gm - January 14th, 2023
gm 👋
Bitcoin rips up above $20k, a whopping +11% in 24 hours to trade $20.9k. Ethereum follows close behind, +10% to $1550. Lots of shorts getting liquidated to drive spot higher. The rest of the market gets pulled up as well, with the total crypto market cap finally back to $1T. MetaMask has added an ETH staking feature for users to directly stake into Lido (stETH) and Rocket Pool (rETH). US banks reported earnings on Friday, leaving markets with a grim outlook for 2023 and reminding shareholders of fear of a mild recession due to inflation + household debt.
NFT volumes are a touch shy of $30M, with ETH-NFTs at $21.5M and Solana-NFTs at $7M. BAYC, MAYC, and Otherdeed are in the top five with a total of $6M in volume. Azuki hangs on in fourth place with $1.2M in turnover across 54 trades. Crypto Twitter influencer NFT_GOD’s pc has been hacked, losing his famous MAYC NFT he’s been using as his avatar in the process.
Check out our Dune dashboard for details → https://dune.com/lhagiimn/cyan-market-dashboard
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ANNOUNCEMENT
We are going to phase out the daily ‘gm’ newsletter, with the last issue going out on the 18th. Revue is deprecating and coupled with our new Cyan Newsletter, we’ll be consolidating efforts.
If you haven’t yet, please sign up for our newsletter from our homepage. Many thanks and we look forward to sharing more in our Cyan Newsletter going forward!
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NFT headlines:
Decentraland Leads Metaverse Token Rally After Optimistic CPI Report
Why a ‘Tiny’ NFT Game Is Ditching Solana for Ethereum’s Immutable X
What is regenerative finance (ReFi), and how does it impact NFTs and Web3?
Whistleblowers Edward Snowden and Daniel Ellsberg Drop a Collaborative NFT to Benefit Press Freedom
