Top NFT News This Week

Audy Castañeda
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Top NFT News This Week

Volatility in the broader cryptocurrency market led the news this week and had a notable negative impact on the NFT sector. The latter is reduced in the commercial arena, given that in other aspects there was positive news, as will be seen later. If anything, the sales sector took the brunt of it.

Bitcoin faced strong liquidations that caused continuous slides in the price of the largest cryptocurrency. That led the rest of the market to emulate that behavior. In that sense, the most vulnerable sectors were precisely those of NFT and decentralized finance.

Below is a brief review of the most important news of the last seven days in the area of ​​​​non-fungible tokens.

Week of Falling Sales in the NFT Sector

The virtual currency market experienced notable corrective pressure amid the bullish trend it is going through. The price of Bitcoin slipped several times well below $66,000 after hitting peaks higher than $73,000 per coin.

These sharp movements sparked a feeling of concern in the NFT sector, as this week’s news indicates. Consequently, sales in this market plummeted by 16.55%, according to data from the Cryptoslam portal.

In total, sales volume represented $358 million from March 9 to 16. Leading these sales was the Ethereum network with $129 million dollars. Thus, NFTs based on that network decreased by 20.98% compared to the immediately previous week.

As for the Bitcoin network, it operated sales of $124 million dollars and its weekly slip was 20.44%, according to the same portal. For its part, sales in Solana only lost 5% and totaled $61.68 million dollars. It is worth mentioning that this network is on an unstoppable rise in terms of trading volume.

Either way, the week did not end well for sales in the NFT sector, major news shows.

SuperRare Expands Beyond Ethereum Borders

The NFT trading platform originating from Ethereum, SuperRare, was one of the positive news of recent days. The marketplace ventures into Bitcoin after announcing the launch of a new collection of Ordinals inscriptions by a renowned artist (Killer Acid).

This platform is one of the oldest and most popular in NFT trading. Its jump to the Bitcoin network can be described as a positive step for the expansion of collectibles trading beyond the Ethereum fiefdom.

For this new stage, SuperRare established an alliance with the Bitcoin Ordinals marketplace, Gamma. The aforementioned collection is planned to launch on April 11, although some basic elements such as its size are not detailed.

Expectations are positive, which is why this project is among the most positive news of the week in the NFT world.

Starbucks Cancels Its Collectible Rewards Program

Beverage giant Starbucks announced the end of its Odyssey beta program, which consisted of rewards in the form of NFTs. However, this does not seem to mean the end of transactional forays into the world of blockchain-based collectibles.

In a frequently asked questions post, the company explains some of the reasons that motivated them to take the platform out of circulation. “Starbucks Odyssey Beta must come to an end to prepare us for what’s to come as we continue to evolve the program,” the post explains.

The publication leaves the door open so that customers can have access to a new rewards program in the future. This seems to close a chapter that would not have met the coffee company’s expectations.

By Audy Castaneda

Bitcoin Plunges: Drop to $65,000 Triggers $400 Million Liquidation Avalanche

Leonardo Perez
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Bitcoin Plunges: Drop to $65,000 Triggers $400 Million Liquidation Avalanche

Bitcoin’s numbers were all red and trading at $65,710, losing value in the 24-hour and weekly periods by 5.6% and 4.5%, respectively, according to data from Coingecko.

Thursday’s Bitcoin crash apparently took traders by surprise, triggering targeted liquidations of nearly $400 million in BTC, and more than $800 million in liquidations across the entire cryptocurrency market.

In a tumultuous turn of events, the cryptocurrency market has been rocked by a sharp drop in Bitcoin prices. After a sustained period of notable gains and all-time highs, Bitcoin has plummeted to a weekly low of $65,000, dealing a major setback for investors.

A few days after its previous low of $68,000, Bitcoin plummeted to its current level, a figure not seen in a week, as the bears persisted in their downward pressure.

