2023-10-22 19:18 |
Cryptocurrencies had a strong performance this weekend even as the crisis in Israel and the bond market woes continued. Bitcoin surged to over $30,000 for the first time in months while key altcoins like Chainlink (LINK), Pepe, Aave, Aptos, and Quant continued their bullish trend.
Tech earnings aheadThe cryptocurrency industry will be relatively muted this week with no major news events scheduled. Therefore, the key catalysts will be the ongoing hope that the Securities and Exchange Commission (SEC) will allow a spot Bitcoin ETF. Analysts at JP Morgan expect the agency to do that in the next few months.
Traders will also focus on the upcoming tech earnings from companies like Microsoft, Alphabet, Meta, and Amazon. These are important results because these are the biggest companies in the world with a combined market cap of almost $4 trillion. They are also the biggest constituents of the S&P 500 and Nasdaq 100 indices.
Recently, cryptocurrencies have diverged from American stocks. While key indices like the S&P 500 and Nasdaq 100 have retreated, Bitcoin has jumped. The total market cap of all cryptocurrencies has soared to over $1.13 trillion.
The other key catalyst to watch will be the upcoming US GDP data scheduled for Thursday. These numbers will provide more information about the state of the economy. They will also go a long way to determine what the Fed will do in the next meeting.
The US GDP numbers come at a time when the bond market sell-off has intensified, with the 30-year yield soaring to the highest level in more than a decade.
Memeinator token sale gains steamMeanwhile, Memeinator, the upcoming cryptocurrency, continued its token sale successfully. The token has raised over $817k in the past few weeks as demand for the token continues rising.
For starters, Memeinator (MMTR) is a cryptocurrency that seeks to become the gold standard in the meme coin industry. It will do that by being a meme coin with an artificial intelligence (AI) utility built in.
According to its white paper, 62.5% of the tokens are going to the public while 15% will go to the marketing and CEX listings. The other tokens will move to development, exchange liquidity provision, and competition pool. You can buy the MMTR token here.
So, is it safe to buy the token? Some analysts believe that it makes sense to allocate a small portion of your portfolio on pre-sale tokens. While not all these tokens will do well ultimately, some will dO. And as we saw with Pepe, it is easy to become a meme coin millionaire by investing a tiny amount. However, like with other assets, you should only invest cash you can afford to lose.
The post Memeinator token sale surges on as macro risks remain appeared first on Invezz.
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