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Daily Altcoin Market Update: Market Consolidation Continues

Daily NFT/Crypto Market Update - 10/11/2022 | A Thread 🧵🧵🧵

OVERALL TRENDS

Another day of consolidation in the crypto market as things continue to look very stagnant. BTC is still around the 19k mark while ETH has been inching back up to 1.3k.

1/ NFTs also had a pretty dead day as people seem to be taking a step back from the market. There are a bunch of bearish signs in the overall economy so people are prepping for some more drops.

2/ Degen/free mint of the day: THE USURPERS

@theusurpers is a 4k supply collection that led the market in sales today. With over 3100 sales on secondary, this was unfortunately dragged down by paperhands and the floor sits below 0.01 ETH. The Usurpers are pixel art rebels who

3/ overthrew their King. It @theusurpers looks like there will be royalties returned to raffle holders and a game launch in the near future. This could be something to watch if the holder rewards go well.

4/ .ETHER NAME SERVICE

Another domain name @ether_name has emerged in the market and this one uses .ether. Minting at 0.02 ETH each, over 11k of these exist now and the project has seen more than 1500 sales on secondary. This is very similar to ENS domains as it

5/ makes your wallet address shorter and more personal, but this @ether_name project boasts one time payment and a referral program. These may or may not see more success, dyor.

6/ MANGO MARKETS HACK THEN RETURN?

One of the weirdest things in crypto happened to day with @mangomarkets getting exploited for over 100 million dollars. This began a hunt for the hacker who then seemingly got scared and offered most of the money back if the MM DAO did not

7/ pursue legal investigations. Then, hackers then hacked the DAO to send 32 million "yes" votes to that proposition and the money is returned. Crazy @mangomarkets story which is somehow true.

8/ SEC vs GRAYSCALE

Even with the SEC x @yugalabs issues, it looks like they aren't stopping there. The world's largest crypto asset manager @Grayscale has been in a battle with the US SEC over a spot Bitcoin exchange-traded fund. Basically Grayscale wants to turn its

9/ trust fund into a spot Bitcoin ETF, but the SEC doesn't like that. We continue to see problems with governments imposing on crypto, so this is something we should all have a keen eye out for.

10/ OVERALL THOUGHTS

Things continue to look dry as we have been seeing little happening in both the crypto and NFT markets as of late. Add in bearish macro-economic sentiment with the SEC continuing to attack different parts of Web 3, we have been in a

11/ very rocky period of time. I would recommend to not get too antsy on your liquid and do not hastily spend it or overinvest. Thanks for reading and have a great day Kings. Follow if you enjoyed! 💵👑

This post is based on this twitter thread.

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