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Japans unemployment rate was 2.5% in May, below the expected 2.50% and the previous reading of 2.50%.On June 30th, according to foreign media reports, international oil prices rose on Monday as weekend clashes between the US and Iran highlighted the fragility of the interim peace agreement. Meanwhile, cautious market expectations for a continued recovery in shipping through the Strait of Hormuz limited the potential for further price increases. Sources said that the technical teams from the US and Iran responsible for implementing the interim peace agreement are expected to meet in Doha, the capital of Qatar, in the coming days. Last Thursday, media reports indicated that the amount of crude oil transported through the Strait of Hormuz had risen to its highest level since the start of the US-Israel war against Iran in late February. However, analysts warned that traffic through the Strait of Hormuz is far from fully recovered, keeping oil prices high. Bob Yageer, head of energy futures at Mizuho Bank, said that people are realizing this. Its impossible to move all the crude oil out of the Gulf in the next week or two, nor is it possible to stuff all the crude oil into the strait to restore pre-war levels.Japans May unemployment rate will be released in ten minutes.Conflict Situation: 1. According to RIA Novosti: The Russian Ministry of Defense stated that Russian troops have taken control of Bokhodalivka in eastern Ukraine. 2. Ukraine reported an attack on Dnipro, resulting in 4 deaths and 10 injuries. Peace Negotiations: 1. Kremlin: (Regarding new Ukrainian peace proposals) Our position, as stated by Russian President Putin in 2024, remains unchanged. Other Situations: 1. The United States removed some entities from its sanctions list related to Russia. 2. According to Interfax: Russian Deputy Prime Minister Novak stated that Russia is still considering imposing a diesel export ban. 3. According to RIA Novosti: Russia will take political and military-technical measures in response to Finlands lifting of the ban on nuclear weapons deployment. 4. Russian Foreign Ministry Spokesperson Zakharova: NATO is cooperating with Ukraine to prepare for the development of weapons capable of striking Russian air bases, including those deep within Russian territory. 5. Zelensky: During the Danish Defense Ministers first visit to Ukraine, the two sides discussed preparations for a "drone agreement," which is nearing completion, and both sides agreed that it should be signed as soon as possible. The new Danish government has pledged to continue its firm support for Ukraine.New York silver futures broke through $59 per ounce, up 0.63% on the day.

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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