International cryptocurrency News

08/14/2022

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08/13/2022

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08/04/2022

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07/24/2022

Axie Infinity Sales Record A Massive Slump, Losing Over $120 MillionDenison 07/13/2022 at 20:00 on 07/13/2022 at 20:00 on 07/13/2022 at 20:00 Before now, Axie Infinity had maintained a solid foothold in the non-fungible token (NFT) space. Through massive sales, it stood as one of the leading and most successful NFT collectibles. The network had recorded almost $4.08 billion in sales volume. But June 2022 sales seem to be a mockery of its feats over the past year. Sky Mavis, a Vietnamese studio, launched Axie Infinity in March 2018. It’s an online video game based on NFTs. The platform has gained popularity from using Ethereum-based tokens through its gaming economy. The gaming project runs on the Ronin blockchain. Related Reading | Wall Street Investors Expect Bitcoin To Hit $10,000, Is This Possible? The whole crypto industry keeps receiving blows, topped by discouraging news such as Coinbase selling users’ Geo data, making people even more suspicious about the market, and the NFT space looks no different. The platform centers on using Axies, the Pokemon-Esque creators. In the game, players could receive Axies, the virtual pets, and subsequently breed and raise them for future use. They serve as formidable tools in gaming battles for players. Once the players advance in their skills and levels, they would possibly get rewards. The NFT collectible then witnessed a drastic drop in its June sales volume. The main influencing factor is the prevailing crypto bear market that has crippled the majority of activities in the industry. Hence, there is an overall reduction in NFT investment choices from different angles. June’s record from the recent Research for Axie Infinity placed the sales volume at about $3.18 million. The value is a considerable gap between its May volume of about $7.09 million. Comparing the two months indicates that June’s volume declined by 55% from May’s sales volume. A general review of NFT monthly sales volume in 2022 shows June’s sales as the lowest. Its drop marks the first time since Feb 2021 for Axie Infinity to get a monthly book lower than $4 million. This is after the collectible recorded $1.67 million in Feb 2021. Axie Infinity NFT Collectibles Record A Drop-In June Sales Volume The negative trend is not just peculiar to Axie Infinity only. The NFT industry has June’s sales as the lowest for almost all collections. Some of them include Mutant Ape Yacht Club, CryptoPunks, Bored Ape Yacht Club, Moonbirds, NBA Top Shot, Meebits, and other collections that recorded low June sales volumes including Otherdeeds, Art Block, Azuki, etc. Observing the reduced number of unique buyers for the Axie Infinity NFT in June 2022 shows more details about the drop. First, it explains the dip in transactions with the NFT collections. For June, its unique buyers were 52,507 with about 307,431 transactions. However, the NFT collection had hit its monthly high in sales for 2022 in January. It recorded about 314,642 unique buyers with 1,296,870 transactions. Also, by the end of January, Axie Infinity had almost $126.49 million of sales volume. With its drop in June, the NFT collectible records a yearly low slump of $123.32 million from its January high. Related Reading | Bitcoin Daily Exchange Net Flows Shows Sell-Offs Have Not Subsided Also, Axie Infinity has an average sales value for both January and June to be $97.54 and $10.34, respectively. A comparison indicates a drop of about 89% between the months. Daily chart shows 1% growth on the day chart | Source: AXSUSD on TradingView.com Featured image from Pexels, charts from TradingView.comBefore now, Axie Infinity had maintained a solid foothold in the non-fungible token (NFT) space. Through massive sales, it stood as one of the leading and most successful NFT collectibles. The network had recorded almost $4.08 billion in sales volume. But June 2022 sales seem to be a mockery of its feats over the past year. Sky Mavis, a Vietnamese studio, launched Axie Infinity in March 2018. It’s an online video game based on NFTs. The platform has gained popularity from using Ethereum-based tokens through its gaming economy. The gaming project runs on the Ronin blockchain. Related Reading | Wall Street Investors Expect Bitcoin To Hit $10,000, Is This Possible? The whole crypto industry keeps receiving blows, topped by discouraging news such as Coinbase selling users’ Geo data, making people even more suspicious about the market, and the NFT space looks no different. The platform centers on using Axies, the Pokemon-Esque creators. In the game, players could receive Axies, the virtual pets, and subsequently breed and raise them for future use. They serve as formidable tools in gaming battles for players. Once the players advance in their skills and levels, they would possibly get rewards. The NFT collectible then witnessed a drastic drop in its June sales volume. The main influencing factor is the prevailing crypto bear market that has crippled the majority of activities in the industry. Hence, there is an overall reduction in NFT investment choices from different