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Crypto News Updates

NFTs FOMO Lives On: New NFT Polkamon Trades at $140k at Launch

Polkamon, the popular NFT and digital collectibles platform incubated by Moonrock Capital, saw one of its first NFTs trade for 75 ETH, worth more than $140,000.

Top influencers and Youtubers, like the popular Fortnite stramer PWR Lachlan, who has over 1.5 million followers on Twitter alone, bought the newly released NFT.

The fear of missing out (FOMO) around NFTs has noticeably been strengthening in light of celebrities and musicians, in particular, targeting the NFT market.

Polkamon NFT sees big demand

New Beeple NFTs have been selling out instantly and uniquely branded NFTs, like Polkamon, have seen significant interest from celebrities in recent weeks.

Each Polkamon is backed by a unique NFT through the PMON token, making each collectible inimitable and authentic.

Similarly, other branded NFTs, like Cyberpunks and Hashmasks have seen large demand throughout the past month.

Before its IDO on Polkastarter, the Polkamon team said that 111,000 unique addresses participated in the popular #ClaimYourEgg campaign. They said:

“It’s only been a few short days since we announced our #ClaimYourEgg campaign, and already we are making history with more than 111,000 unique addresses having claimed their mysterious Polkamon egg. In gas fees alone, we estimate Polkamon fans have spent more than $1 million claiming eggs for their chance to participate in our upcoming IDO on Polkastarter this March 31st.”

NFTs are really getting mainstream

Unlike the NFT cycle in 2017 and 2018, NFTs are getting attention from some of the most popular celebrities, musicians, and entrepreneurs in both Asia and the U.S.

Calvin Harris and video director Emil Nava, for instance, told Billboard in a recent interview that NFT is a “whole new tool for creativity” that has not been realized yet.

Harris and Nava said:

“With the visuals, me and Calvin both have a big shared love for nature. That’s a big thing that we’ve always loved and we’ve always explored in everything…When we started talking about what we could make together, obviously instantly we were thinking about nature and thinking about feelings that we want to evoke for the visuals, and we came to this idea of these amazing fish which we both fell in love with. When I first realized the scope — I mean, I haven’t really realized the scope of what an NFT can be, I don’t think any of us really have. I thought ‘wow, this is a whole new tool for creativity that isn’t policed by radio or streaming, or someone from the label or any of this stuff. It’s a whole new avenue that you can really just put out whatever you want, and that’s kind of how music should be but it really isn’t.

ethusd ethereum

The price of Ethereum has been surging since yesterday. Source: ETHUSD on TradingView.com

Source: Bitcoinist News

Categories
Crypto News Updates

Fund manager outlines 4 silver lining to recent Bitcoin sell-off

The price of Bitcoin steeply pulled back yesterday, on February 23. Following the major 17% correction, investors and fund managers remain generally optimistic.

What’s behind the optimism towards Bitcoin?

Typically, after such a large sell-off, the market sentiment often dwindles. However, in the case of Bitcoin in the last 24 hours, the market sentiment has improved significantly.

Kelvin Koh, a partner at the Spartan Group, an advisory and one of Asia’s biggest DeFi-focused funds, outlined four silver lining to the recent correction.

Shortly before the Bitcoin recovery, Bitfinex settled with the New York Attorney’s office regarding a lawsuit against the exchange and Tether. The official press release from the Attorney’s office read:

“An agreement with iFinex, Tether, and their related entities will require them to cease any further trading activity with New Yorkers, as well as force the companies to pay $18.5 million in penalties, in addition to requiring a number of steps to increase transparency.”

The settlement gave crypto a much needed closure around Tether, which accounts for a large portion of Bitcoin’s daily trading volume.

Many traders rely on Tether, a stablecoin backed by the value of the U.S. dollar, to trade cryptocurrencies across major exchanges.

Hence, clarity around Tether and its legitimacy is a catalyst for the crypto market in that it removes one of the existential threats against the market.

Where does BTC go from here?

If the price of Bitcoin remains stable above $50,000 and establishes it as a support area, the potential for an extended upside could increase.

There is little resistance between $50,000 and $56,000, and then to the all-time high at $58,000.

bitcoin

The price of Bitcoin. Source: BTCUSD on TradingView.com

One positive factor is that the funding rate of the futures market has completely reset to 0.01%. Before the correction, the funding rate was hovering at around 0.15%.

It is now 15 times lower than where it was several days ago, which is indicative that the market is much less overheated and overcrowded.

When the market is less crowded, the likelihood of a long squeeze decreases, which makes severe drops like the one on February 22 less probable.

Still, there is a risk of a deeper drop if Bitcoin fails to stabilize above $50,000 and drops below $48,000 once again.

So far, the $48,000 support area has served well as the final line of defense before BTC becomes at risk of falling below into the bear zone.

Source: Bitcoinist News