Do not miss the market's milestones. Here is the most important for the day in brief:

• Later today, there will be a FED meeting. The probability of a 25-point rate hike is 87.9%.
• The SUI token and mainnet are launched. According to CoinGecko, Binance accounts for 63% of spot trading volume, Bybit for 16.6%, and OKX for 10.6%.
• Citigroup downgraded cryptocurrency exchange Coinbase to neutral and set a new target price for Coinbase stock at $65 (previously it was $80) amid problems with authorities. Earlier, Coinbase announced the launch of international exchanges for users outside the U.S.
• TokenPocket Wallet CBO Michael warned that some people started using FOMO from the lack of PEPE and issued a lot of meme coins on Arbitrum. The contracts are clean, but the point of the projects is to withdraw pools or accumulate large amounts of coins and then dump them.
• U.S. jobs in the private sector rose by 296,000 in April, according to  Automatic Data Processing (ADP), surpassing expectations of 148,000 and 145,000 last month. But annual wage growth fell to 13.2% from 14.2%.
• U.S. President Joe Biden is pushing for a 30 percent punitive tax on cryptocurrency mining operations because "they pose a danger to society," the White House Council of Economic Advisers (CEA) reported. 

📛 The banking crisis continues

The U.S. authorities allowed JP Morgan to buy First Republic Bank, despite the rule prohibiting one bank from controlling more than 10% of deposits in the U.S. Thus, the Fed formally managed to save First Republic Bank by organizing a buyout, although, de facto, First Republic Bank is another bankrupt in the series. This is the second-largest bank collapse in U.S. history.

Right now, stocks of other U.S. banks continue to fall:

• Shares of Pacwest, which has $40.36 billion in total assets, are down about 31% since the open.
• Shares of Western Alliance, which has $67.73 billion in total assets (among the largest U.S. banks), are down 24% since opening.

To understand the magnitude of the problem, 4 major U.S. banks have lost $946 billion in the last 2 months — more than the combined capitalization of BTC, ETH, BNB, and USDT.

And even though US congressmen asked Jerome Powell not to raise interest rates at today's FOMS, he is projected to raise them (which will cause even more stress in the banking system). Today, we are seeing the biggest drop in commercial bank deposits in the US since the Great Depression of 1934. This means that the U.S. has a real bank run going on right now.

The U.S. macroeconomy is also in trouble; the U.S. credit default swap (the cost of U.S. default insurance) has been soaring to heights not seen in the last 15 years. This means that the market is greatly afraid of a possible U.S. default this summer.

✔ What is the shadow logic of the market?

Summarizing all the data, let's look at the market:

• So far, the market perceives the probable rate hike as moderately positive, as the Fed has reached a dangerous limit where further rate hikes during 2023 are unlikely (events with the banks confirm this). Therefore, it is likely that we are in the final stages of a tightening cycle.

• This makes it possible to predict an imminent reversal of monetary policy (The Pivot), which is very positive for risky assets like Bitcoin. Thanks to this predictive logic, the crypto market now feels quite confident.

😲 The average transaction fee on the BTC jumped to $7-9

Because of the hype surrounding the Ordinals protocol, a queue of 300,000 unconfirmed transactions has formed in the Bitcoin mempool. Since the protocol's launch in early 2023, users have issued more than 577,000 NFTs and paid 125.6 BTC in commissions; the daily volume of commissions from NFTs peaked at 9.28 BTC. And the share of block space occupied by Ordinals-transactions at the moment reached 60%.

So far, it is difficult to fully understand whether this is good or bad for the blockchain — miners earn on this extra load on the network, while ordinary users will have to pay more for transfers.

👨‍🚀 New meme coin takes off like a rocket

The success of PEPE, MEME, BABYBNB, and other coins impressed the imitators. Right now, another shitcoin, Bogdanoff (BOG), is gaining momentum. For the last two days, the "asset '' has been flying up at a rate comparable to the growth of PEPE.

Investing in any coin, of course, is very dangerous, but the growth rate of the price looks fascinating!

👉 Opportunities 

[1] 🔔 CyberConnect TGE

Coinlist is updating its platform and has also announced a new prospective sale: CyberConnect, a new decentralized social network.

The sale itself starts on May 18 at 17:00 UTC, and registration will last until May 15. More details about the conditions of participation can be found here. Note that this FAQ describes how to raise your priority for participation in the sale. Also, note that this sale is not available for citizens of the United States and Canada.

[2] 🔔 Ocean Protocol (OCEAN) accumulates power

Ocean Protocol is a blockchain-based ecosystem that allows individuals and businesses to easily expose the value of their data and monetize it through the use of ERC-20-based data tokens.

According to CryptoCheck's tech analysis, the OCEAN token is now like a compressed spring that's getting ready to spread out. According to his data, a bullish pennant is observed. Targets or take-profit points are shown on the chart below.

[3] 🔔 How to get OP tokens from Clique

Clique is an identity oracle that connects Web2 with Web3. The project, with zero-knowledge proofs, collects encrypted data on Web3 activity and allows other projects to evaluate that activity when deciding on various rewards.

The Clique team received a grant from Optimism and launched the Army Program. Participants have to complete simple tasks until May 5 and get experience points for them. At the end of the event, they will get a soulbound token (SBT). The more points and the higher the position in the leaderboard, the higher the SBT level and the bigger the reward in OP tokens.

How to participate:

• Go to the event page and connect your Optimism wallet;
• Connect to Twitter;
• Make a tweet confirming your participation;
• Mint Army Attestation by paying a commission in OP tokens worth about $2.5;
• Watch for new events and earn points.

Every attestation update will give additional points (about 100 per update). 1 update costs, as well as a mint, about $2.5.

Have a profitable week, our beloved crypto fam! See you tomorrow. To the moon! 🚀🌘

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