First Mover Americas: Bitcoin Loses Key Support During Ugly Weekend for Crypto Markets

First Mover Americas: Bitcoin Loses Key Support During Ugly Weekend for Crypto Markets


Ethereum’s transaction fees went through the roof due to the high demand for the highly-anticipated virtual land sale related to Yuga Labs’ metaverse project. The situation turned so bad that Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC), said, “ApeCoin will need to migrate to its own chain to properly scale.” While the NFT frenzy burned around 70,000 ETH (worth $2 billion), the market was not impressed. At press time, ether traded 0.8% lower on the day at $2,900.

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