angles. June’s record from the recent Research for Axie Infinity placed the sales volume at about $3.18 million. The value is a considerable gap between its May volume of about $7.09 million. Comparing the two months indicates that June’s volume declined by 55% from May’s sales volume. A general review of NFT monthly sales volume in 2022 shows June’s sales as the lowest. Its drop marks the first time since Feb 2021 for Axie Infinity to get a monthly book lower than $4 million. This is after the collectible recorded $1.67 million in Feb 2021. Axie Infinity NFT Collectibles Record A Drop-In June Sales Volume The negative trend is not just peculiar to Axie Infinity only. The NFT industry has June’s sales as the lowest for almost all collections. Some of them include Mutant Ape Yacht Club, CryptoPunks, Bored Ape Yacht Club, Moonbirds, NBA Top Shot, Meebits, and other collections that recorded low June sales volumes including Otherdeeds, Art Block, Azuki, etc. Observing the reduced number of unique buyers for the Axie Infinity NFT in June 2022 shows more details about the drop. First, it explains the dip in transactions with the NFT collections. For June, its unique buyers were 52,507 with about 307,431 transactions. However, the NFT collection had hit its monthly high in sales for 2022 in January. It recorded about 314,642 unique buyers with 1,296,870 transactions. Also, by the end of January, Axie Infinity had almost $126.49 million of sales volume. With its drop in June, the NFT collectible records a yearly low slump of $123.32 million from its January high. Related Reading | Bitcoin Daily Exchange Net Flows Shows Sell-Offs Have Not Subsided Also, Axie Infinity has an average sales value for both January and June to be $97.54 and $10.34, respectively. A comparison indicates a drop of about 89% between the months. Featured image from Pexels, charts from TradingView.comCryptocurrency news, Axie Infinity, bitcoin, NFTBefore now, Axie Infinity had maintained a solid foothold in the non-fungible token (NFT) space. Through massive sales, it stood as one of the leading and most successful NFT collectibles. The network had recorded almost $4.08 billion in sales volume. But June 2022 sales seem to be a mockery of its feats over the past year. Sky Mavis, a Vietnamese studio, launched Axie Infinity in March 2018. It’s an online video game based on NFTs. The platform has gained popularity from using Ethereum-based tokens through its gaming economy. The gaming project runs on the Ronin blockchain. Related Reading | Wall Street Investors Expect Bitcoin To Hit $10,000, Is This Possible? The whole crypto industry keeps receiving blows, topped by discouraging news such as Coinbase selling users’ Geo data, making people even more suspicious about the market, and the NFT space looks no different. The platform centers on using Axies, the Pokemon-Esque creators. In the game, players could receive Axies, the virtual pets, and subsequently breed and raise them for future use. They serve as formidable tools in gaming battles for players. Once the players advance in their skills and levels, they would possibly get rewards. The NFT collectible then witnessed a drastic drop in its June sales volume. The main influencing factor is the prevailing crypto bear market that has crippled the majority of activities in the industry. Hence, there is an overall reduction in NFT investment choices from different angles. June’s record from the recent Research for Axie Infinity placed the sales volume at about $3.18 million. The value is a considerable gap between its May volume of about $7.09 million. Comparing the two months indicates that June’s volume declined by 55% from May’s sales volume. A general review of NFT monthly sales volume in 2022 shows June’s sales as the lowest. Its drop marks the first time since Feb 2021 for Axie Infinity to get a monthly book lower than $4 million. This is after the collectible recorded $1.67 million in Feb 2021. Axie Infinity NFT Collectibles Record A Drop-In June Sales Volume The negative trend is not just peculiar to Axie Infinity only. The NFT industry has June’s sales as the lowest for almost all collections. Some of them include Mutant Ape Yacht Club, CryptoPunks, Bored Ape Yacht Club, Moonbirds, NBA Top Shot, Meebits, and other collections that recorded low June sales volumes including Otherdeeds, Art Block, Azuki, etc. Observing the reduced number of unique buyers for the Axie Infinity NFT in June 2022 shows more details about the drop. First, it explains the dip in transactions with the NFT collections. For June, its unique buyers were 52,507 with about 307,431 transactions. However, the NFT collection had hit its monthly high in sales for 2022 in January. It recorded about 314,642 unique buyers with 1,296,870 transactions. Also, by the end of January, Axie Infinity had almost $126.49 million of sales volume. With its drop in June, the NFT collectible records a yearly low slump of $123.32 million from its January high. Related Reading | Bitcoin Daily Exchange Net Flows Shows Sell-Offs Have Not Subsided Also, Axie Infinity has an average sales value for both January and June to be $97.54 and $10.34, respectively. A comparison indicates a drop of about 89% between the months. Featured image from Pexels, charts from TradingView.com

