What started out as a positive week for BTC ended as the fourth consecutive red weekly candle for the first time since June 2020. By April 21, BTC had rallied to $43,000 before tumbling to $39,450 by the end of the week.
With Bitcoin consolidating below $40,000, it now faces the prospect of battling the crucial level again for further upside. Analytics platform Coinglass reported that funding rates were firmly negative going into the weekend. That means market participants expected shorting BTC to be the next profitable trade.
This was compounded by the fact that BTC ventured into the ”Extreme Fear” zone on the Fear & Greed Index, on April 23. However, if price action post-June 2020 is to repeat, we could see a new all-time high in the following months.
On the fundamental side, Bitcoin’s average transaction fees reached a two-year low of $1.04 last week. Fees reached an all-time high of $62.788 in April 2021, however, this spike coincided with a massive decline in hash rate. This time around, the hash rate is at an all-time high of 248.11 EH/s.
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Coinbase’s long-awaited NFT marketplace has moved into beta, six months after the crypto exchange announced the project and opened a waitlist for interested users.
According to a blog post published last week, users will be able to create online profiles, buy and sell NFTs, and engage with creators, with the platform functioning as a cross between traditional NFT marketplaces like OpenSea and social media.
During the beta, there will be no transaction fees. Furthermore, Coinbase will reduce the fees for ETH transactions by partnering with 0x Labs.
Also last week, Mastercard announced users of Coinbase’s NFT marketplace will be able to use their cards to make purchases. At the moment, over 8.4 million email addresses occupy the waitlist.
According to Coinbase, users will be granted access to the platform based on their position on the waitlist. The platform will be available to everyone above the age of 18.
Crypto derivatives trading platform dYdX announced last week that it’ll become ”100% decentralized by EOY.” dYdX announced the V4 update on Twitter with a new roadmap.
”With V4, dYdX will become fully decentralized. There will no longer be central points of control or failure of the protocol; all aspects of the protocol that can be controlled will be fully controlled by the community,” the roadmap reads.
At present, certain components of the platform (Ethereum smart contracts, staking, governance) are decentralized. However, its orderbook and matching engine are managed by dYdX Trading Inc.
In a blog post, dYdX also emphasized the ”improvement in transparency” that DeFi provides over centralized financial services.
Popular crypto exchange and blockchain explorer Blockchain.com is reportedly in talks with US banks to explore going public.
An IPO could be on the cards as soon as this year; that would make Blockchain.com only the second crypto exchange in the US to do so, after Coinbase. Blockchain.com is currently valued at $14 billion.
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