Fed fear test investors' appetite 📉

Fed fear continues to drag the market down

Author

Deepan Datta
February 07, 2023

Good Morning, Switchers 🌞

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The crypto market was a mixed bag today. While the market recovered from yesterday's bearish session, concerns about Fed policy weighed on riskier assets. ETH, BNB, and MATIC are trading in the green at publishing time, up by 0.35%, 0.32%, and 1.34%, respectively. However, BTC fell by 0.11%. XRP, ADA, and DOGE are also down. The Fear & Greed Index returned to the neutral zone, falling to 54/100.

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  • Bitcoin Fear & Greed Index

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  • What's in the news

Market pulse 📈

Bitcoin Fear & Greed Index

Top Crypto Trends

*Last updated at 9:00 am, 7 February 2023

From the crypto news wires 📰

A single Bitcoin may be worth more than $1 million by 2030, according to the Big Ideas report from asset management firm Ark Invest. The report discusses digital wallets and public blockchains. According to data, BTC owners are currently more long-term-oriented. Ark founder and CEO Cathie Wood has been vocal in her support for Bitcoin and is known for making bold predictions.

2023 appears to be the year of AI-based tokens. The buzz surrounding ChatGPT has shifted the focus to artificial intelligence and machine learning. According to a JPMorgan survey, more than half of institutional investors have shifted their focus to AI and ML. Compared to the last year, AI has received 53% of the citations, while blockchain received just 12%.

Lightning Network, a Layer 2 payment network built on top of the Bitcoin blockchain, has reached an all-time high (ATH) in terms of capacity or the amount of Bitcoin locked in payment channels. The data from Block Research shows that Lightning Network's payment channel capacity has increased by 63% since the start of 2022, zooming to 5,490 BTC ($128 million), up from 3,350 BTC.

Louis Vuitton (LV) has collaborated with 93-year-old Japanese contemporary artist Yayoi Kusama to create 10,000 NFTs to commemorate its 200th anniversary. Based on the cost of NFTs from other luxury brands, experts predict that the LV X Yayoi Kusama NFTs will cost around 4 ETH. LV intends to earn money from the OpenSea marketplace by charging customers a 7% royalty.

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