The Blockchain Bulletin, April 1: Ethereum Faces Struggle With Low ETH/BTC Ratio
Hey folks! Welcome to the latest edition of The Blockchain Bulletin, wherein we provide you with significant developments that took place in the crypto world. Over the past 24 hours, 91,583 traders were liquidated, and the total liquidations come in at $224.31 million. The largest single liquidation order happened on Binance – ETHUSDT value $ 11.95 million.
Considering the market condition, the cryptocurrency community is concerned about Ethereum. The blockchain platform has showcased severe losses in the first quarter of this year. Further, the ETH/BTC Ratio hits its lowest since June 2020 amid Bitcoin’s price surge, indicating a major change in the financial relationship between Bitcoin and Ethereum. As of the last day, Bitcoin was trading above $80K while ETH is at $1.8K. Despite the growing competition from Bitcoin, Ethereum’s DeFi ecosystem remains resilient.
On the other hand, analysts see a buying opportunity despite ETH dropping -42.47%, it’s worst since 2018. Market observers predicted Ethereum would witness a stronger comeback in the second quarter. Historically, this pattern has been exhibited in 2017 and 2020. While ETH’s condition remains a concern, traders noticed a unique transaction on the blockchain. Around 400M USDT worth $1.8B was circulated in a loop from Ethereum to Tron via Aave, HTX, and Tether, raising mixed reactions from the crypto community.
According to a report, Solana has proposed to utilize 60 M CU Blocks to boost its performance. CUs limit the number of operations and protect the blockchain functionality. Currently, the maximum cap is 48 million per block. Two proposals, SIMD-0207 and SIMD-0256, aim to expand block capacity, allowing for more transactions without altering other core parameters.
Major token unlocks are set to shake crypto markets in April. Over $642 million in token unlocks will occur in the first week of April, with SUI in the lead. Other notable unlocks include W, ENA, OP, and JTO. Several tokens will also see large-scale linear unlocks, with SOL experiencing the highest daily unlock. To acquire more Bitcoins, MARA Holdings disclosed a plan to sell $2 billion in shares to make the purchase. Market observers compared the firm’s activities to Strategy, which had been an active Bitcoin holder since 2020 and currently possesses 528,185 BTC.
Related: X2Y2 NFT Marketplace to Shut Down, Shifts Focus to AI: Report
Reacting to a statement of Michael Saylor, Peter Schiff sparked a heated debate on X, challenging investors if they would risk their Bitcoin to zero. His comments reignited the long-standing tensions between Bitcoin supporters and traditional finance skeptics. Bitcoin supporters argued that Saylor’s comment showed long-term conviction, reinstating that the asset would gain value over time. However, Schiff pointed out that Bitcoin has declined since the start of the year, whereas gold has gained 18%, emphasizing that the metal would be the superior asset in preserving value.
Hut 8 and the Trump family launch American Bitcoin to set a new standard in Bitcoin mining. A press release stated that 80% of the entity would be of Hut 8, while the balance shares belong to a private investor group that includes Eric Trump and Donald Trump Jr. Guiding operations and direction, Eric Trump will serve as Chief Strategy Officer, while the latter would be involved in a leadership role.
Amid major token unlocks and institutional investments, analysts remain optimistic about Ethereum’s recovery, whereas Peter Schiff’s renewed detate on Bitcoin and gold highlights the ongoing tensions between digital assets and traditional finance. As the market evolves, competition, regulation, and innovation will play key roles in shaping the future of crypto.
