Majors and altcoins alike see continued strength after breaking through key levels.
The total cryptocurrency market is up nearly 4% today. BTC gained around 4%, while ETH is up 2%. Meanwhile, altcoin darling SOL is also green, with gains of over 5%.
Yesterday, the markets were spooked when United States Federal Reserve Chair Jerome Powell gave hawkish remarks at the National Association for Business Economics annual conference. Following an interest rate increase of 25 basis points last week, Powell said the Fed could act more aggressively with further hikes in future meetings.
Bearish outlooks on crypto markets subsided into Tuesday, however, when traders noticed 125 million USDT transferred from the Terraform Labs’ wallet to Binance. This comes after Terra founder Do Kwon said the company plans to incorporate BTC into its ecosystem, with a budget to buy $3 billion worth of the leading crypto asset in the short term.
DeFi Digest: Fetch.ai launches $150 million development fund
Fetch.ai joins MEXC Global, along with Huobi and Bybit, to create a $150 million development fund for the blockchain-based AI product Fetch.ai. According to CoinDesk, the money will be used to motivate developers to build on the platform.
Fetch.ai CEO Humayun Sheikh says the platform is ready “to be scaled and to make it available for developers to deploy on any chain out there and provide cross-chain interaction and tools.”
Fetch.ai is at the forefront of integrating blockchain and machine-learning technology, and hopes a revitalized developer ecosystem will spark new partnerships and interactions with other projects.
NFT Snapshot: DeFiance Capital founder loses over $1.7 million in apparent wallet phishing attack
Arthur Cheong, founder of Web3- and crypto-focused venture fund DeFiance Capital, became another victim of nonfungible token theft earlier today. The perpetrator stole over $1.7 million in NFTs and tokens, immediately selling stolen pieces from Azuki, CloneX and other collections on OpenSea.
Cheong addressed the attack on Twitter, citing a social engineering ploy as the likely cause. He says he received a “spear-phishing” email with a PDF attachment containing malware that was able to identify his hot wallet’s seed phrase on his computer.
Top altcoin gainers and losers: LUNA cools off
- ENS/USDT +14.74%
- BCH/USDT +11.87%
- MAGIC/USDT +11.64%
- SPELL/USDT -0.48%
- ZEC/USDT -0.85%
- LUNA/USDT -2.06%
Up nearly 15%, ENS leads most altcoins today. MAGIC is also showing market-leading strength, close behind with a gain of 11.64%.
After a dominant few weeks, LUNA is one of a handful of altcoins in the red today, down over 2%.
BTC technical analysis: Pushing passed resistance
After coiling on Monday, BTC broke above 42,000 USDT today. As buyers continue to test on the upside, they will want to see the market leader hold this level and flip it into support, as 42,000 has served as strong resistance since early March. All eyes are on the 200-day moving average, as BTC now sits above the 100-day.
ETH technical analysis: Moving up
Similar to BTC, ETH broke above key resistance today. Currently sitting around 3,000 USDT, ETH is eyeing 3,200, which it failed to break in February. Bulls will want to see consolidation and buying volume here, or else they may risk taking a trip back down.
Altcoin technical analysis: METIS strives for higher prices
After failing to break above 175 USDT earlier this month, METIS is looking to test that level again. The token consolidated around 145 last week, and with newfound strength in majors, bulls will want to break higher to levels not seen since last year. So far, bulls have been in control, but it will be important for them to keep an eye on the rest of the market if further upside is to be realized.
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Source: https://www.okx.com/academy/en/crypto-markets-surge-as-terraform-labs-prepares-to-buy-btc-crypto-market-daily/