CryptoPunks: User Pays the Second Highest Amount in History for an NFT

Audy Castañeda
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CryptoPunks: User Pays the Second Highest Amount in History for an NFT

The famous CryptoPunks collection has received a lot of movement recently.

Until 2021, NFT was the biggest fad in the cryptocurrency market. However, this niche saw a sharp decline during the bear market. Starting in 2023 with the Bitcoin Ordinals fever, however, NFTs once again gained prominence.

An unknown user paid 4,850 Ethereum (ETH) to one of the nine Alien Punks, #7804. The value corresponds to around $16 million, based on the current ETH price. Alien Punks are the rarest examples of CryptoPunks, which is the world’s largest collection of NFTs by market value.

The move came just days after the sale of CryptoPunk #3100, which sold in early March for 4,500 ETH or about $16 million at the time of writing. At that time, the piece was ranked as the second most expensive CryptoPunk in history, but now the new sale has taken its position.

With this, the user made the second largest purchase of a CryptoPunks in history, reviving optimism with NFTs.

Punk NFT ‘Blue Skin’ Raises $16.42 Million

Punk #7804 is part of the exclusive Alien Punks collection, which has only nine units. One of the aspects that makes it strange is the blue color of its “skin”. On Wednesday, March 20, an unknown user paid 4,850 ETH. This is equivalent to approximately $16.42 million at the time of sale and marks the second largest transaction in CryptoPunks history, both in terms of ETH and USD.

Interestingly, a new large transaction involving NFTs took place in early March. The operation was the purchase of another Alien Punk, this time number #3100, which raised 4,500 ETH. At that time, the operation corresponded to 16.03 million dollars, the third largest purchase by a CryptoPunk. #7804, which is among the nine Alien Punks in the CryptoPunks collection, is one of the rarest and most expensive sets and features blue skin and a bandana.

The buyer’s identity remains secret, reflecting the Alien Punk #3100’s buyer’s anonymity. However, the individual who sold Punk #7804 made a nice profit. He acquired the work in 2021, at the height of the bull market, and paid 4,200 ETH. At that time, the value corresponded to 7.5 million dollars, that is, less than half of the price he received.

The seller went to X and regretted not having “given due value” to his NFT. At the same time, he celebrated the sale. “The end of an era. I have felt like an imposter for a long time. Holding punks and potentially NFTs hostage for not raising 7804 as it deserves. After over a year of research, I feel I have found the right buyer with the right vision to properly elevate this asset,” the seller said.

CryptoPunks Journey So Far

CryptoPunks emerged in June 2017, created by the Larva Labs studio. They were the first major collection of NFTs to gain success and interest in the market. Subsequently, Yuga Labs, the studio that created the popular Bored Ape Yacht Club (BAYC) project, acquired the rights to CryptoPunks for an undisclosed sum.

To commemorate the sixth anniversary in June 2023, Yuga Labs partnered with Zak Group to produce a book containing official CryptoPunks documentation. According to data from CryptoSlam, CryptoPunks recorded over $55.24 million in sales during March, with 71 unique sellers and 49 unique buyers in the same period.

By Audy Castaneda

Monero (XMR) Price Analysis Amid Its Recovery

Leonardo Perez
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Monero (XMR) Price Analysis Amid Its Recovery

XRM tends towards neutrality, while Bitcoin seems to stabilize above the $60,000 level and did not offer any surprises in the past week.

This decline was driven by the delisting notice of said cryptocurrency by Binance. Then XMR was trading at $165 and dropped to the mentioned $105.

Although the cryptocurrency continues to be traded normally on other exchanges, this delisting and the accusation of being used for fraudulent practices greatly affected its trading.

So right now XMR is doing recovery work from those levels and has done well since then. Last week its price shows stagnation which will be analyzed on the basis of graphic information provided by several media outlets.

Monero Price Chart Analysis

The neutrality that said token has experienced in the last 7 days stands out in the Monero price charts. Although this weekly neutrality comes only from the estimate of the price, since in the graph we saw a decrease that developed between March 15 and 20.

After that, the price has tried to recover and the charts show that in fact the bulls are achieving greater price stability. This would be possible if they managed to overcome the resistance of $145. A level that has been unsuccessfully attempted to recover in the last week.

The next major resistance level is $152 and breaking it would put XMR price on a crucial recovery path.

A positive sign for this token is the movement of the 200 EMA (blue) above all others, which denotes strength in the price recovery.

Now, and referring to the corrections, the bears have not been able to take the price below $130, so this is the first major resistance for XMR. Furthermore, a support level could form around $138 if the price manages to break above the mentioned $145.

The last support could be located at $118, if the price loses $138 in a hypothetical bearish scenario.

