Morning Minute | Crypto Rallies Despite SEC Efforts
TylerD's Market Summary
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📈 Crypto Rallies Despite Mixed Day of Headlines
After a brutal dip to start the week, the crypto majors BTC, ETH and SOL are all seeing big green this morning, up 5-8%.
Those legs up look even better against the latest bombshell from the SEC.
SEC To Investigate ETH Foundation
Yesterday news broke that the Ethereum Foundation is facing questions from a "state authority."
Just after this came out, Fortune shared that the SEC is looking to classify ETH as a security.
These are the types of headlines that tanked prices during the bear market - but not this time.
Possibly because of the juxtaposition of some majorly bullish headlines.
More Bullish Crypto Tailwinds
A few more positive headlines from the day:
- BlackRock revealed that its new $100M digital asset fund (housed on Ethereum) will also have a $BUIDL token, fully backed, which will provide daily yield to holders
- The Fed held course at yesterday's FOMC meeting, holding rates and reiterating that 3 cuts are still planned for 2024 (stocks soared on the news)
- News surfaced that Coinbase filed to list futures for Doge, sending the leading memecoin up 12%
The big headline there of course is the BlackRock one.
Their new fund was covered in detail here yesterday, but that was before their token and daily yield plans had surfaced.
BlackRock betting firmly on Ethereum seems to outweigh the market's concerns over the SEC (who couldn't even win their case against Ripple).
As for FOMC, the scenario for risk assets to rally through 2024 and into the election is still firmly on the table (and favored at the moment). Though it feels more precarious than it did.
And doge futures - while fun, they have serious impacts as well.
That move would likely welcome more serious investment into Doge (and the memecoin sector). And the blossoming NFT and token ecosystem on Doge (DRC20s, Doginals) are set up to win from the influx of attention and capital.
The outlook remains bullish - let's hope it stays that way.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- Ethereum led NFT trading volume with $33.9M on the day (+220%); BTC was next with $10.2M (-24%) and then Solana with $6.8M (-10%)
- The ETH NFT leaders were very green on the day; Pudgy +32% to 14.4 ETH, BAYC +4% to 13.48 ETH Milady +2.75% to 4.3
- An Alien CryptoPunk sold for 4,850 ETH ($16.4M) to recent Fidenza whale "kanbas"; it's the 2nd highest Punk sale of all time and moved at 97x the current floor of 50 ETH
- XCOPY's Mutatio finished with 1.023M mints on Base and raised 700 ETH for the artist ($2.5M)
- Jack Butcher launched Opepen v2, highlighted Curated submission that holders can opt-in too, other notable submissions as well as the 33 sets in the "permanent collection" (Opepen +7% to 0.267 ETH)
- Runestones was the top Bitcoin mover on the day tallying 68 BTC while the floor held at 0.049
- Bitcoin Puppets found a new ATH at 0.273 BTC, with cute new derivative Little Pups up 100% to 0.005 BTC
- Solana NFTs were green on the day; Mad Lads +7% at 157, Tensorians +10% at 42, Frogana +9% at 3.38 SOL
- New collection Howdy Hats from Pop Punk (tied to an eventual token) opened at 2.5 SOL on 2,500 SOL volume
- OpenSea unveiled Seaport 1.6, unlocking features and new utility for NFTs now possible thanks to Ethereum's Dencun upgrade
💰 Token, Airdrop & Points Tracker
Highlighting the major token or airdrop news from the day.
- MetaStreet announced a major ASCEND update, rewarding users holding Liquid Credit Tokens (LCTs) long-term and those using LCTs with partner dApps
- Juice Finance is set to drop multiple announcements in the coming day related to its $JUICE token, points, vaults and more
- NFTfi announced a partnership with SquiggleDAO ahead of its upcoming decentralization journey
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- Crypto majors are up big this morning; BTC +6.2% $67,050; ETH +9.2% at $3,540; SOL +11% at $190
- DOGE rallied 12% as Coinbase filed to list futures on Dogecoin, Litecoin and Bitcoin Cash back on March 7
- Robinhood launched a crypto wallet on Google Play for Android
- MVHQ raised $1.1M in seed funding to help build out the "incentivization layer" of the internet
- Newcastle United announced a partnership with Quidd, an Animoca Brands subsidiary, to sell digital collectibles on its marketplace starting on March 24
- CoinDesk shared that Polygon Labs paid Starbucks $4M for its (soon to be sunsetted) Starbucks Odyssey to live on Polygon
🚀 NFT Total Volume
- CryptoPunks ($17.5M, 51 ETH Floor)
- Pudgy Penguins ($6.2M, 14.39 ETH floor)
- BAYC ($5.9M, 13.49 ETH floor)
- Runestones ($4.6M, 0.05 BTC Floor)
- Bitcoin Puppets ($1.8M, 0.273 BTC floor)
📈 NFT Floor Price Increase (ETH)
- Castaways Genesis (170%, 0.38 ETH Floor)
- Peplicator (68%, 0.09 ETH)
- Lasogette (64%, 0.25 ETH)
- Velocity Series (51%, 0.59 ETH)
- lil Pudgy (44%, 1.26 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a slower day of drops without major highlights.
Expect more attention on the ETH NFT market rebound, Ordinals leaders and of course any volatility in the crypto market.
See the full list and dive in for more details with Swizzy's daily mint monitor.
- Miniords (11:00 a.m. ET)
- 0xdeafbeef x Feral File - PAYPHONE (11:00 a.m. ET)
- JRNY Club - The Corrupted (12:00 p.m. ET)
- Floor Icons SZN 2 Drop 7 (2:00 p.m. ET)
- Renga - holders claim (4:00 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email tyler.warner@luckytrader.com.
