Traditional markets are not off to a great start today. The 21 day treasury auction ended yesterday at a yield of 6.2%, due to a lack of resolution about the debt ceiling talks. The auctioned bills are set to reach maturity around the "X-date", when the Treasury expects the government to no longer be able to pay its debts if Congress doesn't reach a deal. As the end of the month approaches the fear is escalating and the talk is getting louder. 

Bitcoin is down to $26.8k and the ETH is down to $1,741. It seems like the natural progression considering the state of the traditional markets. This looks like an appetizing dip, but be cautious as we are not in a stable environment. 

The dollar has been showing some strength which is actually dragging down the value of other things, like crypto. Whether or not the US actually runs out of cash remains to be seen, but our hosts agree that this is an unlikely event and the same people have been on the soap box saying these things for a while. If we come out on the other side of this properly, the rebound will be significant. 

Not really much to report over right with NFTs. We saw some more movement in the Artblocks ecosystem, which all started with the big Fidenza sales; we also saw some decent ape sales including a crown and gold grin. Miladys is still bringing decent volume since the Elon tweet but the floor has fallen to the 3 eth range.

RarePass genesis' were swept and the floor is up to 15 eth.

Captainz and the 9gag ecosystem are making waves and talks of the $MEME coin are still in the air. Legality, hype, untapped market and huge following are the perfect formula for a successful launch. 

@punk9059 thinks PFPs are in a rough state. Miladys have been dominating via BLEND volume. The current trend is a floor price pump after a BLEND announcement and then once its live a huge dump of supply from big holders. Events like a massive mutant ape dump in the hundreds or the looming holder who has ~400 CLoneX are keeping the market shaky. There are roughly 30 big farmers controlling the big bids and dumping. 

There are currently 24k ETH worth of bids on mutants meaning the liquidity is still there despite the feeling of a shrinking market. @k2_nft is a great account to follow to get informed on the BLEND bid/dump world.

@Ledger recover has been delayed and put on the back burner. They have responded to the market's reaction about the recovery system. They are starting with a white paper on the recovery protocol and slowly making the OS open source. 

@cz_binance posted a video of China Central Television (CCTV) covering crypto topics that went viral. Starting from June 1st, the Securities and Futures Commission of Hong Kong will be implementing a mandatory licensing regime for virtual asset trading platforms. @Alicia_MEXC thinks this is bullish news as it will bring in new participants and create a safer way for the public to interact.

GM

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