It has been a busy day in terms of news, so let us catch you up on the latest and greatest.
Today’s Agenda:
- Market Watch
- Highlights of the Day
- US Inflation and Interest Rates
- Parallel TCG Launches on Epic Games Store
- Animoca Brands Japan Launches its NFT Launchpad
- Project of the Day
- Crypto Corner
- Market Sentiment & Predictions
- Business & Political Insights
Market Watch
Top Gainers
- Notcoin ($NOT): +17.1%
- Injective ($INJ): +14.8%
- Render ($RNDR): +13.9%
Top Losers
- FLOKI ($FLOKI): -6.6%
- Dai ($DAI): -0.1%
- LEO Token ($LEO): -0.1%
Trending Crypto Sectors/Categories
- PolitiFi
- Cat-Themed
- Solana Meme
Total Crypto Market Cap – 2.614 Trillion
Fear and Greed Index – 70
Top NFT Sale
- Wrapped Cryptopunks #4463 Sold for 65.2 ETH
Highlights of the Day
US Inflation and Interest Rates
Inflation in the US showed signs of easing in May, according to the latest consumer price index report. Both headline and core CPI figures remained steady, defying expectations of a slight increase. On a monthly basis, prices held flat, while the annual increase was recorded at 3.3%, slightly below economists’ forecasts of 3.4%.
Fed Keeps Interest Rates Unchanged
The Federal Reserve opted to maintain its interest rates unchanged for the 11th consecutive month. This decision was largely expected, aligning with market projections derived from Fed futures. The benchmark borrowing rate remains fixed within a range of 5.25% to 5.50%, reflecting the Fed’s cautious stance amidst economic uncertainties.
Parallel TCG Launches on Epic Games Store
Parallel TCG, a free-to-play digital trading card game set in a thrilling sci-fi universe, has made its global debut on the Epic Games Store. Now available for download, the game has already onboarded several professional gamers as ambassadors and is gearing up for multiple gaming seasons with millions up for grabs.
What to Look For?
To celebrate its launch, Parallel Studios is offering an enticing incentive – players who download the game from the Epic Games Store will receive five additional Apparition Packs to enrich their gameplay experience. Furthermore, the studio has unveiled plans for a competitive 2024 gaming season with a substantial $500,000 prize pool up for grabs. Players worldwide are invited to join the league-based competition and vie for significant rewards.
Animoca Brands Japan Launches its NFT Launchpad
In a move that underscores its commitment to blending innovation with cultural exchange, Animoca Brands Japan, a subsidiary of Animoca Brands, announced the launch of its NFT launchpad – SORAH. This platform marks a significant step in Animoca Brands’ mission to amplify Japanese intellectual properties (IPs) on a worldwide scale, leveraging the power of blockchain technology.
About SORAH
SORAH is an NFT platform dedicated to launching projects and supporting creators by facilitating the sale of their NFTs. This support could involve various services such as:
- Marketing Strategies
- Sales Strategies
- Technical Support
- Legal and Compliance Guidance
Project of the Day
Livepeer
Livepeer ($LPT), the decentralized video infrastructure network built on the Ethereum blockchain, continues to gain momentum in the cryptocurrency market. Designed to empower developers with innovative possibilities, offer creators independence from traditional platforms, and provide viewers with diverse streaming experiences, Livepeer is making waves.
Currently boasting a market cap of approximately $820 million, $LPT is trading around $25. Recent price movements have been notably positive, with a 17.5% increase over the past week, a significant 40% rise in the last month, and an impressive 550% surge over the past year. These gains reflect increasing market traction, a growing community of supporters, and recent partnership announcements.
With these developments, analysts are optimistic about Livepeer’s trajectory, anticipating a potential return to its 2021 bull market high of $65 as it continues to expand its influence in the decentralized streaming sector.
Crazy Day in Crypto
- The meme-inspired cryptocurrency $MOTHER, co-founded by Iggy Azalea on the Solana blockchain, achieves a $220 million market capitalization after being featured by Jim Cramer and Forbes.
- Runes now dominate over 50% of the Bitcoin network bandwidth, surpassing Ordinals and BRC-20, and their increased activity has notably boosted Bitcoin mining revenue by nearly 2,500 BTC.
- MetaMask and ConsenSys have launched a staking service that allows ETH staking without the 32 ETH minimum requirement, enabling small holders to earn rewards and bolstering Ethereum’s security and decentralization goals.
Market Sentiment & Predictions
- With $200 million in crypto liquidated in the past 24 hours, Bitcoin and Ethereum experienced notable declines, resulting in significant repercussions for traders using leveraged positions.
Business Talks & Political Insights
GameStop raised $2.1 billion by selling new shares amid a stock price surge driven by retail traders, intending to use the funds for acquisitions and corporate restructuring.
