Crypto Market Update: Federal Reserve Official: Lack of Regulation Contributed to Banking CrisisWritten by Van - Perfected by ChatGPTThe recent banking crisis was partly due to a lack of regulation, according to a report from a senior Federal Reserve official, acknowledging crypto only briefly. President Trump deregulated banks during his time in office, while President Joe Biden has urged tougher regulations. The Congressional Research Service noted crypto's role in the banking crisis linking it to bank failures caused by withdrawals. The report said crypto's volatility contributed to the depletion of deposits and banks sold securities for losses to meet withdrawal demand.US House Committees to Draft Legislation on Cryptocurrency Oversight Within Two MonthsThe US House Financial Services and Agriculture Committees will put together legislation to oversee the cryptocurrency industry in the "next two months" after holding joint public hearings starting May, said Rep. Patrick McHenry at CoinDesk's Consensus 2023 event; he added that the bill will address both securities and commodities regimes. Senator Cynthia Lummis said she looked forward to coordinating with McHenry, adding that the House had a better chance than the Senate of getting legislation through earlier. Several jurisdictions including the European Union are already ahead of the US on Web3 technology, Lummis noted.Mastercard to Develop Blockchain Verification Technology with Industry PartnersMastercard plans to build its infrastructure for verifying blockchain transactions, dubbed Mastercard Crypto Credential, to enhance attestation of blockchain transactions and standardize verification. The multinational financial services corporation aims to provide technology for trusted, verifiable, and compliant interactions on public blockchain networks, with aliases to enable easier sharing of wallet addresses and CipherTrace to aid verification of addresses and support adherence to cross-border transaction regulations. Mastercard plans to work with various firms such as Aptos Labs, Ava Labs, Polygon and Solana Foundation to develop Mastercard Crypto Credential.Tencent Cloud Launches Deepfake Platform Allowing Users to Create Fake Videos of Prominent PeopleTencent Cloud has launched a deepfake platform that reportedly lets users create fake videos of prominent people within 24 hours, for a fee of CNY1,000 ($145). Users need only provide a three-minute video clip and 100 voice samples. The cloud services provider reportedly intends to use the technology to host infomercials and impersonate professionals such as doctors and lawyers. Other Chinese tech companies, including Baidu and Huawei, are said to be developing rival generative AI tools. Deepfake scams have become a growing concern for investors, with Tesla CEO Elon Musk warning followers in 2022.Bitcoin's Stability Around Mid-$29,000s Ahead of US Federal Reserve's Rate DecisionBitcoin remains stable at mid-$29,000s as investors await US Federal Reserve's upcoming rate decision. While the support of the market is expected to sustain, the decision could signal a change towards an expected 25 bps rate hike. As concerns about the bank crisis grow, there are expectations that the Fed may choose to halt its rate hikes. In this case, Bitcoin may rise over $30,000, provided the dollar declines and the US yields come under pressure.Ethereum Whales and Sharks Continue Accumulating Despite Price DropDespite a 33.93% decline in the past year, Ethereum whales and sharks have been accumulating the coin, with the number of addresses holding 1,000 or more ETH increasing by 5.7% to 7,091. Although development activity around the Ethereum blockchain has slowed down, the Market Value to Realized Value Ratio (MVRV) for Ethereum has been favorable for investors. However, active addresses in the last 30 days dropped from 7.9 million to 5.8 million, indicating a slowdown in Ethereum network activity. Ethereum's circulation has risen to 46.8 million, and the coin is currently trading at $1,900.Source: SantimentBinance Chain Successfully Reduces Transaction Costs by 40%Binance Chain's BNB saw a jump in transaction fees due to increased network traffic, and the platform has reduced its transaction costs by 40%. It will also introduce several features with the Luban hard fork, including fast finality mechanisms, new governance proposals and a precompiled contract for CometBFT. Despite the negative weighted sentiment, BNB has grown by 1.3% to nearly $325.300% Increase in Active Wallets for Polygon's zkEVMThe zero-knowledge Polygon zkEVM platform has seen significant growth, with 300% increases in active wallet addresses and successful transactions since the beginning of April. Its TVL is $5.53 billion, ranking 17th among zero-knowledge technology projects. However, despite this positive growth, Polygon's MATIC token price has experienced a downturn, with resistance levels forming at $1.1 and $1.02 and trading at around $0.9. The impact of the zkEVM platform on the price of MATIC remains uncertain.Over $168 Million in AVAX Tokens to be Unlocked in MayOver $168 million worth of AVAX tokens are set to be unlocked on 28 May which is expected to negatively affect the cryptocurrency, according to K33 Research. The move will release just under 3% of the 327 million AVAX tokens currently in circulation. The tokens are due to be unlocked for early investors, contributors, and team members, and is expected to increase selling pressure on the cryptocurrency in the coming months. Despite a 91.5% rise in network activity and 386% increase in revenue, AVAX has experienced a modest 1.7% price increase in the last 30 days.Solana's Stakers Increase by 3.81% Despite Network Downtime and Volatility in Token PriceDespite past network downtimes, Solana's daily activity remained high, boosted by interest in its NFTs and dApps such as Saber and MeanFi. The number of stakers on the network increased by 3.81% over the last 30 days, a positive sign for the network's growth. SOL's price increased by 4.35% to $22.67, with increased token volatility potentially deterring some risk-averse investors.Source: ArtemisSummary of Market Events and Price ActionAs a summary of today’s events and price action in the market, it is crucial to note the following key points:Federal Reserve: Banking crisis caused by lack of regulation US to draft crypto oversight laws in 2 months Mastercard partners for blockchain verification tech Tencent Cloud launches deepfake platform for fake videos Bitcoin stable before Federal Reserve rate decision Ethereum whales accumulate despite price drop BNB reduces transaction costs by 40% Polygon sees 300% increase in active wallets AVAX tokens worth $168 million to be unlocked in May Solana's stakers increase 3.81% despite network issuesTop Altcoin Gainers and LosersGainers:Aptos APT (+7.07%)Internet Computer ICP (+6.94%)dYdX DYDX (+3.75%)Losers:Radix XRD (-8.89%)WOO Network WOO (-6.67%)Render Token RNDR (-5.18%)NFT Market MapDoodles NFT holders can now create customizable avatars with the Character Builder tool in The Stoodio app. An upcoming airdrop called the “Pharrell Pack” will feature digital wearables from Adidas, Human Made, Billionaire Boys Club (BBC), and Ice Cream, and includes a token that can be redeemed for an exclusive physical piece of apparel. The 300 packs will be free to Doodles holders who meet certain criteria, with eligible recipients being chosen via lottery if necessary. Joe Ranzenbach, Doodles Head of Product Management, has hinted at future collaborations with brands for future drops.