NFT Summer: Art Blocks Leads the NFT Mania This Week while an EtherRock Is Now Worth Over $1 Million

The euphoria around non-fungible tokens clearly states that this summer is all about NFTs.

This week, payment processor giant Visa also announced its entry into the NFT space by buying CryptoPunk for $150,000.

Late on Monday, Cuy Sheffield, Head of Crypto at Visa, tweeted that “NFTs represent the intersection of culture and commerce and could play an important role in the future of online retail, social media, and entertainment.”

After bridging the crypto ecosystem and Visa’s global network, the online payments company now wants to participate in adopting NFT-commerce, he added.

Mathew Graham of Sino Global Capital called Visa buying an NFT “a bigger signal” than El Salvador announcing Bitcoin as a legal tender. However, Ryan Wyatt, the head of gaming at YouTube who recently said he is “bullish on NFTs,” doesn’t see Visa’s NFT adoption as edgy.

“I didn’t anticipate a company getting into NFT’s on such a short timeline. It was a brilliant move for them, because their earned media they got today was 100x the NFT acquisition itself,” said Wyatt.

Next month, Christie’s is also set to auction CryptoPunks, Meebits, and Bored Ape Yacht Club NFTs. Ahead of this, every day, the floor prices of these NFTs are climbing through the roof.

The most notable one being digital rocks which are now getting sold for more than a million dollars, while two days ago, the cheapest one was sold for $300k and less than $100k two weeks back.

On Monday, one of the EtherRock collections was sold for 400 ETH or about $1.3 million. With only 100 EtherRock out there, the scarcity of this collection is driving up their value. The website reads,

“These virtual rocks serve NO PURPOSE beyond being able to be brought and sold, and giving you a strong sense of pride in being an owner of 1 of the only 100 rocks in the game.”

But it’s Art Blocks leading the NFT scene this week. NFTs from the Ringers and Fidenza series have made it to the top, now being sold for over $1 million, up from $300k three weeks ago.

However, an NFT avatar named Sirxn 0 – Biobluminescent Sirxn from the GHxSTs collection sold for more than $2 million. But that was before late on Monday, Tyler Hobbs’ Fidenza 313 called “The Tulip” was the first one to be sold for 4-digits, 1,000 ETH worth $3.3 mln.

According to Dapp Radar, while NFTs from the Axie Infinity series generate the most trading volume over the past week, the generative artworks form Art Blocks is closing in as it dominates the top 10 NFT collections.

This top list also consists of CryptoPunks with $47 million in sales and Cyberkongz VX and Cyberkongz, Pudgy Penguins, Generative Masks, and the Gutter Cat Gang collection. Cool Cats, MeeBits, World of Women, and Bored Ape Kennel Club are outside the top 10.

Money Stack, with only 150 unique collectibles on the Ethereum blockchain available, is also capturing the attention this week as they see their floor price slowly rising to 6.5 ETH, a new record.

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Author: AnTy

Crypto Miners Taking Advantage of Hot Market to Raise Funds

Cryptocurrency companies are taking full advantage of the ongoing bull market. There is a lot of euphoria present in the market as Bitcoin becomes a trillion-dollar asset and the overall crypto market cap grows past $1.7 trillion.

Already, we have seen the leading US exchange Coinbase filing to go public with a whopping $100 billion valuation. This is only expected to lift the market mood further, described by some as a watershed moment for the crypto industry.

Another crypto exchange Kraken is on track to do the same, but not until next year. ICE backed Bakkt took the SPAC route, and so did the Bitcoin miner Cipher.

The same can be seen happening in China, attracting millions of dollars.

Chinese Bitcoin mining machine manufacturer Ebang International Holdings conducted two fundraising rounds just last month. The company that debuted on Nasdaq in June raised $170 million.

Eban plans to use the newly raised capital to expand into crypto mining, to open crypto exchanges in Canada and Singapore, and to launch a Robinhood-like Bitcoin trading platform. Guo Yi, COO at Univest Securities, which underwrote the deals said,

“Ebang’s growth story is very attractive to institutional investors … fundraising by all industry players is getting busier thanks to the bitcoin bull.”

Last month, it also announced that it would be launching Dogecoin (DOGE) and Litecoin (LTC) mining operations, for which they completed a design of a chip for simultaneous mining.

A newcomer, another Chinese company, Code Chain New Continent Ltd, the waste recycling company raised $25 million in February to foray into Bitcoin mining, for which it has ordered 10,000 machines. David Feng, co-CEO of Code Chain said,

“Bitcoin prices present us with a unique opportunity to establish mining operations.”

Another Nasdaq-listed Chinese Bitcoin mining machine maker, Canaan Inc., is expanding into mining.

In private markets, “competition is white-hot and filled with sharp elbows,” said Jehan Chu, managing partner at Hong Kong-based blockchain venture capital firm Kenetic Capital. “Every good-quality funding round is oversubscribed within a week of it being announced.”

Crypto miner Argo Blockchain announced this week that it had raised around £26.8mln (nearly $37.5 million) through a placing of new shares to institutional and other investors. It will allow the company to complete an investment in Pluto Digital Assets and pursue strategic opportunities in crypto mining, decentralized finance (DeFi), and Web 3.0 initiatives.

