Weekly Crypto Market Wrap, 19th February 2024
Week in Review
Bitcoin ETFs Gain Traction:
– Bitcoin ETFs are attracting significant attention, surpassing crypto miners’ production.
– BlackRock’s ETF manages over 100,000 BTC.
Regulatory Matters:
– VanEck faces SEC fine of $1.75 million for ETF marketing violation.
Ethereum Transaction Fees Surge:
– Ethereum gas fees reach 8-month high due to ERC-404 token hype.
Celsius Bankruptcy Distribution:
– Bankrupt Celsius distributes $2 billion worth of crypto to 172k creditors.
Legal Concerns:
– Australian cop accused of stealing 81 BTC during Melbourne police raid.
Economic Updates:
– US experiences higher-than-expected prices for January, sustaining strong inflation.
– UK economy in technical recession as per 2023 GDP results; inflation seen positively by Bank of England governor.
Technicals: BTCUSD
Momentum and Predictions:
– Momentum carries BTCUSD to $52,000, with bullish sentiment for $55,000 this week.
– Potential entry point at $49,000, but sentiment favors upward movement.
– Market remains risk-on despite Fed Funds curve repricing.
Risk Factors:
– Elevated inflation poses downside risk across all assets.
Key Levels:
– 40,000 / 44,000 / 49,000 / 50,000 / 55,000
Spot Desk
Market Flows:
– Muted spot flows during Chinese New Year; AUD dominates.
– Strong spot BTC flows observed from hedge funds and real money investors.
– Cautious ETH positions built ahead of expected ETF announcement.
SSV Network (SSV)
Ethereum Infrastructure Tokens:
– Layer-2 activity surges, bolstered by upcoming ETH Dencun upgrade.
– SSV.Network introduces permissionless protocol for trust-minimized node operation.
– Airdrop creates short-term momentum play; fundamentals support long-term growth.
Trading Strategy:
– Consider entering on momentum with initial targets at 38 and 42.
– Set stop loss below ascending trendline; trade duration 1 to 3 months.
Nakamigos Introduces Cloaks: The Legend of Himanji
Unveiling Nakamigos’ Latest Venture
Nakamigos, the pioneering force in the realm of NFTs, is back with yet another groundbreaking venture – Cloaks: The Legend of Himanji. This latest addition to the Nakamigos universe introduces an exciting blend of storytelling, gaming, and community engagement, all wrapped up in the allure of blockchain technology.
— Nakamigos (@Nakamigos) February 16, 2024
A Brief Overview of Nakamigos NFT
Before delving into the world of Cloaks, it’s essential to understand the foundation laid by Nakamigos in the NFT space. With a unique collection of 19.9K PFP NFTs, Nakamigos has already carved a niche for itself. These pixelated characters, ranging from humans to non-humans, offer holders the opportunity to shape their digital assets’ economic destiny. Moreover, the ability to trademark NFTs opens avenues for commercial utilization, further enhancing their value proposition.
Understanding Nakamigos-CLOAKS
At the heart of this new venture lies Nakamigos-CLOAKS, a meticulously crafted set of 20,000 characters residing on the blockchain. These characters, adorned with an array of attributes and items, offer holders worldwide gaming and commercial rights. The diversity within the collection ensures that there’s something for everyone, further enriching the NFT ownership experience.
The Genesis of Cloaks: The Legend of Himanji
In an ambitious move, Nakamigos introduces Cloaks: The Legend of Himanji, a concept that seamlessly merges NFTs with gaming. The project, encapsulated in a mesmerizing video game trailer, promises an immersive experience for enthusiasts. The community’s anticipation is palpable, fueled by the potential applications of the Cloaks collection within the gaming landscape.
Unveiling Amir “Mondoir” Soleymani: A Visionary in the Digital Art Landscape
A Pioneer in Digital Art Revolution
Amir Soleymani, famously known as “Mondoir,” stands as a beacon of innovation in the world of digital art. His brainchild, Mondoir, established in January 2023, represents a paradigm shift, seamlessly blending the realms of physical and digital artistry. With a resolute mission to foster creativity and cultivate a global community of digital artists, Mondoir serves as a catalyst for artistic expression, offering a multifaceted platform for creators to engage with their audience and peers.
Bridging Technology and Artistry
At the heart of Downtown Dubai, Mondoir’s avant-garde space symbolizes a convergence of blockchain, technology, entertainment, and art. Through a network of real-life galleries, Mondoir supports digital artists on their journey of exploration, exhibition, and collection. By curating exhibitions, hosting events, and facilitating educational programs, Mondoir endeavors to inspire and champion digital art while nurturing a vibrant community that celebrates creative expression worldwide.
Visionary Leadership: Amir Soleymani
Amir Soleymani, the visionary founder of Mondoir, envisions a future where digital art transcends boundaries. He articulates, “Our mission is to support the advancement of digital art. Our tools simplify discovery processes and improve access to new technologies, enabling artists to scale.” Soleymani’s unwavering commitment to innovation promises to revolutionize the digital art experience, propelling Mondoir to the forefront of the artistic revolution in the digital sphere.
A Multifaceted Persona
Beyond his role at Mondoir, Amir Soleymani’s influence extends far and wide. Recognized as one of the pioneering collectors in the NFT space, he has championed emerging talents and supported established artists like Deekay, Mad Dog Jones, and FEWOCiOUS. Notably, Soleymani’s contributions transcend mere patronage; he is a political activist, creator, builder, and gallerist, with notable ventures such as the “Adelia Art Gallery” in Liverpool, UK, and the “NFT Art Gallery” in Dubai, UAE.
