Yuga Labs made NFT history, leaving Layer-1 blockchains reeling while sideways markets gave way to downward momentum following the FED rate cut in this week in crypto.
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Crypto markets were largely sideways to start the week. FED news of a 50 bp rate hike sent markets tumbling on Thursday. Metaverse and NFT tokens plunged after a week of turbulent news and downages surrounding the Yugi Labs mint, while altcoins TRON and HEX led the gainers for the week.
Bitcoin (BTC) uncorrelated from the NASDAQ this week, dropping to $38k as traditional markets rose in anticipation of a likely FED rate increase. BTC then rejoined stock markets in a downward trend on May 5th.
A report published by Bloomberg pointed to Bitcoin becoming a risk-off asset for investors during rising inflation as BTC is steadily separating itself from stock markets and HODLing patterns are taking the edge off the Bitcoin bear market.
Altcoins followed in Bitcoin’s wake this week except for a few outliers, including HEX and Tron on the upside, and many metaverse and NFT tokens posting double digit losses.
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Crypto markets were largely sideways to start the week. FED news of a 50 bp rate hike sent markets tumbling on Thursday. Metaverse and NFT tokens plunged after a week of turbulent news and downages surrounding the Yugi Labs mint, while altcoins TRON and HEX led the gainers for the week.
Bitcoin (BTC) uncorrelated from the NASDAQ this week, dropping to $38k as traditional markets rose in anticipation of a likely FED rate increase. BTC then rejoined stock markets in a downward trend on May 5th.
A report published by Bloomberg pointed to Bitcoin becoming a risk-off asset for investors during rising inflation as BTC is steadily separating itself from stock markets and HODLing patterns are taking the edge off the Bitcoin bear market.
Altcoins followed in Bitcoin’s wake this week except for a few outliers, including HEX and Tron on the upside, and many metaverse and NFT tokens posting double digit losses.
Turn TradingView alerts into executable signals with Quadency’s TradingView bot!
$GMT is the Solana-based token for STEPN, a move-to-earn project that enables users to buy a sneaker NFT that tracks your steps when you walk and pays out in GMT tokens. GMT/USDT saw heavy volume on the Quadency terminal this week, posting $680 million in 24/hour volume on Thursday.
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