The Federal reserve raised interest rates by 75 BPS. Coming off the worst quarter ever for the stock market, we saw a lot of volatility across all asset classes this week. Panic and hysteria hit the crypto markets, with mass liquidations occurring from overleveraged traders — Bitcoin saw a big price swing dropping to a yearly low of $17,600.
Bitcoin
Bitcoin currently facing strong support and resistance levels at $20k:
The true long term believers continue to be tested on their conviction for Bitcoin as a store of value. The president of El Salvador came out with a statement on twitter:
Keep calm and HODL.
Altcoins
- According to data from Coingecko, 72 out of the top 100 altcoins fell more than 90% from its all time high prices
- Ethereum reached an 18 month low below $1k, losing 80% of its value. While ETH falls in price, adoption of the network continues.
- Gamestop launched a blockchain wallet on Ethereum for faster fiat onramps:
“”The benefits of NFTs for gamers — decentralized data, better security and ownership — are only just being explored. And yet, accessing the token based economy remains complex and confusing. Ramp is integrated by some of the world’s leading NFT based games to bring the same level of user experience gamers are used to, to blockchain,” said Greg McEwan, head of marketing, at Ramp.
- Liquidations all over Defi, Alameda (FTX), 3 Arrows Capital, Galaxy Digital and Jump Capital lost $100’s millions each through forced liquidations
- Do Kwon faces a class action lawsuit after the Terra Luna collapse
- Celcius lowers its liquidation price to around $13k Bitcoin, price rebounding near .95 peak high
Nfts
- According to Dune Analytics data, NFT volumes reached an all time low on Opensea. While Opensea volumes continue to fall, many new NFT marketplaces continue to emerge. Daily OS volumes are currently facing resistance at $10m USD.
- NFT platforms in China grew 5X in four months despite government warnings
- Despite the NFT bear market we’ve been in, NFT liquidity start up Engine Astaria raised $8 million seed round
- NFT platform immutable X launches a 500 M dollar fund for Web 3 gaming
- Opensea moves to Seaport protocol to cut gas fees by 35% for its users
- During the mass sell off in ETH, Bored Ape Yacht Club briefly goes below 100k USD
- Famous toy brand Mattel enters the NFT arena, with plans to launch “Crypto Toys” on the Flow Blockchain
Events
- The Blocks are at NFT NYC this week!
- The Blocks Mint on June 24th, 2022 at www.mrblocknft.com
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The Blocks are coming June 24th!
Official Links
The Blocks by Mr. Block : https://www.mrblocknft.com/
Mr. Block Shop : https://www.mrblockshop.com/
Mr. Block Research Platform Coming Soon : https://www.mrblock.com/
Mr. Block Official Accounts
Instagram: https://www.instagram.com/mrblock_com/
Twitter: https://twitter.com/mrblock_com
TikTok: https://www.tiktok.com/@mrblockcom
Youtube: https://https//www.youtube.com/channel/UCYYMRAY-_RVgfcvbKyHqdrQ
Discord: https://discord.com/mrblockcom
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Sources
https://cointelegraph.com/news/72-of-the-top-100-coins-have-fallen-90-or-more-here-are-the-holdouts
https://finance.yahoo.com/news/nft-liquidity-engine-astaria-announces-130500800.html
https://decrypt.co/102381/mattel-to-release-cryptoys-nfts-on-flow-blockchain