https://internationalcurrenciess.com/axie-infinity-sales-record/

International cryptocurrency news International cryptocurrency news

07/22/2022

Negative CPI Report Causes Bitcoin Market Cap To Lose $15 Billion In 10 MinutesAnifowoshe Ibrahimon 07/13/2022 at 20:17 on 07/13/2022 at 20:17 on 07/13/2022 at 20:17 For the month of June 2022, the US Bureau of Labor Statistics published its Consumer Price Index. The Negative CPI was found to be 9.1%, the largest inflation increase in the US in the previous 40 years. The Federal Reserve’s monetary policy is determined by the CPI, which is a reliable indicator of inflation. Negative CPI Report Causes Bitcoin To Tumble Prior to the release of U.S. inflation statistics on July 12, the price of Bitcoin (BTC) settled into a solid holding pattern, which ultimately added more negative volatility. According to the latest CPI report for June, inflation in the United States reached 9.1%, which is the highest level since November 1981. This news only served to accelerate the downward trend in Bitcoin and the cryptocurrency market. Following the release of the CPI, BTC falls by around 4% within ten minutes. Traditional market gauges like the S&P 500, Dow Jones, and NASDAQ are all sharply lower. According to TradingView data, Bitcoin is currently trading at $19,180, down 3.45% on the day and 4.70% for the past week, with a total market cap of $366 billion. Notably, the flagship digital asset lost $15 billion from its market capitalization, dropping from $379.91 billion to $364.55 billion. Bitcoin market cap at $374 Billion. Source: TradingView The CPI for the previous month revealed an increase in inflation of 8.6% year over year, the highest level since 1981. The Fed implemented quantitative tightening monetary policies in response to extremely high inflation. The entire crypto industry saw a severe downturn as a result of the Fed’s hardline monetary policy. The last ten years’ worst financial quarter for Bitcoin was experienced. Related Reading | Wall Street Investors Expect Bitcoin To Hit $10,000, Is This Possible? This revelation may have severe effects for the cryptocurrency markets, if last month’s CPI is any indicator. Investors took a collective deep breath as the time for the release of the inflation statistics ticked down. The global markets remained calm, but as many prominent crypto trading analysts had hinted at the start of the week, an announcement—positive or negative—would be said to have a significant impact on the price of digital assets. The United States Federal Reserve will be under even more pressure to raise interest rates as a result of the inflation statistics, which was much higher than expected. More Pressure Since Bitcoin has so far been unable to act as an inflation hedge, it has experienced a considerable loss in value this year, plummeting by around 72%. Along with other risk assets, Bitcoin has been severely impacted by the Fed’s monetary policies because it has always existed in a low-interest rate environment. The Federal Reserve would be able to pull off a soft landing, so avoiding a recession while significantly raising interest rates, according to strong job numbers that were reported last week. Despite the fact that interest rates have been sharply climbing, this was the case. Crypto traders and investors were heavily shorting Bitcoin and other cryptocurrencies before to the long-awaited data’s release because netflow to exchange-traded funds that give investors exposure to short Bitcoin reported roughly $15 million in inflows in only one day. Source: Arcane Research The founder of Eight Global, Michal van de Poppe, stated that the CPI will determine whether or not Bitcoin succeeds. The support level of $19.5K and resistance level of $19.8K present a significant test for BTC. Depending on the CPI, BTC is anticipated to experience a significant