Značka: wall street

Bored Ape Yacht Club is a huge mainstream hit, but is Wall Street ready for NFTs?

Within months after its launch in April 2021, Bored Ape Yacht Club (BAYC) has become one of the main reasons Wall Street should take the emerging nonfungible token (NFT) market seriously, thanks to its recent sales turnover of over $1 billion.Celebrities ape into BAYCFor the uninitiated, BAYC is a collection of 10,000 cartoons of anthropomorphic apes with stylish clothes and disreputable expressions. Each ape is practically an image file that should be worthless in a sane world. Nonetheless, they have been managing to fetch astonishing sums, sometimes from some of the world’s most renowned celebrities.For instance, Jimmy Fallon, a popular American TV host, bought the image of a Bored Ape that wore a striped T-shirt and heart-shaped shades for almost $220,000 in November last year. And very recently, Academy Award-winning rapper Eminem paid nearly $462,000 for an ape that somewhat resembled him.Eminem’s bored ape, dubbed BAYC #9055. Source: The GuardianMeanwhile, one of the rarest Bored Apes, which had a gold fur trait, fetched $3.4 million in an online auction held by Sotheby’s in October, breaking the record of another rare ape with laser eyes, which was sold to the Sandbox for $2.9 million a month before.But what is the selling point?The BAYC collection fetches its value from NFTs, digital ownership proofs logged on a public blockchain. Think Bitcoin (BTC), but each “coin” is indivisible and unique in some way.Meanwhile, most NFT projects, including BAYC, settle via the Ethereum blockchain, priced in its native token Ether (ETH).But rarity is not the only reason people pay millions of dollars for Bored Apes. In addition to owning a unique avatar, people also gain admissions to an exclusive membership club, imposed with tokens. That gives them entry into an inner circle of elites, bringing them status and more profitable opportunities.APE FEST 2021 details posted in the BAYC Discord:https://t.co/KjYGPhYWCP☠️⛵️ pic.twitter.com/jvY38qf6NK— Bored Ape Yacht Club (@BoredApeYC) October 1, 2021Evan Luthra, the CEO, and founder of EL Group International and a BAYC’s exclusive club member discussed the allure attached to the elite association. The 26-year old angel investor referred to the membership as something that is “very strong for the Wall Street folks.””I think there is a new celebrity joining the club every single day.”Bored Ape collectibles also enable their owners to enter private messaging boards on Discord and gain privileged access to other NFTs.Bored Ape Yacht Club “floor price”Bored Ape collectibles also enable their owners to enter private messaging boards on Discord and gain privileged access to other NFTs. And then, there is a certain reselling value attached to these NFTs, as visible in its rising “floor price,” which reflects the lowest bid one may open for the collectibles.As of Jan.7, the BAYC floor price was 68 ETH, or around $217,800, up 380% from its mid-August low.BAYC Floor Price chart. Source: CoinGeckoNoelle Acheson, head of market insights at Genesis Trading, credited BAYC for being more flexible in collaborations than CryptoPunks, one of the only high-profile NFT collectible series that came before it. These collaborations include a BAYC-inspired Adidas gear, the signing of a talent agency, a potential Bored Ape music group, and other related assets emerging around the languid ape characters.”So, the concept of floor prices — which drives institutional investment in NFTs as well as their increasing use as collateral for loans — no longer depends just on how much investors think someone else will pay further down the road,” Acheson explained, adding: “Floor prices, and an asset’s appreciation potential, now also depends on what else the NFTs can be used for, other than just displaying.”Luthra agreed, adding that the continuous involvement of celebrities with BAYC would further boost its recognition among retail and institutional investors alike. That may bring more demand for its NFT collection, which, in turn, would push its floor price higher.The “Meta” factorJelmer Rotteveel, the co-founder of NFT collection MoonwalkerFM, attached one more bullish backstop to the BAYC core valuation: the ongoing hype around Meta, rebranded from Facebook to support the social media giant’s metaverse ambitions.”With the emergence of Meta we will be entering a new way of communication and business,” he told Cointelegraph, adding that NFTs would become an integral part of the metaverse sector, with users supporting unique digital avatars, such as Bored Apes, to interact with one another digitally. He added:”I believe that people will be looking more closely at the developments of NFT projects like BAYC, and, just like you saw with cryptocurrency, they will be stepping in one by one.”Acheson noted that Facebook/Meta has committed to spending approximately $10 billion on metaverse development, citing its CEO Mark Zuckerberg’s statement that they would look into decentralized metaverse applications.”Whether we believe him or not — investors are likely to think about getting in ahead of those flows,” she added.Will Wall Street ape into NFTs?As stated, BAYC’s net sales recently crossed the $1-billion-mark, almost 10% of what Apple earned in 2021. Meanwhile, the NFT sector, on the whole, processed sales worth $41 billion, which came to be almost equal to the global art sales in the year, data from Chainalysis showedMatt Hougan, the chief investment officer of Bitwise Asset Management, admitted that many of their clients had been looking for exposure in the NFT space without needing to crisscross through its daunting technology. In response, Bitwise launched a dedicated fund last mont, which tracks its own Bitwise Blue-Chip NFT Collections Index — a basket of the ten largest NFT collections weighted by market capitalization — and buys and holds artworks from BAYC, CryptoPunks, and other NFT projects. Related: The NFT world is gradually bridging the gap between niche and mainstreamThe “Blue-Chip NFT Index Fund” is available only to institutional investors who invest at least $25,000 into the product. Returns brought forth by Bitwise’s NFT fund since inception. Source: Bitwise Asset ManagementRebekah Keida, director of marketing at New York-based investment management firm, XBTO, favored the prospects of Including blue-chip NFT projects like BAYC or CryptoPunks into funds on Wall Street. Keida says that it would open the floodgates for accredited investors to pour thousands, even millions, of dollars into these digital projects. “The opportunities afforded by the increased capital flow enhances the legitimacy of top NFT projects while allowing investors a diverse bet in crypto,” she told Cointelegraph.Luthra showed confidence in asset managers’ ability to tail Meta’s foray into the metaverse sector, which, in turn, would benefit the NFT projects like the BAYC, saying:”If Meta thinks that the future lies in the metaverse and that’s where they are investing their time and energy, it only makes logical sense for asset managers to deploy funds towards the industry. As the space matures and there is more opportunities available, I am confident we will see many more metaverse related funds pop up to capitalize on the opportunity.”Meanwhile, Sami Chlagou, CEO at Cross the ages metaverse game, compared Meta’s potential involvement in the NFT space with “lighting a lamp in the heads of investors who are much more backward about this concept.””Whether you think Meta’s decision is good or bad, the fact remains that when one of the largest social networking groups open to innovation and known for shaking up our environment talks about a subject, it opens doors and the desire to get involved.”The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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BTCS stock jumps 44% after announcing first-ever dividend payable in Bitcoin

