📉 Bitcoin Tumbles Below $67k Ahead of FOMC
📉 Bitcoin Tumbles Below $67k Ahead of FOMC
Plus a major new airdrop in ZKsync is coming next week - find out if you're eligible plus what you can expect.
TylerD's Market Summary
GM!
Today's top news:
Crypto majors tumble ahead of FOMC
ZKsync shares airdrop details, TGE next week
Parallel changes PRIME unlocks after token falls, rebounds 6%
Photon teases 1st airdrop coming June 17
Uniswap acquires Crypto: The Game in surprise move
📉 BTC Falls Below $67k
The Crypto Twitter timeline has been shaky for months during this sideways consolidation (chopsolidation).
And it's likely going to get worse before it gets better, as no breakout appears on the horizon.
What Happened?
Bitcoin fell below $67k in overnight trading, marking its lowest level since May 20.
It came as the ETF inflows flipped negative for the first time in 19 trading days, with -$64.9M recorded on the day.
Many are pointing to derisking ahead of tomorrow's FOMC meeting and CPI report as the driver.
Regarding those:
CPI is expected to come in at 3.4%
The Fed is not expected to cut rates (though many are expecting dovish language)
If we miss either of those - BTC likely goes lower. And vice versa.
Market Impact
The -4% Bitcoin move certainly had an impact.
ETH and SOL fell 3-4%, most alts down 3-5%
Meme majors fell 1-2% (strong actually) though mid-tier memes fell much more
Ordinals and Runes fell 5-15%
Meme majors showed some strength even though several of the new crop got hit harder.
And the Bitcoin ecosystem assets (Runes and Ordinals) were hit the hardest.
Looks like now we wait for the FOMC results tomorrow and see which way prices are headed - though sideways feels like it's destined for the near future.
🎁 ZKsync Announces Airdrop Details
ZKsync promised a big week.
And they aren't letting down.
Yesterday they announced their new decentralized governance body zk nation.
Then this morning we got even bigger news.
What Happened?
This morning ZKsync released its airdrop details, along with an airdrop checker and full documentation.
TLDR:
What: ZK token is a protocol governance token
Supply: 21B with 66.7% to the Community
Airdrop: 17.5% of supply (3.675B) for Users and Contributors
Airdrop allocation: 89% to users, 5.8% to native projects, 2.8% to communities & 2.4% to Builders
Eligible: 695,232 wallets
Claim: next week (TBD)
First Reaction
Overall it seems quite good for users who will receive a healthy chunk of the tokens up front in the 1-time airdrop, while the rest vest over 3 years (2025-2028).
The 17.5% allocation is substantial and seems to be going primary to core users.
With this airdrop coming next week and then Blast the following, June is turning into an incredibly important airdrop month.
Here's hoping it doesn't let down.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
ETH led NFT trading volume with $5.2M on the day (-40%); Solana was next with $2.88M (+34%) and then BTC with $2.87M (-59%)
ETH NFT leaders were mixed with BAYC +3% to 11.96 ETH, Pudgy +1% at 10.09, Azuki -2.5% to 3.82 and Milady -5% to 4.06
Plooshies, Kodamara & Sugartown Oras were notable outperformers on the day
BTC NFT leaders fell on the day; Puppets -15% at 0.143 BTC, NodeMonkes -5% 0.233, OMB -9% at 0.245 and Quantum Cats -3% at 0.298
The Runes board was more red with DOG -12% ($600M mc), RSIC -4% ($175M) and PUPS -11% to $137M
Solana NFTs were slightly red; Mad Lads -1% at 62 SOL, SMB Gen 2 -5% at 22.5, DeGods -1% at 24.4
Blast NFTs were mostly unchanged with Apollo +7%
Sofamon announced its launching on Blast, expanding from Base
Yuga's Legends of the Mara Season 3.5 went live on Monday
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token or airdrop news from the day:
Parallel changed the $PRIME emission schedule, pushing its Treasury & Founders unlock out 1 year to June 2025; PRIME popped 6% to $12.90 on the news though is still -40% from local highs
Fantasy Top saw 18,000+ entries into its 4 new tourneys running through this Thursday
Photon users are about to get that stimmy check with round 1 of "Photon Stimmies" coming June 17
Yolo Games launched a liquidity bootstrapping pool for its $YOLO token but ended it early due to a security vulnerability
Blast added a new multiplier for Launchpads providing the bonus for users transacting on Blastr, Blaze or Zap
BLASTR introduced its new BLASTR Lottery, giving 7.5 Blast GOLD every 5 minutes with its 100% refundable tickets (0.05 ETH to mint)
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are red this morning; BTC -3.6% at $66,900; ETH -4% at $3,530, SOL -3% at $155
Memecoin majors are red as well with DOGE -2%, PEPE -2%, WIF -1%, BONK +1%
The BTC ETFs saw $65M in outflows for the first time in 19 days
Uniswap acquired Crypto: The Game in a surprise move on Monday
HYCHAIN launched a Trailblazers creator program, offering paid opportunities, monthly rewards, and custom creator codes
Ansem launched his first product with Bullpen, a telegram trading bot with more features planned for the near future
TON has flipped ETH in daily active users, passing 900M
🚀 Memecoin Movers
$DADDY (+200%, $46M market cap, SOL)
$DTJR (+160%, $9M market cap, SOL)
$BIAO (+100%, $13M market cap, ETH)
$COK (+46%, $23M market cap, SOL)
$ANDY (+32%, $16M market cap, Blast)
📈 NFT Floor Price Increase (ETH)
Lo-fi Pepe (220%, 0.07 ETH Floor)
The Undead (175%, 3.5 ETH)
Remnants (50%, 6.3 ETH)
Plooshies (31%, 0.29 ETH)
Sugartown Oras (25%, 0.17 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a busier day of mints in the art world.
The highlight is likely from Kjetil Golid with Decision Matrix set to kickoff Velocity Season 2.
Then Petra, Trevor Traynor, itsgalo & Rafael Rozendaal all have mints spanning ETH and Base.
See the full list and dive in for more details with Swizzy's daily mint monitor.
Kjetil Golid x Velocity - Decision Matrix (10:00 a.m. ET)
Petra x Forever Projects - Babes (11:00 a.m. ET)
Trevor Traynor x Prohibition - Onchain Summer (12:00 p.m. ET)
itsgalo x Verse - Basalt (1:00 p.m. ET)
Rafael Rozendaal - Push (1:00 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.warner@luckytrader.com.