Weekly Update: May 6th- May 12th 2023
Someone forgot to tell the crypto market that we want to see a bull run soon. The market in general is bleeding red this week, whether it’s a paper cut or a gash remains to be seen. We have seen both bullish and bearish indicators recently.
For one, the US Government has been selling off their Bitcoin seized from Silk Road operations. The irony of which is lost on no one. Binance also announced today they are stopping operations in Canada, citing strict regulations as the reasoning. US inflation has come in at 4.9%, less than expected which is good, as banks still continue to free fall. Luckily, much of the rest of the world is much more crypto friendly and even bullish as we move through the beginning of Q2 of 2023.
As it stands now, Bitcoin is at $26.8K, ETH at $1.8K, and BNB is still holding above $300 in spite of the aforementioned news. In the meme world, Pepe has had a slight fall from grace dipping to 400M from over 1B market cap, now sitting at 600M.
Sphynx Labs continues to hold a very strong floor regardless of the market at around 9M. The resistance line of 10M has been tried a few times, but is still holding, for now. The community is extremely bullish for the Sphynx virtual debit cards which will be coming next week, followed later with the physical cards. No KYC and a $5000 load limit is available for the virtual card with the ability to make as many as you wish. Make sure you have notifications on for the Sphynx DeFi App to jump in as soon as possible.
For those in the Hyper Pools at level 4, USDT emissions have also kicked off. Lonzo also gave the word that the first non-EVM blockchain is coming to Sphynx as well, Bitcoin Lightning Network. With it, a new Hyper Pool rewarding BTC will go live as well. A huge step for Sphynx tech wise being able to make non-EVM chains work within the ecosystem, and for adoption as a whole.
As a reminder, here is our tentative outline for May as a whole.
“May 2023
- Bridge V2 (e.g Swap BNB on BSC to ETH on Ethereum directly)
- Visa card (Virtual & Some Physical) - May 15 Release
- 2 Blockchain Integration
- Hyperpool in Sphynx DeFi App
- 2 Centralised Exchange listings
- New feature added to Sphynx DeFi App to expand our reach.
Depending on market and our situation, the plan is also to add:
- 2x New Pairs
- 2x New Hyperpools”
As always, thank you to everyone that believes in Sphynx Labs and the team. We are rolling forward full steam with things no one else is even trying. Once the world knows of us, there is no stopping the train.
Stay tuned for Sphynx’s Weekly Updates posted every Friday, or be informed on the Sphynx Telegram, Twitter, and Instagram pages.
Thank you for reading, and have a great week!
Sphynx Labs Links
Aegis Sphynx Mint: https://thesphynx.co/council/56
Website: https://sphynxlabs.co
Telegram: https://t.me/sphynxlabs
Twitter: https://twitter.com/SphynxLabs
Sphynx Mobile App on Apple App Store: https://apps.apple.com/app/sphynx-defi-app/id1626361848
Sphynx Mobile App on Google Play Store: https://play.google.com/store/apps/details?id=com.sphynx
