KEYTAKEAWAYS
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Stablecoin market cap rose by $4.21 billion in seven days, reflecting increased capital inflows and growing stablecoin usage in the crypto market.
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Bitcoin’s Bull Market Index reaches 60, signaling positive sentiment and growing demand, though high RSI suggests potential for a short-term price pullback.
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Swiss supermarket Spar to accept Bitcoin payments nationwide, utilizing the Lightning Network for fast, low-cost transactions, signaling progress in crypto adoption for daily payments.
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STABLECOIN MARKET CAP INCREASED BY $4.21 BILLION IN SEVEN DAYS
According to DefiLlama data, the stablecoin market cap increased by $4.21 billion over the past seven days, reaching $238.917 billion, a 1.79% weekly growth.
Tether (USDT) remains dominant, with a market cap of $147.89 billion, accounting for 61.9% of the total stablecoin market.
Analysis:
Stablecoin market cap is not truly “stable.” Issuers like Tether and Circle mint or burn tokens based on market demand:
- Minting happens when users deposit fiat money or other assets (like dollars or bonds), which increases supply and raises the market cap.
- Burning occurs when users redeem fiat, reducing supply and market cap.
The recent rise in stablecoin market cap reflects growing capital inflows into the crypto market or expanding usage of stablecoins.
BITCOIN BULL MARKET INDEX REACHES 60
On April 28, CryptoQuant analyst Julio Moreno reported that Bitcoin’s Bull Market Index has reached 60.
This suggests that positive sentiment is returning, with demand for Bitcoin and stablecoin liquidity growing again.
Analysis:
The Bull Market Index (0–100 scale) is a composite indicator from CryptoQuant, measuring network activity, investor profitability, liquidity, and demand.
- A high score (>60) usually signals a sustained bull market.
- A low score (<40) often indicates a bear market.
The index has rebounded sharply from 20 in March and 10 in early April to 60 now, suggesting Bitcoin could push toward $100,000.
However, short-term risks remain, as Bitcoin’s RSI (Relative Strength Index) is high at 87.57, signaling potential overbought conditions and a possible price pullback.
SWISS SUPERMARKET SPAR TO ACCEPT BITCOIN PAYMENTS NATIONWIDE
According to Decrypt, Swiss retail giant Spar plans to roll out Bitcoin payments across all its Swiss locations after a successful pilot.
The pilot started in early April at Spar’s Zug branch, using the Lightning Network and DFX Swiss’s OpenCryptoPay platform, which is designed for fast, peer-to-peer crypto transactions.
Analysis:
Spar’s plan to expand Bitcoin payments nationwide shows real progress for Bitcoin as a means of daily payment.
The pilot demonstrated that Bitcoin payments can be fast (QR code scan in seconds) and low-cost (only $0.04 per transaction) using the Lightning Network.
This move aligns with Zug’s crypto-friendly environment, often called the “Crypto Valley,” which hosts a $593 billion crypto ecosystem.
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