Crypto Prices Rebound; Binance Founder Gets Prison Sentence & EigenLayer Airdrop Uproar

AAVE Airdrop Article Audio +11 more

Join Matt and Nick as they discuss the price volatility in the crypto market; the U.S. central bank’s latest rate decision; the prison sentencing of Binance’s co-founder; weakening demand for spot Bitcoin ETFs; EigenLayer controversy; altcoin updates; and more.

Key Takeaways

  • The crypto market slid further, with BTC declining to as low as $56,500 for the first time since late January. Standard correction as far as crypto bull markets go.
  • The U.S. central bank’s policy update was largely in line with market expectations. The likelihood of a rate cut by September increased on the back of weaker-than-expected jobs data on Friday.
  • Binance’s co-founder and former CEO was sentenced to four months in prison. Risks associated with Binance have decreased significantly in the past year.
  • Demand for spot Bitcoin ETFs in the U.S. continued to weaken. Accessibility to these ETFs should only increase in the months ahead.
  • Among the altcoin updates covered: EigenLayer airdrop controversy; Telegram Open Network (TON) momentum; and Aave V4 plans.

Important upcoming macro dates:

  • May 10: Monthly U.S. federal budget

Next FOMC meeting and rate probability as per CME FedWatch Tool:

  • In 35 days, there is a 91.3% confidence rate that interest rates will NOT change from 5.25–5.50%

Truflation snapshot:

  • Today’s U.S. Truflation: 2.22%
  • Latest annual CPI data: 3.5%

00:00 Intro
00:39 Market Recap
02:47 Binance’s CZ finally sentenced
04:11 ETF Outflows and Positive Earnings Reports
08:05 Earnings In for Coinbase, Block + Tether
11:25 MicroStrategy launched Orange, an enterprise platform
12:40 Altcoin Updates: EigenLayer, TON, Aave, SOL)
20:42 Base Onchain Summer
22:11 BlackRock making waves