Tag Archives: ether

Ether Rock NFT to Sell For $600K? Bull Market Logic Says Yes

Ether Rock NFT to Sell For $600K? Bull Market Logic Says Yes

With Bitcoin hitting $52K and the entire crypto market riding on an upward trajectory, it’s safe to say we’ve entered a bull market.

Most of the top 10 non-stablecoin cryptocurrencies have enjoyed double-figure percentage returns over the week, signalling unified momentum to buy, buy, buy.

Basking in the glory of this market momentum, investors are finally reaping their rewards after months, if not years of agony.

But just how far is this burst of optimism spreading? After all, the crypto market is notoriously renowned for bogus projects and worthless assets. The infamous Ether Rock NFT collection is a prime example of this.

Rock N Sold

Developed by an anonymous creator in December 2017, Ether Rocks is a CC0 JPEG clipart collection of 100 rocks, which vary in colours but are identical in shape and size.

The project is inspired by Gary Dahl’s 1975 satirical Pet Rock in which people subscribed to the humorous idea of purchasing a rock as a pet. Each rock was packaged in custom cardboard boxes, complete with ventilation holes and straw bedding. Dahl’s absurd concept took the market by storm, selling over 1 million Pet Rocks for $4 each.

Ether Rocks takes a leaf out of Dahl’s bizarre marketing campaign by utilizing the power of community, hype, and satire, whilst offering zero utility to the user.

All 100 Ether Rocks have already been sold but global auction house Sotheby’s is listing one of the NFTs in a sealed-bid auction between 14-21 February 2024.

“By bringing the iconic Pet Rock concept into the digital age through blockchain technology, Ether Rocks invites us to reconsider the boundaries of value, ownership, and cultural significance in the ever-evolving landscape of unconventional trends,” Sotheby’s explains on its auction page.

With an estimate of $500,000 to $700,000, the NFT’s price is mindblowing for non-crypto natives and amazes even the most seasoned crypto enthusiast. Considering each Ether Rock was minted starting at 0.01 ETH, with the last Rock selling at 10 ETH at the time, today’s price of these NFTs is nothing short of astronomical.

Yet, its suggested price range could be regarded as conservative. Earlier this week, Ether Rock #19 was purchased for 279 ETH – worth $739,015 at the time. Its value is now closer to $800,000.

Crypto betting site Polymarket reflects a 63% chance that the Ether Rock will sell for over $600,000 at Sotheby’s auction.

In fact, if the Rock sells for the anticipated target of $600,000, it will only be less than half the price of the collection’s highest sale. In 2021, the most expensive Rock was sold for 420 ETH, costing $1,397,277 at the time.

Rolling Stones, Rolling Markets

The strength of Ether Rocks has largely been on par with the strength of the overall crypto market. When the project hit its all-time high sale in November 2021, the crypto market was in extreme bull mode. Ethereum was above $4K and Bitcoin cleared $60K.

Sotheby’s Ether Rock auction comes at a perfect time as the market is generating momentum in today’s bull cycle.

Whether Ethereum can return to its previous highs is yet to be seen but its strength will certainly be reflected in the price that Ether Rock sells for as investors look for diverse avenues to park their money in.

As Blockhead contributor Anndy Lian explains, “The crypto market is anticipated to be more bullish. This brings the degen narrative back to the scene where this is a way to show their social & cultural capital of the NFTs.”

“Wrapped Ether Rock and BAYC are not just digital assets, but also symbols of status and identity in the NFT community,” Lian added on his blog. “Owning a Wrapped Ether Rock gives the holder a sense of prestige and history, as they own a piece of the early days of NFTs.”

 

Source: https://www.blockhead.co/2024/02/15/ether-rock-nft-to-sell-for-600k-bull-market-logic-says-yes/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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Bitcoin, Ether, Doge Skyrocket: Should You Be Buying At Current $30K Levels?

Bitcoin, Ether, Doge Skyrocket: Should You Be Buying At Current $30K Levels?

Major cryptocurrencies like Bitcoin , Ether and Dogecoin are trading at a monthly high on Wednesday.

Bitcoin, the world’s largest digital currency, broke $26,500 for the first time in over a month to make a high of $29,883, up about 11% over the past 24 hours. It subsequently broke $30,000 — the first time in more than a year.

