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Benchmark Japanese 10-year government bond futures rose 0.81 points after a strong 10-year bond auction.Amazon (AMZN.O) announced that it will hold its Prime Day event from June 23 to 26.June 2 – An internal State Department memo reveals that the United States plans to significantly reduce visa processing in Africa within weeks, cutting the number of U.S. embassies and consulates handling visas from nearly 50 to 20. According to U.S. sources on June 1, three unnamed U.S. officials stated that Secretary of State Marco Rubio approved last week a reduction in consular services at U.S. embassies and consulates in African countries, excluding 20 designated "hubs." The adjustments are expected to take effect in June. One official revealed that U.S. diplomats, including consular officials, received notification during a conference call last week.June 2nd, Futures News: Economies.com analysts latest view: WTI crude oil futures prices retreated during recent intraday trading, having previously touched the EMA50 moving average resistance level, which hindered any sustained rebound. As a result, oil prices turned downwards, and short-term bearish pressure reappeared. This decline coincides with the negative signal released by the Relative Strength Index (RSI). Previously, the RSI formed a bearish divergence after a significant price increase, indicating that the market was severely overbought. This technical signal further exacerbated the technical pressure on the market. Meanwhile, the short-term downtrend remains dominant, with oil prices moving along the descending trendline, reinforcing bearish expectations and suggesting that negative sentiment may persist in the short term.June 2nd, Futures News: Economies.com analysts latest view: Brent crude oil futures fell in recent intraday trading, primarily due to a bearish divergence on the Relative Strength Index (RSI), and the previous overbought condition appearing excessive relative to price action. This phenomenon releases new negative signals and increases downward pressure on the market. Furthermore, Brent crude oil futures prices continue to trade below the 50-day EMA, further strengthening downward momentum and limiting any rebound attempts. Meanwhile, prices remain within the short-term downtrend line, further supporting the current bearish structure.

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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