Bitcoin takes a step back, banks kick off earnings season

The crypto market was generally lower over the past 24 hours. Major investment bank JPMorgan Chase reports fourth-quarter results today, alongside Citigroup and Wells Fargo, as stocks of financial companies rise on heightened expectations of higher interest rates.

Tech stocks dragged US indices further down yesterday, with the NASDAQ100 dropping 2.57% to its lowest level since October 2021.

Top Cryptos

Bitcoin, which has seen a positive trend recently, had retreated around 2% at the time of writing. However, the world’s largest crypto is still up over 3% for the week.

The price of Dogecoin has increased since Elon Musk announced that Tesla would start accepting it as payment for some of its merchandise. This became possible during Asian hours this morning. As of this writing, Dogecoin has gained 14% in 24 hours.

Top Movers

Most of the top 100 coins lost between 2-6% of their value today. Elrond lost 8%, leading some to question whether to buy the dip. Elrond describes itself as a blockchain platform for the new internet economy, decentralized applications, and enterprise use.

Its main selling point is its high scalability, indicating that it is the first blockchain network in which state, network and transaction sharing have all been implemented.

Gala, the most successful metaverse token in 2021, has also lost 8% of its value in the last 24 hours. The downward trend for THORChain, Enjin Coin, XDC Network and Loopring continues. Each lost about 7%.

Kadena, which is supposed to provide Bitcoin’s security, virtually free gas, unparalleled throughput and smarter contracts, is the biggest loser of the day with a 9% price drop.

This is a dubious honor shared with WOO Network, a deep liquidity network connecting traders, exchanges, institutions, and DeFi platforms. The WOO token, which is used in the network’s CeFi and DeFi products for staking and fee rebates, also lost 9% today.

At the other end of the scale is Secret, the native Secret Network coin. Its blockchain offers data privacy for smart contracts by default, allowing you to build and use apps that are both permissionless and privacy-preserving.

This feature protects users, secures applications, and opens up hundreds of new use cases for Web3. Secret continues yesterday’s uptrend, adding 20% ​​to its value today.

Tendency

The most impressive winner of the day is the Metaverse Future (METAF), designed with a mission to create an open Metaverse. In it, people not only play games to earn money, but also freely create values ​​to meet the needs of the population of the metaverse. It’s up nearly 3,000% today.

The price of the native token of cybersecurity company PolySwarm, Nectar, is rising today. It has gained 66% in the last 24 hours.