If we look at the digital currency market in the last week, we see a positive development. For example, Bitcoin was able to increase in value by around 8.5% within seven days, while Ethereum even rose by 13%. The current market cap of the global crypto market is $1.27 trillion. Nevertheless, the question arises as to which crypto news has been moving the markets in the last few days. What do crypto investors absolutely need to know now?
This $4M meme coin could multiply 20x by 2023
Shapella upgrade successful: Barely any selling pressure, ETH pumps above $2,000
The Shapella upgrade, consisting of Shanghai and Capella, has been the long-awaited event on Ethereum for the past week. Because after the merge, the developers finalized the switch to proof-of-stake by finally allowing withdrawals from the staking contract of the beacon chain. In the run-up, many crypto experts feared a massive sell-off. But the pressure to sell was largely absent. On the contrary, ETH was able to climb above the psychologically important price mark of $2,000 the day after the upgrade and is currently consolidating at a high level. Ethereum staking is fully operational. Increasing demand for staking could withdraw significantly more ETH from the tradable supply in the medium term and thus drive the price development.
Bitcoin price hits $30,000 – what’s next?
The Bitcoin course has been bullish over the past week and is expected to close the current trading week with gains of around 8%. The breakout above the psychologically important price limit of $30,000 was particularly bullish. The rally is picking up speed. After a break of several weeks and consolidating trading in the sideways range, there were new buying impulses and Bitcoin was able to climb the important resistance level of $30,000. The continued weakness of the US dollar also provided tailwind for Bitcoin in the past week.
The narrative remains intact. Bitcoin is the best way for some investors to navigate the macroeconomic risks in 2023 and has been able to ensure a significant outperformance compared to other asset classes to date. Now there is a multiple resistance zone between $30,650 and $31,700 that could pose problems for bulls in the near term. In contrast, the $29,900-$30,000 should hold broadly as not to favor a fresh correction.
Twitter cooperation with eToro: cryptos for over 300 million users
Elon Musk and Twitter have found their first business partner – eToro. The renowned online broker will now actively work with Twitter to provide users with accessible investing in 1000s of markets. The connection to the online broker, which also offers numerous cryptocurrencies, is intended to specifically expand Twitter’s cash tag function. This gives well over 300 million Twitter users quick access to the digital currency market. The cooperation with eToro should be a first step in the further development of Twitter – away from social media and towards super app X.
XRP vs. SEC: Precedent for US SECs?
The legal dispute between XRP and SEC, which has been going on for years, is coming to an end. The responsible US judge should make a decision in the next few weeks. Recently there have been many indications of a positive decision for Ripple Labs and XRP. But now the SEC has expanded its application to include a supplementary filing, thereby rejecting Ripple Labs’ fair-notice defense as inadmissible. A precedent should prove just that. Because the Howey test would provide sufficient information about when it is a security, so that a notification (fair notice) in advance is not necessary. Nevertheless, Ripple Labs reacted immediately. Because, in her opinion, it is impossible for market participants to determine what a security is and what is not for the SEC. Admittedly, SEC Chairman Gary Gensler is acting incomprehensibly here. Nevertheless, the XRP price was only able to rise by 3% in the last week and was thus clearly the weakest top 10 coin.
Green crypto presale with bullish momentum: Ecoterra raises around $1 million in one week
As of late Saturday night, Ecoterra’s raising capital is close to $1 million. If you look back on Monday morning, the capital raised was still around $150,000. If the momentum is extrapolated, tomorrow, Sunday, should exceed $1 million in 7 days. FOMO meets green coin, massive interest benefits the environmentally friendly cryptocurrency Ecoterra.
Then Ecoterra has set itself the task of driving sustainable action by consumers and companies through Recycle-2-Earn. Here, the circular economy should be used as an effective instrument for resource protection. At a current price of $0.00475, fixed book profits of over 100% are still possible before the ICO. With an attractive safety buffer and a decent return, early investors should soon start public trading in the potential 10x coin.
Winklevoss brothers loan Gemini $100 million
The well-known Winklevoss brothers are behind the crypto exchange Gemini. The bear market hit them hard. It still does not seem certain whether the crypto winter will be survived, so that investors have recently been sought – with moderate success. Now Tyler and Cameron Winklevoss, as founders, are said to have given Gemini a $100 million loan themselves to ensure the continued existence of the crypto exchange. As regulation progresses in the US, the SEC is suing Gemini and Genesis for violating securities laws and threatening the continued existence of the CEX.
Inflation & Fed: Inflation declining sharply, next rate hike remains likely
The correlation between stocks and cryptos has been largely positive for the past two years. The influence of the macroeconomy on the development of the digital currency market is thus also evident, primarily inflation and the monetary policy of the Fed based on it have a strong influence. US inflation fell more than expected last week. While the inflation rate was still 6% in February, it fell to 5%.
In principle, the declining inflation indicates an initial effect of monetary policy. But high core inflation, which rose to 5.6% in March from 5.5% in February, continues to worry the Fed. At the same time, US bank earnings on Friday revealed solid business activity, which may give the Federal Reserve even more leeway. The markets are currently largely expecting another rate hike of 25 basis points at the FOMC meeting in May 2023.
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Author: Daniel Robrecht
After studying law and management, Daniel decided to work as a freelance author and has been writing qualitative publications on various specialist topics for around 10 years now. As an investor, he gained years of experience with stocks & cryptocurrencies. In addition to a long-term investment approach, Daniel is also passionate about short-term markets. Through targeted further training at international universities, he has acquired extensive knowledge about the capital markets, stocks, cryptocurrencies and decentralized finance. Daniel’s primary focus is on general market trends, exciting stocks, business news and the digital currency market. In his private life, too, there is never a day without the financial markets. As an author, Daniel writes for leading German-language publications in this field. Daniel publishes for Finanzen.net, among others, Business2Communityand FXStreet.de. Daniel on LinkedIn.
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