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The Oasis Network (ROSE) pumps 64% in seven days as the overall cryptocurrency market trades in the bullish zone. The crypto market gained more than 4% in value, pushing the total market cap above $1.1 trillion. Bitcoin, the market’s most valuable cryptocurrency, was trading near $23,000 after rising by more than 3% in the previous week.
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Oasis Network (ROSE) Price Review
The current Oasis Network price is $0.085, with a 24-hour trading volume of $173 million. Oasis is now ranked #87 on the market and has a market value of $428 million.
Oasis Network (ROSE) was one of the top performers among the top 120 cryptocurrencies by market capitalization. However, the ROSE network’s gains were short-lived as the cryptocurrency market lost its positive momentum.
ROSE fell below the $1.1 trillion mark at the beginning of the month. The reason could be the recently released negative GDP in the United States. It raises the possibility of a technical recession and could lead to a cryptocurrency sell-off.
Oasis Network (ROSE) Pumps 64% amid Collaboration with Meta Platforms
The Oasis Network (ROSE) is a top-layer 1 platform that helps programmers build robust platforms in a variety of industries, including Decentralized Finance (DeFi) and Non-fungible coins (NFT). Oasis has been used to create leading blockchain systems.
Among the most well-known initiatives in the ecosystem are the Fountain Protocol, Kyber Network, Wormhole, and Multichain. The price of Oasis Network increased significantly. Most of the uptrend was triggered following a contract between the developers and Meta Platforms, the parent corporation of Facebook, Instagram, and Whatsapp.
The partnership’s main goals will be to evaluate the firm’s products for fairness while protecting individual privacy. It also includes Secure Multi-Party Computation to protect the data that users provide to Meta (SMPC). Meta Platforms will also use the Oasis Network to ensure the fairness of its AI models. The collaboration will benefit Meta Platforms, which is currently experiencing difficulties.
According to company statistics released this week, revenue and earnings fell for the first time since the company went public a few years ago. As a result, this was viewed as one of the major deals on which Meta Platforms and Oasis Network are collaborating.
Weaker US Dollar and a Bearish Crypto Market
The cryptocurrency market fell below the $1.10 trillion mark reached the previous week, resulting in losses for the most popular altcoins, including Oasis Network (ROSE), Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and Ripple (XRP).
In contrast, the bearish bias of the broad-based US dollar was seen as one of the key factors that helped Oasis prices limit their losses. As a result, the broad US dollar fell to a new six-week low as traders predicted that the Federal Reserve would defer tightening monetary policy in the event of a US economic downturn.
The most recent University of Michigan survey, closely followed by Fed policymakers, revealed declining consumer inflation expectations, causing the dollar to fall even further at the end of the previous week.
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