Despite the current market downturn, funds are still pouring into the cryptocurrency space as demand for scalable blockchain infrastructure grows. A recent example is StarkWare, an Ethereum scaling solution utilizing ZK-rollup technology. After raising $100 million in a Series D funding round, the project quadrupled its valuation to $8 billion in six months. The influx of capital and the overwhelming interest shown by investors undoubtedly proves StarkWare’s ability to be one of the “most comprehensive, robust, competitive and up-to-date solutions” in the space.

The tide in the NFT space changes

U.S. stocks rose on Wednesday after Fed officials signaled that anti-inflation efforts would not be aggressive. However, after the release of the latest FOMC minutes, the main cryptocurrency market fell again. At the time of writing, BTC is hovering at the psychological support level of $30,000 after suffering small losses over the past 24 hours. Some analysts believe that the largest cryptocurrency by market cap may remain in the $28,500 to $30,500 range until the current macroeconomic conditions become clearer.

Likewise, ETH lost 3.2% of its value in 24 hours and is currently hovering below $2,000. Most major altcoins are also largely in the red, with the exception of TRX and a handful of Metaverse tokens, which rose 1.8%, and the latter, which achieved double-digit percentage growth despite the overall market downturn.

Many on-chain indicators also turned bearish as BTC remained trapped in a tight trading range. To compensate for the slump in block rate and hashrate, BTC mining difficulty dropped by 4% overnight. However, many retail miners appear to have opted out to prevent further losses. Meanwhile, the tide in the NFT space seems to be changing. Although Solana NFTs currently outsell their Ethereum counterparts in 24 hours, the reserve price of many hot NFT holdings is still trending downward.

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