[Weekly] Bank fails (yet again), gear up for $STARK 🪂

Hola, amigos! 👋

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Disclaimer: All price movements are recorded up to 03:30 PM UTC, 05th May 2023

Following the rate hike, the market’s beaten expectations by moving largely sideways, and BNB’s even slightly up, possibly owing to Binance’s BTC reserve hitting an ATH.

Crypto simplified

Who doesn’t like receiving gifts? We definitely do, especially when it's cryptocurrencies.

In case you didn’t get the drift already, we are talking about crypto airdrops! 🪂🪂

Arbirtrum airdrop was a tough one and many were left heart broken when they were not eligible. But this time,we have an easy one - $STARK. ArgentX is running a Starknet Xplorer campaign.

They will airdrop 8 different NFTs over the next 8 weeks to participants who interact with the ecosystem. It is a pretty similar campaign to Arbitrum’s Odyssey program.

All you need to do to be eligible is:

 1️⃣Get an ArgentX wallet

2️⃣Add some funds to your wallet. $3-$4 should suffice (depending on the gas fees at the time)

3️⃣Perform a swap. (Swap is exactly like what it sounds.)

 “But I already have a Metamask wallet. Why do I need an ArgentX wallet?“

 👉🏻Metamask is an EVM-compatible wallet, which is not supported within the Starknet ecosystem. Find the steps to set up the ArgentX wallet here.

💰Once your ArgentX wallet is set up and funds are added, perform a swap on Jediswap (one of the most popular platforms on the Starknet ecosystem).

 ⏰You need to do this before 9th May.

 Eg. Swapping just $1 worth of any token using @JediSwap is enough to qualify for the first week NFT.

Top Highlights of the Week

1. Things are about to go down went down

So the banking system isn’t having a great year.

• Last week, First Republic Bank became the third US bank to collapse after SVB and Signature.

• With the turn of events at PacWest this week, the stock market is uncomfortable resulting into:

1. Customers spooked by the bank runs taking their deposits to larger banks.

2. Traders actively shorting PacWest and other regional banks’ stocks.

3. Interest rate hikes making it expensive for smaller banks.

2. Up, up, and away we go!

Feels like it was only yesterday when interest rates went up, and it’s already happened again.

• The US Fed hiked interest rates by 25 bps yet again (no surprise there).

• Unlike previous rate hikes, which were followed by volatility, the crypto market’s remained quite steady this time. BTC held onto its position above $29,000.

• The rate hike also saw multiple US banks’ stocks take a steep dive.

3. Playing for both teams

Mastercard’s been bullish about crypto for the longest time, and they’re not changing it anytime soon.

• Mastercard wants to aid mass adoption of crypto by improving trust.

• It wants to establish standards to help businesses verify crypto transactions.

• It also intends to facilitate crypto transactions, making retail purchases using crypto an everyday thing.

Disclaimer: All price movements are recorded up to 03:30 PM UTC, 05th May 2023

Most sectors stood their ground as well, apart from a couple of considerable declines in DEXs and DeFi. This can be chalked down to the interest rate hike.

Crypto jargon of the week

Explain Like I'm 5

“FOMO”

Jumping off a cliff just because your friend did

Fear Of Missing Out

Example- FOMO makes investors pour money into assets without any research