In the crypto market report prepared by the ICRYPEX Research team and covering the week of April 8 – 15, we compiled the current developments regarding crypto assets, price movements of crypto assets and macroeconomy.
You can take a look at the general flow of this report below, and access all the developments that took place in the 7-day period at Weekly Crypto Market Reports: April 15, 2024.
Overview of April 15 Weekly Crypto Market Report
The main headline of the past week in crypto assets and all other risky assets was the Iran-Israel tension. While the possibility of a possible war and the resulting tensions put intense pressure on pricing, the gradual fading of the news on the subject allowed prices to normalize a little more in the last days of the week.
Apart from these, the 4th Halving in Bitcoin took place on Saturday night, April 21, and another important stage was passed for Bitcoin. With the 4th Halving, Bitcoin’s mining rewards dropped to 3,125 BTC. As we enter a new era with the halving, we will be able to see the short-term effects of this new era more clearly with the opening of the UK and US sessions. This week, when Bitcoin fell below $60,000 twice, deep movements were also observed in total market values and altcoin pricing.
While the total market value of crypto money fell to 2.1 trillion dollars and closed again at 2.37 trillion dollars, Bitcoin’s market dominance decreased to 55% in this process. Especially with the war news, Bitcoin dominance rose to the 57% level we had been waiting for a long time, and then fell back to 55.60%. In this process, Ethereum managed to close the last week at $ 3141, where it tested below $ 3000 many times.
We can also say that the AI tokens closed the last week particularly well, and the negative news and pricing on the artificial intelligence side in the USA has had an adverse effect on the crypto side for now. When we evaluate ETFs, we think that there is a negative image resulting from GBTC outflows as the inflow volumes slow down, but there is actually not as negative an image as it is reflected. While the total amount of assets under management continued at 53.8 billion dollars, the total inflow amount remained above the 12 billion dollar level. For this reason, the $202 million outflow seen in funds last week is not considered strong enough to make negative inferences. We would also like to remind you that the negative streak ended with the entry of $60 million on Friday.
Those who want to get more comprehensive information about the week covering April 15 – 22 can review Weekly Crypto Market Reports: April 15, 2024.
