Crypto Weekly (15/04 - 21/04): Successful Bitcoin Halving with Minimal Price Fluctuations

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Last Week’s Crypto Market

After Bitcoin lost 15% of its value in the second week of April, in the third week that just passed, Bitcoin did not experience much volatility, but the recovery was also not significant as the price fluctuated around the 60,000 – 65,800 range. This was also the lowest price level since the beginning of March, indicating that the market has started to stagnate after a period of strong growth. Last week also welcomed Bitcoin’s once-every-four-years event, the Bitcoin Halving, where the mining capacity of miners is reduced by half.

Last week, besides the notable news about the Bitcoin Halving, the market also saw the rise of Runes, a protocol quite similar to Brc-20.

Top 10 Coins with the Largest Gains Last Week

Source: Coinmarketcap

Top 10 Coins with the Largest Losses Last Week

Source: Coinmarketcap

Major News Last Week

Hong Kong Officially Approves Bitcoin and Ethereum ETFs

Macro News This Week

This week, there does not seem to be much significant economic news affecting the markets. However, we need to pay attention to a single data point on Thursday (25/04/2024) at 12:30, which is the Initial Jobless Claims figure for the US.

Typically, if the actual number is higher than forecast, this will be seen as negative for the USD as it reflects a weakening labor market. Conversely, if the data is lower than expected, it will be seen as a positive signal for the USD as the job market continues to improve.

This figure usually has a significant impact on the exchange rate fluctuations of major currencies such as USD, EUR, JPY. Therefore, investors should closely monitor this information to make appropriate trading decisions.