The Blocks: Crypto Market Recap

Published in

MrBlock

4 min readMay 14, 2022

Bitcoin

Bitcoin saw a sudden drop to new yearly lows of $25.37k on exchanges like Kraken. The Federal Reserve continues to raise interest rates to the highest levels we’ve seen in 20 years, all markets and indexes saw a major pull back. The total crypto market cap lost 100’s of billions in the process.

“A lot of people thought it would be an inflation hedge, but there’s really very little data to prove that,” says Randy Frederick, a managing director at Charles Schwab who covers cryptocurrencies. “Most recently, it has not moved up as the market has moved down. Had it been an inflation hedge, it might have done that.” — NPR

Stable Coins

Unprecedented events took place in the stable coin markets , mainly with Terra Lunas collapsing this past week. After seeing Terra Luna rise nearly 10,000 % to a peak high of $120 per LUNA token, the network suddenly crumbled with investors loosing billions in the process.

Now, the market eyes Tether as its beginning to lose its peg to the USDollar. Tether reached a low of .94c this past week with the rest of the stable coin market looking fairly untouched for the time being.

Many speculators are trading Luna, or more like gambling, with the hopes of a recovery plan to bring back the Terra Luna Network.

Regulations may be coming sooner than we all had anticipated..

NFTs

NFTs fell in line with general market trends. Some collections outperforming others, but in general the market declined as investors treads cautiously after Terra Luna Network’s sudden demise.

Azuki Co founder admits to working on three other “rug pulls” prior to Azuki. The price floor of Azuki sold off to sub 10 ETH after recently hitting an all time high of 35 ETH. Lets not forget the secondary volumes with royalties paid out to the founder of Azuki netting him an additional 5.2 million dollars.

Bored ape Yacht Club once again continues to reap the benefits of liquidity leaving top tier projects like Azuki into more established, DOXXED teams, with a clear mission, purpose, and community. This past week BAYC’s Otherside Metaverse was teased out on twitter — it looks like we may be way closer to Otherside Meta than most had anticipated! Speculations assume that Yuga Labs had acquired and white -labled a gaming Metaverse:

https://twitter.com/OthersideMeta/status/1524550010058194945

Platform and Chain wars continue to heat up! This past week we saw Solana based NFT marketplace platform, Magic Eden, take over Opensea sales volumes for the first time! What appears to be a SOL summer is heating up and it may be Magic Eden that will take the crown 👑