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The Federal Open Market Committee lifted its benchmark rate by an expected 50 basis points. Nonetheless, the remarks by Fed Chair Powell and the “dot plot” dashed the hopes of an interest rate cut in 2023, sending U.S. equities down. Meanwhile, the broader cryptocurrency has followed the footsteps of equities, with Bitcoin down 0.41% and Ether down 2.16% in the past 24 hours as of the time of writing. The top mover for today, PSG, which registered a 24.97% increase in the past 24 hours, has clearly outperformed the market on the back of the FIFA semi-final result.
PSG is a football club fan token issued on the Chiliz Chain by the famous Paris Saint-Germain Football Club. As France’s most prominent football club, Paris Saint-Germain’s fan token, PSG, rode the waves of France playing against Morocco in the FIFA 2022 semifinal and surged by nearly 25% on the back of France’s victory. PSG stays above its 50-day RSI, facing immediate resistance at the 100-day RSI of $6.67.
Zooming in, there is no direct linkage between PSG’s token movement and France's football team’s stellar performance. Nonetheless, Kylian Mbappe, the star forward from Paris Saint-Germain and France’s football team, has the potential to allure its large fan base to adopt fan tokens and engage with Paris Saint-Germain on Socios.com. Furthermore, PSG is currently the largest football club fan token on Socios.com and the only french football club. With Socios.com being the pioneer in fan token economics, PSG is our top choice for football fan tokens. Lastly, a positive result in the finals from France could potentially send PSG skyrocketing.
Check Out the Latest Prices, Charts, and Data for PSG/USDT!
Metamask, a well-known Web3 wallet, launched its integration with Paypal on its Metamask mobile app. The aim is to allow for seamless transfers and purchases of ETH from Paypal to Metamask. As the company rolls out the feature in the coming weeks, users will be able to directly purchase Ethereum from the mobile app. The feature is, however, only available to U.S. users. Metamask has revealed that this move was made in efforts to increase Web3 adoption by offering easier access and barriers to entry.
Check out what else is buzzing in the crypto scene today:
Canada is set to ban leveraged crypto trading. (Link)
Tether to reduce secured loans to zero in 2023 to restore faith. (Link)
Credit Suisse issued tokenized products on Ethereum. (Link)
Magic Eden rolls out a loyalty rewards program. (Link)