Ethereum’s high transaction fees has been a sticky issue for the blockchain in the past. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost. 

Meme coins are typically considered more speculative than the rest of cryptocurrency categories. Despite the label, hedge funds and institutional investors have warmed up to meme coins this cycle.

Bitcoin halving and developments in the AI sector are the key narratives this cycle. The Real World Asset (RWA) tokenization narrative gathered steam with BlackRock’s tokenized asset fund launch on Ethereum in March 2024. 

Thor Hartvigsen, investor at Heartcore Capital and a crypto analyst has identified a list of cryptocurrencies that are expected to see a massive increase in their supply. Typically, an increase in selling pressure negatively impacts an asset’s price. 

The EUR/USD pair temporarily reconquered the 1.0700 threshold this week, settling at around that round level. The US Dollar lost its appeal following discouraging United States (US) macroeconomic data indicating tepid growth and persistent inflationary pressures. The data became more relevant ahead of the Federal Reserve (Fed) monetary policy decision next week, exacerbated by the blackout period that prevents Fed officials from making comments on the matter ten days before the event.

The Pound Sterling (GBP) rebounded firmly against the US Dollar (USD), with the GBP/USD pair snapping two weekly declines in a row.

A modest weekly retracement saw the Greenback reverse two consecutive advances, motivating the USD Index (DXY) to retreat further from yearly peaks at around 106.50 recorded earlier in the month.

Gold (XAU/USD) price started the week under heavy bearish pressure and registered its largest one-day loss of the year on Monday. The pair managed to stage a rebound in the second half of the week but closed in negative territory. The US Federal Reserve’s (Fed) monetary policy announcements and April labor market data from the US could drive XAU/USD’s action next week.

Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors. 

Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the euro. Chinese PMIs and New Zealand employment to be watched too.