Crypto Daybook Americas: Bitcoin Bulls Underpin Price After Pro-BTC Candidate Loses in Canada
Your day-ahead look for April 29, 2025
-friendly Conservative Leader Pierre Poilievre lost his seat in the election. (Andrej Ivanov/Getty Images)
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What to know:
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After Pro-BTC Candidate Loses in Canada
Your day-ahead look for April 29, 2025
By James Van Straten, Shaurya Malwa|Edited by Sheldon Reback
Canadian prime minister candidate Pierre Poilievre speaks into a microphone at an external event at night.
BTC-friendly Conservative Leader Pierre Poilievre lost his seat in the election. (Andrej Ivanov/Getty Images)
Read More
What to know:
You are viewing Crypto Daybook Americas, your new morning briefing on what happened in the crypto markets overnight and what's expected during the coming day. Crypto Daybook Americas will arrive in your inbox at 7 a.m. ET to kickstart your morning with comprehensive insights. If you're not already subscribed, click here. You won't want to start your day without it.
By James Van Straten (All times ET unless indicated otherwise)
Bitcoin (BTC) remains stuck near the $95,000 mark, apparently unfazed by the Canadian election result, which saw the crypto-friendly candidate for prime minister lose his seat. Key macroeconomic data due later this week could serve as a catalyst for bitcoin’s next move, with the standout being Friday’s non-farm payrolls report.
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In the meantime, the largest cryptocurrency is reaching a series of higher lows and lower highs, forming a symmetrical triangle consolidation pattern. This setup following a strong uptrend typically implies a continuation. A decisive breakout above $95,500 could spark the next leg higher, while a drop below support would indicate a potential reversal.
On the technical front, bitcoin's hashrate, which has surged over recent months and is now about 10% away from its record, is beginning to decelerate. A downward difficulty adjustment of more than 5% is anticipated in four days and will provide some much-needed relief to miners, who have been grappling with hashprice levels near five-year lows.
The week's macroeconomic data include personal spending and GDP growth figures on Wednesday, though Friday's jobs report takes center stage. Economists forecast a drop in new jobs to 135,000 during April, down from March’s 228,000 figure, which was the strongest in three months.
The unemployment rate is projected to have held steady at 4.2%, underscoring a persistently tight labor market. The CME FedWatch Tool currently indicates a 91% probability of the Fed funds rate being held at at 4.25%–4.50% at the May 7 FOMC meeting.
Also in the mix, earnings season is heating up, particularly among the “Magnificent Seven” tech stocks. Microsoft (MSFT) and Meta (META) report after the market close on Wednesday, followed by Apple (AAPL), Amazon (AMZN) and Strategy (MSTR) on Thursday. Stay alert!
What to Watch
Crypto:
April 30, 9:30 a.m.: ProShares will debut three ETFs that will provide leveraged and inverse exposure to XRP: the ProShares Ultra XRP ETF, the ProShares Short XRP ETF and the ProShares UltraShort XRP ETF.
April 30, 10:03 a.m.: Gnosis Chain (GNO), an Ethereum sister chain, will activate the Pectra hard fork on its mainnet at slot 21,405,696, epoch 1,337,856.
May 1: Coinbase Asset Management will introduce the Coinbase Bitcoin Yield Fund (CBYF), which is aimed at non-U.S. investors.
May 1: Hippo Protocol starts up its own layer-1 blockchain mainnet built on Cosmos SDK and completes a migration from Ethereum’s ERC-20 HPO token to its native HP token, enabling staking and governance.
May 1, 9 a.m.: Constellation Network (DAG) activates the Tessellation v3 upgrade on its mainnet, introducing delegated staking, node collateral, token locking and new transaction types to enhance network security, scalability and functionality.
May 1, 11 a.m.: THORChain activates its v3.5 mainnet upgrade, adding the TCY token to convert $200 million in debt into equity. TCY holders earn 10% of network revenue, while native RUNE remains the protocol’s security and governance token. TCY activates May 5.
Macro
April 29, 10 a.m.: The U.S. Bureau of Labor Statistics releases March JOLTs report (job openings, hires, and separations).
Job Openings Est. 7.5M vs. Prev. 7.568M
Job Quits Prev. 3.195M
April 29, 10 a.m.: U.S. House Financial Services Committee hearing titled “Regulatory Overreach: The Price Tag on American Prosperity.” Livestream link.
April 30, 8 a.m.: Brazil’s Institute of Geography and Statistics (IBGE) releases March unemployment rate data.
Unemployment Rate Prev. 6.8%
April 30, 8 a.m.: Mexico's National Institute of Statistics and Geography releases (preliminary) Q1 GDP growth data.
GDP Growth Rate QoQ Prev. -0.6%
GDP Growth Rate YoY Prev. 0.5%
April 30, 8:30 a.m.: The U.S. Bureau of Economic Analysis (BEA) releases (advance) Q1 GDP growth data.
GDP Growth Rate QoQ Est. 0.4% vs. Prev. 2.4%
April 30, 10 a.m.: The U.S. Bureau of Economic Analysis (BEA) releases March consumer income and expenditure data.
Core PCE Price Index MoM Est. 0.1% vs. Prev. 0.4%
Core PCE Price Index YoY Est. 2.6% vs. Prev. 2.8%
PCE Price Index MoM Est. 0% vs. Prev. 0.3%
PCE Price Index YoY Est. 2.2% vs. Prev. 2.5%
Personal Income MoM Est. 0.4% vs. Prev. 0.8%
Personal Spending MoM Est. 0.6% vs. Prev. 0.4%
Earnings (Estimates based on FactSet data)
April 29: PayPal Holdings (PYPL), pre-market, $1.16
April 30: Robinhood Markets (HOOD), post-market, $0.33
May 1: Block (XYZ), post-market, $0.97
May 1: Reddit (RDDT), post-market, $0.02
May 1: Riot Platforms (RIOT), post-market, $-0.23
Token Events
Governance votes & calls
Uniswap DAO is voting on a proposal to renew the Uniswap Accountability Committee (UAC) for Season 4, extending its mandate until the end of 2025. Voting ends April 29.
