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  • šŸ“ˆBitcoin Hits $50k Amidst Market Liquidations

šŸ“ˆBitcoin Hits $50k Amidst Market Liquidations

Plus: Crypto Companies Opt Out of Super Bowl Ads while Pudgy Penguins Closes in on BAYC

ā˜€ļø GM
Est. read time: 4 minutes

The Swifties won the Super Bowl AND Bitcoin is on a tearā€¦ Happy Tuesday!

Letā€™s digest:  

1. Bitcoin Climbs Above $50k Amidst Massive Market Liquidations

2. Crypto Companies Opted Out of Super Bowl Ads

3. Pudgy Penguins Nearing BAYC in Market Value

šŸ“ˆ MARKETS

NFT Market Flash

Market Flash

šŸ“° TODAYā€™S TOP STORY

Bitcoin Climbs Above $50k Amidst Significant Market Liquidations

Bitcoin

Bitcoin has experienced a notable increase, surpassing the $50,000 threshold on Monday, a sequence of eight consecutive days of gains.

This recent surge reflects a 16% rise over the past week and a 15% increase over the last 30 days.

Bitcoin Chart

Despite this positive momentum, the crypto market remains volatile, affecting leveraged positions across various digital assets.

  • In the past 24 hours, the crypto market has seen over $135 million in liquidations, affecting both long and short positions.

  • The most significant liquidation order, valued at nearly $4 million, involved an ETH-USD pair on the OKX exchange.

  • Bitcoin shorts accounted for the majority of liquidations, with over $35 million in Bitcoin shorts liquidated compared to approximately $16 million in long trades.

Ethereum (ETH) experienced the second highest volume of liquidations, with long positions predominantly affected. More than $13 million in ETH long positions and over $7 million in ETH short positions being liquidated.

Solana (SOL) ranked third in terms of liquidation volumes, with less than $8 million in leveraged trades closed.

The Market Shows Resilience

  • Amid these market dynamics, Bitcoin's price ascended above $50,000, marking its highest level since Dec 25, 2021.

  • BTC saw a 26% increase in daily trading volume, with transactions exceeding $25 billion.

  • Bitcoin's market cap is $982 billion, nearing its historic $1 trillion valuation.

This milestone comes 62 days before its fourth halving event, highlighting its significant growth and the continued interest in crypto investments despite market fluctuations.

Go Deeper: Everything you need to know about the next Bitcoin Halving

 šŸŸ  Bitcoin

Crypto Companies Opt Out of Super Bowl Ads

Super Bowl

In a notable shift from the advertising blitz of 2022, leading companies in the crypto sector didnā€™t advertise during this year's Super Bowl.

According to Fox Business, this marks the second consecutive year without major crypto advertisements since the sector's prominent presence in the 2022 Super Bowl commercials.

  • Among those abstaining are Bitcoin ETF providers BlackRock and Grayscale, which did not secure advertisement slots as their ETFs received approval after these slots were already sold out.

  • Coinbase, known for its $14 million QR code advertisement in the previous year, was also missing from the Super Bowl ads.

  • Kraken, the country's second-largest exchange, and other significant crypto firms confirmed their decision to pass on this year's Super Bowl ads before the event aired.

This move away from Super Bowl advertising reflects broader industry caution in the wake of FTX's collapse, which implicated several celebrities in a class-action lawsuit over their promotional activities for the exchange.

šŸ¦ REGULATION

Pudgy Penguins Nearing Bored Ape Yacht Club in Market Value

Pudgy Penguins - BAYC

Pudgy Penguins are making significant strides, with their floor price approaching that of the once-dominant Bored Ape Yacht Club (BAYC).

  • The floor price for a Pudgy Penguins NFT reached 21.5 ETH (approximately $54,850), closely trailing behind BAYC's floor price of 22.8 ETH, or around $58,000.

  • Pudgy Penguins have seen a 400% increase in value from a low point below 1 ETH in mid-2022 to 5 ETH by the end of the year.

  • From a peak floor price of 152 ETH in April 2022, BAYC has seen an 82% reduction in its ETH value.

Pudgy Penguinā€™s rise is attributed to strategic brand partnerships and a focused effort on enhancing the brandā€™s IP value, notably with major retailers like Walmart.

Conversely, Bored Ape Yacht Club has experienced a decline in value, mirroring broader market trends since the onset of the crypto winter in May 2022.

The narrowing gap between Pudgy Penguins and BAYC is noteworthy, given their contrasting fundraising outcomes.

  • Pudgy Penguins recently raised $9 million in seed funding for further development

  • Bored Ape creator Yuga Labs secured $450 million in funding in 2022, valuing the company at $4 billion.

Despite these developments, both collections remain below CryptoPunks in terms of floor price, with CryptoPunks maintaining a value of approximately 58.7 ETH, or about $146,000.

Yuga Labs, which acquired the CryptoPunks IP in 2022, has seen the project maintain its value more consistently than BAYC over the past year.

Non-fungible News

šŸ’” INSIGHT

Crypto Punks Floor is Rising

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