P2E and Metaverse Coins Surge as Market Leaders Struggle
 |
| By Marija Matic |
Crypto saw mixed performance today. But one sector stood out: play-to-earn and metaverse coins surged, led by Axie’s Infinity native token, AXS (Unrated), which jumped more than 23% in today’s trading.
This wave of strength was sparked by a recent web3 conference in the Philippines … where the P2E sector is very popular. AXS saw a particularly strong demand after announcing it has selected a team of 700 community members to help build out the future of Axie's Infinity, complete with a plan for progressive decentralization of the game.
The bullish move that started last week for our market leaders is still here … but is lacking strong conviction after retesting certain levels.
Bitcoin’s (BTC, Tech/Adoption Grade “A-”) price has been consolidating above $17,000.You can see on the BTC/USDT two-hour chart that $16,900 is the local support to watch. Bitcoin has been trading above this level since jumping after the Federal Open Market Committee meeting last week :
Bitcoin is forming an ascending channel on a lower time frame, however, which means we may see another leg down, below $16,900, soon before testing higher levels.
Meanwhile, Ethereum (ETH, Tech/Adoption Grade “B”) is still trying, thus far unsuccessfully, to secure a price above $1,300. The ETH/USDT two-hour chart shows that the price has been rejected three times from this strong resistance level:
Notable news, Notes & Tweets
• The largest Australian crypto exchange, Swyftx, cut 35% of jobs, while Dubai-based Bybit and American exchange Kraken each cut 30% of jobs in the crypto winter.
• CNN asks if the worst is over for Bitcoin and the rest of crypto.
• Bloomberg’s Zeke Faux interviewed Sam Bankman-Fried.
• Two additional Genesis creditors have lawyered up as Genesis’ loans amount to $1.8 billion. This is the crypto that was locked in the Gemini Earn program and lent to Genesis.
What’s Next
The macro situation is improving, as we’ve found out after the FOMC meeting last week. In case you missed it, the Federal Reserve revealed that it is likely to slow its rate hikes to 50 basis points.
The good news is that crypto started reacting to it after being unresponsive to previous Fed news, due to the FTX collapse.
Hence, even though this latest move lacks stronger conviction, Bitcoin still has a chance to make further gains.
Best,
Marija
