• NFT trading volumes took a massive hit following the collapse of SVB last week, according to a report published by DappRadar. On 11 March, there were only 11,440 active NFT traders – the lowest count since November 2021.
• Single NFT trades totaled 11,440 on 11 March and trading volume has dropped 51% since the beginning of March. Blue-chip NFTs have not been affected by the SVB crisis as much as other NFTs.
• The Moonbirds collective was severely harmed due to its exposure to SVB; its floor price fell 18% over the weekend but has risen slightly since then.
Impact of Silicon Valley Bank (SVB) Collapse on Non-fungible Token (NFT) Trading
Lowest Count Since November 2021
On 11 March, single non-fungible token (NFT) trades totaled 11,440, representing the lowest daily total so far this year according to a recent report published by decentralized app data aggregation platform DappRadar. This occurred after Federal Deposit Insurance Corporation (FDIC) took control of Silicon Valley Bank (SVB). There were only 11,440 active NFT traders on that day – the lowest count since 20 November 2021. As a result of this event, trading volume has dropped 51%.
Blue-Chip NFTs Resilient
Despite overall decline in NFT trading caused by the collapse of SVB last week, blue-chip tokens such as BAYC and CryptoPunks have proved resilient with their floor prices falling just 5% and 3%, respectively from 8-11 March. It is even suggested that CryptoPunks are more stable than USDC which lost its peg to U.S dollar following SVG’s downfall.
Moonbirds Collective Severely Harmed
The Moonbirds collective was severely impacted due to its exposure to SVB; its floor price fell 18% over the weekend but has seen slight increase since then with it hitting $6642.83 (3.86 ETH). An Ethereum whale sold nearly 500 Moonbirds for losses ranging from 9%-33%.
Impact On Collectives
The impact of this event goes beyond individual traders and can be seen across collectives too as Yuga Labs which stands behind BAYC and CryptoPunks had “super limited exposure” to collapsed bank in contrast with Moonbirds collective which clearly suffered major losses due to same event being exposed more heavily to aforementioned company’s failure .
Overall it can be seen how in wake of Silicon Valley Bank’s downfall , market responded accordingly with sharp drop in individual activity leading up to significant decrease in volumes causing negative impacts both on individual investors as well entire collectives .
• Huobi Token [HT], the native token of the popular cryptocurrency exchange, Huobi Global, flash crashed by more than 60% during Thursday trading hours.
• The crash could be due to the increasingly negative sentiment that has engulfed the wider cryptocurrency exchange market following the hawkish stance of financial regulators and the recent collapse of the crypto-friendly bank, Silvergate.
• Huobi will create a $100 million fund to improve the liquidity depth of HT and other cryptocurrencies.
Huobi Token Flash Crash
The native token of popular cryptocurrency exchange, Huobi Global, experienced a sharp drop in value on Thursday (9 March). CoinMarketCap data shows that Huobi Token [HT] fell from $4.74 to $1.83 in a matter of 25 minutes – a decrease of over 60%. The token soon regained ground and was last trading at $3.82 – down 20% for the day.
Reasons Behind Crash
The sudden plunge led to about $2.55 million worth of long positions being liquidated on Thursday. Justin Sun, an advisor at Huobi, stated that this was due to some users triggering leveraged liquidations. He also added that they would be creating a $100 million fund to improve liquidity depth for HT and other cryptos.
Twitter users weren’t so convinced with Justin Sun’s explanation behind the crash and questioned why there was need for such a large fund when only few users were responsible for triggering leveraged liquidations.
Supply on Exchanges Falls
The news triggered an increase in short positions taken for HT as its Longs/Shorts Ratio fell from 0.99 to 0.87 according to Coinglass data. There was also significant buzz generated around HT on social media as Santiment data showed its monthly high in terms of social volume on 9 March 2021 .In addition, supply on exchanges recorded a sharp fall as many users took their funds out fearing an FTX-like scenario occurring again in future..
In conclusion, despite recovering quickly after crashing by more than 60%, questions still remain around why such an incident occurred and if it could happen again in future due to increasing FUD surrounding cryptocurrencies and their regulations by financial authorities across countries worldwide
• SOL’s market continued to weaken, with the Funding Rate fluctuating as development activity declined.
• Bears have been attempting to re-enter the market after a failed bull recovery, with short sellers targeting potential gains at $20.35.
• Development activity has declined, while sentiment has improved but remains negative – something which could be reflected in further drops in demand.