decline. Related Reading | Glassnode: Bitcoin LTHs Who Bought During 2017-2020 Aren’t Selling Yet Featured image from Shutterstock, charts from TradingView.com and Arcane ResearchFor the month of June 2022, the US Bureau of Labor Statistics published its Consumer Price Index. The Negative CPI was found to be 9.1%, the largest inflation increase in the US in the previous 40 years. The Federal Reserve’s monetary policy is determined by the CPI, which is a reliable indicator of inflation. Negative CPI Report Causes Bitcoin To Tumble Prior to the release of U.S. inflation statistics on July 12, the price of Bitcoin (BTC) settled into a solid holding pattern, which ultimately added more negative volatility. According to the latest CPI report for June, inflation in the United States reached 9.1%, which is the highest level since November 1981. This news only served to accelerate the downward trend in Bitcoin and the cryptocurrency market. Following the release of the CPI, BTC falls by around 4% within ten minutes. Traditional market gauges like the S&P 500, Dow Jones, and NASDAQ are all sharply lower. According to TradingView data, Bitcoin is currently trading at $19,180, down 3.45% on the day and 4.70% for the past week, with a total market cap of $366 billion. Notably, the flagship digital asset lost $15 billion from its market capitalization, dropping from $379.91 billion to $364.55 billion. Bitcoin market cap at $374 Billion. Source: TradingView The CPI for the previous month revealed an increase in inflation of 8.6% year over year, the highest level since 1981. The Fed implemented quantitative tightening monetary policies in response to extremely high inflation. The entire crypto industry saw a severe downturn as a result of the Fed’s hardline monetary policy. The last ten years’ worst financial quarter for Bitcoin was experienced. Related Reading | Wall Street Investors Expect Bitcoin To Hit $10,000, Is This Possible? This revelation may have severe effects for the cryptocurrency markets, if last month’s CPI is any indicator. Investors took a collective deep breath as the time for the release of the inflation statistics ticked down. The global markets remained calm, but as many prominent crypto trading analysts had hinted at the start of the week, an announcement—positive or negative—would be said to have a significant impact on the price of digital assets. The United States Federal Reserve will be under even more pressure to raise interest rates as a result of the inflation statistics, which was much higher than expected. More Pressure Since Bitcoin has so far been unable to act as an inflation hedge, it has experienced a considerable loss in value this year, plummeting by around 72%. Along with other risk assets, Bitcoin has been severely impacted by the Fed’s monetary policies because it has always existed in a low-interest rate environment. The Federal Reserve would be able to pull off a soft landing, so avoiding a recession while significantly raising interest rates, according to strong job numbers that were reported last week. Despite the fact that interest rates have been sharply climbing, this was the case. Crypto traders and investors were heavily shorting Bitcoin and other cryptocurrencies before to the long-awaited data’s release because netflow to exchange-traded funds that give investors exposure to short Bitcoin reported roughly $15 million in inflows in only one day. Source: Arcane Research The founder of Eight Global, Michal van de Poppe, stated that the CPI will determine whether or not Bitcoin succeeds. The support level of $19.5K and resistance level of $19.8K present a significant test for BTC. Depending on the CPI, BTC is anticipated to experience a significant decline. Related Reading | Glassnode: Bitcoin LTHs Who Bought During 2017-2020 Aren’t Selling Yet Featured image from Shutterstock, charts