Weekly Crypto Market Roundup - May 1, 2022
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Weekly Crypto Market Roundup - May 1, 2022
Crypto assets tumbled towards the end of the week with the total market capitalization hovering around $1.71 trillion down 2.95%. The S&P 500 fell more than 8% for the month of April and is down more than 13% in 2022. The price of Bitcoin (BTC) is down 4.3% over the past 7 days. Price action during the week points to strong resistance near the $40,000 level.
Macroeconomic factors continue to pressure the markets. Severe Covid lockdowns in China are weighing on the country’s growth. The invasion of Ukraine is worsening disruptions in the flow of goods across borders, contributing to rising food and energy prices, and threatening corporate profits. In addition, the U.S. Federal Reserve is likely to raise rates by 50 basis points on May 4th. The Japanese yen has tumbled to a 20-year low against the dollar. The yen was once viewed as a "safe haven" — a currency to take shelter in when markets are rough.
Crypto Sector Performance
All sectors were in the red on Friday with losses ranging from -2.24% to -11.06%. Dogecoin (DOGE) surged more than 30% after Twitter accepted Elon Musk’s bid to acquire Twitter, most of the gains have been return. The gaming sector was the worst performer however, Green Satoshi Token (GST), the in-game token for STEPN had a 22% price rally.
Top News Recap
Fidelity is rolling out Bitcoin investing for 401(k) plans allowing eligible individuals to allocate a portion of their retirement savings to BTC - The Verge
The New York state assembly passes a ban on fossil-fuel powered proof-of-work - Barrons
BlackRock Launches Its first crypto-exposed ETF with sizable Coinbase allocation - Decrypt
Elon Musk to buy Twitter in $44B deal: Here's what you need to know - CNET
Optimism launches OP token with airdrop for early users - TheDefiant
A class-action lawsuit against Uniswap spotlights gaps in DeFi regulation - TheBlock
Fort Worth becomes the first city in U.S. to mine Bitcoin - CNBC
Goldman Sachs offers its first bitcoin-backed loan - BitcoinMagazine
Crypto Adoption News
The Central African Republic adopts bitcoin as legal tender, becoming the 2nd sovereign nation to fully legitimize the digital currency - CNBC
Panama Assembly passes bill regulating Bitcoin - Bitcoin Magazine
Buenos Aires city to allow residents to make tax payments with crypto - Coindesk
Top Venture Funding Activity
Last week 51 projects announced fundraising rounds, here are some of the largest:
Peter Thiel's Founders Fund Co-leads $20 Million Series A for Ondo Finance to Develop 'Decentralize Investment Bank’ - PYMTS
CleanSpartk, a sustainable Bitcoin mining and energy technology company raises $35M - TheBlock
0x Labs raises $70M Series B led by Greylock to continue expanding Web3’s core exchange infrastructure - 0x
Crusoe Energy Closes $350 Million Series C Funding Round - Crusoe Energy provides oil and gas companies with a fast, low cost and simple solution to natural gas flaring Crusoe Energy
Other News and Top Reads
Ox Labs’ Bandeali Says ‘Everything of Value Will be Tokenized’ - The Defiant
Yuga Labs’ Otherside metaverse land auction imposes KYC checks - TheBlock
Edward Snowden Played Key Role in Zcash Privacy Coin’s Creation - Coindesk
Congressman Emmer preps bill to put some stablecoins under the SEC's authority - TheBlock
CFPB invokes old rule to expand authority over fintech and crypto firms - TheBlockCrypto
Europe's lawmakers set to advance discussion of controversial crypto AML rules - Coindesk