The decline in the United States financial markets continued for the third straight week due to reactions to uncertainty on the Federal Reserve’s future steps and a lukewarm reception to the seemingly positive August jobs report.
This morning, the global crypto market recovered slightly and went up by 0.62% to $982.44 billion. The global crypto trading volume was up by 9.61% to $48.54 billion at the time of writing. Stocks are yet to bounce back, as the Nasdaq Composite has fallen for six days in a row for the first time since 2019.
Terra might be making a comeback!
Terra LUNA Classic (LUNC) continues climbing higher amid plans to revive the chain and tempt investors back. LUNC spiked as high as $0.00031131 since August 26, equating to more than 2,400% gains. Since LUNC’s all-time low of $0.000000999967, on May 13, the previously “dead” token is up an astonishing 27,000%.
Data shows that the adjusted on-chain volume of stablecoins increased by 32.9%, from $655.2 billion to an all-time high of $866.2 billion in August. The increase was likely attributable to the sanctioning of Tornado Cash by the U.S. Treasury, according to a report.
Also, NFT sales jumped 26.76% higher this week, as NFT sales statistics show that $180.43 million in NFT trades were recorded this week compared to last week’s $142.33 million.
Although the sentiment remains negative and it is difficult to call a bottom, investors who believe in the long-term prospects of cryptocurrencies could take the opportunity to gradually build positions at lower levels instead of trying to catch the bottom. However, investors could avoid chasing prices higher during bear market rallies and look to buy when the price falls to strong support levels.