TWT has embarked on run since November 28 after hitting support at $1.84
Trust Wallet Token (TWT) is currently posting gains against the backdrop of most cryptocurrencies, which were trading mostly down amid the latest fall in the markets.
At the time of publication, TWT was trading at $2.46, up 21% in the last 24 hours and up 17% in the past week. Notably, TWT has embarked on a run since Nov. 28 after hitting the support at $1.84. A close in the green for today’s price action would mark its fifth consecutive day of price action.
On November 14, TWT reached an all-time high of $2.73, directly benefiting from the FTX explosion that occurred around that period as investors moved assets from exchanges to non-custodial wallets such as Trust Wallet.
Dull market price action
Around the time that Sam Bankman-Fried’s FTX trading platform and sister investment firm Alameda Research filed for bankruptcy on Nov. 11, the cryptocurrency markets plunged.
The wreckage of FTX, which was once valued at $32 billion but whose founder Bankman-Fried now claims to have only $100,000 in the bank, continues to wreak havoc in the worlds of traditional and digital finance alike.
The market somewhat stabilized in part because of indications that the Fed would transition to a less aggressive monetary tightening strategy, but those indications now seem to be fading.
Labour Department said on Friday that non-farm payrolls increased by 263,000 for the month, while the unemployment rate stood at 3.7%. The payroll total was well above the estimated 200,000, while the unemployment rate was in line with expectations.
According to market observers, the numbers will probably support the Federal Reserve’s push to raise interest rates, even as it prepares to slow the pace of those hikes at its meeting in December.