Altcoins Take a Beating Too

While Bitcoin bears the brunt of the recession, altcoins are not spared from the consequences. Ethereum (ETH) and Binance Coin (BNB) have also suffered substantial losses, losing 10% of their value or more. Dogecoin and Shiba Inu, two popular meme coins, have seen even steeper declines, falling 20% ​​and nearly 30%, respectively. The broader altcoin market reflects Bitcoin’s downward trajectory, amplifying the sense of unease among investors.

Although most cryptocurrencies experienced liquidations largely coming from long positions, Solana stood out as a notable exception. Starting on March 15, SOL liquidations, both long and short, were almost evenly divided, each hovering around $20 million, thus defying the overall market trend.

Ethereum fell around 8% following gloomy inflation news on March 14, to $3,701 the following day. In a trend parallel to that of BTC, over $100 million in long ETH positions were liquidated in the aftermath, along with over $30 million in short positions in the token.

Bitcoin: Impact on Market Dynamics

The recent Bitcoin price correction has reverberated across the cryptocurrency landscape, reshaping market dynamics and investor sentiment. The surge in liquidations, with more than 151,000 traders facing margin calls in the last 24 hours, underlines the magnitude of the market turmoil.

Bitcoin’s dominance in the market is evident as it accounts for the majority of total liquidations, highlighting its pivotal role in shaping overall market trends. As a result of the drop in value, total market liquidations have reached $426 million, with Bitcoin being the most affected.

Liquidation Spree

The amount that the price of Bitcoin has liquidated in the last 24 hours has exceeded $104 million, and long-term traders lost the most money: they lost $86 million compared to $18 million. short-seller dollars. Ethereum saw an overall liquidation of $48 million, of which $33 million went to long traders and $15 million to short traders, as a result of the losing streak.

Analyst Sounds the Alarm Siren

Meanwhile, market analysts such as Markus Thielen, CEO of 10x Research, have sounded the alarm, warning of new downside risks for Bitcoin. Thielen’s prediction of a possible drop to $63,000 sends a sobering message to investors, urging caution and prudence when navigating the current market environment. Their insights shed light on underlying concerns about Bitcoin market structure, including low trading volumes and liquidity, which exacerbate the risk of sharp price corrections.

Amid the market turbulence, investors are grappling with the implications of Thielen’s analysis and adjusting their strategies accordingly. The era of meme coin mania appears to be waning, leading investors to reevaluate their positions and lock in profits while they can.

By Leonardo Perez

Grayscale Bet on Ethereum Spot ETF Despite Regulatory Uncertainty

Audy Castañeda
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Grayscale Bet on Ethereum Spot ETF Despite Regulatory Uncertainty

Grayscale is persisting in its efforts to launch a spot Ethereum exchange-traded fund (ETF), with a new amended filing with the SEC. The company’s amended proposal cites the precedent set by Ethereum futures ETFs and the effectiveness of monitoring mechanisms. However, the chances of approval remain slim, as two US senators urge regulators to halt the approval of other cryptocurrency ETFs.

In a recent CNF video on YouTube, analysts discuss the growing global presence of BTC ETFs and consider the possible involvement of central banks, although likely as a late entrant. Speculation centers on the timing of spot Ether ETF approvals, with expectations growing for an international launch before domestic approval.

Despite the regulatory uncertainty surrounding Ethereum spot exchange-traded funds (ETFs), leading crypto asset management firm Grayscale continues to pursue this investment product.

The company modified its proposal to convert its Ethereum Trust into a spot Ethereum ETF that would be listed and traded on the NYSE Arca.

Grayscale Amends Its Ethereum ETF Proposal

Grayscale argued that since the US Securities and Exchange Commission (SEC) had already approved Ethereum futures ETFs, it should also sanction ETFs that offer direct spot Ethereum exposure.

The company stated that the surveillance carried out by the Chicago Mercantile Exchange (CME) on the Ethereum market is sufficient to prevent fraud and manipulation. Furthermore, he supported his argument by referring to Coinbase’s correlation analysis, which demonstrates a strong market correlation between the Ethereum spot and futures markets.

