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. 





Talk of the Town

These are extremely exciting times for both sports and crypto fans alike, as it appears that more and more major sports brands are now starting to make their foray into the crypto space. For example, the NBA released NBA Top Shot, a blockchain-based trading card system, more than a year ago to great success. Now, there are now even more industry titans stepping up to the plate. On Wednesday evening (Asian trading hours), Oracle Red Bull Racing's defending Formula 1 Drivers' Championship team announced that they have signed a huge multi-year partnership with Bybit in what is said to be the "largest annual crypto tie-up" in international sports thus far. This deal makes Bybit the Principal Team Partner of Oracle Red Bull Racing, and will play a crucial role with regard to the promotion of crypto literacy around the world.