On Jan. 5, Nasdaq Composite logged its biggest daily loss since February last year. But for one of its listed companies, the day turned out to be extremely bullish.Blockchain stock soarsThe share value of BTCS Inc. (BTCS), a blockchain technology company, surged nearly 44% to $4.36 at the New York closing bell, thus becoming the third-best performer on Nasdaq after Lixte Biotechnology (LIXT) and Mainz Biomed BV (MYNZ).Top Nasdaq performers as of Jan. 5, 2022’s close. Source: TheStockMarketWatch.com  In contrast, Nasdaq plunged 3.3% on January 6, its losses driven primarily by the release of the minutes of the Federal Open Market Committee (FOMC) meeting in mid-December last year. In detail, the minutes revealed the Federal Reserve officials’ intention to raise interest rates faster than anticipated.  The Fed scare did not impact BTCS, for it arrived on the same day the company announced “Bividend,” the first-ever dividend payable in Bitcoin (BTC) by a Nasdaq-listed company. Excerpts from a press release published on Jan. 5 reveal that:”BTCS intends to pay $0.05 per share in Bitcoin, based on the Bitcoin price on the ex-dividend date. Investors who do not elect to receive the Bividend in Bitcoin will receive a cash dividend of $0.05.”Investors/traders took the announcement as a cue to raise their bids for the BTCS stock, insofar that its value per share jumped to $5.05 on Jan. 5, a three-week high. However, the stock price later fell by more than 13.50% amid profit-taking sentiment but overall closed the day in profits.The BTCS correction continues BTCS dropped by another 8% to $4.01 per share following the New York opening bell on Jan. 6, this time in sync with Nasdaq, which fell nearly 1%.BTCS daily price chart. Source: TradingViewThe selloff appeared to have accelerated after BTCS tested its 50-day exponential moving average (50-day EMA; the velvet wave in the chart above) near $5.12 as resistance. In a similar fashion, the 20-day EMA (the green wave) attempted to limit BTCS’s downside momentum by acting as support.Related: Bitcoin price drops to $43.7K after Fed minutes re-confirm plans to hike ratesAs BTCS looked rangebound between the two critical moving averages, some financial experts warned investors to not invest in the stock based on hype surrounding its Bitcoin dividend launch. That included Ivory Johnson, founder of Delancey Wealth Management. The chartered financial consultant recommended that investors buy Bitcoin directly if they want to buy it instead of seeking its exposure via BTCS.”When buying any stock, your decision should be based on the fundamentals of the company itself,” he told CNBC.Douglas Boneparth, president of Bone Fide Wealth, called Bividend a “really neat bridge” for institutional investors who want to own Bitcoin. Nonetheless, he noted that BTCS’s offering is more a feature and less a product, underscoring that investors should focus on other factors before buying BTCS shares, such as the company’s future cash flows. Currently, BTCS is trading nearly 85% lower than its all-time high of $32.40, established earlier in Jan. 2021.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin daily losses near $4K as S&P 500 hits 69th all-time high of 2021

