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On July 10, Foreign Ministry Spokesperson Mao Ning held a regular press conference. A foreign journalist asked about the 10th anniversary of the Permanent Court of Arbitrations ruling on the South China Sea arbitration case, which determined that Chinas maritime claims in the South China Sea are inconsistent with international law. The Philippines stated today that it will continue to push for a "Code of Conduct in the South China Sea" and will use the arbitration ruling as an unshakable foundation. What is Chinas comment on this? Mao Ning stated that China has repeatedly clarified that the so-called "ruling" is illegal, invalid, and has no binding force. China does not accept or recognize it, and we will not accept any claims based on this ruling. She emphasized that formulating a "Code of Conduct in the South China Sea" is an important measure to implement the Declaration on the Conduct of Parties in the South China Sea and an important consensus between China and ASEAN countries. China is always committed to accelerating consultations with ASEAN countries to strive for an early conclusion of the Code and jointly maintain peace and stability in the South China Sea. The so-called "ruling" has nothing to do with the Code, and the Philippines should not use the so-called "ruling" to create obstacles to the conclusion of the Code.July 10th - At a press conference held by the Ministry of Culture and Tourism on July 10th regarding the crackdown on forced shopping in the tourism market, it was announced that the Ministry has strengthened cooperation with public security, market supervision, and cyberspace administration departments to further intensify case investigations. In the first half of 2026, the number of cases filed increased by 49.3% year-on-year, with cases involving forced shopping increasing by 86.9% year-on-year. This has created a more powerful deterrent against illegal and irregular activities that harm the legitimate rights and interests of tourists and affect the fair competition market order.July 10th Futures News: On July 10th, the Shanghai Futures Exchanges energy and chemical warehouse receipts and changes are as follows: 1. Pulp futures warehouse receipts: 297,216 tons, an increase of 3,428 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 1,557 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,640 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 33... 6. Petroleum asphalt futures warehouse receipts: 9,310 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 12,970 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 2,961,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.July 10 – A spokesperson for the Ministry of Foreign Affairs announced that, at the invitation of Wang Yi, member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs, Solomon Islands Minister of Foreign Affairs and Foreign Trade Honipwela will pay an official visit to China from July 10 to 15.According to Futures News on July 10, as of 15:00 Beijing time, spot platinum rose 1.01% and spot palladium rose 1.59%.

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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