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Both WTI and Brent crude oil opened about 1% higher on Monday, currently trading at $102.57 per barrel and $107.15 per barrel, respectively.On March 30th, Jefferies stated that Australian refineries can only meet a small fraction of domestic fuel demand. The conflict in Iran has led to rising petrol and diesel prices, and Australias competition regulator has expressed concern about supply issues in areas including suburban areas, regional towns, and remote regions. Jefferies estimates that Australian refinery output can meet approximately 37% of petrol demand and about 14% of diesel demand. This conclusion is based on an analysis of Australian oil statistics from last year. "Even in Queensland and Victoria, where Ampore and Viva Energy respectively own refineries, the output of Litton and Geelong is insufficient to meet the states total demand for petrol or diesel," said analyst Michael Simotas.According to Iranian state media, a petrochemical plant in Tabriz, a city in northwestern Iran, was attacked.1. Ukrainian Armed Forces: Russian troops lost approximately 1,360 soldiers yesterday. 2. RIA Novosti: Russia claims to have captured the village of Kivsharivka in Kharkiv Oblast, Ukraine. 3. Russia warns South Korea that it will retaliate if it provides lethal weapons to Ukraine. 4. Kremlin spokesman Dmitry Peskov: Russian-American relations have fallen to a historic low in recent years; Russia is willing to develop relations with the US. 5. Ukrainian President Volodymyr Zelensky: Following the Ukrainian attack, oil refineries in Leningrad Oblast, Russia, are operating at only 40% capacity. 6. Governor of Leningrad Oblast: A fire broke out at the Baltic port of Ust-Luga, Russia, caused by a Ukrainian drone attack; the fire is now under control.On March 30th, economist Rory Robertson stated that the Australian economy may have already experienced a downturn due to the oil price shock and threats to energy supplies. If the economy did not actually contract in March, the constraints imposed on numerous industries by the sudden surge in fuel prices (especially diesel) and reduced supply could force a slight contraction in economic activity in April. Robertson stated that the economic outlook depends on whether the problems can be resolved as quickly as they appeared. He added that historical experience shows that sudden and prolonged oil price shocks often turn into economic disasters.

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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