Bitcoin takes step back, banks kick off earnings season

The crypto market was mostly lower over the past 24 hours. Major investment bank JPMorgan Chase reports its Q4 results today, alongside Citigroup and Wells Fargo, as financial firm stocks rise on the back of heightened interest rate rise expectations.

Tech stocks sent US indices lower again yesterday with the NASDAQ100 falling 2.57% to its lowest level since October 2021.

Top cryptos

Bitcoin, which has been on a positive run recently, had retracted by around 2% at time of writing. However, the world’s largest crypto is still up more than 3% for the week.

The price of Dogecoin has been surging ever since Elon Musk announced Tesla would start accepting it as payment for some of its merchandise. This became possible during Asian hours this morning. At the time of writing, Dogecoin had gained 14% in 24 hours.

Top movers

Most top 100 coins have lost between 2 and 6% of their value today. Elrond has lost 8%, leading some to wonder whether to buy the dip. Elrond describes itself as a blockchain platform for the new internet economy, decentralized applications and enterprise use.

Its main selling point is its high scalability, stating that it is the first blockchain network in which state, network and transaction sharding have all been implemented.

Gala, the most successful metaverse token in 2021, has also shed 8% of its value in the last 24 h. The downtrend for THORChain, Enjin Coin, XDC Network, and Loopring continues. Each has lost around 7%.

Kadena, which is said to provide the security of Bitcoin, virtually free gas, unparalleled throughput, and smarter contracts, is the biggest loser of the day with a price decline of 9%.

This is a dubious honor shared with WOO Network, a deep liquidity network connecting traders, exchanges, institutions, and DeFi platforms. WOO token, which is used in the network’s CeFi and DeFi products for staking and fee discounts, has also lost 9% today.

At the other end of the scale is Secret, the native coin of Secret Network. Its blockchain features data privacy for smart contracts by default, allowing you to build and use applications that are both permissionless and privacy-preserving.

This functionality protects users, secures applications, and unlocks hundreds of never-before-possible use cases for Web3. Secret continues yesterday’s bull trend, adding 20% to its value today.

Trending

The most impressive gainer of the day is the Metaverse Future (METAF), conceived with a mission to create an open Metaverse. In it, people not only play games to earn money, but also freely create values to serve the needs of the population of the Metaverse. It is up almost 3,000% today.

The price of PolySwarm cybersecurity company’s native token, Nectar, is surging today. It gained 66% in the last 24 hours.