Autor Cointelegraph By Brian Newar

Otherside NFTs fall below mint price while cheaper ETH sees sales volume boost

Otherside NFTs fall below mint price while cheaper ETH sees sales volume boost

Uverejnil používateľ | máj 10, 2022 |

The contentious Otherdeed for Otherside nonfungible token (NFT) floor price has dropped below its mint price to 2.45 ETH worth about $5,713 as other major collections are also getting hit.The Otherdeed for Otherside collection from Yuga Labs, makers of the Bored Ape Yacht Club (BAYC) collection, was a highly anticipated NFT mint for land in their upcoming Metaverse platform. Users paid for the land with 20 Apecoin (APE) tokens and paid gas fees in Ether (ETH). The Otherside is now below mint price (including gas)…If you got gassed out or failed to KYC… Well here’s your chance again… #TheOtherSide #BAYC pic.twitter.com/qnDJi2DOvh— APE_G4NG (@ape_g4ng) May 9, 2022However, the hype over the fresh mint seems to have corroded already as the collection’s floor price dipped to 2.45 ETH before stabilizing again according to NFT market NFTGO. Each Otherside item cost about $6,000 to mint, or 2.5 ETH at the time of launch.The floor price has been slipping since May 4 when it hovered at about 3.5 ETH, which then was worth nearly $10,000. Otherdeed caused a stir in the market during its mint day when it clogged up the ETH network and drove gas prices to astronomical levels, leading Yuga Labs to admit there was a problem as it refunded gas costs for all failed transactions.In addition to Yuga’s Otherdeed collection, the ubiquitous BAYC collection floor price has taken a big hit over the past seven days. Since May 4, BAYC floor price has dropped by 15% to 91 ETH. While that still comes out to a dollar value of about $212,000, it is nearly $100,000 less than a week ago.Another major collection that has suffered from a diminishing floor price is Azuki, the anime-inspired art NFTs. Since May 4, Azuki floor price has shrunk by over 50% from 30.5 ETH to 15 ETH. Each of BAYC, Otherdeed, and Azuki are trading among the top ten collections on the largest NFT marketplace OpenSea.Related: NFT market well-positioned to grow 35% into a $13.6B industry by 2027The major cause for the drop in floor prices may be the sluggish sales volumes across the entire NFT market. Whereas the seven day volume for NFTs has been on a steep decline up to May 9.The past 24 hours has seen a nearly equal and opposite reaction from the market, however. Since yesterday, sales volume has spiked by 32% according to NFTGO. By collection, Otherdeeds 24 hour sales volume is up 52%, BAYC is up 30.5%, and Azuki is up a whopping 1802%. It is possible that the lower ETH prices are signalling a deal for NFT collectors.

Čítaj viac
Bitcoin network transactions and fees surge amid investor de-risking

Bitcoin network transactions and fees surge amid investor de-risking

Uverejnil používateľ | máj 10, 2022 |

The number of transactions on the Bitcoin network has spiked over the past week, which blockchain analysis firm Glassnode suggests are ‘urgent’ transactions due to investors de-risking.A sudden influx of 42,800 transactions hit the mempool on Bitcoin (BTC) last week. Glassnode’s chief analyst says these were likely “urgent” transactions due to the high amount of fees paid per transaction. The average fee rose to $2.72 last week, about 15% higher than the typical average according to bitinfocharts, an on-chain data tracker. The findings were reported in the Glassnode “Week On-chain” report on May 9.The #Bitcoin market saw and extremely volatile week, with prices trading down to $33.8k, and an additional 10% of the network falling into loss.We analyse the market reaction across the mempool, exchanges, derivatives and stablecoin supply contractions.https://t.co/WDuzlObVxK— glassnode (@glassnode) May 9, 2022The mempool on a blockchain network is where transactions are sent before being confirmed in a block. The higher the fee paid on a transaction, the higher the likelihood it will be picked ahead of others.Glassnode wrote that investors paid higher-than-average fees likely in order to prioritize their bids to de-risk their portfolio or add collateral to their margin positions as BTC price has fallen 19% over the past seven days. Just over 15% of fees paid for on-chain transactions correlated with exchange deposit rates, and these were only higher in May 2021 during another period of heavy sell-offs.BTC inflows to exchanges outpaced inflows for most of 2022, however that changed last week as there was more than $50 million more worth of inflows than outflows. Glassnode said the total amount of exchange-related volume was only surpassed last October and November and matched the peak of the 2017 bull market in late December, and early January of 2018.Glassnode also noted that BTC accumulation has been on a low trend since the middle of April. “Shrimps” who hold less than an entire Bitcoin were the largest accumulators of any cohort of wallets up to whales through the past week, but even their accumulative strength was weak compared to previous months this year.Related: Bitcoin retests key $30K support zone as data highlights BTC whale accumulationThe largest distributors, or sellers, were those in the highest cohort who hold at least 10,000 coins. According to Glassnode, distribution has been higher than accumulation through most of 2022, however, the largest accumulators have been those holding less than one BTC up to those holding 10.With total fees spent at a local high as investors urgently try to exit more volatile positions, it appears that Bitcoin markets may continue down their “rocky road” to capitulation, as Cointelegraph reported on May 10.

