and value chains for the better