Hey there, PoI readers! Mochi here, ready to serve up a delightful assortment of crypto news that's sure to tantalize your taste buds. From Bitcoin's wild ride and senators putting the freeze on crypto ETFs to a new NFT marketplace making waves and Ronin's RON token soaring to new heights, we've got a buffet of stories to satisfy your appetite for all things web3. So grab a spoon and let's dive in!

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🟧 Bitcoin experiences volatile trading, falling from its record high, as U.S. inflation data dampens prospects of early rate cuts and impacts demand for risky assets.

🟧 Two U.S. senators urge SEC Chairman Gary Gensler to halt approvals of further crypto ETFs, citing risks to retail investors due to fraud and manipulation in thinly traded markets.

🟧 Pallet Exchange, a new NFT marketplace on the Sei blockchain, raises $2.5 million to focus on user retention and gamification, even during market downturns.

🟧 Ronin's RON token hits a new all-time high price following the success of Pixels, a social farming game, and the announcement of a free NFT mint for Kaidro, another Ronin-based game.

Bitcoin's Wild Ride: Profit-Taking and Inflation Jitters Shake Up Crypto Market

Bitcoin took a chilly dip to a one-week low on Friday, as investors decided to cash in on its recent record-breaking streak. The world's largest cryptocurrency fell more than 5% in Asian trading, hitting a frosty $66,629.96 before recovering some ground. Talk about a brain freeze!

The culprit behind this crypto cold snap? None other than those pesky U.S. inflation numbers. With producer prices rising more than expected and retail sales rebounding less than anticipated, the chances of the Federal Reserve cutting rates in June have melted away faster than an ice cream cone in the summer sun. As of now, futures point to a roughly 60% chance of a rate cut in June, down from a cool 74% just a week ago.

But don't let this short-term softening fool you – Bitcoin is still up nearly 60% for the year, thanks to a crypto frenzy fueled by flows into U.S. spot exchange-traded crypto products and traders' unwavering belief in lower global interest rates by year-end.

In a show of faith, software firm MicroStrategy is doubling down on its Bitcoin bet, planning to raise capital through a convertible bond offering to buy more of the digital asset. This marks the second time in less than 10 days that the company has announced plans to increase its Bitcoin exposure.

Some experts speculate that MicroStrategy's move may have contributed to Bitcoin's wild swings on Friday. Unlike traditional stock markets, the crypto world lacks regulations that limit the impact of heavyweight players with concentrated holdings. This leaves the door open for whales to make waves with their trades, leading to rapid price fluctuations and heightened volatility.

TL;DR:

Bitcoin falls from record high amid profit-taking and U.S. inflation jitters

Chances of a June Fed rate cut diminish, impacting demand for risky assets

MicroStrategy plans to buy more Bitcoin, potentially contributing to market volatility

Senators Sound the Alarm: No More Crypto ETFs, Please!

Well, well, well, PoI readers! It seems like some U.S. senators are putting the freeze on the crypto ETF party. Democratic senators Jack Reed and Laphonza Butler have sent a chilling letter to SEC Chairman Gary Gensler, urging him to slam the brakes on any further crypto ETF approvals.

The senators argue that giving the green light to more crypto ETFs would expose retail investors to "enormous risks" in markets that are about as thin as a slice of sashimi and as prone to manipulation as a game of "Simon Says." They claim that these risks are especially high for ETFs referencing smaller cryptocurrencies, which are more susceptible to pump-and-dump schemes and other fraudulent activities.

Reed and Butler also want the SEC to keep a tight leash on the recently approved spot Bitcoin ETFs, insisting that they shouldn't set a precedent for future approvals. They argue that while Bitcoin's market may have its fair share of weaknesses, it's still more established and better-monitored than the markets for other, smaller cryptocurrencies.

The senators are pushing for the SEC to subject Bitcoin ETF brokers and advisors to extra regulatory scrutiny, just to make sure everyone's playing by the rules.

Some crypto industry experts believe this letter is a sign of growing political pressure on Gensler, which could make the approval of an Ether ETF in May about as likely as a snowball's chance in a sauna. In fact, ETF analyst Eric Balchunas now puts the odds of a spot Ether ETF approval by May at a measly 35%, down from his earlier estimate of 70%.

