Crypto Market Rallies, But Are There Clouds on the Horizon?

Dear Readers,

The cryptocurrency market witnessed a significant upswing on Tuesday, with Bitcoin spearheading the rally. The leading digital currency climbed over 6.20% to reach $70,908, fueled by a surge in buying activity and renewed investor interest in spot BTC ETFs.

This positive sentiment rippled across the broader market, propelling the global cryptocurrency market capitalization up by 7.63% to roughly $2.6 trillion within the last 24 hours. Other major cryptocurrencies mirrored Bitcoin's gains, with notable increases registered by BNB (5.1%), Solana (3.5%), XRP (5.7%) and Dogecoin (8.6%).

Notably, Ethereum, the second-largest cryptocurrency by market value, outperformed the market with an impressive 17.97% surge to $3,657. 

Highlights Of The Week

• Yuga Labs CEO Greg Solano announced the company will no longer engage with the CryptoPunks project following community backlash from its new Super Punk World project.

• The number of active Bitcoin ATMs worldwide has decreased for the first time since July 2023, with the US and Canada hosting 91.4% of the total network.

• Gala Games’ CEO attributed a recent $23 million GALA token theft to “messed up” internal controls during a smart contract security incident.

• Democratic Party members in the US House of Representatives are not mandated to vote against two upcoming pro-crypto bills, although they are strongly encouraged to do so.

• A 23-year-old man in New York was arrested for allegedly operating a $100 million dark web narcotics marketplace, identified through tracked crypto transfers.

• Prometheum has soft-launched its Ether (ETH) custody service, treating digital assets as securities, with a full-scale launch expected in June.

• Former House Representative Kendrick Meek has joined Coinbase’s council to address the regulatory landscape of digital assets.

• Two ETF analysts are reevaluating the likelihood of the SEC approving a spot Ether ETF after recent discussions within the financial regulator.

• Michael Sonnenshein is stepping down as CEO of Grayscale Investments LLC, to be succeeded by former Goldman Sachs executive Peter Mintzberg on Aug. 15, with CFO Edward McGee leading in the interim.

• Binance urges small and medium-sized projects to address the issue of low float and high fully diluted valuations (FDV) in the crypto space.

• Kraken has stated it has “no plans” to delist Tether in Europe, countering a recent report that claimed the firm was reviewing its decision to remain legally compliant.

Top Weekly Gainers

Within the whirlwind of the cryptocurrency sphere, acknowledged for its innate volatility, astute traders demonstrate a skill for identifying Weekly Winners ripe with promising opportunities for financial growth. Through proactive engagement and vigilant tracking of market trends and price movements, investors can seize these opportune moments, potentially revolutionizing their investment methodologies for optimal outcomes.

Drift (DRIFT), a decentralized exchange (DEX) built on Solana, took the top spot this week with a staggering surge of 321.67% in price.  This fully on-chain perpetual and spot DEX allows traders to leverage their positions up to 10x, and even participate in pre-launch markets alongside already launched tokens. With a current price of $0.4217 and a trading volume of $45.41 million, Drift is definitely one to watch in the DeFi space.

Cream Finance (CREAM), a well-established player in the DeFi lending scene, saw a significant price increase of 80.32% in the last 7 days. Currently trading at $77.38 with a daily volume of $34.98 million, Cream Finance offers users the ability to earn interest on deposited cryptocurrency similar to a traditional savings account. This week's price surge was likely fueled in part by the DeFiance.app community, which recently announced the launch of a Cream community page on their platform.

Nutcoin (NUT) stands out as the sole memecoin on this week's list of top gainers. Despite its meme status, NUT managed a respectable price increase of 73.78%.  Trading at a current price of $0.00000002299 with a daily volume of $1.04 million, NUT remains a low-priced token. Created on the Ethereum blockchain with a fixed supply, Nutcoin prioritizes community building around the creation of NUTS memes. 

AIT Protocol (AIT) takes a different approach, emerging as a leader in Web3 data infrastructure.  Focused on data annotation and AI model training, AIT Protocol plays a crucial role in the development of artificial intelligence applications within the Web3 space. In the last 7 days, the AIT token itself experienced a price increase of 60.92%, currently trading at $0.3743 with a daily volume of $1.35 million.

Rounding out this week's top gainers is Pendle (PENDLE), a protocol that disrupts the traditional DeFi landscape by enabling the tokenization and trading of future yield. Pendle's token, PENDLE, experienced a price increase of 57.99% in the last 7 days, reaching a current price of $6.18 with a substantial daily trading volume of $297.51 million.

Top Weekly Losers

In the ever-changing landscape of cryptocurrencies, weekly stories unravel, spotlighting triumphs and hurdles. Actors within this space grapple with regulatory changes, market uncertainties, and unwarranted media attention, arriving at a crucial moment. Despite setbacks, this week provides traders and investors with a crucial chance to analyze strategies and outline a path for success. Notable downturns were observed in various cryptocurrency tokens during this week's proceedings.

