By George Ward
At a time when most of the crypto tokens are struggling to stay afloat following the massive losses fueled by the steady sell-off in the market, the TWT is posting some significant gains amid the bear trend.
At the time of writing, the Trust Wallet Token trades at $2.08, with a slight 5% gain over the past 24 hours and 3% in the past week. In addition, TWT is recording gains when most cryptocurrencies post losses due to the FTX contagion on the broader market.
Meanwhile, the TWT benefits from the collapse of FTX as users move away from crypto exchanges to non-custodial wallets. With the collapse of the FTX exchange, many digital investors have begun to re-evaluate the safety of their assets, triggering the rising demand for trust wallets.
Notably, the largest crypto token, Bitcoin, witnessed significant outflows from exchanges over the past week. The outflows, currently at an all-time high, indicate that investors are moving their assets to self-custody platforms.
However, as coin accumulation increases, the TWT is experiencing buying pressure from whales. WhaleStats shows that the TWT is among the top 10 most sought-after tokens by the 1,000 biggest Bitcoin whales in the past 24 hours.
Crypto Market Outlook For This Week
With the crypto market further slipping on Monday, crypto traders wait for better economic data to affect the financial markets positively. The data is scheduled for release later this week. The data will offer more information on how the United States economy is performing as the country battles high inflation rates.
Additionally, the U.S. Federal Reserve is expected to continue to ramp up interest rates in the coming weeks as it aims to stabilize the ailing economy. However, according to the details from the Fed’s latest meeting, the incoming hikes will be much lower.
U.S. investors are becoming increasingly concerned about the frequency of interest rate hikes, fearing it might trigger a recession. On the whole, this week’s yet-to-be-released data is expected to provide insights into the labor market situation in the U.S.
The forecast for the U.S. economy and the labor market will be part of Fed chair Jerome Powell’s speech on December 1.