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In the early hours on Wednesday (Asian trading hours), BTC breached the $40k resistance in one fell swoop to reach the $41.7k mark in a mere matter of minutes, before completely reversing its gains within the next hour. As of the time of writing, the largest cryptocurrency by market cap is stabilizing above the key $39k level — one that constitutes the main support near the bullish trend line established earlier today. If this level doesn't hold, BTC may very well return to range trade above the $38k level.
The correlation between BTC and ETH has also jumped from 0.78 to 0.9, suggesting that the crypto market is currently plagued by "risk-averse" sentiments that render investors less inclined to rotate into altcoins. As compared to BTC, ETH has experienced relatively less volatility within the past 24 hours. The number two cryptocurrency by market cap is currently settling above the $2,600 level as of the time of writing. Most major altcoins have also flipped green, with the exception of LUNA (this time to its detriment), as the standout performer from the past few weeks has shed 6% of its total market value within the past 24 hours. However, this should not detract from the fact that UST, the stablecoin of the Terra ecosystem, has seen some very impressive growth in the past few months. In fact, it has grown by a significant 44% YTD, and with a whopping $4.4 billion in its reserve, UST is currently ranked second in terms of supply growth.
Finally, the extant state of the derivatives market seems to be reflecting the deafening silence that typically precedes a storm, as the activities within the futures market has been nothing but lackluster, whilst the futures basis has also remained stable for at least two weeks now.
According to Mark Zuckerberg, Non-Fungible Tokens (NFTs) are coming to Instagram very soon. At the South by Southwest (SXSW) conference in Austin, the renowned CEO and Founder of Meta unveiled the exciting plan to integrate NFTs into the company's photo and video sharing application. He also alluded to a near future (several months down the road) where Meta users will be able to "mint things within that environment". Instagram's keen interest in NFTs and the concept of the metaverse should not come as a surprise to anyone, as it aligns perfectly with its parent company's vision to create an interconnected virtual world populated by digital assets.