The US Federal Reserve has released its minutes from its latest FOMC meeting. And that’s possibly the most boring sentence ever uttered. Bitcoin, Ethereum, Tezos, Stacks and several other cryptos certainly don’t seem to give a rat’s bottom.

It was a FOMC minutes nothingburger, essentially. And we don’t even need to read the transcript  to ascertain that (although we did skim it). The largely unaffected price action for the leading crypto overnight pretty much tells us what we need to know.

The most excellent Eddy Sunarto does break it all down more incisively over here at Market Highlights, though.

And if you must have a quote from JPow and his cronies, here it is: 

“Almost all participants observed that slowing the pace of rate increases at the current juncture would allow for appropriate risk management.” 

So, we’re not out of the woods yet, yada yada. Fed inflation target of 2% still quite a ways off. And there’s still the off chance that the more hawkish Fed members could get their way in subsequent rate hikes. 

But for right now at least… it appears the crypto market (and actually the Nasdaq, which closed slightly in the green) could care less. So let’s move swiftly on to other pertinent happenings and observations. 

 

Top 10 overview

With the overall crypto market cap at US$1.14 trillion, down about 1%  since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

It’s a little red in the daily price action in the majors, but at the time of writing, we’re actually in the midst of a mini recovery here, after Bitcoin (BTC) dipped down to about US$23,600 overnight, giving bearish voices hope of a cliff dive.

Popular crypto charts nerd (and we mean that in the nicest possible way) Rekt Capital has a thought or two that catches our eye, though. Especially because what he’s talking about here with regards to a “shallow/moderate correction” could be playing out.

If that’s what it takes, as he’s suggesting, for Bitcoin to finally catch enough breath to forcefully bust through the 200-weekly moving average (a bit above US$25k), then what we’re seeing today might just get us there. Might.

 

Uppers and downers: 11–100: Floki, Stacks, Tezos

Sweeping a market-cap range of about US$11.8 billion to about US$487 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)

DAILY PUMPERS

• Floki (FLOKI), (market cap: US$501 million) +35%

• Stacks (STX), (mc: US$1 billion) +19%

• Tezos (XTZ), (mc: US$1.24 billion) +12%

• Optimism (OP), (mc: US$591 million) +9%

• Basic Attention Token (BAT), (mc: US$487 million) +6%

 

Floki

Okay, so we didn’t headline it, because there’s only so much room up there, but the fact is, DOGE meme coin rip-off Floki (FLOKI) is the top-dog gainer in the top 100 cryptos by market cap today. Why? We can only guess it’s because of this… its newly released roadmap.

Some fairly interesting stuff on there, including staking, a debit card, a… er, university, a redesign (hey, we remember the NEO redesign pump of 2017/18) and “mystery project”. Righto then, guess there are worse dog coins out there chasing their tails.

 

Tezos

As for the long-time layer 1 Ethereum competitor Tezos (XTZ), though… we’ve headlined it, because partnering with Google Cloud seems like a reasonably big deal.

According to Fortune, the collab with see the big-tech cloud-computing service become a Tezos validator – a staker on the blockchain’s network. Tezos calls it’s staking mechanism “baking” and its stakers “bakers”. Guess everyone’s just gotta be a little different.

The partnership will also reportedly see Google Cloud “help corporate clients develop Web3 applications on Tezos”.

 

Stacks

And finally, what’s with Stacks (STX)? This thing’s up a whopping 137% over the past week.

STX is the native token that powers the Bitcoin “layer 2” network Stacks, which has a mission to bring extra utility and smart-contract functionality in the form of DeFi and NFTs to the Bitcoin blockchain.

A likely cause for the pumpage here is the recent froth and growth of NFT-related activity on the Stacks blockchain, spurred on by the hype surrounding the Ordinals Bitcoin non-fungible project.

 

DAILY SLUMPERS

• Conflux (CFX), (market cap: US$600 million) -15%

• 1inch (1INCH), (mc: US$510 million) -6%

• Huobi (HT), (mc: US$868 million) -6%

• Flow (FLOW), (mc: US$1.27 billion) -5%

• Curve DAO (CRV), (mc: US$828 million) -4%

 

Around the blocks

Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.

Read MoreBitcoinCryptocurrency

You might be interested in