from TradingView.com and Arcane ResearchBitcoin, Cryptocurrency news, bitcoin, Crypto Prices, Fed report, inflation rateFor the month of June 2022, the US Bureau of Labor Statistics published its Consumer Price Index. The Negative CPI was found to be 9.1%, the largest inflation increase in the US in the previous 40 years. The Federal Reserve’s monetary policy is determined by the CPI, which is a reliable indicator of inflation. Negative CPI Report Causes Bitcoin To Tumble Prior to the release of U.S. inflation statistics on July 12, the price of Bitcoin (BTC) settled into a solid holding pattern, which ultimately added more negative volatility. According to the latest CPI report for June, inflation in the United States reached 9.1%, which is the highest level since November 1981. This news only served to accelerate the downward trend in Bitcoin and the cryptocurrency market. Following the release of the CPI, BTC falls by around 4% within ten minutes. Traditional market gauges like the S&P 500, Dow Jones, and NASDAQ are all sharply lower. According to TradingView data, Bitcoin is currently trading at $19,180, down 3.45% on the day and 4.70% for the past week, with a total market cap of $366 billion. Notably, the flagship digital asset lost $15 billion from its market capitalization, dropping from $379.91 billion to $364.55 billion. Bitcoin market cap at $374 Billion. Source: TradingView The CPI for the previous month revealed an increase in inflation of 8.6% year over year, the highest level since 1981. The Fed implemented quantitative tightening monetary policies in response to extremely high inflation. The entire crypto industry saw a severe downturn as a result of the Fed’s hardline monetary policy. The last ten years’ worst financial quarter for Bitcoin was experienced. Related Reading | Wall Street Investors Expect Bitcoin To Hit $10,000, Is This Possible? This revelation may have severe effects for the cryptocurrency markets, if last month’s CPI is any indicator. Investors took a collective deep breath as the time for the release of the inflation statistics ticked down. The global markets remained calm, but as many prominent crypto trading analysts had hinted at the start of the week, an announcement—positive or negative—would be said to have a significant impact on the price of digital assets. The United States Federal Reserve will be under even more pressure to raise interest rates as a result of the inflation statistics, which was much higher than expected. More Pressure Since Bitcoin has so far been unable to act as an inflation hedge, it has experienced a considerable loss in value this year, plummeting by around 72%. Along with other risk assets, Bitcoin has been severely impacted by the Fed’s monetary policies because it has always existed in a low-interest rate environment. The Federal Reserve would be able to pull off a soft landing, so avoiding a recession while significantly raising interest rates, according to strong job numbers that were reported last week. Despite the fact that interest rates have been sharply climbing, this was the case. Crypto traders and investors were heavily shorting Bitcoin and other cryptocurrencies before to the long-awaited data’s release because netflow to exchange-traded funds that give investors exposure to short Bitcoin reported roughly $15 million in inflows in only one day. Source: Arcane Research The founder of Eight Global, Michal van de Poppe, stated that the CPI will determine whether or not Bitcoin succeeds. The support level of $19.5K and resistance level of $19.8K present a significant test for BTC. Depending on the CPI, BTC is anticipated to experience a significant decline. Related Reading | Glassnode: Bitcoin LTHs Who Bought During 2017-2020 Aren’t Selling Yet Featured image from Shutterstock, charts from TradingView.com and Arcane Research

