Weekly Recap 06.05.2023

🐵Web3

Collection Updates

Captainz
-1% in 24 hrs
-12% in 7 days
FP 8.2 ETH
Captainz have been going crazy the last few weeks.
Mapz increase the value of Captainz by a lot.

CloneX
-5% in 24 hrs
+4% in 7 days
FP 3.02 ETH
LeBron pumping the floor? Look at his shoes! 👀

💰Crypto

The Kingdom of Bhutan is mining Bitcoin

What sounds like something out of a fantasy game is actually a country with about 800,000 people living there.
The small country just admitted that they have been mining Bitcoin since it was around $5000. That would also explain why, last year alone, $142 million worth of computer chips were imported to Bhutan. That is around 15% of their annual government budget.

PEPE Coin is still rallying

After the coin was listed on Binance, it reached a market capitalization of $1.5 billion.
Making it the third-largest memecoin after Dogecoin and Shiba.

Bitcoin
-2.3% in 24 hrs
-2.6% in 7 days
$28583

Ethereum
-3.5% in 24 hrs
-0.6% in 7 days
$1883

📊Traditional Markets

FED Interest Rate Decision

Just as expected, the interest rate was raised by 25 bps from 5% to 5.25%.
The last time it was this high was in 2007.
Additionally, Powell mentioned that the banking sector is totally fine.
Note: We see a lot of banks struggling right now, especially smaller ones.
In my opinion, the banking sector is anything but healthy right now.

First Republic Bank acquired by JP Morgan

With this acquisition, JP Morgan definitely made a strategic move.
First Republic Bank still had $100 billion in deposits and around $200 billion in assets.
JP Morgan reports that the acquisition of First Republic Bank will generate $2.6 billion in immediate gains and $500 million in annual revenues.

Janet Yellen’s debt ceiling letter

In a letter, Janet Yellen announced that if Congress does not raise or suspend the debt ceiling, the US Treasury Department will no longer be able to meet all of the government’s obligations.
The US Treasury is raising expectations for $726 billion in net debt for the April-June period, to “survive” .

Nasdaq 100
+2.25% in 24 hrs
+0.07% in 5 days

Dow Jones
+1.65% in 24 hrs
-1.24% in 5 days

DAX
+1.44% in 24 hrs
+1.02% in 5 days