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Hey yo – Big Joe Crypto at your service!
As your trusty crypto compass, I'm here to guide you towards opportunities and away from market icebergs.
Speaking of which, we've got a big market crash to navigate today. Let's dive right in.
Here's what's happening today:
📉 NFT market crashes
🙏 Coinbase becomes the Bitcoin ETF go-to
🏢 Gemini still trying to get its users’ crypto back
Got big crypto questions?
BIG MOVERS: THE CHARTS
*Prices as of 9:30 AM EST. BIG Movers based on top 300 cryptos by market cap.
TODAY’S BIG STORY
NFT Market Takes a Nosedive 👃🔻
NFT market plunges…
Bored Ape Yacht Club crashes to 2 year low…
NFT market turmoil, Azuki floor prices plummet…
Okay, what the heck does all this mean? And what exactly happened?
The big picture
Before diving in, let's lay a bit of groundwork. The NFT market crashed recently, but if you’re wondering what NFTs are, here’s a crash course.
NFTs, or Non-Fungible Tokens, are unique digital assets that use blockchain technology to verify and demonstrate ownership.
What makes them unique is that each NFT has a digital signature, providing proof of its originality and ownership. And I know what you’re thinking… but no, taking a screenshot of an NFT is not the same as owning the real thing. 📸
No two NFTs are the same, making them akin to collectible items in the digital realm. They can represent a range of tangible and intangible items, from digital artwork and music to virtual real estate and virtual goods.
All that said, NFTs have been a hot topic over the past couple of years, with some fetching sky-high prices. ⬆️
Now that you're in the know, let's explore the recent turbulence in the NFT market.
The big issue
Bored Apes Sink, Azuki Drowns and the Crypto Market Is All at Sea! 🌊
Bored Ape Yacht Club and Azuki are both taking a nose dive in the NFT market.
We've seen a brutal plunge with the Bored Apes leading, down a shocking 88% from their peak, and Azuki following close behind. 😲
That’s big because these "blue chip" NFTs were the life of the party not so long ago.
But now, it seems they're leading the conga line out of the party. 💃
📜 Reading Between the Lines:
The data is painting a gloomy picture, and I won't sugarcoat it...
The bottom line is, we're seeing a seismic shift in the NFT market.
Top dogs like Bored Apes and Azuki are being hit hard. And it's not just them; this icy chill is being felt across the board in the NFT space.
🤔 Why you should care:
If this downturn persists, you might be witnessing NFT assets going down faster than a lead balloon. 🎈
And remember, this isn't just about Bored Apes. Azuki's floor price has sunk 59% over the past week, and Beanz, another Azuki collection, has plummeted 77%.
So, whether you're a veteran NFT enthusiast or a newcomer intrigued by the digital asset hype, brace yourself for a cold front – and be sure to proceed with caution. NFTs can be super risky.
More Big News…
Coinbase: The New Wingman in Bitcoin ETF Dance 💃🕺
There’s a saying in the crypto inner-circles that goes #WAGMI – which stands for we’re all gonna make it – as in, crypto will win in the end. ✊
Given all the news around Bitcoin ETFs and Coinbase's role as the trusted exchange for many big Bitcoin ETF applications (including the one from BlackRock), many in the crypto world are feeling, well like… #WAGMI!! 🙏
The big story
Nasdaq has dusted itself off and refiled an application for the iShares Bitcoin Trust, a spot bitcoin ETF steered by finance titan BlackRock. But this time, it's got a shiny new sidekick – the crypto exchange, Coinbase. 📑
This comes hot on the heels of a similar move by the Cboe exchange last week that involved Cathie Wood’s ARK Invest.
Coinbase's role here is pivotal, stepping in as the surveillance partner to allay the SEC's concerns about potential market manipulation. 🕵️♀️
Why is this a game changer?
Well, it's like sending in a new player with a fresh strategy in a high-stakes match. The alliance between Nasdaq and Coinbase sends a clear signal that the financial sector is not backing down on crypto, and is willing to adapt to get past the SEC's reservations. 👍️
📜 Reading Between the Lines:
This move by Nasdaq comes on the heels of the SEC stating that previous filings for Bitcoin ETF funds (including those from BlackRock and Fidelity) lacked a certain... transparency.
With Coinbase now in the mix, Nasdaq is attempting to assure the SEC that its fears of market fraud and manipulation are being taken seriously.
🤔 Why you should care:
This isn't just about Nasdaq, BlackRock, or anyone else involved in these Bitcoin ETF applications.
It's about Coinbase stepping into the spotlight and using its crypto powers to potentially usher in a new era for Bitcoin investment.
If they pull it off, it could make Bitcoin more accessible to a broader swath of investors and give Bitcoin prices a jolt in the arm. And let's not forget the precedent it would set for other crypto ETFs. 🚀
TODAY'S BIG CRYPTO TIP
🚨 NEVER invest more than you can afford to lose.
NFTs, like all cryptocurrencies, can swing wildly in value.
That Bored Ape or Azuki might look enticing when it's at its peak, but remember, what goes up can come down... hard. 🪨
It's essential to do your research, understand the risks, and ensure you're not investing more than you're willing to lose.
In the words of the investing legend Warren Buffet, "Don't test the depth of the river with both feet."
Stay smart, stay safe, and happy investing!
MORE BIG HEADLINES
Cameron Winklevoss writes an open letter to DGC, demanding they return lost funds to Gemini users. 😠
Jinan City in China accepts CBDC for Public Transit Payments. 🚌
SEGA, famed video game maker, is set to produce games using blockchain. 🕹️
BIG LAUGHS! TODAY’S MEMES 😂 🤣
Nothing wrong with being passionate! lol!
Hold at the right, but also sell at the right time. 👍️