Social media giant Telegram-endorsed cryptocurrency, Notcoin (NOT), has experienced a dramatic drop in value within the first week of its listing. According to a report, the sharp decline was attributed to investors quickly selling off their airdropped tokens to secure profits rather than holding onto them for potential future gains. Notcoin's price plunged over 61% to its current price of $0.0055, with a trading volume of $173.12 million.

GameStop (GME) coin on Solana is a meme coin that pays tribute to the famous 2021 short squeeze of GameStop. The coin's price has declined over 52% in the past week, reaching its current price of $0.006092. The current trading volume for GME is $73.05 million.

LootBot (LOOT) is a Telegram bot that automates on-chain interactions and acts as a streamlined frontend for hundreds of chains. The price of LOOT has gone down by 27.11% over the past week. Currently, LOOT is trading at $0.4367 with a trading volume of $211,512.

BounceBit (BB) is a project building a BTC restaking infrastructure that provides a foundational layer for different restaking products. The project is secured by the regulated custody of Mainnet Digital and Ceffu. The price of BB has decreased by 21.71% in the last 7 days, reaching its current price of $0.3393. The current trading volume for BB is $103.69 million.

Bluzelle (BLZ) is a decentralized storage network designed for the creator economy. The network offers high security, unmatched availability, and is censorship resistant. The price of BLZ has fallen by 20.05% over the past week. Currently, BLZ is trading at $0.3003 with a trading volume of $23.50 million.

Hot ICOs To Watch Out For

Active ICOs

CratD2C, a revolutionary blockchain platform, is spearheading a new era of security, speed, and scalability by harnessing the power of Delegated Proof of Stake (DPoS) within a Layer-1 architecture. Their Initial Coin Offering (ICO) is well underway, having begun on April 8th and continuing until July 25th. CratD2C has secured $200,000 towards their ambitious $5 million fundraising goal.

The Natix Network, a pioneering blockchain-based project, is nearing the conclusion of its ICO. Launched on May 16th, the initiative leverages a crowdsourced camera network to construct a real-time map of the world. With $3.5 million raised thus far, they inch closer to their $8.5 million target before the sale closes on May 23rd.

Laika AI, a company developing an on-chain data layer specifically designed for AI, is on the cusp of finalizing its ICO. Their innovative solutions promise to empower users with deeper insights, enhanced security, and superior market analysis within the dynamic realm of digital assets. The ICO, which commenced on May 9th, concludes on May 24th. Laika AI has garnered $1.31 million in funding, putting them well on track to achieve their $1.67 million goal.

Upcoming ICOs

Mark your calendars for May 22nd! Common Wealth, a revolutionary investment platform, is launching its ICO with the goal of raising $9 million. Their mission? To democratize early-stage crypto investing. By participating in the Common Wealth ICO, retail investors will gain access to the hottest upcoming crypto narratives, giving them a chance to get in on the ground floor of promising projects.

Arrow Markets, launching their ICO sometime in May (exact date to be announced), Arrow Markets aims to raise $1.65 million to develop a comprehensive solution specifically designed for your needs. While details are still under wraps, it's clear that Arrow Markets is committed to making your trading experience smoother and more successful.

Legends of Elysium, an innovative play-to-earn card game set in a captivating fantasy world, is gearing up for its ICO launch in May (specific date yet to be revealed). With a fundraising goal of $2.07 million, Legends of Elysium promises to be more than just a game. It offers players the chance to earn rewards for their skills and strategic prowess.

Ended ICOs

Peaq, a burgeoning Layer-1 blockchain specifically designed for Decentralized Private Information Retrieval (DePIN) and Machine Readable Workflows (Machine RWA), closed its ICO on May 16th. This accomplishment signifies strong investor confidence, as Peaq achieved its ambitious fundraising target of $43,830,000.

Trailblaze, a platform established to bridge the gap between investors and a diverse range of investment opportunities, finalized its ICO on May 4th. They secured $1,430,000 in funding, which will empower them to enhance their platform's functionality and broaden the spectrum of investment options available to users.

Mocaverse, the exclusive membership NFT collection unveiled by Animoca Brands, concluded its offering on May 2nd. The project garnered immense interest, achieving a complete sell-out and surpassing its fundraising goal of $36,890,000. This membership NFT grants access to a coveted community and the potential for future benefits within the extensive Animoca Brands ecosystem.

Hottest Airdrops

Tari

• Visit the Tari airdrop page.

• Click "Log in with X" and connect your Twitter account.

• Complete quests to earn "Gems."

• Complete the first two quests to qualify for the airdrop.

• Earn 1,000 gems for each referral who signs up and completes the “Follow on X” quest.

• Own rare Gen 0 or Gen 1 Yats to earn “Turtle Shells” and “Sky Hammers.”

• Owning these Yats increases your gems and airdrop.

• Participants who collect gems will receive XTM tokens.

• For more details, refer to this article.

Token Metrics

• Go to the Token Metrics Galxe Quest page.

• Log in with your X, Discord account, or email address.

• Complete easy social tasks to earn free points.

• The more activities you complete, the more points you earn.

• More points increase your share of TMAI token rewards.

That's it for today. Thanks for reading. Good luck out there!

Best Regards,
Crypto Recorder Team

P.S Got a question, suggestion or general feedback? Feel free to reply to this email. I'll get back to you asap!