gm - November 10th, 2022
gm 👋
Ethereum looks healthier price-wise, trading at $1300, a 7% gain in the past 24hrs. Bitcoin is flat at $17.5k, after having dipped below $17k intra-day. As the new reality sets in for crypto, there are still too many questions left unanswered to be anywhere near the clear. SBF (CEO of FTX) declared bankruptcy, and FTX is reported to have an $8B hole to fill as it gambled with client funds. The SEC is properly investigating the situation as mingling with retail assets is an immediate red flag. Justin Sun of course had to inject himself into this, by claiming he is working on a rescue plan, sharing zero details about his thought process.
Solana is trading at $17.3, surprisingly robust given the amount of FUD circulating. It is only down 8% on the day and is still the 14th largest crypto in terms of market cap. FTT on the other hand sits below $3 now, down another 37% on the day. It still has a market cap of $380M, but at this point, many are just writing off the asset. Any price you see on FTX is unreliable as it has become an internal casino in which funds cannot exit.
NFT volumes are elevated, with turnover at $20M+ on the day. ETH-NFTs are $15M, Solana-NFTs at $4M, and ImmutableX at $1M volumes. BAYC is at the top with $3M across 40 trades as its floor price flirted around 60 ETH. BendDAO had a handful of Bored Ape loans go sour and saw lots go on the auction block. The protocol has a delayed floor price oracle, thus the exodus came in slightly delayed. DeGod saw $2M in turnover, as opportunists flock to a volatile Solana price to pick off NFT traders.
Check out our Dune dashboard for details → https://dune.com/lhagiimn/cyan-market-dashboard
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NFT headlines:
Bored Ape Founders Propose NFT Royalties Model, Decry OpenSea’s Stance as ‘Not Great’
OpenSea Pledges to Enforce NFT Royalties After Creator Backlash
Adam Bomb Squad Cancels OpenSea NFT Drop Over Royalties Dispute: ‘Artists Are Always in Control’
