Buybacks get pushback, and markets rebound
Markets rebounded yesterday after a rough streak, led by gains in equities and crypto, with BTC up 2.36% and the Nasdaq rising 1.15%. This recovery was supported by optimism over potential rollbacks of Trump-era tariffs, leading to decreased perceived risk regarding these tariffs. Within crypto, DePIN and DeFi sectors showed significant growth, with increases of 6.7% and 6.1%, respectively. The AI sector, despite a previous upward trend, saw a decline of 4%, possibly indicating a rotation towards oversold sectors. Notably, subnet tokens, including Chutes and Ridges, maintained their values above pre-crash levels, showcasing resilience in the market. Attention is also on Hyperliquid’s proposed HIP-5 initiative, which aims to establish a buyback fund benefiting select tokens. While proponents argue it will support existing projects, skeptics highlight potential downsides, such as inefficiencies and risks of misaligned incentives. Overall, the crypto space appears to be anticipating new waves of investor interest, particularly in the context of upcoming developments like the TAO halving in December.
Source 🔗