Weekly Market Review - May 12th

Weekly Market Review - May 12th
Njani Ruetsch

We compile the top news stories weekly within the crypto, blockchain, metaverse, and NFT space. The weekly wrap-up covers everything from BTC & ETH updates, recent investments, developments of exciting new projects, and other relevant topics.

Here is everything you need to know from May 6th to May 12th. 

📈  Weekly BTC and ETH Overview

Bitcoin (BTC) and Ethereum (ETH) showed bearish behavior this past week, as BTC resists the crucial $30K and shows movement below the $27K mark. Although ETH found bullish momentum at the beginning of the week, the price saw more red towards the end, falling below $1.7K. With the standoff between markets and policymakers still making headlines and Powell’s statement that interest rates are unlikely to come down this year, analysts say BTC could revisit sub $20K levels. 

At the time of writing, BTC is trading at $26.3K, down 4.54% in the last 24 hours. Similarly, ETH is trading at $1.76K, down 3.99% in the previous 24 hours.

🗞️ Top Market News

  • The estate of bankrupt crypto exchange FTX and its affiliated entities face claims worth nearly $44 billion from the United States Internal Revenue Service (IRS). The most significant claims include a $20.4 billion lawsuit against Alameda Research LLC, with nearly $20 billion in unpaid partnership taxes. Read more here. 

  • FTX bankruptcy judge approves the sale of LedgerX. At the time of the hearing, FTX said the total proceeds of the transaction would total roughly $50 million. Read more here

🚀 New Project Developments

  • Axie Infinity Origins Season 4 is now live. The mechanic updates shared by the team in April are live and will allow users to complete entire daily and weekly missions, win $AXS rewards, and make the matches more competitive. Read more here. 

  • zkRollup launches on Aztec Netowork and introduces the 2024 roadmap for the testnet rollout. The vision behind the launch is to create a trustless, scalable, and decentralized Layer 2, enabling private smart contract execution. Read more here
  • Immutable announces decentralized payment solution - Immutable Checkout. The new payment solution will manage the entire game and the marketplace payment process. Immutable has already formed strategic alliances with Polygon, OpenSea, Square Enix, and Unity. Read more here.

🔍 More Featured Stories

  • Alibaba Cloud builds launchpad for businesses to deploy metaverses on Avalanche rapidly. The end-to-end solution aims to allow businesses to seamlessly customize, launch, and maintain their own metaverse space. Read more here.