Crypto prices held steady for the third consecutive week with the Nasdaq Crypto IndexTM (NCITM) up a modest 0.4%. Ether (ETH) rose 3.0%, outperforming Bitcoin (BTC), which suffered a slight decline of -0.6%. BTC has hovered around $28,000 with limited volatility since late March, but events this week—including the release of US CPI data and the activation of Ethereum’s Shapella (Shanghai + Capella) upgrade—could lead to increased volatility.
Brazilian investment bank BTG Pactual unveils dollar-backed stablecoin
The stablecoin, BTG Dol, is the first issued by a bank. Brazil is one of the most crypto-friendly countries in terms of adoption and regulation. Given that BTG is one of the largest banks in Latin America, this is an important development for broader crypto adoption.
DeFi exchange Uniswap beats Coinbase in trading volume in March
The performance of Uniswap relative to Coinbase, a Nasdaq-listed public company and the second-largest centralized exchange with over 4,000 employees, illustrates the increasing adoption of DeFi in the wake of the 2022 bear market and this year’s banking crisis.
Dogecoin (DOGE) jumps after Elon Musk replaces Twitter bird logo
Musk temporarily replaced the bird with the meme coin’s logo, a Shiba Inu dog. The event, which seemed at first to be a late April Fools’ Day prank, is noteworthy as it involves a top 10 crypto asset and one of the largest social media platforms in the world. After the Dogecoin logo was removed, DOGE's gains were mostly reversed.
Sen. Warren’s ‘Anti-Crypto Army’ campaign aims to politicize crypto
The politicization of cryptocurrencies is increasing in the US, as Senator Elizabeth Warren takes an anti-crypto stance in her re-election campaign, calling for increased regulation. US policy on crypto has lagged many other governments, which may ultimately drive industry participants away from the US.
Hashdex has announced staking on its products along with a website and a primer to cover the topic. The Staking Program provides the opportunity to reduce or eliminate fund costs for investors through staking, which contributes to the development and security of blockchain networks. This program is built around the same innovative principles that have guided our firm since inception and maintains the highest standards of compliance, security, and risk controls.
What to watch this week:
Wednesday will be a big day for crypto as the US CPI data is released and the Shapella upgrade on Ethereum will be activated.
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