Market Analysis For the Week of April 1st, 2024
Crypto Market Faces Rough Waters as Interest Rates Are Suspected to Rise
The previous two weeks were not the best for crypto asset market performance; Bitcoin fell for a second day in a row, hitting around $65,000 earlier this week. Investors are looking at a few indicators of the move, citing economic factors and US dollar strength, while some are turning to Bitcoin whale movements and sell-offs. Investors are now turning to the upcoming Bitcoin halving for a more optimistic short-term outlook. This event is going to cause the reward for Bitcoin miners to be reduced, consequently impacting their revenue. The halving, scheduled for around April 20th, has the potential to affect miners’ performance negatively, but historically, it has also been associated with significant rallies in Bitcoin prices.
Certain analysts suggest that Bitcoin is entering the initial stages of the pre-halving period, which typically adheres to a specific trend observed in previous halving cycles. Much like in past instances, the price of BTC seems to align with the five distinct phases of Bitcoin halving. Notably, the pre-halving downturn is occurring approximately 18 days prior to the anticipated Bitcoin halving scheduled for April 20. This is evidenced by significant activity in the Bitcoin futures market, particularly noticeable through liquidation.
Bitcoin is not the only asset facing a dip. Ethereum is down about 11% over the past month, trading around $3,100. Many suspect these corrections indicate a correction from last month’s breakout performance. ETH is now on the verge of signaling a potential direction shift following a downward price trend. The ETH chart suggests that the asset is nearing proximity to its 50-day Exponential Moving Average. With Ethereum and Bitcoin traditionally tracking each other, the halving could bring positive movement for both assets, but investors are speculating it might not be as strong as previous halving events have been. The most bullish use cases for ETH still lie in the looming Ethereum ETF approval and growing layer 2 projects.
BingX is Proud of a Record Q1 in 2024
In Q1 2024, we’ve observed a significant uptick in interest from both native crypto investors and traditional finance customers. SEC-approved Bitcoin ETFs attracted approximately $12.1 billion in inflows: a market that’s both volatile and resilient. Bitcoin itself saw over a 50% increase, while Solana notably soared by more than 80%. BingX was active in spot and derivative trading, listing over 120 tokens, which included 24 global initial launch projects like BOME, WEN, MANTA, CHAT, ZUZALU, and SOLC. These launches were highly successful and received positively by our customers. Moving into Q2, our focus will remain on enhancing user-friendly trading tools and procuring high-quality assets for our global user base.
In Q1 2024, the company achieved significant milestones and strategic progress due to favorable market conditions. Notable highlights include:
- Spot Trading Volume: BingX saw a sevenfold increase in spot trading volume, according to CoinGecko data, driven by 24 initial token offerings such as BOME, WEN, and MANTA, with BOME experiencing a remarkable surge of 4,384.62%.
- Open Interest: On March 26, BingX reached a year-high open interest of $6,298,543,514, a fourfold increase from the previous year.
- Perpetual Futures Trading Volume: Trading volume surged to $14 billion by March 26, boosted by the SuperX trading competition.
- Website Traffic: According to ICO Analytics, BingX climbed from 11th to 9th in website traffic rankings from December to February.
Strategic initiatives and global expansion efforts include:
- Partnership with Chelsea F.C.: BingX became the principal partner of Chelsea F.C., serving as the Official Sleeve Partner for Chelsea’s men’s team kits for the 2023/24 season.
- Expansion into Latin America: BingX launched operations in Brazil in March 2024, allowing Brazilian users to purchase cryptocurrencies using Brazilian Reals (BRL) through Pix transfers, aiming to enhance financial inclusivity and accessibility in the Latin American market.
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Product Highlights
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Upcoming Events
BingX looks forward to fostering growth in various markets worldwide. Come to our next events in Paris at Blockchain Week or Token 2049 in Dubai, where our team will be available to network!
This Tuesday, I will be taking the stage at Paris Blockchain Week! Meet me at the Master Stage on April 9th at 4:30 pm.
About Me
Check out my commentary on clean cryptocurrency practices and the future of implementing sustainable crypto mining with Finance Middle East.
Chatting with WU Blockchain about BRC20 about BingX’s strategy in 2024 and my professional background was fantastic. Check out the article linked below!
Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the article. Not financial advice.
