Crypto Weekly (29/04 – 05/05): Bitcoin Volatility, Controversial Airdrops

Crypto Market Recap of Last Week

The first week of the month witnessed unusual fluctuations in Bitcoin. At the beginning of the week, Bitcoin experienced a sharp decline from $64,000 to $56,500, but it quickly recovered to $64,000 by the end of the week.

This volatility is attributed to ETF flows. Early in the week, ETFs sold off significantly, causing Bitcoin’s downturn. Towards the end of the week, large funds aggressively bought back, particularly MicroStrategy, leading to Bitcoin’s recovery to early-week levels.

Additionally, Bitcoin closed the monthly candle, ending a seven-month streak of continuous growth.

The past week also saw several significant airdrops for the community, including Eigen Layer and Friend.tech. However, these airdrops sparked controversy due to unclear Sybil filtering from project development teams. LayerZero conducted a snapshot and is gearing up for ZRO token issuance.

Top 10 Performing Coins of the Week

Source: Coinmarketcap

Top 10 Declining Coins of the Week

Source: Coinmarketcap

Key News Highlights of the Week

• XRP Achieves Significant Breakthrough in Japanese Market
• ETH Trading at $3000 But Demand on the Decline

Macro News This Week

This week, on Thursday (08/05/2024), at 13:30 (UTC), there will be news regarding the Initial Jobless Claims. According to the rule, if the figures are higher than expected, it will negatively affect the USD, and vice versa.

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