Monero’s trading volume in the last 24 hours stands at $41.8 million and presents a decline of 2.5%. Finally, the RSI at 57 indicates a market that is in neutral territory, slightly overbought.

New BTC Movements Will Mark New Levels for XMR.

After the decline caused by the delisting of Binance, Monero has shown signs of strength in its price by recovering to current levels. However, worth mentioning is the great correlation that exists between the price of Monero and BTC.

This denotes that in fact the price of Monero is in line with Bitcoin. A fact that should not surprise us, since as the price of Bitcoin rose, altcoins saw strengthening and many marked all-time highs.

For Monero, the rise of BTC meant a path to its recovery and right now it is at the mercy of the next movements of the largest cryptocurrency.

With BTC above $60 thousand, the bulls of this token will have the opportunity to get stronger. However, the scenario will change if BTC’s strong pullbacks return.

According to CryptoPredictions, Monero started March 2024 at $136,888 and is forecast to end the month at $152,524. During March, the expected high price of XMR is $166,875 and the low is $113,475. Monero is expected to start April 2024 at $154,049 and end the month at $166,749. During April, the expected high price of XMR is $167,016 and the low is $113,571.

The price of XMR for today (25.03.2024) is forecast to be in the price range of $117,435 – $172,699. Monero price is expected to end at $138,159 today.

By Leonardo Perez

Will Euro-Pegged Stablecoins Replace USDT Trading in Europe?

Audy Castañeda
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Will Euro-Pegged Stablecoins Replace USDT Trading in Europe?

Given the possible departure of USDT and other stablecoins from the European Union, there are conflicting ideas about the future of these currencies in the region.

Given the tightening of the regulations that the European Union (EU) will apply to stablecoins or stable currencies starting next June, analysts debate the repercussions that the application of the Regulation for the Cryptoasset Market will have on the ecosystem of the region (Mica).

In this way, some hope that MiCA represents Europe’s exile of the most popular US dollar-pegged stablecoins — such as tether (USDT) and USD Coin (USDC) —. A situation that is anticipated given the announcements made by exchanges such as OKX and Binance, which will stop trading pairs in USDT.

It is also believed that other native currencies, backed by euros, will have more opportunities to capitalize on the EU market. Thus, there are those who think that the emergence of new private initiatives for stable currencies in euros could alter the panorama.

These are two positions in the public spotlight, creating uncertainty about which of the two will prevail.

All this occurs while the time for the first phase of MiCA to come into force is reduced, forcing stablecoin issuers to request authorization from regulators to serve their users throughout the block of 27 countries in the region.

MiCA Expected to Boost Euro Stablecoin Market

There are many who now put their hopes in stablecoins pegged to the euro. Even though they currently have very low use in the eurozone, compared to stablecoins linked to the dollar.

According to statements by Svein Valfells, co-founder and CEO of the euro stablecoin Monerium, the new regulations will boost the launch of stablecoin projects backed by the EU currency.

“Multiple industry observers and analysts, including a recent report from Cumberland, predict an explosion of euro-pegged stablecoins in the coming years,” notes Valfells.

The idea is supported by Jonas Frederiksen, the EU Policy and Government Affairs expert who predicts that European companies will increase the percentage of transactions with stablecoins backed in euros, at the same rate as the circulation of those backed by the dollar is limited.

The growth of stablecoins in euros that was generated in 2023, after the approval of the MiCA Law, is taken as an example. It is noted, in this sense, that although stablecoins linked to the euro have a lower trading volume, compared to those anchored to the dollar, they represent the second largest sector in this market.

Some of the obstacles that prevent them from competing at the same level with their counterparts in dollars are not left aside. Among them is the dominance of the US currency in international trade; and the fact that the infrastructure of the cryptocurrency industry is largely centered in the United States.

Consequently, analysts are convinced that it will be possible to increase the volume of transactions based on stablecoins backed by euros until they replace those based on the dollar.

Difficulties in Matching USDT Trading in Europe

There are analysts who find it difficult for euro stablecoins to replace the trading of currencies such as USDT and fear that their momentum will continue to represent an insignificant fraction of the market.

In any case, the question about what will happen to stable currencies in the eurozone will remain in the air. We still have to wait to evaluate the dynamics that will be put in place in the coming months, once MiCA comes into force in the region.

By Audy Castaneda

According to Cathie Wood, by 2030 Bitcoin Could Soar to $3.8 Million

Leonardo Perez
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According to Cathie Wood, by 2030 Bitcoin Could Soar to $3.8 Million

Wood maintains that “We still have time and we firmly believe in that outcome. Considering the institutional push towards Bitcoin, as a new asset class, it becomes a fiduciary duty to take it into account.”

