Morning Minute | Reddit Is Buying Bitcoin

 Morning Minute | Reddit Is Buying Bitcoin

TylerD's Market Summary

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๐Ÿ’ธ Reddit Is Buying Crypto

One of the major bullish crypto headlines from the 2021 cycle was when Tesla famously added Bitcoin to their balance sheet.

Tesla purchased $1.5B of Bitcoin in Feb 2021, an announcement that pushed the price up 20% to $44,500.

That buy set off a firestorm of chatter of which other companies would inevitably add Bitcoin to their balance sheets.

Well fast forward to 2024, and now we have the next major buyer.

What Happened?

Yesterday Reddit disclosed that it had invested a portion of its cash in BTC and ETH as a part of its IPO filing ahead of a potential March public debut.

The total amount was not shared.

According to the filing, Reddit did have $1.3B in cash on hand, leading to speculation on just how much was put into crypto.

They also shared that they had acquired ETH and Polygon (MATIC) "as a form of payment for sales of virtual goods."

Most likely from their NFT sales and royalty proceeds.

Market Impact & Why It Matters

While the news hasn't impacted the price of BTC yet (BTC -1% on the day), it has impacted other tokens.

Reddit's native r/cryptocurrency coin MOON jumped 27% on the day to $0.13 (and $14.7M marketcap).

Another Reddit-related micro-cap token DONUT jumped 46% to $1.6M market cap.

As for why it matters, this one is pretty straightforward.

Institutions are already buying Bitcoin now through the ETFs.

But public sentiment still hasn't shifted.

More major companies like Reddit adding crypto to their balance sheets will continue to signal to their followers, backers and the public that crypto is a credible investment (and a strong alternative to holding cash).

I doubt Reddit is the only major company to add crypto in 2024.

๐Ÿ’ฐ Magic Eden To Reward ETH OGs

More free money is coming to early ETH NFT traders.

And this could be one of the biggest airdrops to date.

Yesterday, Magic Eden announced that it would be opening a Diamond claim for "ETH OGs" on March 13, 2024.

For quick summary:

  • What: Magic Eden Diamonds
  • Who: Early ETH NFT traders (details still TBD)
  • When: March 13
  • Where: A Magic Eden site (TBD)
  • How Much: up for speculation

On that last note, many are starting to compare notes to the Solana OGs who were rewarded.

Based on one anecdote, every $7-$8 in trading volume equated to 1 Diamond. Thus this trader who did $2.3M in trading volume got 300,000 Diamonds.

Again, just one example and pure speculation, but an interesting data point nonetheless.

Now the question becomes - will Magic Eden reward ETH OG's more or less than the Solana OGs?

And where do the current and historical Bitcoin NFT traders fit in?

Hopefully we find out soon.

Oh, and one other thing - OpenSea, the pressure is on...

๐Ÿšš 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 $22.9M on the day; Bitcoin saw $16.2M and Solana was next with $6.8M
  • Persona was the big winner on ETH, jumping 93% from its 0.29 ETH public mint to a 0.56 ETH floor this morning, also leading trading volume
  • Pandora was another notable winner, spiking 43% to 9.9 ETH with its token +30% to a $240M mc
  • Dmitri Cherniak announced his new drop would be a 100 edition book with accompanying NFT and signed print, priced at $4,500
  • BTC NFTs saw a big day led by NodeMonkes (even at 0.263), Bitcoin Puppets +30% to 0.091, Quantum Cats +10% to 0.244 and RSIC holding at 0.072
  • Pizza Ninjas are going to Sotheby's, with Pizza Ninja #1 (inscribed on a very rare Uncommon Pizza Sat) live on auction until Feb 29
  • Solana NFTs chopped on the day with Mad Lads holding at 198 SOL and Tensorians aat 79; Kanpai Pandas were a winner, +7% to 77 SOL

๐Ÿ’ฐ Token, Airdrop & Points Tracker

Introducing a brand new section, highlighting any major token or airdrop news from the day.

๐ŸŒŽ Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

๐Ÿš€ NFT Total Volume (ETH)

  • Persona (1,899 ETH, 0.56 ETH Floor)
  • BAYC (1,419 ETH, 22.2 ETH)
  • DeGods (601 ETH, 2.8 ETH)
  • Pudgy Penguins (545 ETH, 19.5 ETH)
  • MAYC (544 ETH, 4.03 ETH)

๐Ÿ“ˆ NFT Floor Price Increase (ETH)

  • Sheboshis (105%, 0.23 ETH Floor)
  • Persona (93%, 0.56 ETH)
  • Pandora (43%, 9.9 ETH)
  • Shiboshis (37%, 0.24 ETH)
  • Full Send (26%, 0.29 ETH)

๐Ÿ—“ Upcoming NFT Mints and Reveals

Today is a much slower day to close out the week without any notable drops.

Expect Persona to maintain hype on ETH, the recent movers to maintain momentum on BTC and Pandora may steal the show this weekend in 404 land (along with any new stealth 404 drops).

See the full list and dive in for more details with Swizzy's daily mint monitor

  • Memes by 6529 (11:00 a.m. ET)
  • Artography - Cybords (3:00 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

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.