Can We Go Back to The Days We Talked About APEcoins 3.17
Rate Hike | Market Update | Notable Events | NFT & Metaverse
This article was originally posted at CryptoBanter.
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Interest rates came in as expected, and the market rode the waves. Ethereum is a step closer to being Proof-of-Stake, and Ukraine legalizes crypto-assets across the board.
And that and much more.
Intro
The big story (Results of the FOMC announcement)
Market Update
News Watch (Ethereum upgrade, Ukraine)
Notable Events (Aave V3, Sushi Trident, Coinbase Pay)
NFTs and Metaverse ( The Sandbox, APEcoin)
Intro
Earlier today, I spoke with my editor and jokingly told him that Crypto Banter hired me to write about crypto projects. Still, lately, the Morning Brew has been centered on wars, petrodollars, and seemingly endless bills. These examples are testament to a macro-driven market. Even if it's exciting and challenging to touch a vast degree of topics, part of me misses the bull run days of researching for the next hot project. Today things were different.
Today the interest rate hikes were released, and the end of the announcement felt similar to the final school bell ringing. And for the first time in weeks, most of the news was about crypto-project upgrades and announcements. So it felt good for a change.
So is the macro-driven market over? I'm not sure, some things are unpredictable, and there is still a war occurring. But today, sentiment felt different than in previous weeks. Maybe its a sign, maybe not. But let's enjoy the light-hearted day that might be the start of another kind of trend.
The big story
The much-anticipated 25bps Intrest Rate increase by the US Federal Reserve came and went without much of a hiccup. The first-rate hike since December 2008 was likely priced-in by markets like many had predicted. Afterward, the press conference came purposely served on a dovish undertone by Jerome Powell. Some key points:
Fed officials see inflation at 4.3% at the end of 2022, 2.7% for 2023
A majority of Fed officials see as many as seven rate increases in 2022
The Fed will begin to decrease the balance sheet in coming meetings
Market update
Bitcoin (BTC) experienced a volatile day that saw it gain +4.67% to 41.1k during yesterday's US trading session. The reaction to the FED meeting was positive in the crypto market, and traders will watch if substantial volume helps push the price through a solid 45k resistance level.
Source: Trading View
ETH over Bitcoin (ETH/BTC) price looks to test the downward trendline. ETH/BTC helps notify traders when the market becomes noticeably bullish and driven by altcoins as opposed to a bitcoin-driven market. In the previous three instances, a significant downward trendline was broken, ETH gained 34%, 25%, and 162% over bitcoin.
Source: Trading View
Notable Gainers (24h) listed by market cap
News Watch
Ethereum (ETH) passes a significant test run on Kiln, a testnet for the layer one protocol. The successful Kiln Merge puts Ethereum one step closer to a complete transition from a Proof-Of-Work to a Proof-Of-Stake consensus blockchain. Predictions for the mainnet merge fall in a June-August 2022 timeframe.
The President of Ukraine, Volodymyr Zelenskyy, signed a bill to legalize the cryptocurrency industry in the country. The bill creates a legal framework for regulating rights, ownership, taxes, and oversight. The statement comes after $100m of crypto-asset donations to the country to help support the war effort. Source: Ukraine Government Portal
Source: Coin Metrics
Notable Events
The Sushi team behind Sushiswap (SUSHI) launched an automated market maker, Trident beta, on Polygon. Liquidity providers on SushiSwap can now migrate their positions to Trident. Trident will eventually integrate the features below:
Let users create their liquidity pools similar to Uniswap V3
Allow for liquidity for different weighted amounts
Hybrid pools of similar assets such as stablecoins
New Routing engine for swaps that will save on gas cost
Crypto Exchange Coinbase launched Coinbase Pay, a Chrome extension that allows for wallet funding with a debit card directly from the browser. The process simplifies a process that takes users through various apps, websites, and transfers processes.
THORSwap (THOR), a decentralized exchange on THORChain (RUNE), has released a roadmap. Their vision is to “Become the one-stop DeFi exchange in crypto.”
Aave (AAVE) announces the Launch of V3 that “Brings groundbreaking new features that span from increased capital efficiency to enhanced decentralization.”
Metamask announces DAO and token, likely to be airdropped to wallet users on a future unknown date.
NFT and Metaverse Update
The Sandbox (SAND) is currently hosting Alpha Season 2, including Snoop Dogg's Foreplay level. Additionally, The Sandbox has teamed up with global bank HSBC.
Yuga Labs airdrops APEcoin (APE) to BAYC NFT holders. APE was immediately listed on Gemini, FTX, Coinbase, and Kraken.
My Take
Phew! The looming event of interest hikes is over, and markets ate it up. Of course, we could be speaking too soon but let's return to talking about APEcoins and pertinent alpha.
The truth remains that crypto resides on a bigger stage than before, and geopolitics are part of the act. However, crypto has a side that remains engaging, exciting, and unpredictably quirky that we can still enjoy in between the serious acts.
Thanks for reading fam!