AI Summary
Show More
Quickly grasp the article's content and gauge market sentiment in just 30 seconds!
The September Effect has no doubt played out across the traditional and crypto markets, while macro conditions deteriorate on the back of spiking energy prices and global supply chain vulnerabilities. As the seasonal “spell” gradually unravels, the top two cryptocurrencies by market cap have somewhat regained strength to rally a strong breakout above the $42k and $3k resistance zone respectively. Overall, the month has not panned out in favor of crypto, especially Ether. Open interest for ETH futures is down 40% since the start of September, while options OI suffered a dramatic plunge due to a large number of recent expires. However, given the amount of deleveraging, ETH may have some room for upside movement in the coming months, as Q4 is historically bullish for the broader crypto market.
Sneak peek. Following Twitter’s announcement of releasing NFT verification, the Twitter Space software engineer Mada Aflak showed a quick how-to demo of changing a user’s avatar to an NFT from the user’s crypto wallet. Though merely a mockup with nothing finalized, it is nevertheless an exciting step towards ownership authentication, leveraging NFT’s non-fungible nature, as its name suggests. Twitter’s move into NFT authentication is a response to the growing importance of NFTs as a social currency, with an increasing number of NFT collectors flaunting their digital possession as profile pictures or avatars on social media. However, criticism points to the fallibility of Twitter’s NFT authentication and the potential disputes that may arise.