Market correction or FUD? / China's CMB announced $50M crypto fund / Alt season cooled off

Plus: Michael Saylor's entities bought another 111K BTC during the latest dip

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The global crypto market cap is $1.70T 17.09%▼ with a 24-hour market volume of $365.73B 90.48%▲. Bitcoin's dominance is currently 42.67% 3.36%▲.  CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $38,239.84 10.02% ▼ 2 Ethereum ETH $2,619.53 21.74% ▼ 3 Binance Coin BNB $373.55 26.53% ▼ 4 Cardano ADA $1.63 18.93% ▼ 5 Dogecoin DOGE $0.3572 24.47% ▼ *Prices as of 3:00 p.m. ET.

Bitcoin sunk below $30K for the first time in over a month, dropping nearly 20% in 24 hours. The recent crash in price was felt across the entire crypto market, dipping the total market cap from $2T to $1.6T. More:  The drop in Bitcoin’s price came after a joint statement was released by the PBoC stating that “institutions shall not conduct business related to virtual currency.” The statement, however, was not an official government-issued stance. Ethereum dropped nearly 50% from its ATH of $4.36K in just over a week. Crypto-related stocks have also felt the effect of the latest selloff, with Coinbase falling 9% and MicroStrategy down 11.85%. Bitcoin has fallen over 50% since Coinbase went public on April 14th. DeFi exchange Venus Protocol (XVS) saw over $200M in liquidations today, which forced almost $100M in debt that Venus is unable to collect from its users.

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CMB International, a subsidiary of China Merchants Bank, launched a $50M blockchain fund with Nervos Foundation. Titled “InNervation,” the fund will invest in DApps, DeFi protocols, blockchain platforms, and NFT marketplaces. More: InNervation is looking to specifically fund projects that are integrating or plan on integrating into the Nervos ecosystem. The fund anticipates deploying all $50M in the next three years, with average investments ranging from $200K to $2M. CMB International has also invested in other crypto projects, including dForce Network, Cryptape, and Bitpie.

▲ TOP GAINERS / ▼LEAST LOSERS # Name Price 24h % 1 UNUS SED LEO LEO $3.23 13.17% ▲ 2 Celcius CEL $6.49 5.47% ▼ 3 Bitcoin BTC $38,259.77 10.23% ▼ 4 Maker MKR $4,009.02 15.46% ▼ 5 Crypto.com CRO $0.1221 15.59%▼ ▼ TOP LOSERS # Name Price 24h % 1 Bitcoin SV BSV $178.09 37.93%▼ 2 Curve DAO CRV $2.19 35.24%▼ 3 Shiba INU SHIB $0.0000104 34.65%▼ 4 Zcash ZEC $164.72 33.82%▼ 5 Monero XMR $229.73 31.55%▼ *Limited to cryptocurrencies in the Top 100. Prices as of 3:00 p.m. ET.

Altcoins took the most significant hit today, with tokens like XRP falling as much as 46%. Meme-coins were affected as well, as Dogecoin dropped 21% and Shiba INU fell 32%. More: Every token in the Crypto Top 100 felt the pressure from the massive selloff today. While Polygon (MATIC) was still affected, it nonetheless maintained a weekly gain of over 100%. The recent spike in volatility put almost a quarter of all recorded wallets in the negative, but there has been a slight recovery since.

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QUICK HITS Data from a recent survey reveals demand for on-prem software equals public cloud and 90% of ISVs report growth of on-prem sales. * Coinbase, Voyager Digital, Binance, and other crypto exchanges have reported outages due to heavy traffic today. Wells Fargo announced plans to allow wealthy clients access to cryptocurrency investments. Michael Saylor’s companies have bought 111K BTC during the latest dip and “have not sold a single satoshi.” DeFi lending protocol Maple Finance has officially launched its $17M inaugural lending pool. NFT distribution platform Sweet announced new integrations for users to sell NFTs on Shopify stores seamlessly. London-based GlobalBlock announced that they would be merging with Canada-based Helix Applications following Helix’s $40M purchase of GlobalBlock shares.  An official statement from Coinbase stated that COIN would be offering $1.25B in a private debt offering as overhead costs continue to grow. This fintech platform has returned over $150M in interest to investors across art, real estate, legal finance and more, and wants to give you up to a $500 bonus to get started. * *sponsored content

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Griffin McShane is a J.D. candidate currently living in Portland, Maine. He is a graduate of Providence College, where he studied both computer science and business. Griffin aspires one day to go to the moon and bring some of his altcoins along for the ride. Editor Justin Anderson is an editor and writer who has worked with words for two decades. A graduate of Ryerson University’s Journalism program, he’s covered business, politics, entertainment, and almost everything in between. He lives in Toronto.

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