Cobo, a crypto custodian and wallet service provider, is also planning to launch a new round of venture capital funding this month to finance its international expansion. “The market is bullish, and our business is growing very, very rapidly,” said Jiang Changhao, co-founder and CTO of the Beijing-based company, aiming for tens of millions of dollars.

Amidst this, the world’s largest crypto-mining equipment maker, Bitmain, has been the target of an investigation into illegal talent from Taiwanese firms over a period of three years. Taiwan prohibits firms from China from recruiting locally or doing business without prior approval.

In other news, JPMorgan has filed for a “Cryptocurrency Exposure Basket” through companies that invest in digital assets. The referenced stocks are Riot Blockchain, NVIDIA Corporation, Taiwan Semiconductor Manufacturing Company Ltd., and others.

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Author: AnTy

The Graph’s GRT Pumps and Dumps Following the Crowd Euphoria & Listing FOMO

The Graph’s GRT Pumps and Dumps Following the Crowd Euphoria & Listing FOMO

The price of GRT skyrocketed more than 650% to $0.77 in a matter of a couple of days, thanks to the crypto exchanges’ FOMO.

As we reported last week, the mainnet of the indexing protocol The Graph (GRT) went live, which helped push up the token prices.

The indexing protocol and global API for organizing blockchain data, The Graph, allows developers to use its Explorer to search, find, and publish all the public data needed to build decentralized applications.

The day the mainnet was launched, the very same day, Coinbase listed the token on this platform, made it available on its apps, and allowed its users to make some money in GRT through its EARN program.

But this was expected as Coinbase Ventures was an investor in The Graph’s $5 million token sale earlier this year.

GRT’s Coinbase listing led other big crypto exchanges like Binance, OKEx, Kraken, and Kucoin to allow the trading of GRT tokens as well.

During this time, GRT remained the hottest topic on social media. This rage was also seen on the exchanges, so much so that GRT recorded more volume than the world’s largest cryptocurrency, Bitcoin, on the San Francisco-based Coinbase.

Over the weekend, GRT’s volume leveled with Bitcoin on Coinbase at $400 million, only to surpass it soon after.

But all this FOMO led the prices of GRT to drop soon, today; it is down 19% while trading at the $0.427 level continuing its descent from yesterday. Santiment noted,

“GRT displayed a textbook example of what happens when the crowd gets euphoric about an asset in unison. The result is typically an unintentional pump and dump.”

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Author: AnTy

Risk Appetite Returning in Bitcoin Market While Large BTC Holders Are Growing

Unlike the euphoria in the US stock market, the digital asset market remains completely stable.

With all the money flowing into the stock market, the US dollar which stayed strong during the March sell-off has been declining steadily since mid-May. In contrast to USD, the price of oil is going up but gold is on a decline.

The madness in the stocks however, is reminding crypto enthusiasts of the 2017 bull run. According to analyst Mati Greenspan, the main perpetrator of these “ridiculous” moves is the unwavering support from the Fed which has injected trillions of dollars into the market.

“The thing about infinity is that it doesn’t differentiate between good companies and bad companies. In fact, once we remove all risk, there’s arguably more upside potential in an asset that has little inherent value,” wrote Greenspan in his daily newsletter.

In this week’s two day meeting of the Fed, strategists are expecting Chairman Jerome Powell to soothe markets and reveal its first forecast for the economy.

With the recent market exuberance combined with the latest job data, there is a dilemma ahead for the Fed. If the Fed announces further stimulus, it would risk making the market even crazier and if they withdraw stimulus, the risk is even greater, Greenspan said.

Bitcoin between crucial support and resistance levels

In the bitcoin market, “risk appetite is returning” with open interest on CME Bitcoin options nearly entirely in calls.

In a call option, the holder gets the right to buy an asset while in case of put option it’s the right to sell an asset.

Also, total bitcoin options open interest has surpassed $1.5bln, only one month after crossing $1bln, reported Skew.

Currently, bitcoin is trading just above $9,700 and keeping within the tight range it has been trading in since early June. According to trader Crypto Michael, the current range is a no-trade zone and it is time to be patient.

The leading digital currency is currently between crucial support and resistance levels. As per IntoTheBlock IOMAP Model, around 2.2 million dresses bought over 1.4 million bitcoin between $9,400 and $9,700. Also, about 861,000 addresses bought 560k BTC in the price range of $9,750 and $10,000.

Meanwhile, altcoins are enjoying a rally. Today it’s Maker’s day which is up 23%. Other altcoins recording substantial gains are Loopring (21.54%), Zilliqa (15.38%), and Kyber Network (13.77%).

“We have seen a major re-rating in many of the smaller altcoins (esp DeFi ones) in the past 4-5 weeks while BTC has been range bound. At some point, the valuation of these alts will start to look frothy and the capital will flow back to BTC,” said SpartanBlack of the crypto hedge fund The Spartan Group.

Interestingly, over the past five days, 43 new addresses joined the 100+ Bitcoin club, seeing an uptrend after declining at the beginning of the month.

“Over the past few months, the growing number of large BTC holders has coincided with short-term price rallies for the top coin, and vice versa: short-term whale drop-offs typically signaled an incoming price correction as well,” observed Santiment.

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Author: AnTy