š Daily Crypto Market Update š
1. Market Overview
- Global Market Cap: 3.39 (previously 3.45T) via Coingecko
- Top Movers: KEKIUS, HYPE, LEO, ENA, LTC, FTN
2. Altcoin Market Trends š
- Most alts took a breather as memes still make up most of the mindshare. The VC meta is still strong as Pasternak promotes various projects including PCULE and SUBY. With that said, the ETH chain has been gaining traction with MORPHIS which could restart "AI Summer" so keep an eye on that narrative over the next few months.
3. Key News Headlines š°
- Regulatory Updates: UK crypto firms told to report every user and transaction or risk stiff penalties
- Partnerships or Integrations: NVIDIA and OpenAI partner with UAE to help build one of the world's biggest AI data centers
- Major Developments: Moody's downgrades the US credit rating for the first time in history from AAA to AA1
4. Upcoming Events ā©
- May 27th-29th Bitcoin Conference, Las Vegas
- May 30th FTX starts $11.4B of creditor payouts
5. Summary āļø
The market had a slight pullback ahead of the weekend but still looks extremely healthy as alts and memes continue to capture mindshare. We still have to see the after effects of the recent downgrade of the US credit rating by Moody's (on Monday's stock market open), but the crypto market seems to be ignoring it. Imo it's no big deal. There's no chance of not getting paid back by the US considering the current economy. Remember, these are the same agencies that had Lehman rated AAA two days before filing bankruptcy, I wouldn't put too much weight on it. Regarding the Russia/Ukraine negotiations, they yielded an agreement to trade 1,000 prisoners of war on each side, although did not specify when that would happen. Other than that, I continue to bid strong alts at major support levels and will take advantage of any volatility that comes. It's the weekend, so I expect there will be a lot.
