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On June 16th, Futures News reported that the US and Iran reached an agreement to end the Middle East conflict, causing European and American crude oil futures settlement prices to fall to their lowest levels since March 4th. As of the crude oil close on June 15th, the domestic gasoline crack spread was 900.69 yuan/ton, an increase of 151.22 yuan/ton compared to the previous day, while the diesel crack spread was 762.05 yuan/ton, an increase of 159.04 yuan/ton compared to the previous day. The decline in international crude oil costs has limited the decline in the gasoline and diesel market, leading to a continued strengthening of the gasoline and diesel crack spread. However, current demand for gasoline and diesel lacks support, and prices are being dragged down by the decline in crude oil prices, which may limit the rebound potential of the gasoline and diesel crack spread.On June 16th, it was reported that eight departments, including the Ministry of Transport, jointly released the "Action Plan for Implementing Multimodal Transport Improvement and Unblocking Bottlenecks (2026-2030)," aiming to accelerate the construction of a modern multimodal transport network. The Action Plan proposes to strive to upgrade the multimodal transport functions of approximately 1,000 major freight nodes within about five years, achieving a multimodal transport transshipment rate exceeding 90% within one hour, and reaching 80% rail access rate in coastal ports multimodal transport areas, with 100% rail access rate at major ports along the Yangtze River. Simultaneously, breakthroughs will be achieved in optimizing security checks for container rail-water intermodal transport and implementing standards and rules such as the "single bill of lading" system.The June ZEW economic sentiment index for Germany and the Eurozone will be released in ten minutes.Tesla (TSLA.O) shares fell 1.5% in pre-market trading after rising for three consecutive trading days.June 16th - On June 16th, with the successful loading of the last platform onto a ship in Binhai New Area, Tianjin, the onshore construction of all platforms for the Bozhong 26-6 oilfield development project (Phase II), the worlds largest metamorphic oilfield, was completed, laying the foundation for the oilfields timely commissioning. Located in the central Bohai Sea, the Bozhong 26-6 oilfields reservoir lies in Archean buried hill metamorphic rock strata at a depth exceeding 4,500 meters. It is the worlds largest metamorphic oilfield, with proven oil and gas geological reserves exceeding 200 million cubic meters. The Phase I development project officially commenced production in February of last year. The Phase II project will construct two new wellhead platforms offshore, consisting of jackets and upper modules. The two wellhead platforms completed this time will achieve unmanned operation.

Crypto Market Sell-off Delivers NFT Trading Volume Boost

Cory Russell

Apr 13, 2022 10:06


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The crypto market sell-off has aided the growth of OpenSea NFT trading volumes.


Trading volumes on OpenSea fell in February and March as the crypto market rose.


As more mainstream businesses join the NFT area, the prognosis for the NFT market remains positive.

NFTs and OpenSea had a strong start to 2022, with trade volumes reaching an all-time high in January. The upward trend provided a positive picture for the next year.


ETH trade volume reached $4.97 billion in January, according to Dune Analytics statistics. The previous all-time high for OpenSea came in August, when trade volume reached $3.42 billion.


However, the crypto market's recovery from late January lows to early April highs was underwhelming in February and March.


Conditions in the NFT market look to be improving, with the recent crypto market sell-off providing support.

Trading on OpenSea with ETH under $3,000

March saw $2.49bn in ETH-based NFT trading volumes, down from $4.97bn in January and $3.58bn in February.


ETH trading volume is at $1.30bn. A continuing ETH decline would encourage demand for NFTs, notwithstanding the lack of a straight line.


After a January low of $2,161, ETH hit $3,500 in April before slipping down to sub-$3,000. ETH has declined in 6 of 9 sessions, with ETH-based NFT trading on OpenSea returning to sub-$3,000.


Because NFT trade volumes for Polygon (MATIC) and Solana (SOL) are so small, ETH remains the major emphasis.


This month's active traders have risen. From 546,145 in January to 451,767 in March, active ETH-based NFT traders. This month, there were 281,546 active ETH-based NFT traders.


Active traders may reach January's all-time high, boosting OpenSea and NFTs.

Beyond ETH Value's Influence on Trading Volume

Competition, illegal conduct, new NFT launches, and regulatory scrutiny will all have an impact on OpenSea trading activity.


LooksRare (LOOKS) debuted in January this year, and Coinbase is ready to join the NFT field via CoinbaseNFT.


Acceptance of fiat money as a form of payment will be a last important driver for NFT transaction counts. Coinbase and Mastercard announced a cooperation at the start of the year that would enable mainstream payments for NFTs.


The ability to accept mainstream payments eliminates the need for potential NFT collectors to open digital wallets and acquire cryptocurrency under risky market circumstances. The move by Coinbase to accept Mastercard payments may drive other NFT markets to do the same.


The good news for the NFT industry is that major corporations are continuing to investigate and join the digital asset market. Investors will be watching how Solana-based NFTs work for OpenSea.


However, there are also downside concerns, such as illegal activities and increasing governmental supervision. Regulatory monitoring must be helpful rather than punishing in order to make the NFT market more accessible. The actions of regulators on NFTs may be connected to unlawful activities in the NFT sector.

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