Solana [SOL] Price Analysis
Descending line prevented a successful recovery
The Funding Rate fluctuated as development activity declined and Solana’s [SOL] value dropped significantly from $27 to $20 before bulls attempted a recovery that was ultimately rejected at the descending line (orange, dashed). At the time of writing, bears are looking for opportunities to re-enter the market, seeking chances to sink SOL’s price toward $20.35 if it closes below the trendline ($21.48). Near-term bulls could look for gains at the 23.60% Fib level of $22.95 or 50-period EMA (exponential moving average) of $22.15 if they clear above this key resistance point.
Funding rate and sentiment
According to Santiment, SOL’s development activity declined gently over the past few days however there was an announced mitigation plan following a network glitch which helped soften investors‘ stance on the native token. The weighted sentiment improved significantly but remained negative meaning there is still bearishness in the market – something that could be reflected by further drops in demand as shown by the Funding Rate.
Key support and resistance levels
The RSI (Relative Strength Index) hovered below 50 indicating bears‘ leverage in and OBV (On Balance Volume) declining significantly limiting any buying pressure and strong recovery attempts. Short sellers could target potential gains at $20.82 and $20.35 while near-term bulls should look for chances to push SOL towards resistances at 38.2% Fib level ($22.95) or 50% Fib level ($2375) if they can clear above 50 period EMA ($2215).
Investors interested in making profits out of their investment can check out Solana’s Profit Calculator which helps calculate profits based on current prices.
Solana’s [SOL] value has taken quite a hit since February 20th when it dropped from its peak of 27 USDT down to 20 USDT before bulls attempted recovery; however this attempt faced rejection at its descending trend line showing signs that bears may have more influence in its current market position.
• Solana experienced a long-forking event on 25 February, leading to a network-wide disruption in transactions. The community was able to successfully resume the cluster on 26 February.
• The market reacted slightly to the incident, with volume increasing slightly in the 24 hours following and SOL’s price action facing a 2.64% downside.
• While SOL sat on its 50-day MA at press time, there is still a chance of extended downside as the weekly pullback reflects bearish sentiment in the market.
Solana Experiences Network Downtime
Solana users were unable to conduct transactions on their network on 25 February due to a long-forking event, which reportedly caused a network-wide problem. On 26 February, however, Solana Status informed that „the Solana community successfully resumed the cluster“.
Market’s Reaction To Incident
The incident sparked some increased social dominance as news spread about it but did not have much of an observable impact due to Solana’s recent decline in volume. There was only slight increase in volume in the last 24 hours which may suggest that the market reacted to it and SOL’s price action faced some downside by as much as 2.64%.
Potential Pivot Point?
At press time, SOL sat on its 50-day MA which may normally be considered a potential pivot point but an extended downside is still possible considering that the weekly pullback reflects bearish sentiment in the market overall.
Long Forks Create Problems For Networks
This isn’t Solana’s first technical challenge triggered by network glitches resulting from long forking events halting operations for some time before reboots are conducted. Despite investigations into what caused this particular event, no source has been revealed yet and validators and engineers are discussing various options for solutions moving forward.
Overall, while there has been some slight reaction from investors after this latest incident involving Solana; there is still potential for further downsides given its current position in relation to its weekly highs and lows reflecting bearish sentiment in the crypto markets at large
• Zambia’s central bank and regulators are testing technology to regulate cryptocurrencies.
• Felix Mutati, Zambia’s Minister of Technology and Science, said that the country is putting in place the infrastructure required to help achieve this target.
• The Bank of Zambia has begun investigating the potential benefits and drawbacks of a Central Bank Digital Currency (CBDC).
Zambia Tests Technology To Regulate Cryptocurrencies
Zambia’s central bank and securities regulators are currently testing technology to regulate cryptocurrencies. Felix Mutati, Zambia’s Minister of Technology and Science, stated that the country is putting in place the infrastructure required to help achieve this target. As part of efforts to make financial inclusion more inclusive, cryptocurrency could be a game changer for its national economy.
Central Bank Digital Currency
The Bank of Zambia has begun investigating the potential benefits and drawbacks of launching a Central Bank Digital Currency (CBDC). The CBDC would have the ability to narrow the financial exclusion gap as well as reduce transaction costs. Before launching such a currency, it is important for the central bank to understand any findings from their studies first.
Mutati also noted that Zambia has established itself as a preferred investment destination for many investors. He commented on how it had created a magnetism that attracts investment – one which many African countries have failed to do so far.
Aspirations To Be A Tech Hub
Mutati also added that Zambia aspiresto become a regional technology hub with cryptocurrency being seen as revolutionary technology representing its future aspirations. Once they have put in place an envisioned digital payments infrastructure, they hope it will be able drive financial inclusion forward within their nation too.
Previous Discouragement Of Cryptocurrencies
Despite the ambitions outlined above by Mutati, previously the Bank of Zambiadiscouraged citizens from using cryptocurrencies like Bitcoin due to risks associated with them. This suggests that even though his administration may be warming up towards crypto assets, there is still some caution needed when approaching them in terms of regulation within their nation yet still today.