https://internationalcurrenciess.com/negative-cpi-report-causes-bitcoin-market/

International cryptocurrency news International cryptocurrency news

07/22/2022

How NFTs Forecasted A Crypto Recovery, Nansen Report ClaimsReynaldo Marquezon 07/13/2022 at 22:16 on 07/13/2022 at 22:16 on 07/13/2022 at 22:16 Crypto research firm Nansen published a report shared with NewsBTC, on non-fungible tokens (NFTs) and their performance amid the persistent bearish trend across the industry. NFTs have been a hot sector since 2021 as they facilitated broader adoption of digital assets but have taken a toll as Bitcoin and other cryptocurrencies trend to the downside. Related Reading | Axie Infinity Sales Record A Massive Slump, Losing Over $120 Million ETH’s price trends to the downside on the 4-hour chart. Source: ETHUSD Tradingview According to Nansen, their NFT Blue Chip-10 and NFT 500 Indexes displayed strength last month. At that time, Bitcoin and larger cryptocurrencies were on the brink of recording yearly lows. BTC’s price crashed to a multi-year low of around $17,500. In the meantime, the Nansen Blue Chip-10 reported a 23.6% increase as early as June 2022 and possibly hinted at a decrease in selling pressure for the industry. In June, the crypto market saw a capitulation event as major crypto investment firms became forced sellers as they defaulted on standing debt obligations. NFTs operated as an indicator of future activity for the crypto market. As Nansen’s Indexes trended in the opposite direction throughout June, the positive performance extended and hinted at the formation of a local bottom for Bitcoin and Ethereum. The report claimed the following on the general sentiment across the crypto market and how NFTs have been outperforming even in periods of turmoil and persistent selling pressure: Blue Chip NFTs led the trend reversal in June (…). Although the last week of June saw a bear market rally within the broad crypto market, it appears that this uptrend started earlier in the NFT market. All Non-Fungible Token (NFT) sectors recorded a bounce in June (when measured in ETH), except for Gaming NFTs at the end of Q2 2022. In July, the crypto market has seen some relief with the price of Bitcoin trading above its 2017 all-time high, north of $20,000. However, BTC’s price has been losing steam and seems poised for another period of sideways movement and consolidation. What NFTs Spell For The Crypto Market In The Short Term Additional data provided by Nansen claims the recovery in this sector might be unsustainable. Despite the positive performance in June, these digital assets record a decrease in trading volume, transaction count, and active users, as seen below. Source: Nansen This decrease in sector activity corresponds with NFTs investors reducing risk and adapting to current macro-economic conditions. Nansen noted: (…) Within the Ethereum (ETH) DeFi sector, we are witnessing a dramatic deleveraging event with a sizable investor base realizing historically significant losses. A ‘risk off’ sentiment is still highly evident in the NFT market and the limited liquidity in the NFT market hints that this uptrend might not sustain (…). Related Reading | Negative CPI Report Causes Bitcoin Market Cap To Lose $15 Billion In 10 Minutes However, the sector records an increase in first-time buyers and a decrease in its Buyers-Seller Ratio. This metric is used to measure the general sentiment across NFT investors which seems to be more optimistic than in the overall crypto market and, according to Nansen, “highlights the development of NFTs as a sector”. Source: NansenCrypto research firm Nansen published a report shared with NewsBTC, on non-fungible tokens (NFTs) and their performance amid the persistent bearish trend across the industry. NFTs have been a hot sector since 2021 as they facilitated broader adoption of digital assets but have taken a toll as Bitcoin and other cryptocurrencies trend to the downside. Related Reading | Axie Infinity Sales Record A Massive Slump, Losing Over $120 Million According to Nansen, their NFT Blue Chip-10 and NFT 500 Indexes displayed strength last month. At that time, Bitcoin and larger cryptocurrencies were on the brink of recording yearly lows. BTC’s price crashed to a multi-year low of around $17,500. In the meantime, the Nansen Blue Chip-10 reported a 23.6% increase as early as June 2022 and possibly hinted at a decrease in selling pressure for the industry. In June, the crypto market saw a capitulation event as major crypto investment firms became forced sellers as they defaulted on standing debt obligations. NFTs operated as an indicator of future activity for the crypto market. As Nansen’s Indexes trended in the opposite direction throughout June, the positive performance extended and hinted at the formation of a local bottom for Bitcoin and Ethereum. The report claimed the following on the general sentiment across the crypto market and how NFTs have been outperforming even in periods of turmoil and persistent selling pressure: Blue Chip NFTs led the trend reversal in June (…). Although the