Main Takeaway: Crypto Markets Up 4%, Aping Into Longs
Crypto markets are up nearly 4%. However, a lot of this price action is a result of apes opening up substantial long positions. The White House and Fed experts are commenting on the economy, stock markets, and policy for tackling inflation, which is potentially giving investors and traders some breathing room in the short term.
The main takeaway is as Q3 comes to an end, this has been one of the worst years for crypto and stocks, thus there’s a lot of pressure on Q4 to end the year strong. However, the macro economy is stepping in the way for risk-on assets like equities and stocks.
Key Stories: Do Kwon Can’t Be Found
Terra founder, Do Kwon is being pursued by South Korean authorities and Interpol. However, they’ve been unable to locate the Terra founder as his whereabouts are currently unknown. Do Kwon is still tweeting actively. The main takeaway is this situation unfolding is a red stain on crypto’s reputation and is probably one of the factors leading JP Morgan CEO, Jamie Dimon to call cryptos decentralized Ponzi schemes. The industry needs to weed out these bad actors to rebuild a positive reputation in order to avoid future disasters as well as clampdown regulations.
Today’s Top Gainers
The top five performing coins on Phemex d-o-d are Terra Luna Classic (LUNC/USDT), Terra Luna (LUNA/USDT), Bitgert (BRISE(1K)/USDT), Polymath (POLY/USDT), and Green Metaverse Token (GMT/USDT).
