Good morning. Here’s what’s happening:

Prices Bank failures play a greater role than interest rates in dictating bitcoin’s price.

Insights MadLads has been a bright spot in Solana NFTs but now transaction volume is lagging. The SOL token’s price has remained stable.


Bitcoin recovers from post-Rate Hike dip

Good morning, Asia.

After the U.S. Federal Reserve increased interest rates by 25 basis point (bps). Bitcoin initially fell 1% following the rate increase, but has recovered to reach $29,115. Ether (ETH) is up 1.6% at $1,908.

Banrion Capital’s Chief Strategist Victoria Bills pointed out that the ongoing banking crisis is another factor driving crypto prices, which counterbalances interest rate increases by the Federal Reserve.

Bills stated on CoinDesk TV that “as panic and market reaction increase, perceptions about failure in the banking sector may lead to ongoing turmoil within regional banks.”

In April, JPMorgan stated in a report the current banking crises is “a vindication for the crypto eco-system.”

The report stated that “crypto supporters view the U.S. Banking Crisis and the intense movement of U.S. deposits into U.S. Money Market Funds as a vindication for the crypto ecosystem.” Analysts said that the crisis had “exposed weaknesses in the traditional financial system due to the bank’s maturities mismatch.”

There’s no doubt that all eyes will be focused on the U.S. jobs data this Friday to see how they impact crypto. There could be a bank failure before then that would drive crypto’s value up.

The Biggest Gainers

Biggest Losers


MadLads was a bright spot for Solana’s NFTs but now the transaction volume has waned

MadLads NFT collection ” broke the internet ” in April, with its sought after JPEGs. Yet Solana’s non-fungible (NFT) token volume is lower than Ethereum, which continues to be in the black.

(CryptoSlam)

CryptoSlam data shows that the number and value of transactions on Solana have decreased by 16% over the last week, but the number of sales has dropped 52.7%.

Ethereum’s metrics have also risen across the board.

Both the buyer and seller metrics at Solana are in the black as Madlads, and other NFTs, change hands. The number of buyers is up 40% in the last week, while sellers’ numbers are up 31%.

Nansen data shows that MadLads’ volume has declined slowly and steadily in the last month.

Solana NFT volume (Nansen.ai)

Nansen data shows that despite the Madlads collection having more interest in the market than any other NFT collection during the past month (the other NFT collection that has surpassed it throughout Solana history is Okay Bears), this interest is diminishing.

This waning interest is not unusual. Similar stories can be found in other places.

Nansen NFT-500 (Nansen.ai)

There may be some good news for Solana’s investors and stakeholders. The price of SOL is not moving much despite the NFT collections of Solana gaining momentum. According to data from the market, it’s down only 2% in the last month. It currently trades at more than $22, a drop of just 2%.


Important events


CoinDesk TV

If you haven’t seen it yet, here is the latest episode of “First Mover” on CoinDesk TV.

Crypto observers believe bitcoin’s rally could stall, if Federal Reserve chairman Jerome Powell does not signal a pause in the tightening cycle as expected today. Victoria Bills, Banrion Capital Management’s Chief Investment Strategist, shared her analysis of the crypto markets. Anatoly Yakovenko, CEO and cofounder of Solana Labs, also discussed the expectations for Solana Labs’ crypto-forward smartphone “Saga”. Michael Bouhanna from Sotheby’s and Oppenheimer Senior Analyst Owen Lau, who is the head of digital arts and NFTs at Sotheby’s, also joined in.

Curve Finance Releases Native Stablecoins on Mainnet : This deployment marks an important milestone in the release of Curve’s native stablecoin.

PEPE the frog meme coin liquidity pool becomes most active on Uniswap – The new token based upon “pepe the frog’s” meme is one of the tokens that users of blockchain analytics company Nansen, and price tracker CoinGecko are researching the most.

The CoinDesk Validator, ‘Zelda,’ successfully exits Ethereum as the Withdrawal queue shrinks to nine days : Zelda took approximately 12 days to completely leave the Ethereum blockchain. The wait time for any new staking requests has been reduced from 17 days to just nine days.

Sui Mainnet Launches as Crypto Project Battles Aptos, DeFi Giants During its mainnet launch the much-anticipated Aptos competitor struggled to maintain speed and decentralization.

Bitcoin Ordinals Surge To 3M Inscriptions But Most Are Text : Since their creation, inscription creators have paid over $8 million to the network in fees.

James Rubin is the editor.