ARK Investment Management CEO Cathie Wood called Bitcoin (BTC) a “financial superhighway,” highlighting important use cases for the cryptocurrency in emerging markets.

In fact, she indicated that Bitcoin could have another $2.3 million added to its current goal. Remembering that in January her company had set a goal of $1.5 million in the near future. Wood said the price of bitcoin could easily surpass $3.5 million, although she declined to give a specific new price target. “Bitcoin has a long way to go,” she said instead, pointing to her earlier announcement of a $1.5 million price target.

Wood’s Ark Invest shared a Bitcoin outlook: “Last year we presented our bullish stance in favor of Bitcoin, it was $1.5 million. With this institutional green light that the SEC has provided, even if it has done so kicking and screaming, the analysis we have done is that if institutional investors allocated a little more than 5% of their portfolios to Bitcoin, as we believe they will with the time, that alone would add $2.3 million to the projection I just gave.”

X user @madmilker posted the following on March 22:

“Most likely all by billionaires that think not only there is value in something that can’t move a f***ing inch without a currency like the face of George Washington on US dollars that has been fueling the World economies ever since Americans witness the last US trade surplus in 1975 when the total US debt was only $533 billion dollars moves the s**t but also by each one of those billionaires thinking their shit don’t stink by being able to pump pure [crap] that f***ing sky high.”

Ark has been highlighted as one of 11 companies, which received approval from the United States Securities and Exchange Commission (SEC) earlier this year to launch Bitcoin spot ETFs.

Since the arrival of these products on the market, demand has experienced an unprecedented increase, reaching historic levels of capital inflows into US ETFs. This trend has generated a positive effect on the demand for cryptocurrencies themselves, as funds invest directly in and hold them.

Cathie Wood Still Betting on Bitcoin

In a talk at the Bitcoin Investor Day Conference in New York, hosted by Reflexivity Research, Cathie Wood, the Queen of the Stock Market, told moderator Anthony Pompliano that with more institutions entering the crypto world and new ETF products, mathematically speaking, Bitcoin’s price could easily surpass $2 million, above its current target. In reality, he indicated that “Bitcoin has a way to go.”

Wood, whose Ark Invest recently became one of the issuers of a spot Bitcoin exchange-traded fund (ETF), ARKB, said the asset manager is focused on Emerging Markets and the global macroeconomic environment, which has been “shocked” by the US federal government’s increase in interest rates, she said during the fireside chat in New York.

“There are signs that all is not well in the world,” she said of countries like Nigeria, one of the biggest adopters of Bitcoin due to the sharp depreciation of the country’s currency. Therefore, Wood sees Bitcoin as a risk-free asset and a risky asset.

Wood said she hopes the next halving will have a similar effect to previous events. In the 12 months following the three halvings in 2012, 2016 and 2020, the price of Bitcoin rose 8%, 284% and 559%, respectively.

By Leonardo Perez

SEC Delays Decision on Grayscale Ethereum ETF – Here’s the New Deadline

Audy Castañeda
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SEC Delays Decision on Grayscale Ethereum ETF – Here’s the New Deadline

Initially published for comment in the Federal Register on October 3, 2023, the SEC says it will extend the deadline to have “sufficient time to consider the proposed rule change.”

The United States Securities and Exchange Commission (SEC) has announced an extension, once again, of the deadline for the Ethereum Futures Trust exchange-traded fund (ETF) from the asset management company Grayscale.

According to a March 22 filing, the SEC revealed that it will lengthen the decision-making process for Grayscale’s Ethereum Futures ETF.

Final Deadline for Grayscale Ethereum Futures ETF

The SEC has now moved the deadline from March 31 to May 30 to decide whether or not to approve the investment product. A part of the SEC filing pointed out the following:

“The commission considers that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein. Accordingly, the commission, pursuant to section 19(b)(2) of the Act10 designates May 30, 2024 as the date on which the commission will approve or disapprove the proposed rule change.”

Bloomberg ETF analyst James Seyffart was not surprised by this deadline extension. “There is a delay order for the filing of the Grayscale Ethereum Futures ETF, as expected,” the analyst said in his post on X.

In November, Seyffart said he believes Grayscale’s application for an Ether Futures ETF is “nothing more than a Trojan horse” to gain approval for its spot ETH exchange-traded product. Therefore, it would be interesting to see how this latest delay influences the liquidation of the ETH spot ETF, especially considering the slim chances of approval.

The SEC delayed its decision on approving Grayscale’s Ethereum spot ETF in early January and at the same time opened the application to public comments. In the latest development, the asset management revised its Form 19b-4 in an attempt to force the regulator.

