Weekly Crypto Review: Sentiment, Winners, & NFT Highlights

Dear Readers,

The cryptocurrency market continues to move ahead in its consolidation phase, as reflected by the climb of top currencies. Bitcoin continues to hover close beneath the $70,000 mark, whereas Ethereum is also teasing beneath the $4,000 point. Market anticipation seems high as this tug of war between bulls and bears continues to drag on.

Highlights Of The Week

•  The Nigerian Senate Committee on Capital Markets has urged the regulation of cryptocurrency to protect investors and bolster the local currency. This came amidst a broader advocation for the development of capital and crypto markets under President Bola Tinubu's administration.

• The Hong Kong Securities and Futures Commission (SFC) has officially reminded crypto trading platforms to obtain a license by June 1 to avoid criminal charges and ensure compliance. Investors are urged to trade only on SFC-licensed platforms, as the regulator enforces new regulations, prompting some exchanges to cease operations in Hong Kong.

• PayPal has launched its stablecoin, PayPal USD (PYUSD), on the Solana blockchain, enhancing its speed and cost-effectiveness. This move allows platforms like Crypto.com, Phantom, and Paxos to support PYUSD on Solana, in addition to PayPal and Venmo wallets.

• Mastercard has launched its Crypto Credential system, simplifying secure P2P cryptocurrency transactions using aliases, now live on several exchanges in Europe and Latin America. This initiative aims to enhance global payment ease while adhering to regulatory standards.

• The New York Stock Exchange (NYSE) is partnering with Coindesk Indices to develop cash-settled bitcoin options contracts based on the Coindesk Bitcoin Price Index, pending regulatory approval. This collaboration aims to offer investors transparent and liquid risk-management tools. The story also reflects the NYSE's adaptation to growing institutional interest in cryptocurrencies.

Crypto Fear & Greed Index

With bullish sentiment prevailing in the broader crypto industry, market participants are enjoying substantial gains with their holdings. The crypto fear and greed index has now spent 14 consecutive days in the high greed zone, above 70, instead of in the fear zone.

Previously, there was noticeable hesitation in the market with the US Fed on the verge of announcing its next steps regarding inflation. Despite this, the dynamics appear well-positioned for bulls to take action.

ATH coins

With the market surging into bullish territory and traders expecting to surpass previous records, bullish activity has reached unprecedented levels. Consequently, they have been propelling cryptocurrencies to record-breaking prices, with several achieving all-time highs. As of this newsletter, the standout performers are:

Dog Go To The Moon (DOG), after a full month of being traded in the market, experienced its most successful day yet, with remarkable gains throughout the week. Earlier today, its price surged from $0.0053 to nearly $0.0074.

PlasticHero (PTH) has remained stable since April, when its price rarely ventured off beyond the $0.165 mark. In recent days, however, PTH has been taking on a glorious upward trajectory, and continuously breaking prior ATH records. The cryptocurrency jumped by a further 15% today, taking its ATH to a new high of $0.172.

Lifeform (LFT) has been in the market for barely two weeks and has been consistently improving its performance. The market appears to be gauging an appropriate stability level for this emerging player, which has been steadily reaching new all-time highs in recent days. With today's further increase, LFT set a new record at $0.557. Trading volume is also at a high, surpassing $30 million, suggesting that this growth trend is likely to continue.

AstroPepeX (APX) is a cryptocurrency launched as an AI-token deployer on Ethereum and Solana, earlier this month. Because the market has been gearing up to even more bullish territory, APX has seen stellar performance lately. Today it pushed on to an ATH point of $0.000232, delivering substantial gain to its holders.

Cheelee (CHEEL) has experienced a steady upward price trend since last October, frequently reaching new all-time highs. Most recently, the cryptocurrency surged to nearly $20.80, demonstrating sustained momentum. The project aspires to become the first social media platform that rewards both content creators and consumers.

