Weekly Crypto Market Recap by The Blocks

Blocks(E)

Published in

MrBlock

4 min readJun 7, 2022

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Bitcoin

Bitcoin continues to face resistance at 30k and has avoided closing the 10th consecutive weekly red candle. Reaching a local top at $32k, many investors are concerned that this is a fake out heading to lower lows.

Last week, New York proposed a bill to ban certain types of bitcoin mining. Global bitcoin mining revenue slumped in May to an eleven month low.
Deepak Chopra recently went on CNBC and said “ Crypto is in crisis, but investors need to focus on the long-term.” The Crypto fear and greed index shows that we are in “Extreme fear”, mimicking some of the lowest levels of negative sentiment we have ever seen — “When there’s blood on the street, you buy . Even if it’s your own:”

Bitcoin currently holds a market cap of $567 billion, owning 44% of total market share with the total market cap of all crypto sitting at 1.28 Trillion.

Altcoins

Solana network goes down again for the 5th time in 2022, seeing a huge price fall to lows of $30. Many NFT traders are losing trust in the stability of the network, choosing alternative chains for NFTs like Cardano, ETH, and Avax.
Optimism announced an airdrop to all network participants, seeing a price fall of 40% post token distribution

Nfts

Goblintown reaches a peak at 9 ETH floor

“Goblintown” is a 10k NFT collection that took the scene by storm after surging nearly 400x in ten days reaching a peak of 9eth floor. What looked like a joke initially has investors wondering, who’s part of the team behind this new movement within NFTs.
Beeple recently came out on twitter mentioning he was the “founder” of Goblin town, but this is not confirmed and most likely a joke by Beeple. Speculation continues as many think this is part of the Bored Ape Yacht club ecosystem, since early investor decks of Yuga showed 1% of total revenues coming from “Goblins.” Who are the founders of the GOBLINS??

Free to mint NFTs appear to be a trend that might be the new norm. Many projects have been implementing this model to build up community hype around the initiative, with revenues primarily focused on secondary markets.

A rare CloneX NFT recently did not sell at a Sotheby’s auction, indicating investor appetite to purchase rarer jpegs is beginning to decline. More stability in the market needs to occur or we will continue to see the price of Blue chips fall to more affordable prices
Kanye west files patent for NFTs, after Veecon’s conference it is clear more entertainers and brands will continue to adopt this Technology
FBI Charges Opensea Employee with Insider Trading. The former head of product has the potential to face up to 40 years in prison for front running trades on the OS platform. Regulation is heating up across the board with many new scammers facing consequences of their actions.

Brands

Coinbase continues layoffs and rescinds recent offers to new employees, indicating volatile times ahead . With only $700k in total sales from Coinbase NFT marketplace since launch, Coinbase continues to struggle to adopt new users onto the platform.

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