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Weekly NFT Sales Drop to $145 Million, Bitcoin Leads in Recession

AltcoinUpdates Staff

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NFT weekly sales drop 9% to $145m, Bitcoin leads despite downturn

Over the past seven days, the non-fungible token (NFT) market has seen sales reach $145 million, reflecting a decline of more than 9% from the previous week.

This slowdown continues the trend of declining sales in recent weeks, with four of the top five blockchains by sales volume recording declines during this period.

Last week, as reported per crypto.news, digital collectibles sales fell more than 11%, and this week they fell another 9.68%, totaling $145.01 million, according to data from CryptoSlam.

Bitcoin leading the pack

As seen in previous weeks, Bitcoin (Bitcoin) continued to lead the weekly NFT sales, consistently staying ahead of major Ethereum rivals (ETH) and Solana (SUN).

Last week, the Bitcoin network had the highest volume of NFT sales among blockchains, managing to raise around US$44.1 million, according to CryptoSlam.

However, despite the impressive numbers, it still marked an 11% drop from the previous week.

Top 5 Blockchains by NFT Sales Volume | Source: CryptoSlam

Ethereum followed with sales of US$38.4 million, down 1.59%. Interestingly, the blockchain also recorded around $34.2 million in wash trading, a practice where buyers and sellers in a transaction are the same person or individuals conspiring to create an impression of high demand for a particular NFT.

If the real and wash trading numbers on Ethereum were combined, the network would have the highest NFT sales volume for the week at over $72 million.

In third place in terms of NFT sales was Blast, a newcomer to the top five, which recorded $15.943 million, marking an 8.48% decline.

In fourth place was Solana, which reported sales of $14.26 million over the past seven days. The number marked a sharp drop of 44.73% from the previous week, a percentage loss only surpassed by Arbitrum (BRA), Tezos (XTZ) and Ghost (FTM), whose sales volumes decreased by 51.71%, 62.09% and 69.21%, respectively.

Sitting at #5, Polygon (MATIC) bucked the negative trend with sales of US$12.14 million, an increase of 20.37% compared to the previous week.

Uncategorized Ordinals records highest weekly sales volume

Among NFT collections, Uncategorized Ordinals continued to lead in sales volume with $16.4 million in sales despite a 26.73% weekly drop. Blast’s Fantasy Top came in second with $15.93 million.

Mythos’ Dmarket came in third place with $5.58 million, followed by Bitcoin’s Nodemonkes with $4.74 million. Immutable-Zk’s Guardians Guild surpassed Core’s BRC20s and came in fifth place with nearly $4.4 million in sales.

Weekly NFT sales fall 9% to $145 million, Bitcoin leads despite crisis - 2

Top 5 NFT Collections by Sales Volume | Source: CryptoSlam

CryptoPunk NFT Reaches $792,000

The most expensive NFT sale of the week was Cryptopunk #741, which raised $792,046. Interestingly, an Ordinal entry was the second highest at $681,497.

Other notable sales included Earthnode #184 from Cardano, which raised $56,026, a PepperMints NFT from Solana, which raised $40,384, and a Blast Chain NFT that sold for just under $40,000.

Overall, there has been a significant increase in the number of buyers and sellers. According to CryptoSlam, the number of NFT buyers increased by more than 166% last week, while the number of NFT sellers increased by 139%. Still, the 1,583,262 NFT transactions represented a 27.58 drop from the previous week.

Meanwhile, Italian fashion designer Dolce & Gabbana and digital asset platform UNXD face a class action lawsuit following alleged delays in the delivery of NFT products, according to for Bloomberg.

The company’s digital assets plummeted 97% in value.

