Chart of the Day
The Asian equity market ushers in November, historically one of the strongest months for stocks, with further advances from a recent sell-off. Bond yields rose higher as investors started to place bets on further monetary tightening and another 75 bps rate hike by the Federal Reserve this week. However, some analysts predict that aggressive rate hikes are coming to an end and expect much-tapered adjustments in the first quarter of 2023. The broader market may see an immediate uptick in volatility in response to the Fed's comments on the rates outlook this Wednesday.
The crypto market trimmed its gains on Monday as major cryptocurrencies dipped into various shades of red. As of the time of writing, BTC is consolidating near the $20.5k level after posting a marginal loss over the last 24 hours. The largest cryptocurrency by market cap is facing immediate resistance levels near the 100-hour moving average and the $20.7k handle. A clear move above this zone may give BTC a leg-up to charge towards $21k and beyond. Volatility spikes in the options market, which has been significantly discounting topside for the past few weeks, resulting in a rush to buy calls following the spot rally.
In a similar vein, ETH hovers near the $1,600 handle after posting marginal gains in the same period. DOGE continues its recent rally into November with another 15% daily surge, while SHIB is up 4.8% in a similar timeframe. Historically, a strong memecoin rally often marks a prelude to an altcoin season, where capital rotates from BTC to altcoins as risk appetite grows. Meanwhile, ETH/BTC, another signal of a potential incoming altcoin season, is slowly inching back to the key threshold at 0.08. Elsewhere in the market, however, mid-to-large-cap altcoins have yet to register any significant momentum. BNB is up 5% on the back of its parent firm's participation in the Twitter acquisition, while ALGO is down 3.5% in a similar time frame.
Talk of the Town
Video game retail giant GameStop has officially launched its NFT marketplace on Immutable X, a Layer 2 blockchain platform on Ethereum. In a statement released on Monday, GameStop said that the new NFT platform seeks to "unlock web3 games" and "millions of world-class, NFT gaming assets" to more than 50 million GameStop users across the United States. The platform also champions completely gas-free and carbon-neutral NFT mining and trading. GameStop announced its partnership with Immutable X to develop an NFT platform in February, and released a beta version in July. The pair have also collaborated on several other projects, including a $100 million grant to drive innovation in web3 gaming.
Source: Bybit Blog
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