Čítaj viac
Terra peg mechanism in doubt as UST crashes to 67 cents

Terra peg mechanism in doubt as UST crashes to 67 cents

Uverejnil používateľ | máj 10, 2022 |

The third-largest stablecoin by market cap Terra USD (UST) appears to be in a catastrophic tailspin which has seen it de-peg from the dollar and drop to as low as $0.67 on May 10.As its price has fallen, so has its market capitalization along with that of Terra (LUNA) which backs the majority of the value of UST. Adding further insult to injury, the market cap of UST has vastly surpassed that of LUNA, drawing extreme scrutiny from the crypto community.UST price chart from CoinGeckoAs of the time of writing, UST price is $0.78 with a market cap of $14.1 billion while LUNA has been in a freefall, collapsing to $35.07. This has caused massive liquidations on leveraged positions, dropping its market cap to $12.3 billion according to CoinGecko data.If the market cap of LUNA is lower than UST, it is possible that there are not enough funds in the Terra project to properly back the value of the algorithmic stablecoin and maintain its peg.is there a problem if UST mcap is larger than LUNA mcap https://t.co/24z3kPMpNv— 찌 G 跻 じ Goblin King of the scam bots (@DegenSpartan) May 9, 2022The Luna Foundation Guard (LFG), which is in charge of ensuring UST maintains its peg to the dollar, has been in damage control to try to mitigate any further losses and return the stablecoin to $1.00. Its strategy of acquiring Bitcoin (BTC) to collateralize UST has not yet had a positive impact in the face of several factors. Cointelegraph reported that a whale began dumping $285 million worth of UST starting May 7, causing the stablecoin to drop to $0.98 and LUNA to drop to a three-month low of $61.As LUNA price and the UST peg itself looked unstable, the LFG deployed $1.5 billion worth of BTC on May 9 as a means of adding much-needed liquidity to the ecosystem. The LFG loaned out coins to trading firms “to protect the UST peg” and 750 million UST tokens to accumulate BTC.The LFG held about 167,081 BTC worth roughly $3.5 billion as of May 5, when it announced it had acquired an additional 37,863 coins. Terra founder Do Kwon appeared unperturbed by the market effects as late as six hours prior to the time of writing, tweeting “Deploying more capital – Steady lads.” Shortly after, Cointelegraph reported Tuesday that the LFG moved 42,500 coins to various destinations, including OKX crypto exchange. There has not since been word from Kwon.Deploying more capital – steady lads— Do Kwon (@stablekwon) May 9, 2022

Related: LFG to deploy $1.5 billion to bolster UST peg and build BTC reservesHowever, the notion that BTC could be a viable backing for a dollar-pegged stablecoin is being tested to its limits. In the same time period from May 5 to today, BTC price has dropped about 25% from $39,874 to $30,269 according to CoinGecko data.The LFG’s constant tinkering with UST has drawn the ire of proponents of decentralization such as the strategy lead at Flashbots.net Hasu, who tweeted on Tuesday that “I don’t want people to call UST decentralized again.”No matter how this ends, I don’t want people to call UST decentralized again. Even the little collateral backing it has is intransparent and controlled by a single party. Used to perform discretionary open market operations. This is like 10x worse than the Fed.— Hasu⚡️ (@hasufl) May 9, 2022

At the time of writing, UST was 22% down from $1.

Čítaj viac
Bitcoin whales jumping ship as exchange inflows reach 3-month high

Bitcoin whales jumping ship as exchange inflows reach 3-month high

Uverejnil používateľ | máj 9, 2022 |

The number of Bitcoin whales is rapidly decreasing to levels not seen since earlier this year, possibly due to the three-month high of coin inflows to centralized exchanges (CEXs).Bitcoin (BTC) market tracker Glassnode has issued several bearish indicators for the largest cryptocurrency by market cap, including data suggesting a market exit for whales holding at least 1,000 coins, and exchange inflows of more than 1.7 million coins, the most since February. #Bitcoin $BTC Exchange Inflow Volume (7d MA) just reached a 3-month high of 1,755.021 BTCPrevious 3-month high of 1,729.605 BTC was observed on 08 May 2022View metric:https://t.co/1S6EbDkdOO pic.twitter.com/8kSJPOLJXW— glassnode alerts (@glassnodealerts) May 9, 2022High CEX inflows of BTC suggest whales are potentially exiting the market by selling coins, possibly as a way to prepare for a longer market downtrend. Cointelegraph reported on May 7 that recent sell-offs were likely executed by short-term holders who had accumulated coins in late January and early February when prices had reached a 6-month low of about $34,800.Unfavorable outlooks on the market based on hard data have led the Bitcoin Fear and Greed Index to drop to 11, the “Extreme Fear” region. The index rates the general amount of fear or greed among Bitcoin investors.Bitcoin Fear and Greed Index is 11 — Extreme FearCurrent price: $34,041 pic.twitter.com/PQK3x6YMok— Bitcoin Fear and Greed Index (@BitcoinFear) May 9, 2022