• Bitcoin has traded in the $21.6k region over the past few days and there is potential for an upward move.
• ApeCoin [APE] has had a bearish outlook but if Bitcoin rallies, APE may follow.
• The exchange flow balance shows recent selling pressure on ApeCoin with large amounts of it sent to exchanges being sold off.
Bitcoin Maintains Support Level
Bitcoin [BTC] has been trading in the $21.6k region and buyers have been defending this support level, suggesting that an upward move could soon follow. Beneath this area, there is no significant support until $20k and $19.6k respectively.
ApeCoin’s Market Structure
ApeCoin [APE] has been in a deep retracement and its uptrend from mid-January will not be broken until it falls beneath $4-$4.5, which would flip the market structure to bearish momentum. There is also another zone of support between $4.5-$4.95 and a horizontal level of significance at $4.6 which could be retested soon. The RSI stands at 42, indicating weak bearish pressure but this might increase if Bitcoin sees another slump below $21.4k
The OBV also saw minimal retracement which suggests that the pullback from $6.3 did not experience large-scale selling – an uptick in the OBV could signal a bullish reversal coming up soon for ApeCoin holders to look out for when buying into it again..
Exchange Flow Balance
The exchange flow balance reveals that 12-13 February saw large spikes in ApeCoin being transferred into exchanges amounting to positive balances of 800K and 700K respectively; these transfers were likely sold as prices dropped from $5.40 to around $5 since then – profit taking after 20 January is now over as indicated by the 30-day MVRV ratio falling into negative territory too..
What Is 1, 10, 100 APE Worth?
As things stand today, 1 Apecoin (APE) is worth about USD 5 with 10 APE standing at USD 50 and 100 APE equating to USD 500 based on current market conditions – these values are subject to change depending on market trends however so it’s important for investors or traders to always stay abreast with any updates regarding their crypto assets..
Realistic or Not: Market Cap In BTC Terms
If we take a look at what Apecoin’s market cap would be like in Bitcoin’s terms (BTC), then according to CoinMarketCap data as of March 18th 2021, its current value stands at 0 BTC – meaning one would need 0 Bitcoins today to buy all circulating supply of Apecoin tokens currently available..
• The Metacade presale is selling out quickly, raising over $5 million in just a few days.
• MCADE will be listed on multiple exchanges such as Bitmart and Uniswap.
• Metacade is set to deliver the ultimate blockchain gaming experience with innovative features like leaderboards, trending games, and GameFi alpha.
Metacade Presale Sells Out Quickly
The Metacade presale has seen incredible success, selling out within 12 days and raising $5 million for the play-to-earn (P2E) metaverse arcade. 157.5 million tokens are available in stage 4 of the presale with a token price of $0.016.
MCADE Listed On Exchanges
MCADE will be listed on both centralized and decentralized exchanges such as Bitmart and Uniswap, giving investors multiple ways to purchase the token. After listing on top 10 exchanges that are soon to be revealed, MCADE will be available for public purchase on many trusted platforms.
Ultimate Blockchain Gaming Experience
Metacade is set to deliver the ultimate blockchain gaming experience, merging the worlds of gaming and crypto in a seamless way. The platform boasts innovative features such as leaderboards, trending games, GameFi alpha, and more that will set it apart from other blockchain gaming platforms. Play-to-earn is at the heart of the platform but there are other initiatives such as jobs board and Metagrants to attract developers to build their games on the platform too.
Confidence In Project High
Russell Bennett, Head of Product for Metacade said: „Investor confidence in the project is high and token demand is continuing to increase.“ With momentum already behind the Metacade project it won’t be long until MCADE is released on exchanges for public purchase.
Power To Make Waves In GameFi Industry
It’s clear that crypto and GameFi investors have caught onto this with solid fundamentals, a strong team, and the power to make waves in the GameFi industry driving investor confidence higher still – leading up to a successful presale round for Metacade.
• MUX Protocol, a decentralized perpetuals exchange, has seen significant growth in key performance indicators (KPIs) since its launch in August 2022.
• The protocol’s native token MCB shot up by 6% at press time and trading fees have risen exponentially in the past month.
• Total funds locked into the protocol’s smart contracts have stayed fairly flat, suggesting an overall neutral sentiment towards MUX.
MUX Protocol has seen an impressive trajectory in terms of its key performance indicators since its launch in August 2022. The protocol, a decentralized perpetuals exchange, works on a layer-2 scaling solution Arbitrum, which has enabled it to replicate some of the success of Gains Network [GNS], which is built over Polygon [MATIC].
