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On Tuesday, the broader crypto market saw a spark of relief — a final twist in a month that experienced a surge in fear and uncertainties. A tumultuous May ended far from where it started for the crypto market, as debate raged around several issues including (but not limited to) the collapse of Terra, inflation, and the U.S. Federal Reserve's aggressive monetary policies. BTC momentarily crossed the $32K threshold during midday trading (U.S. trading hours) on Monday, but the momentum soon lost its steam. As of the time of writing, the largest cryptocurrency by market cap is consolidating above the $31K level after posting a marginal loss over the last 24 hours. The immediate overhead resistance for BTC lies in the $31.8K to $32.4K zone. A clear break above this zone would likely usher in more upside momentum for BTC. However, some analysts are still skeptical with regard to any long-term bounce for BTC due to the deteriorating macroeconomic conditions.
While BTC remains well bid above its key support zone, ETH is moving to the lower region of the $1,900 handle after shedding 2.6% of its market value from 24 hours ago. On a macro level, however, things are looking more favorable for the second-largest cryptocurrency by market cap. More than 13 million ETH, representing more than 10% of ETH's circulating supply, has been staked on the Beacon Chain. This is a huge testament to the fact that more validators are now looking to secure the network ahead of the Merge. Meanwhile, most major altcoins have flipped red after the Tuesday recovery, with ADA leading the downside correction on a double-digit percentage loss from a day ago.
Prada emerged as the latest luxury brand to hop onto the NFT bandwagon with the release of its very own NFTs. The launch of 100 NFTs will be featured alongside Prada's latest Timecapsule apparel this Thursday on the Ethereum chain. Buyers will receive a free airdropped NFT with their physical merchandise purchase. The aforementioned NFTs were designed in collaboration with artist Cassius Hirst, son of the renowned artist Damien Hirst. However, this is not exactly Prada's first foray into the NFT space. In January of this year, the brand also collaborated with Adidas to release the "adidas for Prada re-source" collection on Polygon.