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NFTs heat up as cryptocurrency market cools, despite institutional interest

2021.07.13 Adam James

As Space Jam: A New Legacy NFTs sell out, American Express and Asics are making their own moves in the nonfungible-token sector. 

Declines in altcoin valuations are weighing heavy on the broader cryptocurrency market capitalization today — which is down nearly 3%, per data from CoinGecko. Leading altcoin ETH is down 5.5% across global exchanges, while DOGE, DOT, UNI, SOL, MATIC and THETA are all down by nearly 5% or greater. The price of BTC, meanwhile, is down a more modest 2%.

Continually bucking the downtrend is Axie Infinity’s AXS, which is up 18.5% over the past 24 hours and 155% over the past seven days.

The cryptocurrency market is a sea of red today, with almost every coin and token sustaining losses. Source: Coin360

Institution demand for cryptocurrencies continues to grow

Leading cryptocurrency headlines today are a pair of institutional investment-related news stories.

First, Fidelity Digital Assets is reportedly planning on hiring upward of 100 employees for cryptocurrency-related positions in its Dublin, Boston and Salt Lake City offices. The hiring spree from Fidelity’s cryptocurrency-focused arm comes amid increased demand for digital assets — Ethereum-based ones, in particular — despite the market-wide downturn in prices. Furthermore, the firm also plans on significantly ramping up its cryptocurrency trading efforts.

The second piece of institutional-related news comes from Grayscale Investment’s digital large-cap fund, which has become a company that reports to the United States Securities and Exchange Commission. According to Grayscale’s vice president of legal, Craig Salm:

“Events such as the Fund becoming our third SEC reporting company, and the additional Form 10 filings, signal that there is continued investor interest in gaining exposure to the growing digital currency ecosystem within existing regulatory frameworks, and that regulators continue to engage with market participants in the asset class.”

The apparent institutional interest in cryptocurrencies has done little to bolster sentiment among Bitcoin investors and market participants. Per multifactorial market sentiment analysis from alternative.me, the market remains extremely fearful and is more so than yesterday.

Extreme fear continues to pervade the Bitcoin market. Source: alternative.me

Meanwhile, the United Kingdom continues to apply regulatory pressure to the world of cryptocurrencies after the U.K. Metropolitan Police announced the seizure of nearly $250 million in cryptocurrency as part of an international money-laundering investigation. The statement claims the seizure is one of the largest global cryptocurrency confiscations to date — but is largely incorrect in this assessment.

Space Jam NFTs sell out as AmEx and Asics launch fresh plans

Dominating headlines in the nonfungible-token sector today is the news that Nifty’s Inc. launched what it claims is the first NFT-focused social media platform — Niftys.com. Its premiere partnership is with Warner Bros. and boasts a collection of limited edition Space Jam: A New Legacy NFTs. According to various reports on social media, the website could hardly handle the influx of traffic it received after going live — and all available NFTs sold out almost immediately.

Additionally, credit card company American Express dropped 10 from a set of 14 one-of-a-kind NFTs for its users yesterday — with the remaining four dropped today. Per multiple reports, the NFTs featured neo-soul singer and songwriter SZA, were priced at $100 each and sold out in minimal time.

Furthermore, Asics plans on dropping an NFT set composed of GIFs of the Japanese footwear manufacturer’s popular shoe designs. The Asics Sunrise Red NFT Collection will reportedly be available on OpenSea on July 15.

Finally, it bears mentioning that NFTs, in general, are gaining some momentum among the NFT-focused cryptocurrency community. BASTARD GAN PUNKS and Phunks — reversed images of the original Crypto Punks — have seen particularly noteworthy action, as MoonCats see something of a resurgence amid a rising price floor.

Top altcoin gainers and losers: EOS hit hardest among large-caps

  • GAS/USDT +23.49%
  • EM/USDT +11.84%
  • AUCTION/USDK +10.17%
  • ETM/USDT -9.53%
  • MEME/USDT -10.29%
  • LAT/USDT -10.48%

As expected, there are no altcoins with large market capitalizations among the top performers on OKEx today, per the exchange’s default time. Randomly, GAS — the fuel token of the Neo network — has surged by more than 20%.

EOS is the worst-performing major altcoin on OKEx today after dropping nearly 7%.

EOS is down by almost 7% on OKEx today. Source: OKEx

BTC technical analysis: Buyers again tested amid complacency

The price of BTC is once again testing buyers’ interest below the 33,000 USDT level. Should buyers in this range find themselves exhausted after a series of lower highs, the floodgates could open for a capitulatory move toward 26,000 USDT. Alternatively, a successful defense above 30,000 USDT could spark a fresh rally back toward 40,000 USDT — though one might argue that there is a tangible sense of complacency in the markets today.

OKEx’s BTC/USDT 4h chart — 7/13. Source: OKEx, TradingView

ETH technical analysis: Bearish, losing ground to BTC

ETH continues to grind down against BTC amid bearish cryptocurrency market conditions. While trading underneath the four-hour ribbon of exponential moving averages, it stands to reason that we may see valuations under 0.058 BTC in the not-so-distant future — where the market may be expecting buyers to step in.

OKEx’s ETH/BTC 4h chart — 7/13. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.



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