Elon Musk: Crypto Movement at a Glance: Hawkish Fed spoils mood, Musk’s Twitter stake lifts Dogecoin

    Even though Bitcoin, Ethereum, and other cryptocurrencies fell over the weekend, they regained their winning streak on Sunday. BTC was trading at $46,000 early this week but has dropped to $42,000 after the hawkish comments of the US Federal Reserve.

    On Friday, BTC traded flat as the market picked up a bit digesting the remarks. While ETH has been performing well since the start of this week, as it is about to unveil its upgrade this year, we can expect the second-largest cryptocurrency to make more significant moves.

    On Saturday, the global crypto market cap was down by nearly 3 per cent over the past day. BTC, ETH, and other cryptocurrencies are running in red as usual as they dip over weekends.

    On the other side, NEAR Protocol, an Ethereum competitor, has raised nearly $350 million, more than double what it got just three months ago. With more and more people looking towards blockchain and the decentralized web, the deal’s backers are optimistic about the future of the token. On the other end, Dogecoin gained nearly 9 per cent over the past week after Elon Musk joined the Twitter board.

    In an exciting turn of events, Meta has recently given up on its plan to create a stablecoin, Diem. It is reportedly interested in creating tokens for use within the metaverse. Even though Meta has plans to develop NFTs, it will not likely rush things.

    Coinbase has conducted an in-person pitching event in Bengaluru this week to boost India’s financial inclusion goals. The crypto exchange will soon invest $1 million in various crypto and Web3 initiatives.

    Intel launched its ‘Intel Blockscale ASIC’, a second-generation Bitcoin mining chip, on April 5th, announced in February. The chip features a 580 GH/s has rate while consuming just 26J/TH, making it more efficient.

    Blockchain.com raised new funding at a US$14 billion valuation; now, it launched asset management for institutional investors. The company also hires Marissa Brooks to lead Global Sports and Entertainment partnerships in a stronger move.

    Cardano Foundation and the University of Zurich will soon expand on the academic research on blockchain and distributed ledger technology. The two main objectives of this expansion are to contribute to the BDLT Group’s expertise and focus on developing Cardano continuously.

    Coming to the price action, among the top 100 cryptos by market cap, here are the best and worst-performing cryptos over the past week:

    Top 5 crypto gainers during the week:

    Mina (MINA): 20% up

    Monero (XMR): 13% up

    Dogecoin (DOGE): 5% up

    Anchor Protocol (ANC): 4% up

    Kava (KAVA): 3% up

    Top 5 crypto losers this week:

    Waves (WAVES): 49% down

    Aave (AAVE): 26% down

    Zilliqa (ZIL): 26% down

    Axie Infinity (AXS): 23% down

    The Graph (GRT): 23% down

    (Note: Only top 100 tokens according to the market cap have been included for study. Source: coinmarketcap.com, data as of 11.45 am IST on April 11, 2022)

    (Edul Patel is CEO and Co-founder of Mudrex)

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