MARKET:
This was an insane week. I had to write an emergency thread just to cover 24 hours in DeFi.
The inflation print almost hit 8% YoY so the Federal Reserve backed off on their original 50 basis points increase to just 25 bps. The equities and crypto markets have, so far, reacted well as more hawkish news was priced in.
Since Bitcoin broke its downtrend in early February, it has failed to make higher highs. It seems to be consolidating in the 35-45k range. Macro bearish sentiment has a lot of traders believing a breakdown out of this range is likely, while many on chain indicators show large wallets are accumulating Bitcoin and exchange flows are negative (people taking their coins off centralized exchanges so they can’t sell to cash).
NEWS:
$450M Raise Values Ethereum Builder ConsenSys at $7B as MetaMask Tops 30M Users!!!
Major Web2 payment company, Stripe, incorporating crypto:
After receiving nearly $100m in crypto donations, Ukraine legalizes:
Crypto native venture raises $100m
RUGS:
NFTs:
The $APE token launched today and airdropped to every Bored Ape Yacht Club NFT holder
REGULATORY:
EU Parliament rejects motion to make Proof of Work blockchains illegal. This would have been a terrible precedent to set
POD O’ THE WEEK:
Lots of controversy around the Terra $LUNA token and whether the 19% yield offered by Anchor Protocol on $UST is sustainable: