Period: 4th October 2022 – 11th October 2022
· Last week, Wall Street witnessed the biggest two-day gain since April 2020, however, all the gains were wiped in the next couple of trading days, specifically after the release of the US nonfarm payrolls. Meanwhile, bitcoin has yet again outperformed the stock markets.
· Among all the blue-chip NFT projects, Clone X - X Takashi Murakami is the most active one. After the apparel claiming event in August, the Japanese contemporary artist leading project announced a brand-new project as well as an upcoming airdrop next month.
One of the strange things that happen quite often in the financial market is that investors tend to overinterpret, turning bad news into good news, and vice versa. There were rumours that the century-old banking giant Credit Suisse is about to collapse in Lehman Brothers’ fashion. While the bank’s stock price did plummet to its record low of $3.64 per share following the scandal, the major stock indices did not follow. In view of aggressively hiking interest rates that would destruct the stability of traditional big banks, market participants think that the central banks might turn dovish on fiscal policy. Together with a slowed-down manufacturing PMI and JOLTs job openings data, Wall Street encountered the most aggressive 2-day push since April 2020. However, the sentiment didn’t last long as the nonfarm payrolls published on Friday put a nail in the coffin. As of the time of writing, the S&P 500 futures is still struggling to maintain its 3,600 points level. If this support breaks, the stock market will be going back to where it was two years ago, evaporating all the gains between these two years. Although bitcoin is performing relatively strong compared to the stocks, it faces the same faith.
Many crypto personalities have this saying - keep building in the bear market - the development and innovation in crypto never stop, says RSR’s Mainnnet, Xen Crypto, Aptos, you name it, the acquisitions never stop too. Huobi Global, one of the biggest crypto exchanges in the Asia markets, has agreed to be purchased by Hong Kong-based investment company About Capital. Not long after, About Capital officially announced the setup of a global advisory board comprising industry leaders across blockchain and traditional organizations. Justin Sun, the founder of Tron (TRX), is one of the members of the board. In a press release, Justin said the committee’s key focus will be on supporting the Huobi Token (HT) to strengthen its place in the virtual assets industry and not releasing new tokens. HT instantly revived and its token price jumped 31.9% in a single day.
Roughly a month after the claims of physical apparel, Clone X released a trailer for an upcoming project and announced an airdrop (or “eggdrop” precisely) at the same time. This exciting news has sent the project’s floor price to skyrocket 44% In a short span of 3 days, sparking buying interest in current market conditions. The 30-second trailer which features a cute little creature has accumulated a total of 274K views. In the ending cutscene, the protagonist went into a room full of eggs, which are going to be airdropped to all the Clone X NFT holders next month. I believe all the NFT collectors are hoping for more and more announcements from the blue-chip projects, bringing back the NFT fiesta that has long passed.
The trailer is pretty cool. Top-notch art! Watch it here: https://twitter.com/RTFKT/
Joy
