Crypto Labs Market Watch for Apr. 5th
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1. Bitcoin suddenly erases April dip as BTC price jumps 5% above $69K
Bitcoin bulls follow through with earlier upside to see $69,000 briefly return to the BTC price chart.
Bitcoin passed $4,000 in daily gains on April 4 as traders eyed impending short liquidations.
“Solid spot bid” propels Bitcoin $4,000 higher
Data followed newly resurgent BTC price action, which hit $69,328 on Bitstamp.
Up nearly 5% from the day’s low, Bitcoin impressed market observers, who saw bulls redressing a chart “inefficiency” after recent downside.
“Indeed breaking higher and filling that inefficiency in rapid fashion,” popular trader Daan Crypto Trades wrote in part of ongoing coverage on X.
2. Uniswap tops $2T in trading volume, larger than Australia’s GDP
Launched in November 2018, Uniswap took 42 months to breach the $1 trillion trading volume milestone. It’s now doubled again from that just 24 months later.
Decentralized exchange Uniswap has surpassed $2 trillion in all-time trading volume, notching the milestone five and a half years after it launched in November 2018.
Uniswap reached the $2 trillion milestone at around 11:55 a.m. UTC on April 5, according to data tracked by a Dune Analytics dashboard compiled by Uniswap’s strategy and operations lead, Zach Wong.
Uniswap Labs first notified the community of the incoming milestone at 6:00 pm UTC on April 4, where it expected $2 trillion to be reached sometime within the next 24 hours.
For perspective, Uniswap’s $2 trillion in trading volume is larger than Australia, Brazil and South Korea’s gross domestic product — a measure of the market value of finished goods and services produced within an entire country.
3.Bitcoin taps $67.5K as 2% BTC price gains accompany US jobless claims
BTC price strength returns amid bullish signals for Bitcoin and risk assets from the U.S. Federal Reserve and unemployment data.
Bitcoin rebounded 2% on April 4 as a broad risk-asset rally followed encouraging signals from the United States Federal Reserve.
Fed sees rate cut “at some point this year”
Data showed local BTC price highs of $67,510 on Bitstamp around the Wall Street open.
Bitcoin joined U.S. stock indexes in heading higher on the day, while gold cooled after setting new all-time highs above $2,300.
The day prior, Fed Chair Jerome Powell delivered a dovish tone on economic policy, suggesting that interest rate cuts — a key boon for risk assets — would come before the end of 2024.
“We have held our policy rate at its current level since last July,” he said during a speech for the Stanford Business, Government and Society Forum at the Stanford Graduate School of Business in Stanford, California.
4. Bitcoin absorbs $100M+ ‘sell-side days’ as bears lose BTC price clout
Bitcoin in 2024 looks increasingly unlike previous cycles as sellers routinely fail to drive BTC price performance lower after new all-time highs.
Bitcoin sellers have failed to spark a classic bull market correction this cycle, new analysis concludes.
In a post on X (formerly Twitter) on April 5, Checkmate, the pseudonymous lead on-chain analyst at Glassnode, showed BTC price drawdowns barely hitting 20%.
Bitcoin bears “still haven’t managed” 20% pullback
Bitcoin may have retraced from new all-time highs near $74,000, but in percentage terms, its recent corrections have been mild.
This is all the more apparent when they are compared to historical bull markets, Checkmate shows.
Uploading data from his charting suite, Checkonchain, he flagged the fact that despite mass profit-taking and reactionary selling at the highs, sellers have — at most — sent the market down 20%.
That occurrence only came once, in mid-September last year, with subsequent drawdowns reaching no more than 15.8%.
“Still my favourite Bitcoin chart of this cycle,” Checkmate commented.
5. Upcoming DeFi rules in Europe could ban non-decentralized protocols
The European Commission is evaluating the DeFi industry and could require protocols to obtain a MiCA license in the near future.
Decentralized finance protocols in Europe could soon be under new regulations as the European Commission evaluates the space.
According to the Markets in Crypto-Assets (MiCA) — the regulatory framework that governs digital assets within the region — the European Commission is required to prepare a report by Dec. 30, 2024, evaluating the decentralized finance market and the feasibility of specific regulations for the sector.
“In preparation for this report, we have initiated a number of actions. For instance, we are running a study on embedded supervision. No policy decisions have been taken yet,” a Commission spokesperson told Cointelegraph.
The report is tasked with exploring how decentralized systems, particularly those without a clear issuer or service provider, should be regulated. “A significant aspect of this assessment will be to explore the regulation of crypto-asset lending and borrowing, a core activity within the DeFi space,” Maxim Galash, CEO of CoinChange Financials, explained in an analysis.
DeFi represents a shift from traditional, centralized financial systems to peer-to-peer finance enabled by decentralized technologies built on blockchain. While traditional finance laws often depend on regulating central parties like banks or financial services providers, decentralized systems operate without such intermediaries.
Crypto Labs Team
April 5th, 2024
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