Main Takeaway: Markets Recover With Global Stocks
Crypto markets recovered on Monday following a bullish day for US stocks and global markets at large. However, when looking at the charts, cryptos have been trading in the current range for the past three months. Bulls will say this could be a sign of accumulation, but the bearish macro outlook is still dominating the narrative. Investors and traders should keep their eyes on institutional adoption and crypto adoption on the business side such as those announcements from BlackRock, Fidelity, and Mastercard (the most recent).
In addition, the top news story of the day is that Azuki NFTs just announced they’re introducing a new token called the Physical Backed Token (PBT), which is an open-source standard tying a physical item to a digital token on the Ethereum blockchain. The main takeaway here is that NFT projects introducing tokens, in particular, top NFT projects, is bullish for NFTs in gaining more popularity.
Today’s Top Gainers
The top five performing coins on Phemex d-o-d are StepWatch (SWP/USDT), XEN (XEN/USDT), Tornado Cash (TORN/USDT), Ankr (ANKR/USDT), and Reserve Rights (RSR/USDT).