“Having approved the ETH futures ETFs in part on the basis of such surveillance, the Commission has clearly determined that the CME surveillance may detect fraud in the spot market that would affect the spot ETPs, and the Sponsor believes by so much so that you should also approve spot ETH ETPs on that basis.”

Craig Salm, Chief Legal Officer at Grayscale, highlighted the widespread interest expected in a spot Ethereum ETF:

“Investors want and deserve access to Ethereum in the form of a spot Ethereum ETF and we believe the case is as strong as it was for spot Bitcoin ETFs.”

Grayscale’s Ethereum Trust is the largest investment fund in the world, managing assets worth $11.8 billion, equivalent to 2.5% of all ETH in circulation. The planned transition to an ETF would unlock more than $1.73 billion in value.

Grayscale ETH Spot ETF: What are the Chances of Its Approval?

Grayscale’s amended filing coincided with dwindling hopes for regulatory clearance for an Ethereum ETF. BeInCrypto reported earlier this week, citing Polymarket prediction market, that the probability was 36%. Currently, the odds have dropped to 26%.

This change may be related to a recent statement from two US senators urging the SEC to stop approving more cryptocurrency ETFs, citing potential risks to retail investors. They argue that cryptocurrencies like Ethereum lack the adequate trading volumes and integrity to support linked ETFs.

In addition, the senators question the close correlation between the futures markets for these assets. In addition, spot markets, which pose challenges for market surveillance and fraud prevention. Despite these bleak prospects, some industry experts remain optimistic.

Matt Hougan, chief investment officer at Bitwise, estimated the chances of approval for May at 75%. Eric Balchunas, senior ETF analyst at Bloomberg, said Grayscale’s latest amendment was several. Among them, a “ray of light in what has seemed like a lot of bad signs.”

ETH recently traded around $3,696, with a drop of 7.09% in the last few days and 6.60% in the last week.

By Audy Castaneda

Shibarium Breaks the Internet (Again) with Over 400 Million Layer 2 Transactions

Leonardo Perez
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Shibarium Breaks the Internet (Again) with Over 400 Million Layer 2 Transactions

Shibariumscan, which surpassed an impressive 411 million transactions, has revealed the platform’s resilience in the face of market volatility.

The recent surge in user adoption and influx of dApp creators have contributed to Shibarium’s exponential growth. In the last few days alone, over 3 million transfers have been added, solidifying Shibarium’s position as a force to be reckoned with in the blockchain space.

This achievement is particularly impressive given the current daily transaction throughput of 1.03 million, which, although lower than its peak of 4.2 million transfers per day on February 20, reflects the stability of the platform and the potential for a further expansion.

Shibarium Forges Strategic Partnership and Expands Ecosystem

In a bid to strengthen its ecosystem and foster innovation, Shibarium has recently formed a strategic partnership with K9 Finance, a prominent player in the fintech industry.

This collaboration marks an important milestone for both parties as K9 Finance launches its native coin, KNINE, on the Shibarium platform. As a testament to their commitment, Shytoshi Kusama, the visionary leader behind SHIB, and Kaal Dhairya, the brilliant lead developer of SHIB, have been named official advisors to K9 Finance.

On March 14, @ShibaXanders posted the following on X:

“I remembered when $SHIB was on the news first time. This is really amazing. The work of @K9finance is amazing. The community and the team. Proud to be part of the advisors.”

The partnership between Shibarium and K9 Finance showcases the platform’s dedication to fostering collaborations that drive growth and further its mission to revolutionize the blockchain landscape. This strategic alliance will undoubtedly open doors to new possibilities, leading to better user experiences and the creation of innovative decentralized applications.

Factors Driving Shibarium’s Growth

Several factors have contributed to Shibarium’s significant transaction volume, among which are its low transaction fees and strong support from the Shiba Inu community. Shibarium offers transaction costs as low as 0.0000219 BONE ($0.000021), making it an attractive option for users looking to execute transactions on a blockchain network at minimal cost.

This cost-effectiveness, compared to the higher fees associated with major blockchain networks such as Bitcoin and Ethereum, is a major draw for both users and developers as it drives adoption and network activity levels.

