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Dell (DELL.N) shares rose to 10%.On September 11th, the preliminary reading of the University of Michigan Consumer Sentiment Index for September came in at 47.8, marking the second consecutive monthly decline, though the drop was less than 4 points. Both Democrats and Republicans saw significant declines, while independents remained largely unchanged from August. Expectations for personal finances and business conditions over the next year fell sharply. With rebounding fuel prices and escalating trade tensions, consumers anticipate greater pressure on their wallets in the future. Five-year expectations for business conditions remained stable, but the reading was well below historical averages, suggesting that consumers believe the new risks emerging this month may not further worsen the long-term outlook. Overall, consumer confidence is currently 16% lower than before the start of the Iran conflict in February and 13% lower than a year ago. Inflation expectations for the next year jumped to 4.6% this month from 4.0% last month, the highest reading since June. The current reading significantly exceeds the 3.4% in February before the Iran conflict and also surpasses all readings for 2024. Long-term inflation expectations rose slightly to 3.4%, ending three consecutive months at 3.3%. These expectations remain above the 2.8% to 3.2% range for 2024.The preliminary reading for the U.S. five- to ten-year inflation rate in September was 3.4%, compared to a forecast of 3.3% and a previous reading of 3.30%.The preliminary reading for the US one-year inflation rate in September was 4.6%, down from the expected 4.2% and the previous reading of 4.00%.The preliminary reading of the University of Michigan Consumer Sentiment Index for September was 47.8, below the expected 51 and the previous reading of 51.7.

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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