last week of June saw a bear market rally within the broad crypto market, it appears that this uptrend started earlier in the NFT market. All Non-Fungible Token (NFT) sectors recorded a bounce in June (when measured in ETH), except for Gaming NFTs at the end of Q2 2022. In July, the crypto market has seen some relief with the price of Bitcoin trading above its 2017 all-time high, north of $20,000. However, BTC’s price has been losing steam and seems poised for another period of sideways movement and consolidation. What NFTs Spell For The Crypto Market In The Short Term Additional data provided by Nansen claims the recovery in this sector might be unsustainable. Despite the positive performance in June, these digital assets record a decrease in trading volume, transaction count, and active users, as seen below. This decrease in sector activity corresponds with NFTs investors reducing risk and adapting to current macro-economic conditions. Nansen noted: (…) Within the Ethereum (ETH) DeFi sector, we are witnessing a dramatic deleveraging event with a sizable investor base realizing historically significant losses. A ‘risk off’ sentiment is still highly evident in the NFT market and the limited liquidity in the NFT market hints that this uptrend might not sustain (…). Related Reading | Negative CPI Report Causes Bitcoin Market Cap To Lose $15 Billion In 10 Minutes However, the sector records an increase in first-time buyers and a decrease in its Buyers-Seller Ratio. This metric is used to measure the general sentiment across NFT investors which seems to be more optimistic than in the overall crypto market and, according to Nansen, “highlights the development of NFTs as a sector”.Cryptocurrency news, bitcoin, btc, btcusd, cryptoCrypto research firm Nansen published a report shared with NewsBTC, on non-fungible tokens (NFTs) and their performance amid the persistent bearish trend across the industry. NFTs have been a hot sector since 2021 as they facilitated broader adoption of digital assets but have taken a toll as Bitcoin and other cryptocurrencies trend to the downside. Related Reading | Axie Infinity Sales Record A Massive Slump, Losing Over $120 Million According to Nansen, their NFT Blue Chip-10 and NFT 500 Indexes displayed strength last month. At that time, Bitcoin and larger cryptocurrencies were on the brink of recording yearly lows. BTC’s price crashed to a multi-year low of around $17,500. In the meantime, the Nansen Blue Chip-10 reported a 23.6% increase as early as June 2022 and possibly hinted at a decrease in selling pressure for the industry. In June, the crypto market saw a capitulation event as major crypto investment firms became forced sellers as they defaulted on standing debt obligations. NFTs operated as an indicator of future activity for the crypto market. As Nansen’s Indexes trended in the opposite direction throughout June, the positive performance extended and hinted at the formation of a local bottom for Bitcoin and Ethereum. The report claimed the following on the general sentiment across the crypto market and how NFTs have been outperforming even in periods of turmoil and persistent selling pressure: Blue Chip NFTs led the trend reversal in June (…). Although the last week of June saw a bear market rally within the broad crypto market, it appears that this uptrend started earlier in the NFT market. All Non-Fungible Token (NFT) sectors recorded a bounce in June (when measured in ETH), except for Gaming NFTs at the end of Q2 2022. In July, the crypto market has seen some relief with the price of Bitcoin trading above its 2017 all-time high, north of $20,000. However, BTC’s price has been losing steam and seems poised for another period of sideways movement and consolidation. What NFTs Spell For The Crypto Market In The Short Term Additional data provided by Nansen claims the recovery in this sector might be unsustainable. Despite the positive performance in June, these digital assets record a decrease in trading volume, transaction count, and active users, as seen below. This decrease in sector activity corresponds with NFTs investors reducing risk and adapting to current macro-economic conditions. Nansen noted: (…) Within the Ethereum (ETH) DeFi sector, we are witnessing a dramatic deleveraging event with a sizable investor base realizing historically significant losses. A ‘risk off’ sentiment is still highly evident in the NFT market and the limited liquidity in the NFT market hints that this uptrend might not sustain (…). Related Reading | Negative CPI Report Causes Bitcoin Market Cap To Lose $15 Billion In 10 Minutes However, the sector records an increase in first-time buyers and a decrease in its Buyers-Seller Ratio. This metric is used to measure the general sentiment across NFT investors which seems to be more optimistic than in the overall crypto market and, according to Nansen, “highlights the development of NFTs as a sector”.

https://internationalcurrenciess.com/how-nfts-forecasted-a-crypto-recovery-nansen-report/

International cryptocurrency news International cryptocurrency news