For the Love of the Game (Market Commentary) |
Volatility is once again the highlight of the week in crypto. Today, Bitcoin tumbled to $113K, erasing
all of the gains it made since this weekend’s new all-time high of $124K.
Is it a healthy correction, or are there concerning signs in the crypto market?
Most chalk up the chop to uncertainty around interest rate cuts, as PPI and CPI numbers climb. Chances of a rate cut in September have fallen to 85% from 93% last week. We are also on the verge of a potential peace deal between Russia and Ukraine, so traders are hedging bets and seeking safer assets until they feel more certain about how this plays out. We’re now just 12 days away from September, which is a historically bad month
for Bitcoin. It’s the worst-performing month on record for BTC, posting negative returns in 10 of the past 15 Septembers.
Hold on tight for a potentially bumpy few weeks, but don’t unplug, because interest in crypto hasn’t been higher all year. In fact, you might find some big opportunities in the market soon, with analysts still predicting some wild price action for ETH ($7,500) and BTC ($200K)
this year. Virtuals Major Genesis Launchpad Update After weeks of speculation, Virtuals released details about the future of their AI token launchpad. Lower float, bigger moat. It’s safe to say that Season 3 is shaping up to be the biggest one
yet. - Virtuals is dialing rewards in favor of builders and VIRTUAL stakers in an effort to incentivize big
builders to have their TGE on Virtuals.
- Presale token supplies have been reduced
from 37.5% to just 7% available at presale.
- There are now 3 pledge tiers for projects to hit in order to bond - 21K, 42K, and 100K (priced in VIRTUAL).
- 2% of all Genesis launches now go directly to VIRTUAL stakers.
- The community is waiting on more clarity from Virtuals to see if any changes are to come regarding the 10-day jail (penalty for selling tokens), and the forever penalty for selling airdropped tokens.
The US Government is NOT Buying BTC? A Strategic Bitcoin Reserve is still on the menu for the United States, but last week, we learned that buying BTC will not be the first course. - US Treasury Secretary Scott Bessent said in an interview with Fox News that the US will not be
buying BTC.
- Bessent later clarified that the US is exploring budget-neutral ways to acquire more BTC.
- The current reserve is being funded with seized BTC, which right now totals nearly $20B in
BTC.
- Senator Cynthia Lummis supported Bessent’s comments, saying we cannot save our country from $37T debt by spending more.
- Lummis’ Bitcoin Act proposes that the US’s gold is revalued to today’s prices and then transfers the
increase in value to buy BTC.
The SEC is on Crypto’s Side Last week, the US Government began ramping up its efforts to make the US the Crypto Capital of the World. - SEC Chair Paul Atkins says the SEC is mobilizing all divisions to help make America the crypto
capital of the world.
- The Federal Reserve announced that it will sunset its novel activities supervision program,
which brought extra scrutiny to banks’ crypto activities.
- Donald Trump welcomed a new crypto
advisor, Patrick Witt, who succeeds Bo Hines.
The AI market is up +0.70% in the past 7d to a 12.932B market cap. Top token movers include USDT +20.34%, DCAI +13.31%, TOSHI -17.12%, REKT -17.12% and VIRTUAL -10.02%. - No Virtuals Genesis launches completed last week, but with new Genesis launchpad mechanics and tokenomics, expect a frenzy this week.
- The SWARM kicked off an Arbus campaign last week with some major news. The mindshare campaign is using WalletDNA to give top reputation Chirpers a multiplier on their SWARM rewards, and the SWARMcopilot extension is now free to use, with premium access available by staking just 25,000 SWARM.
- Arbus is now using WalletDNA to power its AttentionFi Chirps platform, and soon projects across
Base and Ethereum will be rewarding their biggest believers using WalletDNA.
- The Swarm Report welcomed the head agent in the Virtuals Educational ACP cluster, Sage, to the show
on Friday.
- Virtuals has a new hackathon launching on Ethereum, with $100K in
prizes.
- Backroom officially launched their beta InfoFi alpha rooms this weekend and saw their token rocket
to a $12M FDV. Users are steadily climbing as alpha becomes the most valuable asset in a risk-on environment.
- Virtuals announced that Altcoinist is launching the Base Trench Alliance on
ACP.
- Sploot agent has opened up sign-ups for access to its clip-creating browser
extension.
- OpenServ revealed NVIDIA professor Dr Eyup Cinar is joining their team as Lead AI Research
Partner.
- OpenSea announced an AI creator contest and is giving away $10K in prizes and
more.
- The big boy NFT collections from 2021/22 are making waves in NFTs. Bored Apes are back at the top of the collection rankings with $13.31M in sales, while Moonbirds saw their floor price soar to 3.8 ETH and $8.21M in sales.
- Noteworthy sales this week include an Ether Rock for 135 ETH ($606K), XCOPY’s RIP for 32 ETH ($150K), and Rekt Guy #1545 for 10 ETH ($45K).
- Art Blocks founder Snowfro’s new 1k edition collection called Lift minted out this week at an auction. Floor prices climbed to .89 ETH before settling to around .3 ETH.
- The CyberKongz BANANA token yield came to an end yesterday as they ramp up a new phase for the
project. It will include a new token called KONG, upgradable art for their Baby Kongz collection, and more to be revealed soon.
- Rekt Brands revealed their newest collaboration drink drop with Base.
- Pirate Nation announced the end of their NFT-backed P2E game, but will continue building their
Proof of Play business.
- Beeple announced his next Beeple Studios event called SYNTHETIC THREATER. It will be hosted by Danny
McBride and take place on Oct 3-4.
- Azuki announced a watch collaboration with H. Moser & Cie called Elements of Time. The 100ed watch
collection features 4 styles with 24ed each, and 4 Pioneer Tourbillon 1/1s. Each watch comes with a PBT (physical-backed token).
- V1 CryptoPunks are getting major attention after a ThreadGuy stream introduced a new audience to
the original Larva Labs minted Punks. Their floor price nearly doubled in just 1 day, now sitting around a 4 ETH floor.
- The NFT market was down across the board last week, starting with sales falling -9.64% to $137.23M.
- Sellers, buyers, and transactions highlight the stop in momentum, falling -6.30%, -21.68% and -22.65% respectively.
- Wash sales hit a 4-month high, coming in at $29.17M.
- Trade profits turned red again, falling -125.48% after 3 weeks of positive profits for traders.
ETH NFT Composite - 718.05 (+1.97%)
SOL NFT Composite - 548.92 (+4.12%)
POL NFT Composite - 3.48 (+3.57%)
CAR NFT Composite -
266.69 (+0.14%) Top Gainers 7d OKB - $123.74 (+169.4%)
MNT - $1.36 (+33.3%)
ADA - $0.9008 (+13.9%)
LINK - $24.30 (+8.2%)
ARB - $0.4919 (+7.9%)
Top Losers 7d
SPX6900 - $1.36 (-22.3%)
ENA - $0.6449 (-20.0%)
SKY - $0.06998
(-14.7%)
CRO - $0.1433 (-14.6%)
PENGU - $0.03159 (-12.2%) |
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