Bounces on major cryptocurrencies were short-lived following the release of the U.S. Consumer Price Index report.
The total cryptocurrency market rose almost 2% over the last 24 hours. BTC fell 1.5% as ETH traded mostly flat. Popular memecoin SHIB rocketed up nearly 20% on news that it will be listed on Robinhood.
The United States Bureau of Labor Statistics released its Consumer Price Index report today, with U.S. inflation rising 8.5% compared to March of last year. Traders fear high inflation will spell doom for traditional and crypto markets alike as the Federal Reserve will likely institute tighter monetary policies. Many look toward the Federal Open Markets Committee meeting in early May as the next pivotal event that would affect macroeconomic conditions and, subsequently, markets.
DeFi Digest: Uniswap Labs announces venture program
The startup behind popular decentralized exchange Uniswap spoke of plans for a venture initiative on Monday. Called Uniswap Labs Ventures, the group will invest in various Web3 verticals — such as infrastructure, developer tools and consumer-facing applications.
To date, the Ventures team — led by Matteo Leibowitz and Uniswap Labs’ Chief Operating Officer, MC Lader — has already invested in several companies and protocols, such as LayerZero, Aave and Compound. The team plans not just to be passive investors, however, as it aims to participate in on- and off-chain governance when necessary.
Leibowitz says the team will be investing with funds directly from Uniswap Labs’ balance sheet — with no indication of size, yet.
NFT Snapshot: Genies receives $150 million in funding
Genies, a platform that helps users build avatars and sell nonfungible tokens on its marketplace, announced a $150 million funding round. Led by Silver Lake, the investment will value the startup at $1 billion. The company raised around $100 million prior to its latest round.
This investment comes after former Disney CEO and Chairman Bob Iger joined the company’s board of directors earlier this year. The platform has also partnered with record labels Universal and Warner — as well as artists, such as Justin Beiber and Cardi B.
Silver Lake’s other Web3-related investments include Fanatics and Candy Digital.
Top altcoin gainers and losers: Few altcoins green
- SHIB/USDT +19.76%
- KISHU/USDT +12.37%
- COMP/USDT +8.84%
- MINA/USDT -2.78%
- WAVES/USDT -4.84%
- GMT/USDT -7.79%
Following news of being listed on Robinhood, SHIB and COMP surged. Other memecoins, such as KISHU, followed — as traders attempted to play on the narrative.
BTC technical analysis: More downside
After a brief bounce in the past few hours, BTC continued its fall below 40,000 USDT. Sellers are still firmly in control at the moment. Bulls are hoping that a higher low on the daily time frame can be formed — otherwise, it is looking rather bleak on the buy-side.
ETH technical analysis: Holding for now
ETH broke below 3,000 USDT in the past 24 hours, tapping as low as 2,950 USDT. The coin, so far, has held the key 3,000 USDT level as psychological support — as large cascades have subsided for the time being. Still, sellers have maintained control since reaching over 3,500 USDT last week as buyers are still trying to find some kind of answer.
Altcoin technical analysis: APE rallies after Coinbase movie deal
APE jumped from the lows yesterday after it was announced Coinbase will be producing three separate movies with the Bored Ape Yacht Club nonfungible-token collection. The token formed what looks like a double-bottom pattern on the hourly — bouncing as high as 12 USDT before then slightly selling off.
With a clear catalyst, bulls have some hope to cling to — but they will need to keep an eye on the broader crypto landscape to realize more upside.
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Source: https://www.okx.com/academy/en/btc-sees-more-downside-after-cpi-print-crypto-market-daily