The protocol’s native token MCB, has seen considerable growth since its launch, shooting up by 6% at press time. Furthermore, the daily trading volume and cumulative trading volume on the protocol have both increased significantly since August 2022, reaching higher levels with each passing day.
In addition, the total number of active users on the protocol have also seen a significant increase since the start of 2023. This is further evidenced by the increasing amount of fees paid by traders, which have risen exponentially over the past month, reaching over $30k from a little over $200 on 31 December.
Despite these positive signs, total funds locked into the protocol’s smart contracts have stayed fairly flat, suggesting an overall neutral sentiment towards MUX. This could be attributed to the fact that MUX is a relatively new protocol and is yet to gain full traction in the DeFi ecosystem.
Nevertheless, with the increasing trading volumes, more users and a growing token value, MUX Protocol could soon become one of the leading DEXes in the DeFi arena.
• BAYC holders have been observed to be in profit as demand for the NFT increases.
• The TVL collected by staking BAYC has increased, according to data provided by Dune Analytics.
• Sales of BAYC have surged, with a 140% increase over the last 24 hours, according to Dapp Radar.
The Bored Ape Yacht Club (BAYC) has been generating a lot of buzz in the NFT and cryptocurrency market over the last few months. In a recent development, it was discovered that holders of the BAYC were in profit over the last few months as the demand for the NFT asset increased. This was reflected in the increasing profitability of BAYC holders despite the turbulence in the industry’s markets.
Recent data from NFTstatistics.eth revealed that BAYC and related assets made up 50% of the overall Ethereum (ETH) NFT volume in the past week, indicating a high level of interest and demand for BAYC and related assets. This was further supported by the rising APY generated by staking this asset, which could be seen as a positive sign for the network’s growth and adoption.
Sales for BAYC have also surged, with a 140% increase over the last 24 hours, according to Dapp Radar. This is a positive sign for the NFT collection’s future growth and profitability. The average price for Mutant Ape Yacht Club (MAYC) also grew along with the number of holders holding the NFT collection. Its price grew by 14.30% in the last month, according to NFTGO.
The increasing demand for BAYC has been a boon for holders of the NFT asset. As the demand for BAYC and related assets continues to grow, holders of the asset can expect continued profitability. Moreover, the TVL collected by staking BAYC has also increased, according to data provided by Dune Analytics. This is a positive sign for the network’s growth and adoption, as more users are drawn to the asset. Furthermore, sales for BAYC have surged, with a 140% increase over the last 24 hours, according to Dapp Radar.
In conclusion, BAYC holders have seen a surge in profitability over the last few months as demand for the NFT asset increases. The TVL collected by staking BAYC has also increased, according to data provided by Dune Analytics. Moreover, sales for BAYC have surged, with a 140% increase over the last 24 hours, according to Dapp Radar. The increasing demand for BAYC is a boon for holders of the NFT asset and could be indicative of continued profitability in the future.
• The Ethereum Name Service (ENS) recently partnered with Coinbase to add human-readable cb.id domains to its platform.
• Despite declining interest in ENS domains, the number of new monthly addresses and registrations on the ENS network have decreased.
• Despite these factors, ENS tokens have seen an increase in volume and holders continue to accumulate.
Ethereum Name Service (ENS) recently partnered with Coinbase to add human-readable cb.id domains to its platform. This partnership would enable anyone with an Ethereum wallet to mint a group of letters as an NFT to be used in place of their alphanumeric blockchain address. This collaboration between ENS and Coinbase could potentially re-generate the dwindling interest in the ENS domain network.
However, despite the partnership, the number of new monthly addresses and registrations on the ENS network have decreased. According to data provided by Dune Analytics, the number of monthly new addresses on the ENS network fell from 22,914 to 12,913 at press time. This decline in new monthly addresses was also reflected in the number of monthly registrations on the ENS network, which also took a hit. Furthermore, current users began to lose enthusiasm for the domain service as evidenced by the decreasing amount of domain renewals in the past few days.
Despite these factors, ENS continued to outperform its competitor, Unstoppable Domains, in terms of domain registrations. This could be attributed to the fact that ENS offers more advanced features and functionalities compared to its counterpart. Additionally, interest in the ENS token was steadily increasing as reflected by the growing volume of the ENS token. According to data provided by Santiment, the volume of the ENS token increased from 10 million to 14 million tokens in the past two weeks. This increase in volume showed that holders continue to accumulate the ENS token despite the lack of overall interest in the ENS domain network.
Overall, the partnership between ENS and Coinbase may help to re-generate interest in the ENS domain network. However, the lack of new users and domain renewals still remains a concern. Despite this, the increasing volume of the ENS token shows that there is still hope for the platform as holders continue to accumulate the token.