• Bitcoin (BTC) has seen huge growth in the last seven days and is currently hovering around the $27,000 mark.
• Some are calling for a new crypto bull market due to banking system issues and investor panic.
• Ethereum (ETH), the second largest cryptocurrency, has also seen significant growth with BTC/ETH down 3%, the lowest since July 2022.
Bitcoin (BTC) Nears $27,000
Bitcoin (BTC) has grown tremendously over the past week, hitting a high of $26,574 with a total market capitalization of $513 billion. This marks an impressive 6.5% increase in the past 24 hours and 30% increase in the past week.
Talk of New Bull Market Emerges
As banking stocks continue to plunge and investors look for safe havens, some believe that this could be the start of a new bull market for cryptocurrencies. Ethereum (ETH), the second largest cryptocurrency by market cap, is up 19.7% in the past week with BTC/ETH down 3%, which is its lowest level since July 2022.
Banking System in U.S.
The banking system in the U.S., despite Federal Reserve help, seems to be on shaky ground as multiple banks announce liquidity issues and other concerns causing investor panic across markets worldwide.
Staked ETH Withdrawals
The date for staked ETH withdrawals – April 12 – is quickly approaching causing further speculation about where prices will go from here as some predict ETH will go even lower before finding a bottom.
Preparing For Mid-Top Cycle
As BTC and other cryptocurrencies continue to pump, analysts are preparing for what’s next as some believe this may be just the beginning of a new crypto bull market cycle with many predicting a mid-top cycle event coming soon but not expecting it to last as long as last time’s cycle event did.
• Degen Zoo is an NFT game derived from Logan Paul’s abandoned Crypto Zoo, single-handedly developed by Christoph Zaknun in 30 days.
• More than 115,000 wallets have registered and pledges of over $700 million were made. It creates a deflationary token and an NFT collection featuring 120 endangered species to simulate the impact of capitalism on animal extinction.
• Christoph Zaknun pledged to donate all profits from Degen Zoo to charity to highlight the YouTube star’s greed.
Degen Zoo: An NFT Game by DAO Maker Founder
The DAO Maker founder Christoph Zaknun single-handedly developed Degen Zoo, an NFT game derived from Logan Paul’s abandoned Crypto Zoo, in only 30 days. This challenge was taken on by Zaknun to disprove Paul’s claim that the development cycle would take years. The game has already been met with interest as more than 115,000 wallets have registered and pledges of over $700 million were made.
Features of Degen Zoo
Degen Zoo comprises a deflationary token and an NFT collection featuring 120 endangered species in order to create a realistic simulation of the impact of capitalism on animal extinction. Players are incentivized to „kill“ their NFT animal which pushes the collection towards extinction while also raising awareness about human greed leading to wildlife devastation. All profits generated from this game will be donated to charity by Christoph Zaknun in order to call out Logan Paul’s greediness.
Reception and Progress
Interest in Degen Zoo began soaring during its development process as daily updates were broadcasted on social media which created more than 250,000 followers on Twitter alone who eagerly awaited new updates every day. On day 30 of the challenge, the first testnet was released and within days 3,000 players had completed more than 30,000 transactions for it. Now that the initial joke behind creating this game has evolved into a viable experiment in game theory and psychology, Christoph Zaknun is pushing forward with mainnet release for Degen zoo after exceeding all previous benchmarks set by any GameFi release so far.
By building Degen Zoo within such a short period of time, Christoph Zaknun has challenged not only Logan Paul but has also raised awareness regarding how human greed can threaten wildlife existence which makes this project much more meaningful than just being another crypto game with monetary incentives attached to it..
In conclusion, Degen zoo is an innovative crypto project built within 30 days by DAO Maker founder Christoph Zaknun that challenges conventional wisdom while also raising awareness about environmental issues caused due to human greediness along with providing entertainment as well as financial benefits for its players at the same time
• CryptoQuant has reported an increase in stablecoin exchange inflows, measuring the year’s highest level.
• Low BTC inflows have indicated a preference for holding and accumulating.
• Centralized crypto exchanges have been experiencing increased inflows of stablecoins, signaling a potential uptick in buying pressure.
Stablecoin Inflows to Crypto Exchanges: Are Buyers Bullish?
CryptoQuant has reported an increase in stablecoin exchange inflows, reaching the year’s highest level so far. This indicates investors are more likely to hold and accumulate rather than sell at current or lower levels as measured by low Bitcoin (BTC) inflows on centralized crypto exchanges. This could signal a potential uptick in buying pressure despite the recent short-term decline in Bitcoin price.
Stablecoin On-Chain Data Providers Findings
According to recent reports by CryptoQuant, centralized crypto exchanges have been seeing increased stablecoin inflows. Glassnode also noted a new one-month low for USDC at 1,544 for March with regards to unique addresses that received incoming transactions within a given hour. However, February saw USDT achieve a monthly high mean transaction volume even with the average number of exchange BTC deposits being at a monthly low.
Stablecoin Giants Gain Ground at the Expense of Binance and BUSD
CoinGecko reported that Ethereum continues to dominate the stablecoin market with 60% of total share followed closely by TRON (27%) with Binance’s BNB Chain trailing behind with 7%. Stablecoins currently account for approximately 12.7% of the entire crypto market with an estimated capitalization of around $136 billion according to CoinGecko data.
The increasing amount of stablecoins being deposited into centralized crypto exchanges suggests investors‘ confidence is growing despite short-term declines in Bitcoin prices. This renewed faith could be indicative of buyers becoming more bullish amidst market uncertainty as they seek out safe havens such as USDT and USDC during volatile times as well as prepare for possible future gains when markets start recovering again soon enough.