Welcome to this week’s newsletter.
The crypto world has been abuzz with captivating developments that have intrigued both skeptics and enthusiasts. From unexpected actions by renowned crypto skeptics to remarkable progress in AI and blockchain technologies, the industry hasn’t been short on surprises.
Let’s dive in and see how the market reacted.
Bitcoin has regained +3.08% to its price in the last 7 days and is currently trading at $27,662 with a market cap of $536B. Among the top 10 crypto coins, Polygon (MATIC) gained the most week-on-week with a +5.25% price increase, followed by Lido’s STETH coin with +5.06%.
Crypto Skeptic Launches NFT Art Collection on BTC Network
Economist and crypto skeptic Peter Schiff, known for his criticism of Bitcoin, has surprised the crypto community by unveiling a collaborative NFT art collection on the Bitcoin network. The collection, named “Golden Triumph,” features a physical painting, prints, and digital versions inscribed as Ordinal NFTs. The auction for the collection will take place from June 2 to June 9, sparking mixed reactions from the community due to Schiff’s previous negative stance on cryptocurrencies.
AI-Themed Cryptocurrencies Surge on Nvidia’s AI Chip Demand
AI-themed cryptocurrencies experienced a boost in value due to the increasing demand for artificial intelligence (AI) chips by Nvidia. SingularityNET, Cortex, Measurable Data Token, and Fetch.ai saw notable gains, while the broader cryptocurrency market remained relatively flat.
The rally in the S&P 500 and Nasdaq Composite, driven by Nvidia’s strong sales guidance, provided a positive sentiment for crypto traders. The intersection of AI and blockchain technology holds potential for the future, particularly in areas such as digital identity solutions.
🧐 Read also: The 1CC AI Token Launch
Binance Launches NFT Loan Feature, Allowing Users to Secure ETH Loans with NFT Collateral
Binance introduces Binance NFT Loan, a new feature allowing users to secure ETH loans by using their NFTs as collateral. The service offers competitive interest rates, instant liquidity, and zero gas fees. Initially supporting Ethereum loans and specific NFT collections, Binance plans to expand the options in the future.
The feature aims to provide liquidity options for NFT holders while maintaining ownership of their valuable assets. Binance has been actively expanding its NFT offerings to keep up with industry trends, including AI-powered NFT generation and upcoming support for Bitcoin NFTs.
Hong Kong Greenlights Retail Trading of Cryptocurrency
Hong Kong’s Securities and Futures Commission announced that it would permit retail trading of cryptocurrencies in the latter half of this year. Exchanges can start applying for licenses to offer such services from June 1. The move aims to position Hong Kong as a crypto industry hub, with exchanges deciding which cryptocurrencies to offer based on market capitalization and liquidity.
The decision follows the collaboration of licensed crypto exchanges with local securities brokers to enable professional investors to trade crypto assets. Hong Kong hopes that allowing direct retail trading will attract more exchanges and fund companies to the city.
Overall (Single Exposure Filter)
This week’s overall top 5 list of yield pools in DeFi remained the same, with an overall boost of the 30d APY chart on 4 out of the 5 pools. Yearn Finance’s YCRV pool held the first place at 27.49% 30d average APY, followed by LooksRare’s LOOKS at 23.04%.
Top Stablecoin Yield Pools (Single Exposure Filter)
Tangible’s USDR stablecoin pool has crossed $30M in TVL, allowing it to take first place this week with its 17.11% 30d Avg APY. Credix’s and Conic’s USDC pool remained above 10% on their 30d average APY returns.
Top ETH Liquid Staking Derivatives Pools
The top 5 Ethereum liquid staking pools remain unchanged, with Frax’s SFRXETH pool hovering slightly below 7%, followed by StakeWise’s SETH2 at 6.60% and Ankr’s ANKRETH pool at 5.84%.
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We find ourselves amidst intriguing times in the world of crypto. The industry remains influenced by a variety of factors, from macroeconomic factors such as the US debt ceiling discussions to sector-specific narratives (Memecoins, AI tokens, Bitcoin NFTs, etc.).
While the market continues to evolve, one prevailing trend suggests that LSDFi (Liquid Staking Derivatives) activities may dominate the upcoming season. However, as we know, the crypto landscape is known for its unpredictability, and it only takes a single significant event to reshape the entire ecosystem.
Max Yampolsky,
CEO at One Click Crypto
ir@oneclick.fi
DISCLAIMER:
This is not financial advice. This newsletter is strictly educational and does not provide investment advice, solicit the purchase or sale of assets, or encourage readers to make financial decisions. Please use caution and conduct independent research.
We regularly prepare insightful reports and case studies about crypto trading and the blockchain industry.
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