Main Takeaway: Is Another Green Day Possible?
The US stock market on Tuesday pumped multiple percentage points following a Monday holiday. Moreover, this momentum carried over to the cryptocurrency markets. But by Tuesday night US time, Wednesday day Asia time, that momentum began slowing down for crypto. The market is attempting to break through resistance, but there’s still a lot of selling and shorting pressure at crucial price levels on the majority of assets.
On top of that, the global inflation shock and news coming out of the US and from the EU Central Bank are putting a ceiling on demand to push up crypto prices. Crude oil prices are also dropping before an OPEC meeting on Thursday and on the backdrop of recession fears.
With that being said, it may be difficult for crypto to hold up previous days’ price gains. Prepare for more volatility.
Key Stories: NFTs In NYC & Twitter Deal Going Through
Despite a struggling crypto market, NFTs have largely held their ground, which is due to a strong community and technology base. And to push forward the industry even further, the annual NFT NYC event is taking place at Radio City. New York is trying to leverage its position as a finance hub to catapult its crypto and blockchain ambitions. It will likely succeed, which will be great for crypto innovation and adoption.
The second news story is that the Twitter Board of Directors approved of Elon Musk’s bid to buy Twitter for $44 billion dollars. This confirmation is positive for crypto as Musk has repeatedly said he wants to transform Twitter into a payments service as well, with at least the functionality for people to use it similar to how other payment super apps are used.
Lastly on the news cycle is UniSwap who just announced it was buying the NFT marketplace aggregator Genie to further its ‘universal ownership’ goals. As a result, UNI is up about 2% on the day.
Today’s Top Gainers
By going to the Phemex Markets tab and selecting on Top Gainers, you can see the best performing assets on Phemex d-o-d.
Some of the best cryptos to buy today include: