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Welcome back to another edition of Blouny mag, where we traverse the ever-evolving landscape of cryptocurrencies, NFTs, and the vibrant realm of digital art. As the digital frontier continues to unfold, we bring you the latest insights, trends, and noteworthy events shaping these dynamic ecosystems.
Time is Rare so let’s explore the intersection of technology and art together!
Weekly Crypto Market Wrap: December 11, 2023
Recap of the Crypto Market’s Weekly Highlights
A Dive into Market Dynamics and Emerging Trends
#### Week in Review
In a week filled with notable events, Binance’s new CEO, Richard Teng, acknowledged compliance failures, leading to a substantial $4.3 billion settlement. Meanwhile, Crypto.com achieved a significant milestone by securing an Electronic Money Institution license from the FCA. Coinbase introduced a new transfer function, enhancing user convenience within its ecosystem. Société Générale marked a groundbreaking move by becoming the first bank to launch a euro-backed stablecoin. On the regulatory front, the US government removed two crypto AML rules from the national defense bill.
Market Highlights
The crypto market witnessed a dynamic week, with BTCUSD breaking the $40,000 threshold, leading to heightened enthusiasm. Altcoins rallied, signaling a potential end to the crypto winter. However, excesses in the market resulted in a swift downside correction. Strong US employment data on Friday impacted rate cut expectations. As major Central Banks prepare for their final monetary policy meetings of the year, market sentiment remains uncertain.
Derivatives Landscape
The BTCUSD gap spike presented challenges for market participants, with long perpetual funding rates indicating increased leverage. BTC’s slow decline followed by a sudden cascade highlighted the market’s complexity. Despite this, open interest remains elevated, setting the stage for potential year-end volatility. Notably, Bitcoin’s aggregated futures open interest reached levels comparable to the market’s previous highs in early and late 2021.
Protocols and Alts
Certain altcoins, including AVAX, HNT, SOL, and ADA, outperformed the broader market, indicating a growing relative value division. LayerZero, a blockchain interoperability protocol, announced plans for its native token in 2024. Bitcoin Ordinals’ increased transaction fees surpassed Ethereum’s daily revenue, emphasizing the growth of the BRC-20 sector. FTX’s decision to sell $1 billion in various Grayscale trust funds could impact the $GBTC discount temporarily.
This week’s crypto market wrap reflects the industry’s dynamism, regulatory developments, and market participants’ responses to emerging trends. Stay tuned for more insights and updates in the crypto space.
Tether Takes Strides in Regulatory Collaboration: Freezing OFAC-Sanctioned Wallets
A New Chapter in Stablecoin Governance
Strengthening Security Protocols and Regulatory Cooperation
In a significant move, Tether, the prominent stablecoin issuer behind USDT, has unveiled a voluntary wallet-freezing initiative in collaboration with regulators. Since December 1, Tether has offered secondary market controls to freeze transactions linked to individuals listed on the OFAC SDN List, a strategy designed to curb illicit activities involving sanctioned countries.
Collaborative Compliance:
Tether’s Proactive Approach
This voluntary wallet-freezing policy is a proactive measure aimed at bolstering collaboration with global regulators and law enforcement agencies. Tether’s decision to complement existing security protocols aligns with regulatory efforts to prevent crypto transactions associated with terrorism financing and unauthorized distribution of substances like fentanyl.
Policy Evolution: Tether’s Response to Regulatory Concerns
Contrary to its previous stance, Tether has already frozen wallets added to the SDN List, marking a pivotal shift in the company’s approach. Paolo Ardoino, Tether’s CEO, emphasized the initiative’s goal of fostering a safer stablecoin ecosystem by actively freezing addresses linked to illicit activities.
Tether has frozen 41 wallets to date, including those associated with Tornado Cash, a mixing service utilized for cryptocurrency laundering, and a wallet linked to the Ronin bridge hack involving $625 million, allegedly orchestrated by North Korean hackers Lazarus Group. This move signifies Tether’s commitment to responsible stablecoin governance and regulatory compliance.
Solana NFTs Are Back: SOL Surges 13% and Overtakes Ethereum in Volume
A Resilient Rally for Solana and its NFT Ecosystem
Solana’s Unstoppable Surge
Solana (SOL) continues its impressive rally, surging 13% to hit a 19-month peak at $73.85. This marks a significant rebound from its late 2022 low of almost $8. While still below its 2021 all-time high, SOL showcases remarkable resilience. Simultaneously, BONK, Solana’s leading meme coin, achieves a new all-time high of $0.00001314, boasting a 24% gain in the past 24 hours and tripling in price over the last seven days, propelling it into the top 100 cryptocurrencies with a $747 million market cap.
Jito Airdrop Boost
Jito, Solana’s DeFi platform, distributed its new JTO token in a generous airdrop valued at $225 million. With a 72% surge in the past day, JTO now trades at $3.35 per token, enhancing the rewards for early users.
Solana NFT Buzz
The enthusiasm surrounding Solana extends to its NFT ecosystem, with projects like Mad Lads and Tensorians witnessing substantial price increases. Notably, Solana’s NFT trading volume surpasses that of Ethereum, a testament to the chain’s growing prominence in the NFT space. Over the past 24 hours, Solana NFTs recorded $14.8 million in trades, outpacing Ethereum’s $13.9 million. Tensor, the leading project on Solana, commands a 76% market share, signaling a shift in dominance within the NFT landscape.
Solana’s resurgence, coupled with the vibrant performance of its associated tokens and NFT projects, positions the blockchain as a formidable player in the crypto market. The NFT ecosystem’s growing volume and diverse projects underscore Solana’s enduring appeal to investors and enthusiasts alike. Stay tuned for more updates as Solana’s rally and NFT ecosystem continue to unfold.
Who is Snowfro?
Erick Calderon: The Man Behind Art Blocks
Journey into Crypto and Generative Art
Exploring the Origins of Snowfro
In a tale of transformation, Erick Calderon, famously known as “Snowfro,” navigated from the world of ceramic tiles to becoming the visionary founder of the NFT generative art platform, Art Blocks. About two years ago, Snowfro shared his crypto journey with Decrypt, reflecting on pivotal moments that propelled him into the blockchain realm.
The Evolution: From Bitcoin to Ethereum
Snowfro’s encounter with Bitcoin, sparked by his brother’s mention in 2013, set the stage for a crypto-infused future. It wasn’t until he delved into Ethereum and smart contracts that his fascination reached new heights. Experimenting with time-locked gifts and witnessing the launch of CryptoPunks in 2017, Calderon’s journey in the NFT space began.
Art Blocks: A Hobby Turned Revolution
Art Blocks, initially a hobby, swiftly transformed into a revolutionary platform for generative art. Snowfro emphasized the unexpected growth, witnessing artworks, such as the Fidenza series, fetching millions. The founder highlighted the technology’s impact on NFT valuations and his deliberate choice to use terms like “blockchain-powered art” during discussions.
The Future Landscape of NFTs
Calderon’s excitement lies in the potential of generative art technology, enabling artists to create thousands of unique pieces effortlessly. Predicting a shift from NFT jargon, he envisions a future where blockchain extends beyond art to mundane aspects like mortgages and home titles.
In essence, Snowfro’s journey signifies the fusion of art and technology, bridging the past of ceramic tiles with the future possibilities of generative NFTs. As he continues to shape the NFT space, Snowfro anticipates a world where uniqueness thrives, not only in art but in everyday commodities.
Pudgy Penguins: Rising Stars in the NFT Market
Pudgy Penguins Surge as zkSync Technology Unveils Pudgy World Alpha
A Promising Future for Pudgy Penguins and the Broader NFT Market
Pudgy Penguins, propelled by zkSync technology, witnessed an impressive surge, reaching record highs of 11.7 ETH. The announcement of Pudgy World Alpha’s launch in Q1 2024 further fueled excitement, promising new characters and limited edition collectibles. Utilizing zkSync addresses scalability concerns, potentially attracting more participants to the NFT space. As Pudgy Penguins flourish, the broader NFT market stands to benefit from increased interest and trading activity.
Luca Schnetzler’s Vision: Transforming Pudgy Penguins Against All Odds
*From Drama to Triumph: Luca Schnetzler’s Impact on Pudgy Penguins*
Pudgy Penguins faced turmoil until Luca Schnetzler stepped in, purchasing the project for $2.5 million. Schnetzler’s entrepreneurial prowess and strategic vision transformed the narrative, leading to a remarkable rise in Pudgy Penguins’ floor prices from 1 ETH to 6.32 ETH. Despite challenges, Schnetzler’s leadership defied the NFT bear market trend, showcasing constant growth and momentum. Pudgy Penguins’ success highlights the importance of visionary leadership and brand-building basics often overlooked in the NFT space.
Schnetzler’s Entrepreneurial Journey: A Decade of Dedication
Beyond Pudgy Penguins: Luca Schnetzler’s Entrepreneurial Spirit
Luca Schnetzler’s journey began over a decade ago, starting as an entrepreneur at the age of 15. His challenging childhood fueled an early start to earning, instilling a strong work ethic. Despite being just 25 years old, Schnetzler’s decade-long entrepreneurial experience played a pivotal role in revitalizing Pudgy Penguins. While receiving praise for his accomplishments, Schnetzler emphasizes the importance of fundamental brand-building efforts often neglected by other NFT projects.
As Pudgy Penguins ascend to the forefront of the NFT market, driven by innovative technology and visionary leadership, their success signifies a potential shift in the dynamics of the NFT space during this bull run.
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