Additionally, the dedicated Shiba Inu community has played a pivotal role in promoting Shibarium adoption. Community members, fueled by their enthusiasm for Shiba Inu projects, have actively encouraged others to use the network, contributing to its rapid growth in transaction volume.

Such collective effort has not only strengthened Shibarium’s user base but has also facilitated the deployment of a variety of applications on the network, including 15,553 total contracts and 9,316 tokens.

SHIB Navigates Challenging Waters Amid Market Turbulence

As Shibarium celebrates its record-breaking achievements, the price of Shiba Inu (SHIB), the second-largest meme cryptocurrency by market cap, has experienced a turbulent ride in recent days.

Showing a correlation with Bitcoin (BTC) price movements, SHIB has found a 28% decline in its value following Bitcoin’s correction from its all-time high of $73,750.

Investors may find these price fluctuations discouraging, but it is crucial to consider the broader context of SHIB’s ongoing development efforts. Notably, SHIB received recognition and appeared on Forbes’ prestigious list of top 10 cryptocurrencies to invest in.

Additionally, the cryptocurrency attracted attention on the popular financial show “Eye on Your Money,” where it was mentioned alongside Bitcoin. While these praises did not result in immediate price increases, they reinforce SHIB’s potential and the importance of its long-term growth prospects.

By Leonardo Perez

JPMorgan: Ethereum Would Drive Coinbase Gains

Audy Castañeda
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JPMorgan: Ethereum Would Drive Coinbase Gains

In a report prepared by JPMorgan, the research team led by Kenneth Worthington highlighted that Ethereum would contribute significantly to Coinbase’s profits. Last Friday, this team deepened its analysis, pointing out that, in addition to the positive impact of the price of Bitcoin, the appreciation of ETH plays a particularly relevant role.

America’s largest bank, JPMorgan (JPM), said the Ethereum network and its ether token (ETH) could be a notable contributor to the broader Cryptocurrency ecosystem and a positive driver of Coinbase’s (COIN) earnings. This “positive driver” of earnings moved JPMorgan’s price target for Coinbase from $95 to $150, despite maintaining the same neutral rating. Meanwhile, Coinbase shares fell more than 4% in premarket trading to $223.

Currently, the Ethereum network and its token represent great competition for Bitcoin (although not in price) for one fundamental reason, its use cases. Although the Ethereum ecosystem does not have a capitalization like that of Bitcoin, its versatility and its possibility of development outside the cryptographic industry are important, JPMorgan highlighted.

The bank highlights the recent Dencun upgrade on March 13 as a pivotal event driving the development of cryptocurrencies. Additionally, analysts emphasize the importance of Ethereum’s roadmap progression, indicating its potential to foster positive long-term outcomes for the cryptocurrency market.

Why Would Ethereum Boost Coinbase Earnings?

In the current panorama, the gains of Ethereum and Bitcoin represent, as in 2021, an optimistic scenario for the crypto market. Coinbase’s target price change is directly related to this, according to JPMorgan due to the importance of this company in the industry. Despite maintaining the same neutral rating, a positive stance in the face of a new bullish cycle confirms Coinbase’s good position.

A 10% reduction is observed in the last ten days, while in the last month, Coinbase shares have seen an increase of 34.41%. Additionally, Coinbase’s share price stands at $242, according to Yahoo Finance. This is closely linked to general market sentiment and these types of bullish sentiments positively impact traditional financial institutions.

During their observation, the JPMorgan team clarified that the new challenge would be Bitcoin exchange-traded funds (ETFs) and the impact they would have on the entire industry. In the future, the same institutional interest could be aroused by Ethereum ETFs. This despite the differences that exist regarding the use and qualities of each cryptocurrency.

“Ethereum’s use cases transcend the Crypto ecosystem and we believe they will create a strong NEAR-term earnings driver for Coinbase,” analysts led by Kenneth Worthington wrote in a research report on Friday.

