Market Trend 11/04-17/04 | Nine S&P 500 companies have pledged to accept Bitcoin as a means of payment in the coming year

If you thought the red plague from last week was preparing to cease - your hopes were certainly diminished this past week. Marketwide red candlesticks were commonplace, thrusting hundreds of assets into uncertain paths along valuation hills and valleys. Whether it be stablecoins or general cryptocurrencies, there is a scarce amount of assets that weren’t wounded this past week.


Positive Analysis

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Whilst this week plunged the market into the water and investors into a perpetual state of trepidation, circulating news surrounding adoption has provided some buoyancy to overall market sentiment. Despite adversity from mainstream media and traditionalist firms insisting cryptocurrencies lack real world application, nine S&P 500 companies have pledged to accept Bitcoin as a means of payment in the coming year. With Starbucks, Microsoft, PayPal, Twitch, and Etsy amongst the roster, it appears adoption is a slow, but ever moving process.


Negative Discussion

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This week saw some significant losses in the top twenty, with some assets shedding over 10% in the past week alone. Having lost 10.04% this week, Solana has been struck by misfortune, as has Terra who shed a dismal 16.37% - casting a dark veil over the crypto market and alluding to potential struggles rebounding from this ephemeral price plunge.



Hot Spot

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As if the recent barrage of phishing exploits and hacks weren’t enough to satiate the appetite of malicious actors, Beanstalk DAO was targeted in a flash loan DeFi exploit worth over $75 million. Hypothesised to have been as a result of a ‘send us money for Ukraine’ type scam, Beanstalk DAO has been drained of a significant amount of Ethereum, which has since been dispersed across Tornado Cash in bundles of 100 ETH.




Author：Matthew W-D, Gate.io Researcher
*This article represents only the views of the researcher and does not constitute any investment suggestions.
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