Metaverse Tokens Experience Pump; Oracle Red Bull Racing Partners Up With Bybit

Chart of the Day

On Wednesday, most U.S. stocks saw an across-the-board decline as traders braced themselves for the geopolitical tensions in eastern Europe to spill over into the markets. On the flipside, traditional safe havens like gold found their prices pushing higher, whilst the verdict is still out on the broader crypto market. As of the time of writing, BTC is struggling below the $45k resistance, and has posted a marginal percentage loss of around 1% in the last 24 hours. Should the price remain below the $45k level for an extended period of time, BTC's upside gains will likely be limited. Further, some bearish momentum may also start to gather if BTC were to descend into the lower $43k region. In a similar vein, ETH is down by close to 2% from 24 hours ago. There is a bright side to all these though, as many metaverse tokens enjoyed decent pumps within the past 24 hours on the back of JP Morgan releasing a report that labelled this nascent industry "a trillion market opportunity". The release of this report also coincided with the launch of the banking giant's virtual Onyx Lounge in Decentraland's Metajuku district, marking a momentous day for the metaverse space indeed.