Volume 6 - Are The Bulls Back
Bitcoin hits $31k as Ethereum Launches Shanghai Upgrade. FTX executives reconsider opening the Exchange in 2024 after recovery of $7 billion in assets.
Welcome to Wake Up Web3. Our weekly newsletter is dedicated to keeping you up to date with the latest news and developments in the exciting World of Web 3. Stay curious, stay informed, and keep exploring the decentralised future!
6 min read
1) On-chain Metrics
NFT sales during the first quarter of 2023 were the best since the quarter of 2022
The overall NFT market has been bullish since the beginning of 2023. The market witnessed a 137% increase in trading volume worth $4.7 billion. In March 2023, trading volume was reduced by 15.65% after a February inflated by Blur token’s farming period.
The year’s first quarter also saw 19.4 million NFTs sold - an 8.56% from the previous quarter. Ethereum remains dominant for NFTs - it makes up 89.50% of the market.
-Ethereum’s NFTs quarterly trading volume increased by 245.43% in 2023 Q1.
-Solana comes second in NFT trading volume with $242 million - a 4.55% increase from the last quarter.
2) NFT News
Reddit's Outage After Gen 3 NFT Launch May Be Due To Excess Demand From Bots
After minting nearly 11 million Polygon Non-Fungible Tokens (NFTs), major online message board platform Reddit launched its third generation NFT collection this week, which reportedly saw an excessive amount of demand not from individuals, but from bots.
Dubbed "GEN 3, the Future Realities Collection," the digital identifier is a limited run of non-fungible tokens (NFTs) on the Polygon blockchain.
The excessive demand for the newly launched digital collectibles triggered the shop to experience an outage. However, it seems the reason for the shop's downtime was due to the high volumes of items purchased by bots.
Adidas Launches the First Chapter of its ALTS Dynamic NFT Collection
Adidas recently announced the next phase of its NFT ecosystem with the launch of ALTS. ALTS became the second release by Adidas after the “Into the Metaverse” collection launched in December 2022.
Holders of Adidas’ Into the Metaverse collection can now burn their NFTs to receive NFTs from the next phase of the projects. In addition, users can also use these newly minted NFTs to claim physical clothing.
New York City Hosts 5th Annual NFT Conference - NFTNYC
New York City is hosting its annual NFT conference from April 12 to April 14. This yearly event is dedicated to learning and sharing the latest developments in the NFT space by bringing together over 100 partners, 200+ reporters, and over 500 blockchain brands.
The week has been packed with satellite events & parties with Web3FC hosting a 5-a-side tournament, parties by Rekt Guy, A kid Called Beast, De Gods & a controversial Nakamigos soiree introducing naked ladies emerging from and dancing on tables.
Famous attendees in this year’s edition include Alex Atallah - co-founder of OpenSea NFT marketplace, and U.S. congressman Bryon Donalds.
Other headlines from the week:
Pussy Riot Founder to launch Utopia Metaverse in collaboration with IMVU
Aptos had pledged $20 million to help support independent artists and creators building on their blockchain.
Bruce Lee Estate launches House Of Lee NFT collection in honor of the famous legendary martial artist.
3) Crypto News
Ethereum Launches Shanghai Upgrade
The Ethereum blockchain just announced the release of its Shanghai upgrade - a new protocol allowing ETH stakers to withdraw their money for the first time since Ethereum staking was launched.
The Shanghai Upgrade completes Ethereum’s switch from Proof-of-work (PoW )consensus to Proof-of-Stake(PoS). Mixed concerns trail the release of the Shanghai Upgrade as some market experts fear that up to $2.4 billion of selling, pressure could hit Ethereum as stakers would look to take profits from their holdings.
FTT Token Surges by 95% as Lawyers Release Plan to Reopen the Exchange in 2024
Embattled crypto exchange FTX and its customer base received great news this week as the company announced that it had recovered about $7 billion. This announcement boosted the value of the FTX token, FTT, as it skyrocketed by more than 95%.
FTX’s authorities have also hinted at plans to relaunch its operations in 2024 amid ongoing plans to sell the company’s European branches.
4) Macro News Headlines
Italy set to tighten regulations around the use of ChatGPT. Source
Billionaire stock investor Warren Buffet slams Bitcoin for being a gambling token without any intrinsic value. Source
Gemini Exchange submits a filing to keep up with regulatory requirements needed to continue operating in Canada. Source
European Nations set to submit MiCA law for regulating crypto to a final vote. Source
5) Market Roundup
Bitcoin continues its bullish rally this week as inflation levels continue to tumble. In addition, Ethereum Shanghai Upgrade recently went live, allowing withdrawals of staked Ether tokens. More trouble for crypto companies in Canada as Paxos becomes the latest firm to exit the country amidst tightening regulations.
Other headlines from the week:
FTX to resume operations in 2024 after recovery of $7.3 billion in assets
Avalanche network sees the highest-ever trading activity.
Paxos is set to exit Canada due to regulatory uncertainties.
Twitter is reportedly exploring options allowing users to trade stocks and crypto directly on the app with eToro partnership.
London Stock Exchange Group Unit to Clear Bitcoin Index Futures, Options.
6) Technical Analysis of BTC and ETH
Bitcoin
Bitcoin recently hit $31,000, which serves as confirmation by Bitcoin experts that the crypto winter might be over. No doubt, the bitcoin bears are working overtime to reduce the price below its 20-day EMA, which stands at ($28,163) - the critical support level traders are fixed on.
Therefore, a coin sell-off could be triggered if the bears pull the price down its 20-day EMA. However, if the price remains upward and rebounds off the 20-day EMA, it will signal high demand at the lower levels, vital to actualising a bullish rally to take Bitcoin’s price to $32,500.
Ethereum
The bulls took an early lead recently, bringing Ethereum’s price to $2.1k. Unfortunately, sellers have been adamant. After weeks of trying to surpass the $1800 mark, Ethereum moved upward slightly - reaching $2100. Despite a major banking crisis, there was no significant shakeup to Ethereum’s price levels.
Ethereum’s Taker Buy Sell ratio, which shows whether the buyers or sellers are executing orders more aggressively, has been decreasing for a while now. The current level of Ethereum’s Taker Buy Sell ratio suggests that a pullback or price reversal might be on the cards.
7) Tweet of the week - @TheMoonCarl
8) To finish our upcoming guest have been confirmed!
Wednesday 26th April 08:45BST
Alex founder of Bricktopians - https://twitter.com/AlexIsBuilding
https://opensea.io/collection/bricktopians-by-law-degree
Thursday 11th May 08:45BST
Boss Beauties - https://bossbeauties.com
https://opensea.io/collection/bossbeauties
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We hope that our coverage has provided you with valuable insights and updates on the exciting developments in the world of web 3.
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