The Luna Foundation Guard added to its treasury as traders anticipate news from the Fed.
The total cryptocurrency market is down over 2.5% today. BTC is down over 3%, while ETH moved lower by nearly 5.5%. Popular altcoins SOL and AVAX are both down over 9%.
Earlier, Terraform Labs CEO Do Kwon confirmed that the Luna Foundation Guard added another 5,040 BTC to its wallet. This is in line with Kwon’s statement in March that Layer-1 blockchain Terra would add $3 billion of BTC to its treasury to support the decentralized stablecoin UST’s peg.
Although large buys from the foundation have been bullish in the past, the market did not react as such — with many looking toward the FOMC meeting minutes releasing later today. With an inflation print coming next week, traders suspect the message from the United States Federal Reserve could have a hawkish tone that would send traditional and crypto markets lower.
DeFi Digest: NEAR raises $350 million in fundraising round
Layer-1 blockchain NEAR Protocol announced a $350 million raise earlier today. Led by Tiger Global, with participation from FTX Ventures and Dragonfly Capital, the fundraise will help spur development and expansion for the protocol’s ecosystem. According to John Curtius, partner at Tiger Global, “NEAR is poised to be a leading smart contract blockchain platform, combining first-rate technology with a fast-growing developer ecosystem.”
This new capital follows a $150 million raise for the NEAR Foundation in January, as well as large inflows to Bastion and Aurigami — two lending protocols built on the protocol’s EVM, Aurora. The NEAR team says more fundraises are expected later this year.
NFT Snapshot: Sky Mavis receives $150 million to repair Ronin hack losses
Sky Mavis, the developer behind popular play-to-earn game Axie Infinity, said in a blog post today that the team has raised $150 million to reimburse users who were affected by the Ronin Network bridge hack. Investors are committed to supporting Axie Infinity, which continues to lead nonfungible token gaming volume.
The hack, which cost the Ronin bridge over $600 million, is still under investigation by the Sky Mavis team and key stakeholders. If the funds are not recovered within two years, says Sky Mavis, the Axie DAO will vote on next steps. For now, the bridge between Ronin and Ethereum remains closed — but the team says it will be opened soon when rigorous security audits and upgrades are complete.
Top altcoin gainers and losers: Most altcoins down
- GMT/USDT +15.43%
- ANC/USDT +2.53%
- MINA/USDT +1.93%
- BADGER/USDT -8.18%
- METIS/USDT -9.53%
- DOGE/USDT -12.13%
Though many altcoins are red today, GMT is up — as the governance token for popular move-to-earn app STEPN announced an investment from Binance.
BTC technical analysis: Testing key pivot again
BTC fell more in the past 24 hours as the coin once again now tests the low-44,000 USDT range. This area has served as support since last week, when BTC finally broke out from lower. For now, it has held up well — but a strong sustained move below this area would be quite bearish.
ETH technical analysis: Taking a nosedive
ETH has not seen the low 3,200 USDT level since the end of March, where it held support. Like BTC, ETH needs to hold this area for the uptrend to continue. Losing this could signal an abrupt end to an otherwise-positive move that started early last month.
Altcoin technical analysis: AVAX struggles
The Layer-1 token AVAX failed to break and hold above 100 USDT over the past few days. The token made several attempts since the end of March, but bullish momentum subsided in turn for downside. AVAX is on the verge of breaking below its moving averages, and buyers will want to see some bounce from these levels.
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Source: https://www.okx.com/academy/en/crypto-markets-sell-off-despite-230-million-btc-buy-crypto-market-daily