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We are the editorial team of Altcoin Updates, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on Altcoin Updates, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Bitcoin

Bitcoin (BTC), Stocks Bleed as China’s Surprise Rate Cut Signals Panic, Treasury Yield Curve Steepens

AltcoinUpdates Staff

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Bitcoin (BTC), Stocks Bleed as China’s Surprise Rate Cut Signals Panic, Treasury Yield Curve Steepens

Risk assets fell on Thursday as China’s second rate cut in a week raised concerns of instability in the world’s second-largest economy.

Bitcoin (BTC)the leading cryptocurrency by market cap, is down nearly 2% since midnight UTC to around $64,000 and ether (ETH) fell more than 5%, dragging the broader altcoin market lower. The CoinDesk 20 Index (CD20), a measure of the broader cryptocurrency market, lost 4.6% in 24 hours.

In equity markets, Germany’s DAX, France’s CAC and the euro zone’s Euro Stoxx 50 all fell more than 1.5%, and futures linked to the tech-heavy Nasdaq 100 were down slightly after the index’s 3% drop on Wednesday, according to the data source. Investing.com.

On Thursday morning, the People’s Bank of China (PBoC) announced a surprise, cut outside the schedule in its one-year medium-term lending rate to 2.3% from 2.5%, injecting 200 billion yuan ($27.5 billion) of liquidity into the market. That is the biggest reduction since 2020.

The movement, together with similar reductions in other lending rates earlier this week shows the urgency among policymakers to sustain growth after their recent third plenary offered little hope of a boost. Data released earlier this month showed China’s economy expanded 4.7% in the second quarter at an annualized pace, much weaker than the 5.1% estimated and slower than the 5.3% in the first quarter.

“Equity futures are flat after yesterday’s bloody session that shook sentiment across asset classes,” Ilan Solot, senior global strategist at Marex Solutions, said in a note shared with CoinDesk. “The PBoC’s decision to cut rates in a surprise move has only added to the sense of panic.” Marex Solutions, a division of global financial platform Marex, specializes in creating and distributing custom derivatives products and issuing structured products tied to cryptocurrencies.

Solot noted the continued “steepening of the US Treasury yield curve” as a threat to risk assets including cryptocurrencies, echoing CoinDesk Reports since the beginning of this month.

The yield curve steepens when the difference between longer-duration and shorter-duration bond yields widens. This month, the spread between 10-year and two-year Treasury yields widened by 20 basis points to -0.12 basis points (bps), mainly due to stickier 10-year yields.

“For me, the biggest concern is the shape of the US yield curve, which continues to steepen. The 2- and 10-year curve is not only -12 bps inverted, compared to -50 bps last month. The recent moves have been led by the rise in back-end [10y] yields and lower-than-expected decline in yields,” Solot said.

That’s a sign that markets expect the Fed to cut rates but see tighter inflation and expansionary fiscal policy as growing risks, Solot said.

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How systematic approaches reduce investor risk

AltcoinUpdates Staff

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How systematic approaches reduce investor risk

Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.

Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.

Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.

July 24, 2024, 5:30 p.m.

Updated July 24, 2024, 5:35 p.m.

(Benjamin Cheng/Unsplash)

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India to Release Crypto Policy Position by September After Consultations with Stakeholders: Report

AltcoinUpdates Staff

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Amitoj Singh

“The policy position is how one consults with relevant stakeholders, so it’s to go out in public and say here’s a discussion paper, these are the issues and then stakeholders will give their views,” said Seth, who is the Secretary for Economic Affairs. “A cross-ministerial group is currently looking at a broader policy on cryptocurrencies. We hope to release the discussion paper before September.”

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Bitcoin (BTC), Ether (ETH) slide as risk aversion spreads to crypto markets

AltcoinUpdates Staff

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Bitcoin (BTC), Ether (ETH) slide as risk aversion spreads to crypto markets

Ether, the second-largest token, fueled a slide in digital assets after a stock rout spread unease across global markets.

Ether fell about 6%, the most in three weeks, and was trading at $3,188 as of 6:45 a.m. Thursday in London. Market leader Bitcoin fell about 3% to $64,260.

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