Despite the poor sentiment, BTC daily transactions do not yet appear to have been negatively affected. According to on-chain data from YCharts, there were 233,892 daily transactions worth about $30 billion on May 8, which has been about the average since January.Lead on-chain analyst at Glassnode “Checkmate” tweeted on Sunday “Many of you are waiting for the Bitcoin ‘capitulation wick’,” partially confirming the notion that investors expect BTC to continue to fall. A capitulation wick is usually characterized by a relatively long, sudden, and catastrophic drop in price, like the one witnessed on March 12, 2020, when BTC dropped 43% in a day to around $4,600.Many of you are waiting for the #Bitcoin ‘capitulation wick’.If it happens, and it really is THE capitulation wick, the majority of folks won’t step in a buy it because the fear will be too great.This is the way it always is, and always will be.Tip: have a plan, stick to it— _Checkmate ⚡ (@_Checkmatey_) May 8, 2022

Related: Bitcoin price target now $29K, trader warns after Terra weathers $285M ‘FUD’ attackMarket analyst Caleb Franzen tweeted to his 11,000 followers on Sunday that investors should look for markets to continue trending downward based on his analysis suggesting we will remain “short-term bearish.” He concluded by stating that it “seems worthwhile to expect more pain.”BTC is currently down 10.39% over the past seven days, trading at about $33,806 according to Cointelegraph data.

Čítaj viac
NFT markets slump as weekly sales volume dives 30%

NFT markets slump as weekly sales volume dives 30%

Uverejnil používateľ | máj 9, 2022 |

The nonfungible token (NFT) collections by Yuga Labs have experienced a dramatic downturn in transaction volume over the past 24 hours. Otherdeed is down just over 50%, Mutant Ape Yacht Club (MAYC) is down 46%, and Bored Ape Yacht Club (BAYC) is down 25% according to data from NFT market tracker NFTGO. Over the past 24 hours, general NFT market activity has mirrored Yuga’s collections, where volume has dropped 31% to $113 million. However, prices have not yet followed suit as the total NFT market cap has dropped marginally to $19.5 billion in the same period.24hr market analysis by NFTGOThose collections comprise three of the top five traded collections globally. Each collection except Otherdeeds has seen nearly 50% drop-offs in volume over the past seven days as well, possibly indicating the NFT market is cooling off. Among the top ten collections by sales volume, only three are in the green. CyberBrokers is in second place and is up 4,124%, Azuki is in fifth place and is up 7.5%, and ninth place Doodles is up 22.74% according to NFT market tracker Crypto Slam.According to NFTgo, the transaction volume of Yuga Labs series NFTs has dropped significantly in the past 24 hours. Otherdeed MAYC BAYC trading volume dropped by 44%, 41% and 30% respectively, BAYC floor price fell below 100ETH. https://t.co/DcsF79cepl— Wu Blockchain (@WuBlockchain) May 9, 2022In addition to collections from Yuga Labs, which are all traded on Ethereum, sales volume across eight of the ten most active blockchains for NFTs has suffered double-digit losses over the past seven days. On average, sales volumes are down 22.5% among Ethereum (ETH), Solana (SOL), Flow (FLOW), Avalanche (AVAX), Ronin, BSC (BNB), WAX (WAXP), and Panini. Only Polygon (MATIC) and Tezos (XTZ) sales volumes are up 16.5% and 58.8% respectively according to data from CryptoSlam.NFT sales volumes are down. CryptoslamActive market wallets that have made an NFT trade over the past seven days have been dropping steadily along with the total number of unique buyers since May 1. Active market wallets have fallen 69% to 16,792 and unique buyers have fallen a shocking 84% to 10,503 according to data from NFT market analysis tool NonFungible.Active wallets and unique NFT buyers are way down in May. NonFungibleRelated: Theta Labs to help Sony launch 3D NFTs compatible with Spatial Reality DisplayThe sluggish start to NFT trading in 2022 has not deterred researchers from predicting that NFTs are poised to grow by 4.5 times by 2027 to become a $13.6 billion industry. Cointelegraph reported on May 7 that MarketsandMarkets said mainstream influencers, gaming communities, and increased demand for digital art, will push the NFT market to those lofty heights over the next five years.

Čítaj viac

Získaj BONUS 8 € v Bitcoinoch

nakup bitcoin z karty

Registrácia Binance

Burza Binance

Aktuálne kurzy