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On Monday, April 20, the Hang Seng Index opened 44.28 points higher, or 0.17%, at 26,204.61; the Hang Seng Tech Index opened 16.9 points higher, or 0.34%, at 5,059.58; the H-share Index opened 11.23 points higher, or 0.13%, at 8,856.25; and the Red Chip Index opened 8.71 points higher, or 0.2%, at 4,334.43.The Peoples Bank of China (PBOC) announced today that it conducted 500 million yuan of 7-day reverse repurchase operations, with a bid amount of 500 million yuan and a winning bid amount of 500 million yuan. The operation rate was 1.40%, unchanged from the previous rate.April 20th - Hong Kong and China Gas Company Limited and Tencent Holdings (00700.HK) recently reached a new round of strategic cooperation. The two parties will engage in in-depth cooperation in areas such as unified cloud resource management, digital platform construction, big data modeling and AI applications, user operation capability enhancement, and collaborative R&D tools.On April 20th, Morgan Stanley released a research report stating that it remains bullish on A-shares looking ahead to the end of the year, predicting a moderate upside of approximately 5-10% for the Chinese stock market by the end of the year. This is primarily attributed to factors such as easing e-commerce competition, a more balanced index composition, and the emerging advantages of upstream/green technology. The report reiterates its year-end target of 27,500 points for the Hang Seng Index and 90 points for the MSCI China Index. The report states that the Chinese stock market has lagged behind its major Asian peers year-to-date, mainly due to the continued pressure on the heavyweight internet sector amid the "ByteDance effect" and intensified e-commerce competition, which has masked the steady gains in sectors such as energy, materials, industrials, semiconductors, and healthcare. Furthermore, the report notes that the index compilation rules have resulted in insufficient weighting of well-performing upstream/technology companies in the indices, leading to an overall undervaluation of the Chinese stock market.On Monday, April 20, the Shanghai Gold Exchanges gold T+D contract fell 0.24% to 1049.9 yuan/gram in early trading; the Shanghai Gold Exchanges silver T+D contract rose 1.49% to 19836.0 yuan/kilogram in early trading.

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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