Top Crypto Market News This Week

The crypto market has been muted over the past two months amid the ongoing Iran war. Top coins like Bitcoin, XRP, and Solana have traded in a horizontal range during this period. This article explores some of the top crypto market news to watch this week.

Hyperliquid to Implement HIP-4 Prediction Upgrade

One of the top crypto market news to watch this week will come from Hyperliquid, the biggest player in the perpetual futures industry, which has become the most active corners in the crypto industry, handling over $200 billion in transactions a month.

Hyperliquid is expected to launch the HIP-4 upgrade this week or next. This upgrade is important as it will introduce Outcomes, its prediction market. This is a major upgrade as it will become one of the first perpetual DEX futures to launch its own prediction market. Recent data shows that demand for the prediction market continues growing.

Data compiled by DeFi Llama shows that the total value locked (TVL) in prediction markets has jumped to over $460 million, with Polymarket, Predict Fun, Opinion, and Football Fun among the largest. DeFi Llama does not track Kalshi, which is one of the biggest players in the sector.

The Outcomes launch comes at a time when Hyperliquid’s network is growing, with its perpetual futures volume rising to over $200 billion in the last 30 days. Its volume was much higher than other platforms like Aster and Lighter.

Donald Trump Ultimatum to Iran on Strait of Hormuz

The other main crypto market news is the upcoming ultimatum by President Donald Trump on the opening of the Strait of Hormuz and nuclear deal. In a statement on Sunday, he warned Iran that Tuesday will be “power plants and bridges” day.

If TACO (Trump Always Chickens Out) does not occur, it will trigger an escalation, leading to higher crude oil prices in the near term. Indeed, traders on Polymarket predict that the West Texas Intermediate (WTI) will jump to $130 this month.

An escalation of the war will be bearish for the crypto market, as it will lead to higher US inflation. It will also push the Federal Reserve to maintain a hawkish tone even when Kevin Warsh becomes the next Federal Reserve Chair.

Polygon to Launch Giuliano Upgrade

Polygon, one of the fastest-growing layer-2 networks, will be in the spotlight this week as the developers implement the Guiliano upgrade on April 8.

This is a major upgrade focused on protocol enhancements and speed improvements. It aims to position Polygon as one of the best networks in the crypto industry for speed and cost.

Data shows that Polygon’s transactions and active addresses have continued rising despite the ongoing crypto winter. This growth is mostly due to Polymarket’s ongoing growth and its role in the stablecoin industry, where it has been selected by companies like Shift4 Payments, Revolut, and Stripe.

US to Publish Key Macro Data

The US will publish key macro data that will affect the crypto market this week.

For example, the US will release the latest GDP report on Thursday.  Economists expect the data to show that the economy expanded by just 0.7% in the fourth quarter after growing by 4.4% in the previous quarter.

The US will also release the Consumer Price Index (CPI) data on Friday. Economists expect the data to show that the headline CPI rose 3.4% in March from 2.4% in the previous month. Core inflation is expected to come in at 2.7%, up from 2.5% previously.

Soaring consumer inflation will be bearish for Bitcoin and the crypto market because it may lead the Federal Reserve to maintain a hawkish stance this year. Besides, the US published strong non-farm payrolls data on Friday, a sign that the labor market is strengthening.