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Ethereum’s Sentiment Drops Ahead of FOMC Meeting

Daily Market Wrap

  • Crypto market cap: 0.96 trillion, down 4.98%

  • BTC price stands at USD 21,108, dpwn 4.78%

  • ETH price stands at USD 1,423, down 7.43%

  • Top gainer: Trust Wallet Token (TWT), up 3.99%

  • Top loser: Lido DAO (LDO), down 16.04%

News of the Day

Why it matters:

  • With the Federal Open Market Committee (FOMC) meeting set for July 27, market data shows that ETH’s price fluctuated up and down on Sunday, hitting above $1,640 before dipping to $1,540

  • According to CoinMarkeCap, the price of ETH has fallen by 7.43% over the past 24 hours at the time of writing

  • While a 75 basis point hike at FOMC looks likely in two days, it is estimated that market volatility will continue before being fully priced in by markets

Crypto Daily Spotlight

Brief introduction: Bored Ape Yacht Club (BAYC) is arguably the most influential NFT project by far. The BAYC NFT collection was originally created by Yuga Labs. It is a collection of 10,000 NFT Apes, each with unique traits that have varying rarity levels. BAYC owners enjoy various perks, such as whitelists to exclusive NFT collections, token airdrops, primary access to the Otherside metaverse game and limited edition merchandise. So far, Yuga Labs has been able to successfully extend the intellectual property of the BAYC collection into other realms, such as gaming via the Otherside, through suspense, story-telling and building a sense of community among owners and fans. Because of this, BAYC has been able to maintain its status as a blue-chip NFT for over a year.

Why it matters:

  • Law firm Scott & Scott is reportedly filing a lawsuit against the Bored Ape Yacht Club NFT collection and the project’s affiliated ApeCoin (APE) cryptocurrency

  • The class action lawsuit alleges that Yuga Labs “inappropriately induced” the community to buy BAYC NFTs and ApeCoin

  • Twitter users suspect that ApeCoin might be the main reason for the class action lawsuit

  • Yuga Labs used sponsors and celebrities to convince investors to buy the NFT collection and ApeCoin cryptocurrency, which allegedly lost as much as 87% of its value in just a few months

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