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Global stocks are heading towards their fifth day of gains, the longest streak in two months, amid growing expectations of shifts towards a less aggressive tightening policy. The Hong Kong benchmark rose for a second day as tech earnings worries eased. The dollar stabilized after a two-day drop, while the Treasury yield was little changed at 4.00%. Macroeconomic data, including several central banks’ rate decisions to be released by the end of the week, will likely determine the market’s next direction.
The broader crypto market continues its recent mini-surge despite Meta’s second straight quarterly revenue decline. BTC topped the $21k handle at one point following the renewed hope of moderating rate hikes. As of the time of writing, the largest cryptocurrency by market cap is consolidating in the upper region of the $20k psychological barrier after posting a 2.5% gain in the last 24 hours. BTC is gradually inching towards the $21k mark, and will likely extend its gains after establishing a stronger foothold above this level. In the options market, changes in mid-to-long-term skewness suggest that sentiments are taking a more optimistic turn.
In a similar vein, ETH is now well-bid above the $1,500 handle after rising by 4.7% in the same period. The second-largest cryptocurrency by market cap is reaching its highest level since September, possibly on the back of improved sentiments and decreasing circulating supply. Meanwhile, stETH and bETH are trading at almost parity with ETH. Elsewhere in the market, mid-to-large-cap altcoins are still in the green, with DOGE and SHIB soaring by double-digit percentages as Elon Musk’s Twitter deal nears completion.
The Aptos NFT market has been expanding since its mainnet launch last week, notwithstanding the initial hiccups. Aptos’ marketplace, Topaz, has amassed $5.46 million in NFT trading to date, among which, Aptos Monkey, the top project on the platform, generated more than $2.3 million in volume in the last 24 hours. Aptos Monkeys has also clinched the first spot on the 24-hour trading volume chart, topping all other NFT collections, including CryptoPunks, across both Solana and Ethereum. Meanwhile, Solana’s recent decision to not honor creator royalties is also pushing some potential creators to explore alternatives. Projects such as Zodiac World and Mogu Dragonz have announced that they are moving to Aptos to capitalize on the recent hype.