Bitcoin (BTC) dropped nearly $4,000 on Dec. 28 as the market offered a sharp reminder that the bull run would need to wait. BTC analysts eyes $44,000BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting lows of $48,335 on Bitstamp at Dec. 28’s Wall Street open.The pair had passed $52,000 the previous day, this marking a three-week high, before pressure from sellers halted progress.At the time of writing, Bitcoin circled $49,000 as traders took the opportunity to remind audiences of Bitcoin’s ongoing active range.”Humans get bullish at resistance. It’s a thing,” Scott Melker summarized.”Still ranging. Nothing has changed.”The $52,000 trip indeed failed to attack any of the price levels previously identified as turning points, notably $53,000 — Bitcoin’s $1 trillion market cap mark.Popular trader Pentoshi meanwhile identified $44,000 as a potential floor should the downward trend accelerate. Slightly longer timeframes offered a similar outlook based on recent behavior.BTC 4hr:Fulcrum around which price has been pivoting.Bounce or back to the bottom of the channel? pic.twitter.com/BTJR5rN87I— Nunya Bizniz (@Pladizow) December 28, 2021Zooming out, however, and there were bearish considerations on the horizon. William Clemente, the lead insights analyst at Blockware, identified a potential repeat of behavior immediately after 2017’s old all-time high, which led to an entire year of a bear market.”Judgment day is coming for BTC,” he warned in Twitter comments.Concerns loom over miracle equities readoutsBitcoin thus presented a contrast to macro Dec. 28 as the S&P 500 hit its 69th all-time high of the year.Related: Veteran Bitcoin hodlers are still selling record low amounts of BTC despite 70% gains in 2021Almost a record in itself, stock market exuberance was already ruffling feathers among pundits concerned about a potential chasm between the numbers and empirical reality.Just to put things into perspective: The S&P 500 may close today at another ATH, it would be the 69th ATH this year, 2nd most ever only behind 77 ATHs in 1995, but the average S&P 500 comp is down 18% from its ATH, suggesting a massive amount of weakness underneath the surface. pic.twitter.com/3RsPFP1Ajs— Holger Zschaepitz (@Schuldensuehner) December 27, 2021

As Cointelegraph reported, the United States Federal Reserve will have a decisive role to play in shaping 2022’s market climate when it comes to Bitcoin’s performance.In the meantime, however, BTC/USD faces a low-liquidity — and thus potentially high-volatility — holiday season.

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