Weekly Market Review - April 28th

Weekly Market Review - April 28th
Njani Ruetsch

We compile the top news stories weekly within the crypto, blockchain, metaverse, and NFT space. The weekly wrap-up covers everything from BTC & ETH updates, recent investments, developments of exciting new projects, and other relevant topics.

Here is everything you need to know for the week of April 22nd to 28th 

📈  Weekly BTC and ETH Overview

At the start of the week, BTC followed a recent price drop below $27.5K, which left the total crypto market cap to fall by nearly 10%. Though many tokens followed bearish trends, some greener numbers were shown in the market as the week comes closer to an end. On Thursday, BTC started to test the $30K mark as it’s outlooks remained bullish – forming a correction at crucial level of the 50-day moving average. ETH is similarly hit by the undergoing market correction of the crypto market, and saw a 14% plunge in price over the past week. 

Nevertheless, BTC shoes resistance to move past the $30K, and at the time of writing is trading at $29.47K, up 2.04% from the last 24 hours. ETH, is trading at $1.91K, up 1.63% in the last 24 hours. 

🗞️ Top Market News

  • Coinbase takes step against the SEC to gain clarity for the crypto industry. The crypto giant filed a narrow action in federal court to compel the SEC to respond “yes or no” to the Coinbase rule making petition. The rulemaking process exists so that agencies can develop regulation with the benefit of public input, and have their position tested through judicial review. Read more here. 
  • Kraken is pushing back against the IRS. After the agency demanded information about Kraken’s users amounts, Kraken pushed back saying it was an “unjustified treasure hunt”. Read more here.
  • Binance U.S. terminated their $1billion offer to purchase Voyager assets. Due to the hostile and uncertain regulatory environment in the U.S at the moment Voyager and Binance announced the termination of the deal earlier this week. Read more here

🚀 New Project Developments

  • TinyTap has raised $8.5M for Web3 education, now at $100M valuation. Animoca brand subsidiary TinyTap raised from investors including Sequoia China and Polygon. The project aims to disrupt education with Web3 and focus on how a tokenomics model can benefit education and creator economies in general. Read more here

  • MultiversX launches trading platform with European Governmental Institution. The layer 1 announced the launch of ICI D|SERVICES (ICI Decentralized Services) as the first European institutional NFT trading platform for digital assets. This will offer a secure way to trade, sell, and buy NFTs via blockchain and Web3 technologies. Read more here.
  • FTX sells derivatives exchange LedgerX for $50M to Miami International Holdings. Back in 2021, FTX.US bought LedgerX to enable it to expand its spot trading services. The sale was made after the bankruptcy of the exchange. At the moment three other FTX assets are still up for sale. Read more here.
  • Circle has launched a cross-chain protocol for USDC between Ethereum and Avalanche. The newly launched protocol burns coins on the sending chain, and mints new ones on the receiving chain. Now, Avalanche users who hold USDC on Ethereum don’t need to deposit their coins with a Circle partner or use a third-party bridge to transfer their USDC from one network to the other. Read more here.

🔍 More Featured Stories

  • Animoca Brands announces partnership with ONE Championship to create ONE Fight Arena. The Web3 mobile game is to launch for player testing in Q4 2023. The NFT game will focus on strategic game play and action inside the fighting Circle. Read more here.

  • Visa is hiring engineers for crypto product roadmap. Looking to\ create more products within the Web3 space, Visa is looking for more engineers to help build the product roadmap and bring the payments giant into the crypto ecosystem. Ready more here.
  • Nike announces release of its first Digital Sneaker Collection on .Swoosh. The virtual design called Our Force 1, is a play on the classic Nike sneaker – Air Force 1. The NFT collection will drop around early May. Each NFT will come with a paired 3D file that holders can use to "express themselves in new ways,". The brand also plans to add broader utility, in the future. Read more here.