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gm - October 25th, 2022

Daily

October 25, 2022

Daily

gm 👋

Markets all around are up, with Ethereum leading the way by +4% to $1390 on $9B of volumes. Bitcoin is up $1.7% to $19.6k on $22B of volumes, trying to climb its way back to $20k. The overall crypto market capitalization is $20B short of $1T as it's up +1.8% on the day. Apecoin is up +3.4% to $4.69 after taking a beating last week on the SEC investigation of Yuga Labs. Cathy Wood is buying more Coinbase for her (in)famous ARK ETF.

Apple has put its foot down and boots on the necks of crypto apps with regard to NFT sales in its latest update to App Store rules. Listing, minting, and transfer of NFTs are allowed as normal for apps, however, purchasing of NFTs will have to go through Apple’s payment processing (not sure of the details when handling crypto). Apple will also limit the use of QR codes within apps, saying “Apps may not use their own mechanisms to unlock content or functionality, such as license keys, augmented reality markers, QR codes, cryptocurrencies, and cryptocurrency wallets, etc.” Crypto exchanges were addressed as well, with Apple now requiring proper legal documentation regarding operating in certain jurisdictions — Apple may delist exchange apps that it deems are a risk.

The latest updates to the App Store rules affect all crypto apps

NFT volumes are up some, to about $13M in total after having been stuck around $10M all last week. ETH-NFTs are a healthy $11M, while Solana-NFT can’t quite get to $1M. BAYC leading the way, with $1.5M in volume on 17 trades, and Otherdeed is in fifth with $600k in volume on 274 trades as its floor price stabilizes around 1.35 on OpenSea. CryptoPunks had 8 trades worth a total of $888k.