Ether was trading at $1849, up 7.5%, while Doge was trading up about 6%, according to data from TradingView.

Recently, BlackRock BLK, submitted an application last week for a Bitcoin exchange-traded fund (ETF) in the U.S.

Additionally, EDX Markets, a cryptocurrency exchange backed by prominent financial entities such as Charles Schwab, Citadel Securities, and Fidelity Digital Assets, has launched its trading services.

Industry experts have weighed in on the phenomenal rise, attributing it to several factors, including institutional interest and economic forecasts.

Bitcoin’s Future Performance

Greg Waisman, COO of payments platform Mercuryo, says Bitcoin’s renewed dominance, accounting for 50% of the market capitalization of the crypto ecosystem, has been spurred by the application for a spot Bitcoin ETF by BlackRock and followed by WisdomTree, Invesco, and Bitwise. “The renewed optimism about a BTC ETF from these financial giants is evidence that Bitcoin holds true potential that will boost its future performance,” Waisman states.

Waisman also emphasizes Bitcoin’s burgeoning momentum as a technology with innovative Layer-2 protocols such as the Lightning Network revolutionizing payments.

“The positive sentiment on its capabilities has contributed to the increasing inflow of funds into Bitcoin worth $3.6 billion over the past few months,” he said.

Macro-Economic Indicators

Raj Kapoor, the founder of the Blockchain Governance Council, highlights the role of the Federal Reserve’s decision to halt rate hikes and suggested that the weakening of the U.S. dollar could also be playing a significant role.

Kapoor opines, “The stronger the macroeconomic environment, the higher the Bitcoin price.”

He further mentions the impact of filings for a Bitcoin ETF by financial giants like BlackRock and Fidelity Investments.

Greg Magadini, Head of Derivatives at Amberdata, a crypto data analytics firm, shares insights into ETH call selling since the ETH Shanghai upgrade.

Magadini said, “This flow is some of the largest, persistent flow, ever seen in ETH options… suggesting this flow is institutional.”

Institutional Involvement As A Catalyst

“NFT: From Zero to Hero” author Anndy Lian attributes the surge in Bitcoin’s price to the growing interest among institutional investors, and specifically notes BlackRock’s launching of a Bitcoin ETF.

“This institutional involvement has sparked optimism among traders regarding Bitcoin’s price,” he said.

Lian also highlights the potential correlation between a declining US dollar index and a favorable macroeconomic climate as factors that may continue to positively impact Bitcoin’s price.

Serenity Shield CEO Venket Naga said increased mainstream adoption and acceptance of cryptocurrencies have attracted more investors and users and growing institutional interest, such as the entry of major financial institutions into the crypto market, has provided a sense of legitimacy and attracted more investors.

“The market’s long-term sustainability depends on continued adoption and addressing concerns like scalability and energy consumption. Continued innovation and practical application of blockchain technology, specifically tailored to address real-world requirements, will play pivotal roles in determining the market’s overall sustainability,” he added.

 

Source: https://www.benzinga.com/markets/cryptocurrency/23/06/32950439/bitcoin-ether-doge-skyrocket-should-you-be-buying-at-current-30k-levels

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

The domino effects from FTX’s issue. Bitcoin, Ether in a sea of red. What next for the cryptocurrency market?

The domino effects from FTX’s issue. Bitcoin, Ether in a sea of red. What next for the cryptocurrency market?

The FTX’s situation is not promising at the time of publishing. These are the additional comments I had.

Before the FTX incident, we analysed that there was a chance for the market to see one last pump before the end of the year.

After the incident and if there is no bailout for FTX, I would think this would be another black swan event. Based on what we see right now, there is only an $8 billion liquidity gap. Still, the numbers can go very high if you look at the ecosystem, Defi loan products and the various parties such as leading venture funds, sovereign wealth funds, and pension funds involved. The domino effects could be greater than the Terra/ UST event.

I know of a few venture capital companies who just did a restructure and are in the middle of another fundraising from the previous loss due to Terra. Now, they are being hit once again. I do not think their LPs are going to give them more money. They are gone. You will see them in the news very soon.

If you are not part of FTX ecosystem and have no exposure to them, you should continue to focus on your community, continue to build and ignore the noises. If you have exposure to FTX, my friendly advice is to protect your principal investment, exit while you can to stay afloat. The ride will be very bumpy.

Bitcoin, Ether in a sea of red. What next for the cryptocurrency market?

The scrapping of the Binance-FTX deal has shaken the confidence of investors already licking their wounds following the collapse of Terraform Labs, Three Arrows Capital and Celsius Network

The cryptocurrency market continued its death spiral for the second consecutive day after Binance scrapped a deal to acquire rival exchange FTX.

Prices of major digital assets tumbled to monthly lows, led by Bitcoin, which headed towards $15,000 before rebounding to about $16,800, still down about 10% over the past 24 hours.

Ethereum, the second-largest cryptocurrency by market capitalisation, dropped to $1,087.08 before staging a mini-rally and settling at about $1,180, about 10 percent lower over the past day.

It’s been a turbulent week for cryptocurrencies as the market reacted to reports surrounding two of the biggest cryptocurrency exchanges in the world. Binance, the world’s largest digital asset exchange by volume, said on November 8 it agreed to buy FTX and rescue billionaire Sam Bankman-Fried’s startup from a liquidity crunch.

However, Binance made a U-turn barely 24 hours later. It said that after due diligence and reports regarding mishandled customer funds and alleged US agency investigations, it decided to not pursue the FTX acquisition.

According to a Coindesk report, the native FTT tokens of the FTX, which are also owned by the company, were found in large quantities on the balance sheet of Alameda Research, a cryptocurrency trading company run by Bankman-Fried, prompting widespread criticism of the token.

This meant that Alameda was primarily based on a coin that a sister company created rather than on a standalone asset like fiat money or another cryptocurrency.

 

Fretting investors

Scurrying for cover amid rumours that the FTX would go bankrupt, investors liquidated their FTX-linked coins to reduce possible losses. Binance, which had more than $500 million worth of FTT on its books, began to sell its holdings, exacerbating the woes of an already ailing market.

The blow-hot-blow-cold relationship between Binance CEO Changpeng Zhao and Bankman-Fried shook the market’s confidence as investors fretted over every development in a sector already licking its wounds following the collapse of Terraform Labs, Three Arrows Capital and Celsius Network.

Among other major cryptocurrencies, Binance (BNB) was down 10 percent, Ripple (XRP) was 5 percent lower, Cardano (ADA) dropped 6 percent, Dogecoin (DOGE) declined 7 percent, and Solana (SOL) had plunged 30 percent when this was written.

While some experts said this may be an opportune time for institutional investors, others emphasised the urgent need for greater regulation of the crypto market.

Raj Kapoor, founder of India Blockchain Alliance, said individual investors may become inactive for a while and institutional investors will probably take advantage of the current discounts and hedge their bets.

“This development will give other exchanges a boost and investors should transfer their altcoins into Bitcoin, Ethereum, and other stablecoins and store them in a cold wallet until the market stabilises and wait for the upswing,” Kapoor said.

He added that the FTT fall may trigger a chain reaction of liquidations because FTX’s lenders may also collapse, taking investors down with them.

“I see a lot of other businesses and endeavours going out of business or filing for bankruptcy,” Kapoor said.

Sharat Chandra, cofounder of India Blockchain Forum, said the FTX fiasco exposes the lack of disclosure and transparency that afflict the current digital asset ecosystem.

 

Investor protection

“After the Terra Luna debacle, the FTX incident presents another opportunity to regulators to frame stringent regulations, which might end up stifling innovation. It’s time the G-20 members act swiftly and frame global regulations to avoid regulatory arbitrage and ensure investor protection,” he said.

Anndy Lian, author of NFT: From Zero to Hero, said if there is no bailout for FTX, this would be another Black Swan event. Looking at the ecosystem’s liquidity gap, Defi (decentralised finance) loan products and various parties such as leading venture funds, sovereign wealth funds and pension funds involved, the numbers can go very high.

“The domino effects could be greater than the Terra/UST event. If you are not part of the FTX ecosystem and have no exposure to them, you should continue to focus on your community, continue to build and ignore the noises. If you have exposure to FTX, my advice is to protect your principal investment, exit while you can to stay afloat. The ride will be very bumpy,” Lian said.

 

Source: https://www.moneycontrol.com/news/business/cryptocurrency/bitcoin-ether-in-a-sea-of-red-what-next-for-the-cryptocurrency-market-9488591.html

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j