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The Week’s Important Market Developments

Date Time Exchange Case Expectation The data released last month
02.04.2024 15:00 EUR Germany Consumer Price Index (CPI) (YoY) (Mar) 2,2% 2,5%
03.04.2024 10:00 TRY Consumer Price Index (CPI) (Year-on-Year) (Mar) 69,10% 67,07%
03.04.2024 15:15 USD ADP Nonfarm Employment Change (Mar) 149K 140K
02.04.2024  -04.04.2024 BCH Bitcoin Cash halving
05.04.2024 15:30 USD Nonfarm Employment (Mar) 205K 275K
05.04.2024 15:30 USD Unemployment Rate (Mar) 3,9% 3,9%
05.04.2024 15:30 USD Average Hourly Earnings (Monthly) (Mar) 0,3% 0,1%

Bitcoin Cash Halving Approaching

As Bitcoin Cash (BCH) moves closer to the expected halving scheduled between April 2nd and 4th, a significant increase in its price is observed. At the time of writing, it is trading around $689, representing a 15% increase. Halving entails halving the rewards miners receive per block, which typically results in increased demand and price appreciation. The surge in BCH’s price indicates investors’ tendency to increase their holdings ahead of the halving. Moreover, the overall positive sentiment in the cryptocurrency market also contributes to this rise. However, due to the volatile nature of the crypto market, prices can change rapidly, and post-halving profit-taking should be considered, so caution is advised.

Solana Surpasses Ethereum Again

The daily stablecoin transaction volume on the Solana blockchain, according to Artemis data, surpassed Ethereum in March, following an increasing trend since March 9th. As of March 30th, Solana recorded a stablecoin volume of $97.5 billion, while Ethereum had a volume of $9.3 billion. This development indicates Solana’s increasing preference in the stable cryptocurrency space.

Tether Buys Bitcoin Again

Tether purchased 8,889 Bitcoins (BTC) worth $627 million, increasing its Bitcoin holdings to over 75,000. Tether previously announced its intention to buy a certain amount of Bitcoin for each quarter starting from September 2022. Accordingly, the company seems to continue its Bitcoin purchases in the first, fourth, seventh, and tenth months of the year. Tether, which made a similar purchase on January 18th, added 8,888 BTC to its wallet.

Next-Gen Layer-2 and Layer-3 Discussions

Degen Chain, created using Arbitrum Orbit, which was launched last week, aims to offer the Degen token on a low-cost network and has gained considerable attention. Marc Boiron, CEO of Polygon Labs, stated on Sunday that Layer-3 solutions exist to extract value from Ethereum and add value for Layer-2 solutions built on top of them. Thus, he closed the discussion by stating, “Polygon Labs is not working on Layer-3s.” This statement also sparked discussions in the crypto community regarding Layer-3 projects.

BTC Dominance:

Bitcoin dominance represents Bitcoin’s total market capitalization as a percentage of the overall cryptocurrency market. This ratio reflects the relative strength of other cryptocurrencies against Bitcoin. According to recent data, Bitcoin dominance is at 53.70%. This indicates that Bitcoin plays a significant role in the crypto market, and it’s advisable to closely monitor Bitcoin Dominance values, especially with the upcoming halving.

 

 

Payment Option with TON on Telegram

Telegram announced that it has integrated Toncoin (TON) for in-app advertising payments. With this significant development, it is now possible to use Toncoin for in-app payments, providing Telegram users with a new payment option.

According to the announcement, public channel owners with at least 1,000 subscribers can receive 50% of the revenue generated from ads displayed in their channels in TON. This offers channel owners an alternative payment method to withdraw the revenue from ads, providing them with more flexibility.

With this new feature on the platform, users will be able to withdraw their earnings for free. Additionally, it is stated that the withdrawal service will be available on Telegram’s Fragment exchange in the coming weeks. This means that users will be able to easily withdraw and convert their earnings.

Furthermore, individuals who own channels on Telegram can promote their channels by making payments with Toncoin. This provides users with an opportunity to reach a wider audience and grow their channels.

 

BTC:

We are witnessing channel activity in Bitcoin as the halving approaches. Let’s evaluate it with the ITB analyses on our EgeMoney website.

Last week, we observed a decrease in the percentage of Bitcoin holders in profit to around 94%. This week, we see this percentage rising again to 97%. The downward trend expectation has decreased from 4 to 0, while the upward trend has increased from 0 to 2. Although there seems to be a positive sentiment, it is important to use ‘Take Profit’ and ‘Stop Loss’ orders in our trades to ensure our safety.

“The investment information and comments contained in this research report are not investment advice.”

Araştırma Uzmanı at EgeMoney

Uzmanlık alanlarım arasında temel ve teknik analiz, portföy yönetimi, risk analizi ve pazar araştırması bulunmaktadır. Hızla değişen piyasa koşullarına uyum sağlama ve rapor üretme benim önceliklerim arasındadır. Finansal geleceğinizi şekillendirmek ve karar alma süreçlerinize değer katmak amacıyla araştırmalarımı EgeMoney platformu üzerinden sizlere sunuyorum.