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Crypto Market Daily Highlights: MATIC Bucks a Bearish Top Ten Trend

Cory Russell

Feb 17, 2023 15:41

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The top ten cryptocurrency index had a mixed day on Thursday. As ADA is leading the road downward, MATIC defies a bearish top-ten trend. Bitcoin is poised to remain onto the $24,000 mark for the second time since August despite the gloomy day.


Investors were alarmed on Thursday by hotter-than-expected US wholesale inflation numbers and FOMC member remarks. Compared to an anticipated 5.4%, the US wholesale annual inflation rate decreased in January from 6.5% to 6.0%. For investors, sticky inflation continues to be an issue. Despite easing inflationary pressures, inflation is still far over the Fed's objective.


A more pessimistic view for Fed policy was also bolstered by jobless claims. Contrary to expectations, initial claims for unemployment benefits decreased from 195k to 194k. A tight labor market is shown by sub-200k claims.


James Bullard and Loretta Mester, members of the FOMC, contributed to the pessimistic vibe. Mester reportedly remarked that since inflation remained too high, she is open to more drastic rate increases than her colleagues had suggested in February. Bullard suggested more rate rises to maintain the trend of lower inflation.


The NASDAQ Composite Index dropped by 1.78% in reaction to the Thursday statistics and aggressive Fed talk, while the S&P 500 lost 1.38% on the day. The Dow dropped by 1.26 percent.


SEC Another lawsuit reaches the cryptocurrency news wires.


The SEC is prosecuting Terraform Labs and its creator Do Kwan for misleading investors, according to press reports on Wednesday.


The news release states that Terraform and Kwon "marketed crypto asset securities to investors looking to make a profit, consistently misrepresenting that the tokens would grow in value. This is according to the SEC's complaint. For instance, they promoted and sold UST as a stablecoin that "yields" using the Anchor Protocol, paying up to 20% interest.


According to the press release, Terraform and Kwon repeatedly misled and deceived investors while marketing the LUNA token by claiming that a well-known Korean mobile payment application used the Terra blockchain to settle transactions that would give LUNA value.


Do Kwon's whereabouts are unknown, and the founder of Terra Labs is also wanted in South Korea on criminal charges.


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