Main Takeaway: Markets Slightly Recover
For the past five days since last Friday’s Jay Powell Fed remarks, the markets have been nothing but in the red, with many coins dropping as much as 10%.
Moreover, the market is playing with fire by visiting key psychological levels of $1 trillion for the market cap and $20,000 for Bitcoin in particular.
However, markets paused briefly during the Monday trading day and are now up 3%, with Ethereum, Solana, Polkadot, and Polygon leading the top 20 cryptocurrencies by market cap. This is a sign of a temporary pause in capitulation.
This week will be a quiet one with regards to news from the economy, but as we move into September we’re likely to experience rough seas because September is generally bearish for cryptos and the Fed will once again hike rates. Stay vigilant.
Key Stories: Meta Back In The Headlines For NFTs
Since March when Zuckerberg and Meta first announced it was looking to begin integrating digital collectibles, NFTs, and digital wallets to Instagram and Facebook, there’s been a steady stream of updates on how this functionality would work. However, it’s actually still unclear. Most recently though, on August 29th, Meta released new functionality that allows people to post digital collectibles that they own across both Facebook and Instagram. The only supported blockchains to date include Ethereum, Polygon, and Flow.
Until further updates come out, and until significant upgrades happen that actually change the way people share content on Instagram and Facebook, these updates will be minimal and largely unfelt. However, it does do one thing – it further regularizes the norm of incorporating digital assets/NFTs into modern social media and entertainment, which is bullish for NFT adoption.
Today’s Top Gainers
The top five performing coins on Phemex d-o-d are League of Kingdoms (LOKA/USDT), Coin98 (C98/USDT), LooksRare (LOOKS/USDT), Balancer (BAL/USDT), and Voyager (VGX/USDT).