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Crypto Markets Dip As Fed Signals More Rate Hikes to Come

Daily Market Wrap

  • Crypto market cap: 1.09 trillion, down 3.01%

  • BTC price stands at USD 22,773, down 2.86%

  • ETH price stands at USD 1,820, down 1.52%

  • Top gainer: Gnosis (GNO), up 9.61%

  • Top loser: Oasis Network (ROSE), down 14.01%

News of the Day

Why it matters:

  • Crypto markets dipped yesterday after the Federal Reserve released minutes from its July meeting in which the Fed is likely to raise interest rates again

  • According to the minutes, the Fed will continue to hike interest rates for some time to ensure that inflation was firmly on a path back to 2%

  • Bitcoin’s price dropped 0.9% in the hour following the Fed’s announcement and was down 2.86% for the day. Ethereum was down by 0.9% and down 1.52% for the day

Crypto Daily Spotlight

Brief introduction: The Sandbox is a virtual gaming world where players can play, build, own, and monetize their virtual experiences on LAND they own using NFTs and $SAND, the platform’s main utility token. The Sandbox powers its virtual economy that incorporates the UGC, avatar-centric experiences, gaming, and financial systems.

Why it matters:

  • The Sandbox, a leading gaming metaverse and a subsidiary of Animoca Brands, announced it will launch Alpha Season 3 on August 24th, 2022

  • The new Season will include 98 experiences over 10 weeks, offering players new content each day, 27 experiences of which are from brand partners such as Snoop Dogg, The Walking Dead, Deadmau5, etc

  • Season 3 will become Web3’s greatest use case of interoperability, enabling over 140K NFT owners from collections such as Bored Ape Yacht Club, Doggies, World of Women, CoolCats, Clone X, and Aoki to seamlessly take their digital assets from Web3 communities and use them directly as avatars in The Sandbox

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