We compile the top news stories weekly within the crypto, blockchain, metaverse, and NFT space. The weekly wrap-up covers everything from BTC & ETH updates, recent investments, developments of exciting new projects, and other relevant topics.
Here is everything you need to know for the week of April 1st to 5th
📈 Weekly BTC and ETH Overview
Bitcoin's price recently experienced a corrective phase, resulting in a 9% decline to around $64K. Despite this, Bitcoin is supported by strong levels, which may prevent further drops caused by market sellers, leading up to the halving. Ethereum's price fell 7% this week, focusing pressure on the $3.35K support. A breach could drop below $3K, with a further decline towards $2.8K likely if selling pressure persists.
At the time of writing, BTC is trading at $66.8K, up 0.58% in the last 24 hours. Similarly, ETH is trading at $3.2K, down 2.55% in the previous 24 hours.
🗞️ Top Market News
- Ripple plans to launch its own stablecoin, which will be tied to the value of the U.S. dollar, sometime this year. Ripple's stablecoin aims for a 1:1 peg with the U.S. dollar, backed by dollar deposits, short-term U.S. Treasurys, and similar assets. Emulating Circle's compliance focus, Ripple aims to compete with USD Coin. Read more here.
🚀 New Project Developments
- Y8U (Humans AI-incubated) has announced that it will conduct its Initial DEX Offering (IDO) at Ape Terminal in the near future. The specifics of the Initial DEX Offering (IDO) will be disclosed later. Y8U, developed by Humans AI, is a Web3 protocol to revolutionize media production through AI-driven digital clones. Read more here.
- Sharpe AI (SAI) has revealed that its Initial DEX Offering (IDO) will take place on AIT Launchpad (AIT). Sharpe AI (SAI), an AI-driven cryptocurrency trading app, has announced its plan to hold a public sale of its native token SAI via an initial decentralized exchange offering (IDO) on the AIT Launchpad. Participants can join the sale by staking AIT tokens in the 56-day pool. Read more here.
- BCUT (bitsCrunch) has formed a partnership with NFTFN. The collaboration aims to concentrate on directing and recommending all NFT-related projects to integrate additional data and forensic functionalities into their projects. Read more here.
🔍 More Featured Stories
- PayPal has integrated the PYUSD stablecoin for cross-border transfers through its Xoom service. This development signifies the increasing influence of cryptocurrency in international remittances, as customers can now send funds overseas using US dollars converted from the PayPal USD stablecoin. Read more here.
Related Market Updates
Market Updates: May 13 - May 17
The market is slowly gaining momentum again after the downward trends shortly following the halving. Given the positive spot Bitcoin ETF results of the last week, and movement across multiple projects within the space, Bitcoin broke through the $60K support level, reaching $66K at the end of this week. On the other hand, Ethereum is trading around the $3K level, which is located near the $2.8K support zone.