OpenSea receives SEC Wells notice, monthly NFT sales fall below $400M: Nifty Newsletter

OpenSea CEO Devin Finzer said that the NFT marketplace received a Wells notice from the SEC, suggesting potential enforcement action from the agency.

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NFT sales plummet to lowest monthly volume since 2021 CryptoSlam

NFT transactions dropped 32% from 7.3 million in August to 4.9 million in September. 

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3 Reasons Bitcoin Price Rally Is At Risk Details

Bitcoin emerged as an investors favorite this past week, recording a price rise of 4.07% according to data from CoinMarketCap. During this price surge, the premier cryptocurrency traded as high as $66,000, a level last reached in late July. However, despite this price gain which extends Bitcoins unusual positive performance in September, certain market conditions indicate concern over the sustainability of this rally. Related Reading: Bitcoin Set For Biggest September Gains In A Decade: Heres Why Why Bitcoins Rally Is In Danger In a Quicktake post on CryptoQuant, an analyst with username Wenry outlined several reasons Bitcoin may not sustain its current upward trend. Firstly, Wenry notes that there is a lack of interest from retail investors in Korea and the US as indicated by a stagnant Taker volume. This status is different from previous Bitcoin price rallies where retail activity in these countries was prominent. Therefore, the analyst postulates that the current price surge is devoid of new investments and is likely driven by a select group of market participants. Furthermore, Wenry highlights there is currently a high level of Open Interest in the BTC market, but the asset continues to move in a range-bound market i.e. consolidation due to a low spot volume. The combination of both factors reflects the absence of a significant buying interest in Bitcoin despite the present rally.   Another point of concern raised by Wenry states the current Bitcoin price gain is caused by a rise in derivatives trading due to macroeconomic factors such as the reduction of interest rates. The crypto analyst pinpoints a lack of equal support from the spot market therefore, the rally is likely a temporal uptick rather than a structural market shift. In conclusion, Wenry states that the absence of significant spot market volume, a stagnant Taker volume, and low retail participation all threaten the longevity of Bitcoins current rally. Notably, if retail investors remain away from the market, Bitcoin would likely remain in consolidation or even experience a price correction. Related Reading: Analyst Backs Bitcoin Hitting $290,000 In Bull Run Heres Why Bitcoin To Break All-Time High In Q4?  On another front, popular analyst Michaël van de Poppe has backed Bitcoin to surpass its all-time high price of $73,750 in the last quarter of 2024, following a similar trajectory with gold. Van de Poppes prediction seems quite plausible as Q4 is traditionally the most bullish moment for Bitcoin. In addition, the renowned analyst is also backing altcoins to experience a 3-5x price surge in the same period. At the time of writing, Bitcoin continues to trade at $65,810 following a 0.40% gain in the last day. In tandem, the assets daily trading volume is down 53.16% and valued at $65,649.  Featured image from Freepik, chart from Tradingview

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Monthly NFT sales fall below $400M, marking yearly low

NFTs saw a sharp decline in August 2024, with monthly sales dropping to $374 million the lowest this year.

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Ethereums value accretion narrative under duress after 19% drop in ETH DApp volumes

ETH price struggles to find reasons to rally after the networks DApp volumes drop and Ether languishes near the $2,250 support.

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Increasing Ethereum network use strengthens the case for ETH price rally to $3K

Surging Ethereum network activity and growing adoption of layer-2 scaling solutions pave the way for an ETH price rally to $3,000.

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Crypto trading volumes surge 19% in July, hitting $4.94 trillion

With both spot and derivatives trading showing robust growth, exchanges like Bybit and Binance continue to play pivotal roles in facilitating this activity.

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Social Media Screams Sell As Bitcoin Crashes To $54,000: Buy Signal?

Data shows users on social media platforms have been calling to sell Bitcoin after its latest crash, a signal that contrarian traders may be waiting for. Bitcoin Sentiment On Social Media Has Turned Quite Bearish According to data from the analytics firm Santiment, social media is showing historic levels of FUD amid the market drawdown. The indicator of interest here is the “Social Volume,” which basically tells us about the degree of discussion around a given topic or term that users on the major social media platforms are currently participating in. This metric works by going through posts/threads/messages on these platforms to look for mentions of the keyword. The indicator then counts up the number of posts that contain at least one such mention. Related Reading: Bitcoin Traders Sink Into Fear As Price Crashes Below $58,000 The reason the Social Volume doesn’t simply count up the mentions themselves is that mentions alone don’t contain any information about if the trend is being followed across social media as a whole. Sometimes, for example, mentions can be high for a topic, but most of them could be limited to niche circles (that is, inside a few posts). The Social Volume naturally wouldn’t spike in this case, but it would when users across the platforms are making posts about the term. Now, what the analytics firm has done here is that it has applied terms related to sentiment to Social Volume, to differentiate between discussions related to positive and negative sentiments. Here is the chart shared by Santiment that shows how the Social Volume for negative and positive sentiments has changed alongside the recent Bitcoin volatility: To discern the sentiment, the analytics firm has chosen terms such as buy, bottom, and bullish in the case of positive sentiment, and sell, top, and bearish for negative sentiment. From the graph, it’s visible that the Social Volume for the latter type of keywords has observed a huge spike alongside the plunge in the Bitcoin price. This would imply that a large amount of bearish posts have popped up on social media. The indicator has also spiked for terms pertaining to positive sentiment, but clearly, the scale has been lesser than the one for bearish terms. In fact, the latest ratio between sell and buy calls has actually been the largest observed in the year so far. Thus, it would appear that social media users as a whole are feeling FUD towards Bitcoin. This may actually be a positive development for the cryptocurrency, however, as its price has historically been more likely to move in the opposite direction to what the crowd expects. Related Reading: Why Did Bitcoin Plunge Under $58,000? On-Chain Data Says This As is apparent in the chart, buying calls had spiked on a few occasions following price plunges in the past month, but this optimism had only led to a continued decline for the asset. With the latest crash, sentiment appears to have finally flipped, with Bitcoin traders starting to give up. “For bold traders, this is a window that some may wish to be a true contrarian and buy into the crowd’s anger and frustration,” notes Santiment. BTC Price Bitcoin had briefly slipped under the $54,000 level during the plunge, but the asset appears to have bounced back to $55,400 since then. Featured image from Dall-E, Santiment.net, chart from TradingView.com

