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Bitcoin Rejected At $60K While Global Markets Start To Splutter: The Weekly Crypto Recap

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Bears took control this week, sending Bitcoin’s price from around $60K down to $50K. Traditional markets also struggled as NASDAQ is deep in the red over the past seven days.

This week was tough across the board as both cryptocurrencies and legacy markets took a beating. Bitcoin was rejected at $60K and dropped all the way down to $50K, but, fortunately, it found support and is now attempting a recovery.

The cryptocurrency started the week trading at around $59K and took a shot at the coveted $60,000 mark but failed. It was all downhill from there as BTC retraced all the way down to $50,000 before finding serious support and bouncing back to where it’s currently sitting at around $54K.

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It’s worth noting that on March 24th, Elon Musk announced that people can now buy Teslas with BTC, which sent the price soaring. Unfortunately, the rally was unsustainable, and the retrace was swift.

Legacy markets also took a hit. The S&P 500 managed to recover roughly to where it was trading on Monday, but things are looking gloomier with NASDAQ. The index is down almost 3 percent this week.

It’s also worth pointing out that one of the most influential financial institutions – the multinational investment bank Goldman Sachs, filed for a Bitcoin ETF. The same was done by one of the largest asset managers, Fidelity. It seems that institutions are trying to cater to the soaring interest in cryptocurrency.

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Elsewhere, Uniswap finally revealed specifications for its v3 upgrade. It’s supposedly going to turn it into the most flexible and capital-efficient automated market maker.

In any case, this week’s show was stolen by Theta. The token soared by around 50% in the last seven days, establishing itself as a top 10 cryptocurrency by means of total market capitalization.

It’s interesting to see how the market will develop going forward. Is there more pain to come? Or are we on the road to recovery? Time will tell.

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Market Data

Market Cap: $1,704B | 24H Vol: 123B | BTC Dominance: 59.2%

BTC: $54,041 (-8.48%) | ETH: $1,668 (-8.54%) | XRP: $0.559 (+18.02%)

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This Week’s Titles You Better Not Miss

Tesla Starts Accepting Bitcoin Payments: BTC Price Spikes $1,000 Immediately. The electric car manufacturer Tesla announced earlier this week that it will accept Bitcoin for payments. Moreover, the company revealed it will retain the BTC and will not be converting it for fiat.

Uniswap v3 to Launch on May 5 With up to 4000x Capital Efficiency. The most popular decentralized exchange and automated market maker, Uniswap, unveiled the specifications for its v3 upgrade. The mainnet launch is planned for May 5th. The idea is to turn Uniswap into the most flexible and capital-efficient AMM.

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Goldman Sachs Files for a Bitcoin ETF With the SEC. The international investment bank Goldman Sachs has become the latest financial institution to file a prospectus with the US Securities and Exchange Commission (SEC), seeking approval for a Bitcoin exchange-traded fund (ETF).

India Should Not Ban Crypto as It’s an Asset Class, Said Tech Billionaire Nandan Nilekani. The co-founder of Infosys and one of India’s richest people, Nandan Nilekani, said that the government should not be banning cryptocurrencies. He says that they are an asset class, and people should be allowed to take advantage of them.

BitClout Receives a Cease-and-Desist Order Over Unauthorized Profile Usage. The supposed founder of BitClout – one of the hottest most recent projects – received a cease-and-desist order over unauthorized profile usage. The platform has been using the name and photograph of Brandon Curtis, the Chief Research Officer of a decentralized exchange, without his consent.

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Cardano is Overwhelmingly Subscribed Despite Having no Smart Contracts Yet: Charles Hoskinson. The founder of Cardano, Charles Hoskinson, said that the network has already received overwhelming demand despite being in the second stage of its Goguen upgrade and not supporting smart contracts yet.

 

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