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Daily NFT/Crypto Market Update: Massive Downturn, FTX RUMOR FUD, and FEC FUD

Daily NFT/Crypto Market Update 11/7/2022 | A Thread 🧵🧵🧵

OVERALL TRENDS

The crypto market saw some sizeable dips today as pretty much everything fell. BTC is below 20k once again while ETH is under the 1.5k mark.

This dip can be attributed to the FTX problems which I

1/ will go over later. NFTs had a pretty decent day with good plays going on. We are back to seeing plays like Friendship Bracelets and KPR make pumps days after sellout which is a healthy sign for NFTs.

2/ Degen mint of the day: MOCHI MO

@MochiMoNFT is a 4444 supply collection that got good attention today during its sellout. With over 3300 sales on secondary, this peaked at around 0.03 ETH before resting at its current floor of 0.015 ETH.

3/ @MochiMoNFT are pseudorandom computer-generated imagery with a Japanese cultural emphasis. The art fits both the asian and cute meta, so I would watch this just in case Asia happens to take a liking to it and it sees a big pump.

4/ ART BLOCKS FRIENDSHIP BRACELET VOLUME

The @artblocks_io's">@artblocks_ios project Friendship Bracelet has been seeing major volume recently as the floor has steadily been going up. Getting over 3500 sales on secondary today, this now has a floor of over 0.2 ETH.

5/ These Friendship Bracelet's were airdrops for @artblocks_io holders created by Alexis Andre. These could have some speculatory future utility hence the recent accumulation we have been witnessing.

6/ FTX RUMORED INSOLVENCY + BINANCE FEUD

The latest rumor within the crypto space has been the major exchange @FTX_Official being insolvent. FTX is a major crypto exchange platform within the space that at one point had over 1 million users.

7/ Now it is under duress as @FTX_Official and @binance appear to be at a standoff. The Binance CEO revealed that in light of "recent revelations" he would start selling off FTX's token FTT. Keep an eye on this because it could have drastic implications on the market.

8/ OVERALL THOUGHTS

With the crypto market taking a big dip today, a lot of this can be tied back to the @FTX_Official vs @binance feud going on. These are basically the top 2 cryptocurrency exchanges in the space, so this battle between the CEO's is creating waves in

9/ the market as all the crypto's are taking hits. If this escalates even further, this could easily be a big catalyst for negative price action. Thanks for reading as always and have a great day Kings. Follow if you enjoyed! 💵👑

This post is based on this twitter thread.

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