Balancer DAO is voting on allocating $250,000 worth of ARB to a multisig controlled by contributors to fund testing of new automated market maker (AMM) pool models.
April 30, 2 a.m.: NEO to host an Ask Me Anything (AMA) session with its founder, Da Hongfei.
April 30, 12 p.m.: Helium to host a community call meeting.
May 5, 4 p.m.: Livepeer (LPT) to host a Treasury Talk session on Discord.
Unlocks
April 30: Optimism (OP) to unlock 1.89% of its circulating supply worth $24.75 million.
May 1: Sui (SUI) to unlock 2.28% of its circulating supply worth $267.86 million.
May 1: ZetaChain (ZETA) to unlock 5.67% of its circulating supply worth $12.10 million.
May 2: Ethena (ENA) to unlock 0.73% of its circulating supply worth $13.44 million.
May 7: Kaspa (KAS) to unlock 0.56% of its circulating supply worth $14.01 million.
May 9: Movement (MOVA) to unlock 2.04% of its circulating supply worth $12.35 million.
Token Launches
April 29: MilkyWay (MILK) to be listed on Bybit.
April 29: Virtual (VIRTUAL) to be listed on Binance.US.
May 2: Binance to delist Alpaca Finance (ALPACA), PlayDapp (PDA), Viberate (VIB), and Wing Finance (WING).
May 5: Sonic (S) to be listed on Kraken.
Conferences
CoinDesk's Consensus is taking place in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes.
Day 3 of 4: Web Summit Rio 2025
Day 2 of 2: Staking Summit Dubai
April 29: El Salvador Digital Assets Summit 2025 (San Salvador, El Salvador)
April 29: IFGS 2025 (London)
April 30-May 1: TOKEN2049 (Dubai)
May 6-7: Financial Times Digital Assets Summit (London)
May 11-17: Canada Crypto Week (Toronto)
May 12-13: Dubai FinTech Summit
May 12-13: Filecoin (FIL) Developer Summit (Toronto)
May 12-13: Latest in DeFi Research (TLDR) Conference (New York)
May 12-14: ACI’s 9th Annual Legal, Regulatory, and Compliance Forum on Fintech & Emerging Payment Systems (New York)
May 13: Blockchain Futurist Conference (Toronto)
May 13: ETHWomen (Toronto)
Token Talk
By Shaurya Malwa
BNB Chain's Lorentz upgrade went live earlier Tuesday, boosting BNB token fundamentals by making the network faster and more efficient.
The upgrade improved the way validators exchange data, making the process quicker and smoother to reduce delays and speed up transaction processing.
It also added a method allowing validators to receive multiple blocks at once, instead of one by one.
The time it takes to create a new block is reduced to about 1.5 seconds and could fall to as low as 0.75 seconds. Faster block times mean transactions are confirmed more quickly, making the network feel snappier for users.
The update makes decentralized apps (dapps) like games or financial tools run faster and smoother. Developers can keep building apps the same way because the update doesn’t change how the network works with their code.
A faster, more efficient network attracts more users and developers, which can increase demand for BNB and make it more valuable over time.
Derivatives Positioning
Total open interest (OI) across perpetuals, options and futures now stands at $122 billion globally, according to data from Laevitas.
SUI has seen a sharp surge in derivatives activity, with its share of global perpetuals volume peaking at 5.06% ($7.12 billion) on April 25.
It has since sustained volume dominance above 3.5%, significantly higher than its historical average of under 2%, suggesting renewed speculative appetite driven by recent project announcements.
According to Coinalyze, the top OI gainers in the past 24 hours among tokens with market caps over $100 million are:
SAFE: +123%
RAY: +92%
MOCA: +68%
Market Movements:
BTC is up 0.43% from 4 p.m. ET Monday at $95,009.93 (24hrs: +0.33%)
ETH is up 2.81% at $1,838.46 (24hrs: +1.9%)
CoinDesk 20 is up 0.85% at 2,792.69 (24hrs: -0.08%)
Ether CESR Composite Staking Rate is up 28 bps at 2.975%
BTC funding rate is at 0.0005% (0.5749% annualized) on Binance
CoinDesk 20 members’ performance
DXY is up 0.27% at 99.28
Gold is down 1.11% at $3,306.08/oz
Silver is up 0.41% at $33.28/oz
Nikkei 225 closed +0.38% at 35,839.99
Hang Seng closed +0.16% at 22,008.11
FTSE is up 0.16% at 8,430.89
Euro Stoxx 50 is unchanged at 5,168.63
DJIA closed on Monday 0.28% at 40,227.59
S&P 500 closed +0.06% at 5,528.75
Nasdaq closed -0.1% at 17,336.13
S&P/TSX Composite Index closed +0.36% at 24,798.59
S&P 40 Latin America closed +0.74% at 2,549.44
U.S. 10-year Treasury rate is down 6 bps at 4.21%
E-mini S&P 500 futures are up 0.14% at 5,561.00
E-mini Nasdaq-100 futures are up 0.15% at 190557.75
E-mini Dow Jones Industrial Average Index futures are up 0.36% at 40,515.00
Bitcoin Stats:
BTC Dominance: 64.24 (-0.24%)
Ethereum to bitcoin ratio: 0.01928 (1.80%)
Hashrate (seven-day moving average): 842 EH/s
Hashprice (spot): $48.7 PH/s