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Artists sue SEC over NFT status, DraftKings kills NFT business: Nifty Newsletter

Two artists have taken legal action to demand clarification from the SEC over the status of NFTs.

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NFTs face lowest monthly sales since November 2023

Despite having a lesser sales volume, NFTs showed a 73% increase in transactions recorded in July.

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Spot Ethereum ETFs are coming, but ETH derivatives markets are flat

Ether futures show little confidence in the chance of ETH breaking above $4,000 in the near term.

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Solana traders chase $180 target after SOL gains 13% in 2-days

A surge in Solana network activity, memecoin prices and optimistic derivatives markets could be a sign that SOL is aiming for $180.

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Pixelverse to put Pudgy Penguin character on Telegram mini game

A Pudgy Penguins character integrates into Pixelverse, joining characters like Doge from Dogecoin and Mew from the Solana memecoin MEW.

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Crypto trading volume to exceed $108T in 2024, with Europe in the lead

Crypto trading volume is projected to surpass $108 trillion in 2024, with Europe leading in global transaction value and Binance being the most dominant exchange worldwide.

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Ethereum price data points to impending rally above $3.4K

Three key Ethereum price metrics suggest ETH is primed for a rally above $3,400.

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Crypto Exchange Volumes Dip 20% in June, But Huobi Bucks the Trend

The pastsix months could have been some of the most significant in Bitcoin's history.However, the continuing decline in prices from historical highs has led toreduced investor activity, resulting in a 20% decrease in average spot volumesamong the largest digital asset exchanges. Compared to June 2023, the resultfor the last month was still more than double.

Crypto Spot Volumes DownMonthly, Yet Growing Annually

June sawthe third consecutive month of declines in spot volumes for the top tencryptocurrency exchanges, dropping to $812 billion from over $1 trillionreported in May.

Accordingto Finance Magnates Intelligence, the month-over-month depreciationaveraged almost 20% in June 2023. Nearly all the exchanges analyzed reporteddecreases. OKX, for example, lost 26%, falling from third place and now out ofthe top rankings.

Huobi tookadvantage of the situation, being the only one to overcome the adverse markettrend and achieve a modest increase in volume by 6% to $72.1 billion.

Yet, as inprevious months, the monthly declines do not reflect the annual condition.Year-on-year volumes are still higher, growing by 120% compared to June 2023,when they stood at $422 billion.

The ranking leaders grew by more than threefold annually, as seen with ByBit and evenfivefold in the case of Huobi.

The CEXindustry has experienced significant growth in 2024. Total aggregate spotvolumes have reached $10.6 trillion in the first half of 2024, compared to$4.32 trillion in the second half of 2023, a 145% increase and demonstratingthe resilience of this sub-sector compared to others within the broaderindustry, commented CCData.

Binance Continues to Leadthe Way

Binance andByBit remain the two largest exchanges by spot volumes. Binance's market sharemodestly decreased by 2 percentage points to 54%, while ByBit's grew by thesame amount to 14%.

OKX,meanwhile, dropped out of the top three and was replaced by Huobi, which now accountsfor 9% of the market share. Binance, ByBit, and Huobi currently account forover 75% of the total turnover among the top ten exchanges by spot volumes.Binance also recently reported that it surpassed the 200 million user mark.

Thecryptocurrency market is now entering a quarter that historically has been oneof the worst for Bitcoin returns. The oldest cryptocurrency barely held aboveits February lows, bouncing back from the $53,000 level.

Throughoutthe summer, significant selling pressure may persist on digital assets, drivenby the monetary policies of major central banks and the liquidation of assetsbelonging to Mt. Gox.

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BNB blasts past $700. Is there a limit to this rally?

BNB Chain activity and BNB derivatives indicate a healthy bull run, but no room for further upside.

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Despite heavy outflows, CEXs continue to be pillars of liquidity

Centralized exchanges are the primary gateways for traders to buy and sell crypto. Despite the significant rise in popularity and usage of decentralized exchanges (DEXs) in the past year, CEXs still facilitate most crypto trades. As such, they provide the foundational infrastructure for market liquidity and price discovery. Understanding their health and performance is important […]

The post Despite heavy outflows, CEXs continue to be pillars of liquidity appeared first on CryptoSlate.

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Galaxy tokenizes violin to secure loan, NFT sales volume tumbles: Nifty Newsletter

NFTs recorded a 54% drop in sales volume, from over $1 billion in April to $624 million in May.

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3 ways traders can avoid trading tokens with manipulated volumes

Manipulated trading volumes are rampant on some crypto exchanges. Here are three ways to use data to avoid being washed out.

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