Morning Minute | Crypto Sinks on War Concerns, Rebounds

TylerD's Market Summary

Today's Morning Minute is brought to you by MetaStreet, THE best new way to earn yield in NFTfi.

Interested in earning yield via NFT lending? Like points farming, or gaining exposure to Blast? MetaStreet is for you.

MetaStreet solves 3 issues in the current NFT lending market by:

• not depending on oracles

• offering dynamic interest rates, and 

• operating permissionlessly via its Automated Tranche Maker (ATM). 

Recently they launched their Pudgy Ascend Tower, allowing those interested in lending against Pudgy Penguins to do so with up to 26.7% yield (and major points).

And just yesterday they announced a new open edition mint with Metaverse HQ to celebrate the Blast launch!

New things are happening almost daily with MetaStreet right now, and users are winning.

So deposit now and start earning!

📉 Crypto Volatility

It turns out Bitcoin is not yet viewed as a hedge in times of geopolitical adversity.

At least according to this weekend's price action.

But a crypto legend and Hong Kong may have stepped in just at the right time to save crypto.

What Happened?

Crypto started tanking on Friday as markets closed, dropping from $71k to $66k.

Then on Saturday, news broke that Iran was firing missiles at Israel.

Bitcoin immediately fell another ~8% close to $61k. ETH fell to $2,800, SO to $120 and alts + memecoins sunk 30-50%.

Not great.

But then legendary trader GCR stepped in with a bull post:

"If you've been sidelined, believe this is a good opportunity to scale into high conviction tokens..."

Coincidentally or not, nearly immediately after news spread that 1) Israel had intercepted the missiles and 2) that Iran would not make further attacks.

Markets immediately rebounded.

Bitcoin jumped back over $64,000, ETH back over $3,000 and SOL back to $140.

Memecoins like WIF rebounded nearly 30-50% off the lows.

Then even better news came overnight Sunday.

Hong Kong's Securities and Futures Commission approved Bitcoin and ETH spot ETFs for leading institutions including China Asset Management, Bosera Capital, and HashKey Capital Limited.

Each of the majors jumped another 5-8% on that news.

And now stock futures are opening green this morning as war concerns seem to have subsided.

What a roller coaster of a weekend.

NFT Impact

Ordinals survived surprisingly strongly.

ETH NFTs - well that's a different story.

Leading and notable ordinals (and 7-day change):

• NodeMonkes at 0.474 BTC (-20%)
• Bitcoin Puppets at 0.464 BTC (+15%)
• OMB at 0.45 BTC (+10%)
• Quantum Cats at 0.377 BTC (+30%)
• Runestone at 0.08 BTC (even)
• RSIC at 0.063 BTC (even)

So basically everything green or even besides the NodeMonkes.

Puppets briefly flipped Nodes over the weekend but have since fallen behind, though they remain very close.

Bitcoin Wizards were a huge winner, jumping 50% to 0.287 BTC (perhaps following the success of the $WZRD token), and Lil Pups were a big winner on the low end jumping over 100% to 0.015 BTC.

Over on ETH, the bleeding continues.

Notable leaders (and 7-day change):

• Punks at 41 ETH (even)
• BAYC at 10.22 ETH (-12%)
• Pudgy Penguins at 10.3 ETH (-17%)
• Milady at 4.6 ETH (-7%)
• Azuki at 4.03 ETH (-1%)
• Captainz at 3.2 ETH (-1%)
• MAYC at 1.8 ETH (-7%)

So more bleeding with no major winners on the week.

And once again, it remains difficult to see the near-term catalyst to reverse this trend with focus mostly on 1) Ordinals 2) memecoins 3) new mints on Base and 4) Blast farming.

Expect the dip to keep dipping.

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• Bitcoin led NFT trading volume with $19.9M on the day (-30%); ETH was next with $8M (-0.5%) and then Solana with $3.25M (-9%)
• Runestone led the BTC NFT board with 52 BTC volume and reached 0.079 BTC; Bitcoin Wizards jumped to 0.287 and Quantum Cats to 0.377
• NodeMonkes re-flipped Puppets, with floors at 0.474 BTC and 0.464 respectively
• ETH NFT leaders were mostly red with BAYC -3% to 10.23 ETH, Pudgy -6% to 10.33, Milady -1% to 4.55 and MAYC -4% to 1.79
• Webbland and CryptoPhunks were winners on the day, each jumping 34%
• Solana NFTs were mixed on the day; Mad Lads -3% 132 SOL, Tensorians -14% at 18, SMB Gen 2 +3% to 38
• New mint "The Jeo Bodens" soared to a 9 SOL floor following the success of the cult meme 
• XCOPY's "All Time High in the City" was bought by Cozomo de'Medici on Friday for an undisclosed sum
• CyberKongz announced its pre-runes collection Prometheans as a 21k supply free mint coming this week

💰 Token, Airdrop & Points Tracker

Here's a rundown of major token or airdrop news from the day:

• $WZRD (BRC-20) jumped another 60% on Sunday to $8, providing 13x returns for those who bought just 7 days ago
• $PUPS briefly hit a new ATH over $90 on Friday evening after Ansem shared the token with Arthur Hayes, now back at $67 (still +170% on week)
• $OMNI is trading at $45 pre-launch on Aevo, with NFT collections like the Pudgy Penguins getting 36 tokens (~$1,600)

🌎 Around Crypto and Web3

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

• Crypto majors are very green this morning after Saturday's dip; BTC +3.4% at $66,370; ETH +7% at $3,260; SOL +8.3% at $152
• Memecoin majors were green as well; DOGE +7%, WIF +11%, PEPE +6%
• Hong Kong approved its Bitcoin and Ethereum spot ETFs from leading institutions such as China Asset Management, Bosera & HashKey Capital
• Tether CEO announces that its tokenization platform will be available soon (multi-chain and non-custodial)
• The Winklevoss twins invested $4.5M (in BTC) in Real Bedford, dubbed the "first-ever football club powered by BTC"

🚀 Memecoin Movers (new section!)

• $MEW (+90%, $469M market cap, Solana)
• $HOBBES (+90%, $17M mc, Solana)
• $EPIK (+70%, $28M market cap, Solana)
• $WZRD (+60%, $166M market cap, Bitcoin)
• $WEN (+30%, $180M market cap, Solana)

📈 NFT Floor Price Increase (ETH)

• Webbland (34%, 0.24 ETH Floor)
• CryptoPhunks v2 (34%, 0.18 ETH)
• Pixelady Maker (26%, 0.17 ETH)
• Peplicator (22%, 0.06 ETH)
• AlignDRAW (16%, 1.39 ETH)

🗓 Upcoming NFT Mints and Reveals

Today is a slower day of drops to kick off a major week.

The highlights are on Bitcoin with a Mutant Hounds launch, Runevo and then Rare Scrilla's "The Ones" minting this afternoon (Dutch auction from 1 BTC down to 0.1).

With the halving now set to happen this Friday, expect a volatile and busy week for the biggest chain.

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

• Mutant Hounds (8:00 a.m. ET)
• Blastr (10:00 a.m. ET)
• Memes by 6529 (11:00 a.m. ET)
• Runevo (2:00 p.m. ET)
• The Ones (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 to tyler.warner@luckytrader.com.