Bullish Insights Weekly Market Recap

The Bullish Insights Weekly Market Recap includes curated industry news and analysis from the Bullish team for the week of April 17, 2023.

Bullish Exchange

This week’s peak exchange trade volume 24h: 874,531,709 (30,226 BTC) on 20/04/2023.

This week’s headlines

• In a press release by the US SEC, Bittrex Global was charged for operating as an unregistered exchange. The complaint alleges that the exchange engaged in crypto assets that were offered and sold as securities.
• A unanimous vote by UniSwap token holders passed a proposal for the DEX to be deployed on Polygon’s zkEVM.
• Tribe Capital is allegedly looking to restart FTX with a $250mn fundraising initiative. $100mn in capital by the firm as well as it’s LP’s will reportedly be provided to anchor the reboot in the fallen exchange.
• Societe Generale-Forge, has announced the launch of a euro-pegged stablecoin known as EUR CoinVertible that will be available for only select institutional clients who pass KYC and AML procedures.
• The Sui Foundation released a recent blog unveiling SUI’s tokenomics. The supply will be capped at 10 billion tokens with a ~50% allocation to the network’s early contributors and supporters.

Macro market highlights

• US equity markets rebounded in Monday's session with the S&P 500 up by 0.3%, the Dow advanced by 0.3%, and the Nasdaq Composite rose by 0.3%.
• US equity markets closed on a mixed note in Tuesday’s session despite a downturn in Goldman Sachs and Johnson & Johnson's share price.
• US equity markets saw little change in Wednesday's session as traders shift focus towards corporate earnings.
• US equity markets closed lower in Thursday's session after unemployment claim data spiked to its highest since November 2021. Unemployment benefit claims rose by 61,000 to 1.87 million through April 8. The S&P 500 fell 0.6%, the Dow dipped by 0.3% and the Nasdaq Composite retreated by 0.8%.

Crypto market highlights

• According to Kaiko data, Bitcoin saw its second largest quarter in trade volume. While Q1 2023 was still considered a bear market environment trade volume had signaled significant activity around BTC. During the period, the industry's banking rails, Silvergate and Signature were closed, SVB collapsed with a flight to BTC and the SEC as well as CFTC honed in on the digital asset space.
• Wallets holding 1 BTC or less, otherwise known as shrimps have seen an increase in BTC accumulation. Since the collapse of Luna, shrimp wallets have increased their market share of BTC by 1.78%.
• The Shapella upgrade on Ethereum saw the unlock of 18 million staked ETH worth ~$36bn on the beacon chain. While there were concerns of sell pressure of ETH, there was been support in ETH's price action above the $2k zone this week. Withdrawals are surpassing deposits but not at the anticipated pace. Withdrawals have remained below 400k daily since the update went live.

Other updates

• The Sui Foundation released a recent blog unveiling SUI’s tokenomics. The supply will be capped at 10 billion tokens with a ~50% allocation to the network’s early contributors and supporters.
• Ethereum has announced it will hold this year’s Devconnect in Istanbul from November 13-19. Devconn 7 however, a different event will be held in Southeast Asia in 2024. (Source: Ethereum.org)
• A new bill has been passed in the US state of Texas which would require digital asset service providers to show proof of reserves in an attestation. (Source: Watcher.Guru)

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