You know Broccoli won't hurt you. On the contrary, it would be very very healthy to eat broccoli more often. Instead, you keep reaching for one of the thousands of sweets that seem so delicious. They have such interesting names and the packaging says all sorts of great things. When you're out shopping, you just…
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The NFTs market had one of its best months yet in January with a record trading volume of $6 billion while cryptocurrencies like Bitcoin and Ether plunged dramatically over the investors’ fear of the Federal Reserve (FED) tightening. Related Reading | TA: Ethereum Breaking This Confluence Resistance Could Spark a Fresh Surge The NFT Space Doesn’t Stop Ether had its worst month in 2 years falling 55% from its all-time high (ATH) at $4,812. On Wednesday, the only all-time high the coin saw was in a 40-day correlation coefficient of 0.65 –the top is 1– with the S&P 500, Bloomberg reported. This indicates Ether could be facing more obstacles as macroeconomics develop. However, NFT traders did not respond with the same fear. In fact, the non-fungible token market soared in trading volume during January with a record high of over $6 billion. The NFT avatar projects are turning out very profitable with huge support from collectors, communities, and celebrities. The popular Bored Ape Yacht Club currently has a floor price of 99.0 ETH, according to OpenSea, and a trading volume of 82,076,32 ETH in the last 30 days. At the moment, the top collection on OpenSea –ranked by volume, floor price, and other statistics– is Azuki, another avatar project. Its floor price is at 10.9 ETH and flipped the Bored Ape Yacht Club‘s trading volume with 92,241.73 ETH in the last 30 days. Besides avatars, in January the non-fungible tokens also saw some creators turn into millionaires overnight when their NFTs got viral, like a young student from Indonesia (Ghozali Everyday) who minted his selfies and became an OpenSea and social media sensation; and a Chinese entrepreneur (IreneDAO) who won the hearts and bucks of the crypto community, reporting a total volume of 2,367.1283 ETH traded in less than a month. Every time these events hit the headlines, the enthusiasm and curiosity of many people cannot help but grow. They used to dream of Hollywood, now they dream of NFTs. But going even bigger, celebrities, musicians, athletes, major brands and companies keep jumping into the NFT industry as they foresee large profits in the future. Furthermore, OpenSea’s rival LooksRare reported trading volumes of $2.25 billion at the end of the month, 50% of OpenSea’s. However, the LooksRare model of sharing profits with traders has been called unsustainable. Some believe their soaring trading volumes are due to ‘wash trading’, which is a form of price manipulation where traders buy and sell assets to increase prices. Related Reading | Indonesia Based Boy Named Ghozali Becomes Millionaire By Selling Selfies On OpenSea As NFTs But Why Do NFTs Keep Soaring? As the price of Ether decreased dramatically last month, NFT traders saw this as an investment opportunity, indicating an inverse correlation between the non-fungible tokens and crypto-assets. Similarly, NFT holders usually prefer not to sell at a loss. The NFT ecosystem tends to involve a lot of emotions, bragging, and fees that can encourage investors not to sell. The non-fungible tokens trade a lot more like art pieces than stocks, so decisions are not taken the same way. Recently, FTX founder Sam Bankman-Fried hinted in an interview with The Block that he was surprised about the NFT market’s outcome during January. He pointed out that “The fact that they’re non-fungible makes them less liquid,” and added that “The whole psychology is also very interesting.” And “psychology” might be a very fitting word for it. These holders usually want to be able to gloat over the NFTs they own, and with the new avatar features from Twitter and Reddit, the bragging is more than encouraged. “But I have also been a bit surprised about how much they’ve been out performing recently. The fact that you’re public about owning one makes it harder to sell because it is a public giving up on something versus a private rebalancing of your portfolio.”
Crypto farms in Kazakhstan will remain unplugged until Feb. 7, as the local utility has extended power cuts for miners. The company points to ongoing difficulties with electricity supply as the main reason for the measure, which was supposed to expire at the end of January. Mining Facilities in Kazakhstan Still Shut Down Data centers […]
Venture funds flush with cash are pouring millions of dollars into blockchain startups. And you’re worried about short-term price action?
A handful of newly launched projects and Feb. 3’s GameStop partnership announcement catalyzed a strong rebound in IMX price.
Bitcoin has lost its footing at $37,000 and has now slipped into the $36,000 territory, sending the market into another frenzy of fear. It comes on the back of widespread speculations that the digital asset had indeed hit its bottom. But with the current trend, the digital asset may end up sliding down further. To this end, Fundstrat analyst Mark Newton has laid out the possibilities for bitcoin if it declines further than $35,511. What Happens Below $35,511 Technical analyst Mark Newton has put forward a bullish outlook for bitcoin if it falls below this point. He told Bloomberg that a decline under this would inevitability lead to a test of $32,950. Also adding that the price of the digital asset moving above $40,000 would be an important point for the bulls. Related Reading | Double Threat: Bitcoin And Ethereum, Start Of Bear Market Or Bullish Consolidation? However, the market has seen massive sell-offs close to this price point in recent times that Newton’s predicted point for the bulls is yet to be hit. With the digital asset suffering so many price dips in such a short period of time, bitcoin looks more likely to fall below $35,511 than it is to give bulls a much-needed pull above the $40,000 point. The Fundstrat analyst explained that without reaching this point, the asset would remain on a downward trend. “Until $40,000 is exceeded on a daily close, it remains in a downward sloping pattern, and it’s tough to rule out further weakness technically speaking,” the analyst said. This reflects the cautious way of thinking that Newton is using to look at the market. At a point like this, there is no way to tell for sure what the market will do, so being wary is the best cause of action. Bitcoin Bottom Is Not In The technical analyst also touched on the bitcoin bottom, sharing thoughts that deviated from current trends. Newton said that the bitcoin bottom is not in yet. Instead, the analyst believes that the bottom will come in over the next few months. Related Reading | Bitcoin Halving To Bring The Subsequent Crypto Frenzy As for the recovery recorded following the market crash, he explained that it is only temporary. Furthermore, does not believe that it is an indicator that there will be an intermediate-term rally. “This minor two-week bounce might still be premature in expecting a new intermediate-term rally has begun,” Newton added. BTC trending at $36K | Source: BTCUSD on TradingView.com Bitcoin’s price still remains firmly in the $36,000 territory, suggesting that the short-term rally might be over. Bearish sentiment is the order of the day with market sentiment falling deep into extreme fear. Bitcoin is trading at $36,800 at the time of this writing. Featured image from CCN.com, chart from TradingView.com
This isn't volatile at all right? Facebook also just had a 26% drop in less than a day Gensler's argument against a BTC ETF is that It’s a digital, scarce store of value, but highly volatile,” Gensler said, talking about bitcoin specifically. “And there’s investors that want to trade that, and trade that for its…
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If they had what they wanted today, all you would have were glorified CeFi exchanges owned by VC like coinbase and no one would have access to a effin thing, crypto will never work with the SEC & Fatf, those two entity are KT extinction events to cypherpunk itself. The end goal is blockchain KYC…
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The exchange said users could send the funds to their Coinbase accounts in fiat, or automatically convert it to crypto with no trading fees.
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