Advocating for Change
Amir Soleymani’s impact transcends the confines of the art world. As a fervent fundraiser, he leverages blockchain and NFTs to conduct charity auctions, exemplifying his commitment to social responsibility. Moreover, Soleymani’s involvement in legal disputes, such as the case against Nifty Gateway, underscores his advocacy for fairness and transparency within the digital art ecosystem.
A Vision for the Future
Amir Soleymani’s journey embodies a fusion of innovation, advocacy, and philanthropy. As he continues to push the boundaries of digital art, his vision for the future remains unwavering. With Dubai poised to become the epicenter of Web3 innovation, Soleymani’s endeavors at the NFT Art Gallery signal a transformative shift in the art landscape, paving the way for a new era of creativity and expression.
Through Mondoir and his myriad ventures, Amir “Mondoir” Soleymani continues to shape the future of digital art, leaving an indelible mark on the canvas of innovation and creativity.
Yuga Labs Acquires Rival NFT Company Proof: A Move to Strengthen Web3 Presence
Yuga Labs Expands its Web3 Empire
Yuga Labs, the pioneering web3 lifestyle and media company renowned for creations like the Bored Ape Yacht Club and Otherside, has made waves once again with its recent acquisition of Proof, a prominent player in the non-fungible token (NFT) space. This strategic move marks a significant step towards solidifying Yuga’s position as a powerhouse in the emerging landscape of web3.
The Proof Acquisition: A Strategic Endeavor
Proof, distinguished for its Moonbirds collection and various NFT projects, has caught the attention of Yuga Labs. The acquisition encompasses not only Proof’s artistic portfolio but also its intellectual property and talented team. Notable assets joining Yuga’s ecosystem include the Oddities NFTs, Mythics PFPs, and the esteemed Grails exhibition series, amplifying the breadth and depth of Yuga’s offerings in the digital art realm.
Visionary Leadership and Integration
Daniel Alegre, CEO of Yuga Labs, expressed his enthusiasm about welcoming Proof into the fold, emphasizing the alignment of Moonbirds with Yuga’s existing ventures, particularly Otherside. Alegre stated, “Moonbirds is a collection with great potential and many unifying brand elements with Otherside.” Kevin Rose, CEO & Founder of Proof, will transition into an advisory role post-acquisition, ensuring a smooth integration of teams and resources.
Accelerating Innovation in Digital Fine Art
The collaboration between Yuga Labs and Proof signifies a commitment to advancing digital fine art and community engagement within the web3 space. With the combined expertise and resources of both entities, innovative initiatives are poised to emerge rapidly, catering to a broader audience and pushing the boundaries of creative expression in the digital domain.
A Promising Future in Web3
As Yuga Labs expands its portfolio and strengthens its foothold in the web3 ecosystem, the acquisition of Proof underscores a strategic vision for the future. By leveraging the synergies between Moonbirds and Otherside, Yuga aims to cultivate a vibrant community where content creators, brands, and enthusiasts converge to shape the social fabric of web3.
Conclusion
The acquisition of Proof by Yuga Labs represents a pivotal moment in the evolution of the digital art landscape. With a shared commitment to innovation, creativity, and community, the collaboration between these industry leaders sets the stage for transformative growth and exploration in the realm of web3. As the journey unfolds, all eyes are on Yuga Labs and Proof as they continue to redefine the boundaries of possibility in the ever-expanding universe of digital art and technology.
Unveiling PROOF Collective: A Hub for Digital Art Innovation
Yuga Labs Acquires PROOF: A Strategic Move in the Web3 Landscape
Yuga Labs, a trailblazing web3 lifestyle and media company renowned for its groundbreaking projects like the Bored Ape Yacht Club and Otherside, has recently made headlines with its acquisition of PROOF Holdings Inc. This strategic move marks a significant step towards Yuga’s mission of reinventing NFTs and building culture on the blockchain.
The Essence of PROOF Collective
At the heart of PROOF Holdings Inc. lies the PROOF Collective, a leading digital art platform and art collector community driven by the belief that art is proof of our collective humanity. Founded in 2021 by tech entrepreneur and media producer Kevin Rose alongside digital artist Justin Mezzell, PROOF has carved a niche for itself in fostering innovation at the intersection of art, technology, and community.
Empowering Artistic Expression and Connection
PROOF’s mission is centered around creating unique experiences for art collectors to connect with artists, own their creations, and champion their artistry. Through curated art drops, exhibitions, and insightful content production, PROOF amplifies the stories behind art, enriching its value beyond mere monetary considerations.
Integration into the Yuga Ecosystem
With Yuga Labs’ acquisition of PROOF, the PROOF Collective, along with its intellectual property and artistic portfolio, now finds itself integrated into Yuga’s expansive ecosystem. This move underscores Yuga’s commitment to championing art, culture, and community on the blockchain.
Future Endeavors and Collaborations
As PROOF becomes an integral part of the Yuga ecosystem, exciting opportunities for collaboration and innovation emerge. With Moonbirds, Oddities, Mythics, and the Grails exhibition series joining forces with Yuga’s existing projects, the stage is set for transformative growth and exploration in the digital art space.
Conclusion: A New Chapter in Digital Art
The acquisition of PROOF by Yuga Labs heralds a new chapter in the evolution of digital art and the web3 landscape. By bringing together two visionary entities committed to pushing the boundaries of creativity and community engagement, the PROOF Collective’s integration into Yuga’s ecosystem promises to redefine the art experience in the digital age. As the journey unfolds, one thing remains certain: the PROOF Collective will continue to serve as a beacon of innovation and inspiration for artists and collectors alike in the ever-expanding realm of digital art.
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