Approval of ETH Spot ETF Seems Very Unlikely, Says Alex Thorn

Alex Thorn, head of research at Galaxy Digital, has said that the approval of Ethereum spot ETFs seems very unlikely at this time. This reasoning is based on the SEC’s subpoena to crypto companies and lack of engagement with potential ETF issuers.

According to a recent report, the SEC sent subpoenas to several crypto companies regarding their relationships with the Ethereum Foundation. Thorn posits that the SEC could be investigating whether the original Ethereum ICO (Initial Coin Offering) was an unregistered securities offering rather than classifying secondary Ether trading today as securities trading.

The analyst mentioned that it is unclear how this research alone hurts the ETH ETF’s chances of approval. However, he believes that if this is combined with the fact that the SEC is not actively communicating with applicants, the authorization of ETFs in May seems very unlikely.

Skepticism in the Industry

Following the approval of Bitcoin spot ETFs on January 10, skepticism has grown among crypto industry commentators over whether the SEC will take a tougher stance on ETFs based on other cryptocurrencies.

A media outlet recently reported that John Lo, founder of Capital, expects the SEC to increase its scrutiny of all upcoming cryptocurrency-based ETFs, especially Ether ETFs. Other asset management firms are also facing hurdles with their Ethereum ETFs.

In separate filings on March 4 the SEC announced that its decision on applications by BlackRock for its iShares Ethereum Trust and Fidelity for its Ethereum Fund would be delayed.

By Audy Castaneda

Ethereum Sees Notable Increase in Daily Activity, Why Is Price Dropping?

Leonardo Perez
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Ethereum Sees Notable Increase in Daily Activity, Why Is Price Dropping?

Ethereum has fallen more than 10% in the last seven days, underperforming Bitcoin and the S&P 500.

The Ethereum network has seen notable growth recently in both daily active users and daily transaction volume, however, the price of ETH, Ethereum’s native cryptocurrency, has suffered corrections in recent days.

While the drop in prices can be felt across most of the industry’s big cryptocurrencies, the number of daily active Ethereum addresses has been steadily increasing over the years.

Ethereum Network Activity Increases but Price Remains Stagnant

The number of daily active Ethereum addresses has increased by over 46% since January 3rd. This increase in active addresses largely came with an increase in price over the past few months.

Ethereum skyrocketed from $2,909 on February 24 to hit a two-year high of over $4,000 on March 12, representing an increase of more than 39%. According to data from YCharts, the number of daily active addresses simultaneously increased from 432,647 to 515,145 during the same time period.

However, Ethereum has seen a price drop since its brief crossover above $4,000 and is currently down 17% over the last 10 days. The network has witnessed a continuous increase in activity in terms of on-chain data, with the number of daily active addresses now at 618407 in the last 24 hours, its highest point since October 2023.

According to data from IntoTheBlock, the average daily volume of ETH has been growing steadily similar to that recorded in the initial bull market of 2020. This growth has brought the amount of ETH transferred on Ethereum to its highest level since May 2022 this week.

Ethereum Bullish Outlook Hinges on Ether Spot ETF Approval

From a bullish standpoint, the potential approval of a spot Ethereum exchange-traded fund (ETF) remains a key catalyst. The US Securities and Exchange Commission (SEC) is currently reviewing the matter, with a final decision expected on May 23.

The recent updates to the Ethereum protocol should not be overlooked. The Dencun fork, which took place on March 13, aimed to improve network scalability and improve data processing capabilities in Layer 2 networks, which is highly sought after by rollup solutions. As a result, transaction fees for most applications on Arbitrum, Optimism and Base have decreased significantly.

Can Ethereum Resume Its Uptrend?

Currently, Ethereum is trading at $3,355. The price of any cryptocurrency, including ETH, largely depends on market sentiment and speculation. While increasing network adoption and activity are positive signs of long-term price growth, speculation is what really drives the price, at least in the short term.

At the same time, its price remains under pressure in several areas. One of those pressures is a recent report that the SEC is snooping around Ethereum and the Ethereum Foundation and looking to classify ETH as a security.

As the second-largest cryptocurrency, ETH’s classification as a security could cause chaos that would eventually cascade to other crypto assets. Ethereum appears to have now formed minor support at the $3,280 price level. Failure to stay above this price could mean a further move to the low.

According to CryptoPredictions, Ethereum started in March 2024 at $3,347.690 and is predicted to finish the month at $4,042.310. During March, the maximum forecasted ETH price is $3,699.213 and the minimum price is $2,515.465. The ETH Price is forecasted for today (24.03.2024) to be in the $2,992.082 – $4,400.120 price range. Ethereum is predicted to end today at $3,520.096.

By Leonardo Perez

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