The report explains the following:

“We see the progression along the Ethereum roadmap, including the Dencun upgrade, which occurred on March 13, driving the development of cryptocurrencies, which is positive in the long term.”

Coinbase’s long-term success would be driven by development, with a focus on tokenization and payments, the bank said.

In particular, the financial institution highlighted that the development of Coinbase was linked to the development of Ethereum itself, especially in tokenization and payments. That is why while Bitcoin is relevant to the industry, Ethereum has been classified for its versatility and developed ecosystem. This is thanks to the layer 2 solutions developed in Ethereum that facilitate the implementation of payment gateways and reduce existing fees.

However, after the Dencun update, the new objective would be to reduce transaction costs as much as possible. This would be achieved by using Rollups to speed up transactions on the network.

By Audy Castaneda

FTX’s Sam Bankman-Fried Should Receive 50-Year Prison Sentence, Prosecutors Say

Leonardo Perez
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0
FTX’s Sam Bankman-Fried Should Receive 50-Year Prison Sentence, Prosecutors Say

According to a memo presented Friday, March 15, to Judge Lewis Kaplan, prosecutors are proposing a sentence of between 40 and 50 years for Bankman-Fried.

Prosecutors in the fraud case against the former CEO of now-defunct exchange FTX, Sam Bankman-Fried (SBF), have now suggested a prison sentence to the court. This development comes as the former crypto billionaire’s sentencing is scheduled for later this month.

The founder of FTX faces up to 100 years in prison after being found guilty of the seven counts of fraud against him. The lawyers mentioned that SBF masterminded one of the largest fraudulent schemes in recent years, repeatedly comparing its actions to those of Bernie Madoff, an American financier who allegedly ran the largest known Ponzi scheme in history, worth an estimated $65 billion.

Bankman-Fried was found guilty last November of stealing $8 billion from customers of his FTX cryptocurrency exchange. “His life in recent years has been a [life] of unparalleled greed and arrogance; of ambition and rationalization; courting risk and repeatedly gambling with other people’s money,” federal prosecutors in Manhattan have written.

Considering the magnitude and duration of Sam Bankman-Fried’s financial misdeeds, prosecutors believe a sentence of 40 to 50 years is “severe enough” to deter others from committing such crimes. “And that will allow the accused to return to freedom only after society can be sure that he will not have the opportunity to return to fraud and deception,” they added.

Government lawyers also emphasized in the 116-page court document how ruthless the former FTX boss has been for his fraudulent activities. “Even now Bankman-Fried refuses to admit what she did wrong,” part of the memo read.

Interestingly, Sam Bankman-Fried’s lawyer proposed to the court that the defendant receive a sentence of between five years and six and a half years. According to the lawyers, the jail sentence in SBF’s case should be rehabilitation and not punishment.

Another Exchange in Process?

Prosecutors revealed to the court in their sentencing memorandum that Sam Bankman-Fried might launch a new cryptocurrency exchange, saying he had considered starting an exchange called “Archangel LTD.”

According to the lawyers, the former CEO of FTX also considered different options to clean up his image. Among the options cited were media and PR stunts, such as “focusing on the fact that the Chapter 11 team has no idea how to run FTX,” pushing a “pro-crypto, pro-freedom” agenda. » or «stick with Tucker Carlsen.”

Among the actions that put SBF in the dock after being extradited to the United States from the Bahamas, where FTX had its headquarters, also included the financing of political campaigns of representatives of both parties in Washington, legal fraud and deception, irregular attempts to unlocking 1 billion from his hedge fund frozen by Beijing, investments in other companies and luxurious real estate purchases, such as the villa in the Bahamas where Bankman-Fried and his small group of intimates speculated in cryptocurrencies.

His then partner, head of the Alameda hedge fund, also belonged to the circle of trust, who was a key witness during the trial by declaring that he committed fraud in the firm together with Bankman.

Ultimately, prosecutors concluded that Sam Bankman-Fried deserves a “severe penalty, commensurate with his role in this historic fraud.” A sentence of 40 to 50 years is believed to be the perfect sentence in this case.

By Leonardo Perez

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