Top Movers (24H)

Beyond the impressive performance of ATH coins, there have also been remarkable gains among the top movers. In the past 24 hours alone, several cryptocurrencies have joined the bullish surge, achieving significant climbs. As of this writing, the leading movers are:

MAGA PEPE stands out as a top performer on today's charts, with an impressive 24-hour surge to a recent high of $0.0000000001457. This remarkable increase, exceeding 273%, is extraordinary, especially given its trade volume of over $10 million. This surge coincides with the growing momentum of Donald Trump's presidential campaign and his continued positive remarks about cryptocurrencies.

SelfieSteve (SSE) is another standout performer today, with its price soaring from $0.0000458 to $0.000140 in just one day. During this nearly 250% increase, its trade volume also surged dramatically from $12,000 to over $700,000. This recent rise appears to be driven by the announcement of SSE's development of its optimal Web3 and AI platforms.

ARBUZ nearly tripled its price today, climbing from $0.0026 to $0.0077, marking a gain of over 195%. This price surge, along with the volume increase from $170,000 to almost $600,000, has surprised many, especially given the lack of updates from developers for over a year and the absence of a white paper. This seemingly spontaneous price spike has raised several eyebrows in the market.

Simpson MAGA has taken on a monumental climb today, taking it up by 145% in just 24 hours, which based on trend charts and momentum is in all likelihood to continue pushing on. What is most remarkable about Simpson MAGA, however, is that earlier this week its volume peaked above $1 million, and then dipped again. Although this time it is at $600,000, people expect the surge to climb higher.

Bird Dog, after experiencing several weeks of decline, appears to be staging a comeback, as evidenced by today's charts. In just a few hours, this cryptocurrency surged from $0.0017 to a high of $0.0043, marking a 144% increase. This significant growth in the past 24 hours has sparked a broader rally in similar assets across the crypto space. With rising daily volumes, Bird Dog users are predicting further gains, citing on-chain factors.

Non-Fungible Tokens – Developments

• Cristiano Ronaldo partnered up with Binance for his fourth NFT collection, showcasing highlights from his football career. The collection, launching on May 29, will be available on Binance NFT Marketplace. However, Ronaldo's past NFT involvement has led to legal issues, with a class-action lawsuit alleging involvement in the sale of unregistered securities through Binance. 

• NFT sales dipped by 8.99% last week, totaling $137 million, though Ethereum surged with $43 million in sales, up by 20.26%. Bitcoin followed with $34.79 million, despite a 26.67% decrease. Top collections saw mixed results, with notable increases for Captainz while Bitcoin's Uncategorized Ordinals and Blast's Fantasy Top saw a noticeable decline.

• The U.S. Treasury issued its first risk assessment on NFTs, labeling them as prone to fraud, scams, and theft due to their susceptibility to illicit use in money laundering and other crimes. It highlighted the lack of adequate controls on NFT platforms to combat money laundering and sanctions evasion. Consequently, the Treasury recommends implementing regulations to address these vulnerabilities in the NFT market.

NFTs To Watch (24H)

Bythen chip

The bythen chip collection has become a sought-after commodity in the market, quickly gaining popularity among enthusiasts. Its current trading volume surpasses 276 ETH, with a total volume reaching as high as 1138 ETH.

The project behind bythen is developing an AI product protocol that empowers the development of AI-driven, 3D avatar agents with independent capabilities, enabling humans to accomplish more with minimal effort. It presents a curated selection of NFTs serving as an entry point into the bythen ecosystem. Owning the chip provides early access to a distinctive bythen avatar, participation in an upcoming airdrop, and various other perks.

RTFKT Animus Egg

The RTFKT Animus Egg NFT project has been experiencing notable success recently, witnessing a significant increase in its base price fueled by the escalating excitement surrounding it. The total trading volume for this NFT now approaches nearly 7700 ETH.

RTFKT maintains its partnership with the renowned artist Takashi Murakami, introducing the next installment of intellectual property, Project Animus. This comprises 39 distinct companion pets endowed with unique abilities, aiding Clones in their quests and even embarking on adventures of their own. Acquiring this NFT enables you to become a participant in this captivating journey.

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

Best Regards,
Crypto Recorder Team

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