TL;DR:

U.S. senators urge SEC to halt approvals of further crypto ETFs due to fraud and manipulation risks

They argue smaller cryptocurrencies are more susceptible to pump-and-dump schemes

Mounting political pressure on SEC Chairman Gensler may reduce chances of Ether ETF approval in May

Pallet Exchange: Building an NFT Marketplace That Keeps Users Hooked!

Former web3 gaming founders Kelvin Wang and Davy Li have just raised a cool $2.5 million for their new venture, Pallet Exchange, and they're not letting a little thing like an 88% drop in NFT sales volume get them down!

These savvy entrepreneurs have convinced investors that there's still a bright future for NFTs beyond those silly social media profile pictures (PFPs). They believe that the human desire to trade and flip collectibles is as natural as breathing, and they're determined to create a marketplace that's faster, easier to use, and more engaging than anything out there.

Wang and Li know that in the crypto world, it's all about the Benjamins. But they also recognize that user experience is key, especially for novices who might be overwhelmed by all those numbers and dashboards. That's why they're experimenting with liquidity and retention mechanisms to keep users hooked, even when the market is as chilly as a popsicle.

Pallet Exchange is taking a page out of the social media playbook, with features like in-app messaging that lets NFT enthusiasts connect and chat about their favorite collections. They're also working on a clan system that encourages collaboration and gamifies the whole experience, making it feel like you're progressing and having fun, even when the market isn't cooperating.

But why build on the lesser-known Sei blockchain? Well, it turns out that Sei is faster than a speeding bullet, with low gas fees and a tech called The Parallel Stack that could make Ethereum developers drool. Plus, being a big fish in a smaller pond has its perks – Pallet Exchange already has 99% of the NFT market share on Sei and has raked in over $20 million in trading volume this year alone.

TL;DR:

Pallet Exchange raises $2.5M to build an NFT marketplace focused on user retention and gamification

Co-founders believe in the future of NFTs due to human nature's desire to trade and flip collectibles

Pallet Exchange is built on the fast and low-cost Sei blockchain, with 99% market share and $20M+ in trading volume YTD

Ronin's RON Token Soars to New Heights Amid Pixels Hype and Kaidro NFT Mint

Ronin, the gaming-focused Ethereum scaling network, is on a roll, with its RON token setting a new all-time high price early Wednesday. That's right, even higher than its previous record from way back in 2022!

The RON token skyrocketed to $4.45 before settling slightly to $4.31 as of this writing. But don't let that fool you – it's still up a whopping 12% on the day and has seen a mind-boggling 53% increase over the past week. Talk about a weekend pump!

So, what's behind this meteoric rise? Two words: Pixels and Kaidro. Pixels, a social farming game built around NFTs and the PIXEL token, has been driving hype around the Ronin network since its launch in February. Despite multiple play-to-airdrop campaigns, Pixels has only seen its daily active user count grow, proving that there's still plenty of life left in the NFT gaming world.

But that's not all, folks! Kaidro, a role-playing adventure game also built on Ronin, just announced a free NFT mint starting Wednesday. For 24 hours, each Ronin wallet can mint one free "crate" NFT, with an unlimited number of crates available during the window. And if that wasn't enough, NFT holders will also be able to claim a free in-game Kaidro character skin within Pixels. It's like a digital goodie bag!

The Ronin network has more than doubled in price over the last three months, thanks in part to the success of Pixels and the onboarding of more developers and games. PIXEL and Axie Infinity's AXS governance token have also seen impressive gains, with PIXEL up nearly 32% and AXS rising 26% over the past week.

TL;DR:

Ronin's RON token hits new all-time high following Pixels game hype and Kaidro NFT mint announcement

Pixels' daily active user count continues to grow, driving Ronin's price up 53% in the past week

Free Kaidro NFT mint and in-game Pixels skin for NFT holders adds to the excitement surrounding Ronin

Well, that's a wrap for this edition of Proof of Intel, your go-to source for the latest and greatest in the world of crypto and web3. We've seen Bitcoin's rollercoaster ride, senators trying to put the brakes on crypto ETFs, a new NFT marketplace focusing on user retention, and Ronin's RON token reaching new heights. It's never a dull moment in this fast-paced industry, and we'll be here to keep you informed and entertained every step of the way. Until next time, keep your digital wallets safe and your spirits high!

P.S. Don't forget to share Proof of Intel with your friends. See you in the next issue! 💌🎈

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