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On February 24th, Federal Reserve Chairman Bostic emphasized the need for patience in monetary policy. Bostic warned that the U.S. may be facing the risk of rising structural unemployment, a fundamental shift that cannot be corrected solely by interest rate adjustments. To address this situation, the Fed is closely monitoring labor slack across different groups. If unemployment stems from structural factors, attempting to correct it through significant interest rate cuts could inadvertently push up inflation rather than create jobs. Despite encouraging productivity gains, Bostic remains hawkish on price stability. He cautioned against overreacting to short-term economic "noise," arguing that excessive reactions to current pressures could create more instability in the future. The Feds primary task remains controlling inflation, and it must resist the urge to prematurely change policy direction.Ukrainian Armed Forces: This attack used weapons such as ATACMS missiles.On February 24th, Apple (AAPL.O) announced an expansion of its factory operations in Houston, marking the first time future production of the Mac mini will be moved to the United States. The company will also expand production of advanced AI servers at the factory and offer hands-on training at its new advanced manufacturing center later this year. Apples Houston operations will create thousands of jobs. Apple CEO Tim Cook stated, "Apple is firmly committed to the future of American manufacturing, and we are proud to significantly expand our presence in Houston with the Mac mini production program starting later this year." Furthermore, Apple expects to purchase more than 100 million advanced chips from TSMCs Arizona factory by 2026, a significant increase from 2025.The UK Information Commissioners Office (ICO) has fined Reddit £14.5 million for violating childrens privacy.German Chancellor Merz: We hope that the first tranche of $90 billion in loans to Ukraine can be disbursed in April.

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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