Main Takeaway: Global Stocks Getting Rocked
This week has been a nightmare for global stocks, including Europe, China, and the United States. On top of that, the British Pound suffered a once in a decade crash against the Dollar. These negative economic headlines have also impacted crypto. Yesterday, however, in a multiple-point stock market decline, cryptocurrencies held up particularly well (shedding off some of the 1:1 correlation).
The main takeaway is September has lived up to being a bad month for crypto. However, October, which historically performs great, may break precedent due to the overlying macro conditions and jittering geopolitics.
Key Stories: BlackRock To Launch Metaverse ETF
BlackRock has already launched crypto and blockchain-focused ETFs. Now it’s announcing that it will be creating an ETF that gives its clients exposure to metaverse companies. The new fund will be called iShares Future Metaverse Tech and Communications ETF. The main takeaway is investment and interest in metaverse, blockchain, Web3, and crypto remains strong despite the negative backdrop and slumping economic situation.
If you’re a long-term investor, beginning to research these industries and plan a strategy around increasing your exposure to the metaverse is a worthwhile consideration.
Today’s Top Gainers
The top five performing coins on Phemex d-o-d are Beta Finance (BETA/USDT), Orbs (ORBS/USDT), Ethereum PoW (ETHW/USDT), Skyup Metaverse (SU/USDT), and Tranchess (CHESS/USDT).