Bitcoin is dangerously close to falling out from $20k as it sits at $20,003, a -3.6% move in 24hrs on $29B of volume. Ethereum continues to drag lower, dropping another -7.8% to $1469 on $18B of turnover. Jerome Powell’s counter-consensus hawkish speech continued to work its way throughout CT in the past 24hrs. The SEC has delayed VanEck’s Bitcoin ETF decision again for another 45 days. And lastly, centralized cloud provider risk rears its head, as Hetzner, which provides hosting for 10% of Ethereum’s miners, announced it does not allow any such activity and could lead to removal.
NFT volumes are back down to $14M, with EVM-based NFTs at $11M and Solana-based back to $1M. BAYC continues to trade with $2.5M trading hands on the carry-through of the VMA awards exposure; MAYC riding its coattails, although at much lower volumes of $500k. Sorare was also $500k in turnover — pretty much a nothing-burger day in terms of real volumes.
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