Crypto market recovers Gucci accepts crypto payments

On Wednesday, the Federal Reserve hiked interest rates by the most since the turn of the century and announced the most aggressive monetary tightening in two decades. The main cryptocurrency market and the stock market both surged as investor fears of a more aggressive June rate hike diminished. At the time of writing, BTC is currently consolidating gains above $39,000 after gaining 4.5% over the past 24 hours. The immediate overhead resistance of BTC is in the range of $40,000 to $40,300. If it can close above this range, it may boost the overall market sentiment. However, some on-chain indicators that track liquidation levels show a different view: According to the chart, the existing upward momentum is likely just another short-lived rush of excitement. Once liquidity in the broader market is exhausted, the broader market may experience a pullback due to a general lack of trading demand.

For now, however, the main cryptocurrency market is basking in the light of a recent rally. ETH has recovered to $2,900 after gaining 5.5% in a single day. Most of the major altcoins also largely turned positive, with TRX and AVAX leading the gains with double-digit percentage gains over the same period. Meanwhile, Evmos’ total value locked (TVL) has continued to rise since its April 28, 2022 restart, and it just crossed the $10 million mark.

Gucci to Accept Crypto Payments

The good news is that luxury fashion brand Gucci has announced that it will accept crypto payments in some of its stores, as part of the brand’s ongoing plans to experiment with this emerging technology. The pilot will roll out in several U.S. stores by the end of May, with plans to expand to the entire North American region later this summer. Accepted cryptocurrencies include BTC, BCH, ETH, WBTC, LTC, and the popular memecoins – Dogecoin and Shiba Inu. Customers can also pay with five other stablecoins. In-store payments will be made using a QR code linked to the customer’s digital wallet. This move should come as no surprise to many, as Gucci has previously set up a dedicated team to oversee the development of the web3 initiative, showing their determination to venture into the web3 space.

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