Key Notes
- The crypto market fell to extreme fear conditions again amid a market-wide bloodbath.
- Despite the downtrend, Stable, MYX Finance and MemeCore recorded notable gains.
- Four key macro events in the US will expectedly impact the financial markets this week.
While the leading cryptocurrencies like Bitcoin
BTC
$77 615
24h volatility:
0.9%
Market cap:
$1.55 T
Vol. 24h:
$83.19 B
and Ethereum
ETH
$2 278
24h volatility:
4.6%
Market cap:
$274.90 B
Vol. 24h:
$54.02 B
brought increased selling pressure to the market, tokens like Stable (STABLE), MYX Finance (MYX) and MemeCore (M) have been recording gains.
The CMC20 Index, which tracks the price movements of the top 20 digital assets, dropped by 4% in 24 hours to $156.
This index suggests strong selling pressure at this point as Bitcoin fell below $75,000 early on Feb. 2.
STABLE gained 17% over the past 24 hours and is trading at $0.026, leading the top 100 tokens in gains.
The project, focused on USDT settlements, will upgrade its mainnet to version 1.2.0 on Feb. 4.
The upgrade would make the staking activities more transparent, per the X post.
MYX is following closely with 10.5% gains in 24 hours, currently trading at $5.6. MemeCore also secured the third spot among the gainers, rising 6.5% to $1.31.
Unlike STABLE, which has a long-awaited upgrade incoming, both MYX and M tokens are recording gains due to increased trader interest.
4 US Economic Reports to Watch This Week for Crypto Markets
The week starts with the January ISM Manufacturing PMI data, which shows how healthy the US factory sector is.
If the number is strong, it suggests the economy is growing and inflation could stay high, which may keep interest rates higher for longer.
On Feb. 3, the December JOLTS Job Openings data will show how the US job market has been performing.
Higher openings would mean that companies still need workers, which can keep wages and inflation elevated.
On Feb. 5, the Initial Jobless Claims data will reveal how many people are newly losing their jobs each week. If claims rise, it signals the job market is weakening and inflation pressure may ease.
The week will end with the January Jobs Report, which gives the clearest picture of how strong the US economy really is.
All these reports will have a notable impact on the crypto market as the US Fed would use the data for its upcoming interest rate decisions.
Currently, the market is in extreme fear conditions as the crypto market cap fell by $500 billion to $3.55 trillion, according to CMC.
According to a CryptoQuant analyst, the rebounds might be fragile at this point and very high volatility would be expected.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
Wahid Pessarlay on X
Source: https://www.coinspeaker.com/3-tokens-lead-gains-amid-crypto-market-drop-4-us-events-to-watch/
