Weekly Stock Market Recap & Industry News
US ECONOMY:
The American economy began 2023 on a high note, as numerous experts observed encouraging real GDP expansion during the first quarter of the year. Nonetheless, as demonstrated in our latest chart, economic indicators have been underwhelming since late March, suggesting a decline in the U.S. economy's momentum. Consequently, the Atlanta Federal Reserve's GDPNow model presently predicts a 1.5% (SAAR) GDP growth for the first quarter of 2023, a decrease from its highest projection of 3.5% in March.
CRYPTO NEWS:
Cryptocurrency at Ralph Lauren
The U.S. fashion label Ralph Lauren will accept digital currency payments at its recently launched store in Miami's Design District, marking the brand's first venture into crypto. Additionally, Ralph Lauren is collaborating with the Web3 community Poolsuite to introduce a co-branded NFT range.
Elevating Standards
The Chinese Ministry of Industry and Information Technology, which oversees the nation's fintech sector, announced plans to enhance blockchain technology development standards by 2025.
Crypto Services at Boerse Stuttgart
Boerse Stuttgart, Germany's second-largest and one of Europe's largest stock exchanges, will offer trading and custody solutions for its crypto assets through its subsidiary, Blocknox.
Entering the 'Juicyverse'
Wrigley, an American multinational chewing gum company, is set to join Web3 through NFTs and its unique Metaverse called 'Juicyverse,' as revealed in a recent patent application filed with the United States Patent and Trademark Office (USPTO).
Collaboration for Stable Yen
Mitsubishi UFJ Financial Group, a leading Japanese bank, is partnering with local blockchain entities to initiate a stablecoin interoperability pilot project.
Holding Firm & Ascending
Following a first quarter in 2023 with over 800 million transactions, Bitcoin remains stable at around US$28,000, while Ether climbs to an eight-month peak.
Japanese Retailers Embrace Bitcoin
In April 2017, Japan's retail sector rapidly adopted Bitcoin when the government declared that the pioneering cryptocurrency would be legally acknowledged as a valid payment method. The first two enterprises to adopt this approach were consumer electronics retailer Bic Camera and retail support company Recruit Lifestyle.
Subsequently, all cryptocurrencies have been legalized in Japan, with no limitations on residents owning or investing in digital assets. Furthermore, according to Statista's estimates, by 2021, nearly 100,000 merchants in the country were accepting cryptocurrency payments.
Coming Up:
Ethereum's Shanghai Upgrade
After multiple postponements, Ethereum's Shanghai Upgrade is scheduled for April 12, 2023—next Wednesday. Here's a brief overview of the enhancements it will bring, including unstaking options for validators.
And finally, Understanding Bitcoin Dominance
Bitcoin dominance, despite its powerful name, merely represents the proportion of Bitcoin's market capitalization relative to the combined market cap of all cryptocurrencies. This metric assists cryptocurrency traders in gauging market sentiment, managing risk, and identifying trends and opportunities. Read on for further insights:
Bitcoin dominance varies over time. When only a few altcoins like ETH and LTC existed, Bitcoin's dominance exceeded 90%. However, during the ICO boom, it fell to a low of 37%. It then increased during the 2018 bear market before declining again throughout 2021 and 2022, stabilizing at around 47%.
The significance of Bitcoin dominance remains. Although Bitcoin's dominance has decreased by nearly 50%, it continues to be a crucial metric that influences the cryptocurrency Fear and Greed Index (i.e., increasing Bitcoin dominance typically indicates heightened fear levels). Consequently, traders interested in purchasing altcoins often consult this ratio first.
Bitcoin's dominance does not determine its price. While Bitcoin dominance provides valuable insight, it only conveys market sentiment and does not indicate the actual worth of BTC. As more altcoins enter the cryptocurrency market, Bitcoin dominance may decrease, but as an indicator, this is neither inherently positive nor negative.
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