Daily News | BTC Struggles Amidst Global Volatility, IMF Proposes Crypto Risk Framework, Dapper Labs Cuts Jobs, TikTok Joins Web3 with Audius

2023-02-24, 01:43

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![](https://gimg2.gateimg.com/blog/166563293266894988220221013-114826.jpeg)

## Crypto Daily Digest: <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> Struggles Amid Economic Uncertainty, IMF Proposes Cryptocurrency Risk Framework, Dapper Labs Announces More Layoffs

Good morning and happy Friday, traders! Just a quick heads-up, US consumer numbers are coming in hot today and non-farm payroll will be released next Friday, so watch out for volatility. Anyway, let's seize this day and make the most of it! 🚀

After a volatile session in the US, Asian equity futures predict a mixed start to the day. The S&P 500 ended a four-day decline and the Nasdaq 100 performed well, indicating an uptick in risk appetite. Oil prices also rose after snapping its longest losing streak since December. However, billionaire <a href="/price/quant-qnt" target="_blank" class="blog_inner_link">Quant</a> investor Cliff Asness warned that US stocks could face a macro shock if inflation does not decline as expected by the market.

<a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> briefly dropped on Thursday, but quickly bounced back to trade around $24,000, but as of Friday morning, BTC appears to struggle to break the above-said level. Investors were analyzing economic data and the minutes from the US Federal Reserve's Federal Open Market Committee meeting earlier this month. The cryptocurrency market has been struggling with macroeconomic uncertainty, and there is a risk that it may still be in a consolidation phase. The CME FedWatch Tool shows that some traders expect a 50 basis-point hike at the FOMC's next meeting in March.

The International Monetary Fund has recommended that its member countries work together to address risks posed by the increasing use of cryptocurrencies. The IMF identified concerns about monetary policy, fiscal risks, legal and consumer protection issues and proposed a framework of nine elements, including clear tax treatment for cryptocurrencies, strengthening digital infrastructure and alternative solutions for cross-border payments and finance. In other news, blockchain firm Dapper Labs has announced a new round of layoffs, with 20% of its full-time staff let go, just four months after cutting 22% of its employees.

## Topic of the Day: TikTok Joins the Web3 Revolution with Integration of <a href="/price/audius-audio" target="_blank" class="blog_inner_link">Audius</a>

<a href="/price/audius-audio" target="_blank" class="blog_inner_link">Audius</a>, a Web3 music streaming platform, has integrated with TikTok, allowing users to <a href="/price/link-ln" target="_blank" class="blog_inner_link">LINK</a> their TikTok profile to their <a href="/price/audius-audio" target="_blank" class="blog_inner_link">Audius</a> account. This move allows <a href="/price/audius-audio" target="_blank" class="blog_inner_link">Audius</a> to access TikTok's massive user base, potentially providing the platform with a larger audience of music lovers and creators. Users can also share <a href="/price/audius-audio" target="_blank" class="blog_inner_link">Audius</a> songs in their TikTok videos, potentially amplifying the reach of <a href="/price/audius-audio" target="_blank" class="blog_inner_link">Audius</a>.

Forrest Browning, Chief Product Officer and co-founder of <a href="/price/audius-audio" target="_blank" class="blog_inner_link">Audius</a>, is optimistic about the partnership with TikTok, believing that it will benefit artists and attract more talent to the platform. High-profile musicians, such as Katy Perry, Nas, and the Chainsmokers, have already shown support for <a href="/price/audius-audio" target="_blank" class="blog_inner_link">Audius</a> by contributing to the company's $5 million funding round in September 2021.

The integration of <a href="/price/audius-audio" target="_blank" class="blog_inner_link">Audius</a> with TikTok is a significant development for the Web3 ecosystem. As more Web3 platforms integrate with traditional Web2 platforms, it creates a bridge between the two worlds, potentially increasing adoption of decentralized applications. With the integration of <a href="/price/audius-audio" target="_blank" class="blog_inner_link">Audius</a> with TikTok, there is a potential for a larger user base to become aware of the benefits of Web3 platforms and their use of blockchain technology.

Furthermore, the integration with TikTok could lead to a shift in the power dynamic of the music industry. By allowing musicians to import their verified status from TikTok, <a href="/price/audius-audio" target="_blank" class="blog_inner_link">Audius</a> is providing a platform for emerging talent to get noticed by industry leaders. This could create a more level playing field for up-and-coming artists, giving them more control over their careers and revenue streams.

## <a href="/price/audius-audio" target="_blank" class="blog_inner_link">Audius</a> (AUDIO) $0.3647 (-0.31%) - Neutral Outlook

**Overview:**

- ***Closest daily support zone: 0.3628 - 0.3375***
- ***Closest daily resistance zone: 0.3977 - 0.4291***
- ***Key Level: 0.2972 (Monthly Low of May. 2022)***

![](https://gimg2.gateimg.com/image/article/1677202986Untitled0224.png)

RSI bearish divergence has been spotted on the daily timeframe, implying a pullback from the current price level is plausible, which is likely due to the recent volatile sessions that saw BTC retraced from the $25K level which had an effect on the overall crypto market. Based on the volume profile indicator, the area between 0.34 - 0.32 saw the most volume, implying where traders will be eyeing to make their plays. On the other hand, the golden cross (50EMA crossing 200EMA) is on a trajectory to occur in the near future, which is usually a bullish signal. Given the mixed info, it is possible AUDIO will first see a pullback to a demand zone comprised of the Weekly level of 0.32111 and the Monthly level of 0.29720, before the golden cross will happen.

**Daily Resistance zones**

1. 0.3977 - 0.4291
2. 0.4481 - 0.5062
3. 0.5284 - 0.6549

**Daily Support zones**

1. 0.3628 - 0.3375
2. 0.3211 - 0.2972
3. 0.2781 - 0.2557

<div class="blog-details-info">
<div>Author:** Peter L.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>