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Daily Altcoin Price Update: Cryptocurrency Market Drops 15% as Bitcoin Price Drops 18%

Daily NFT/Crypto Market Update - 11/8/2022 | A Thread 🧵🧵🧵

OVERALL TRENDS

If you haven't heard, today was a terrible day for the crypto market as we saw huge drops all around. BTC dropped 8% to 18k while ETH dropped 15% to around the 1.25k mark. This comes off the back of

1/ the Binance FTX news which shook the market for the worse. NFTs predictably had a low volume day thanks to crypto's volatility. While there were still opportunities for profit, expect the market to be quieter as people reel from crypto losses.

2/ Degen/free mint of the day: PIRATE NATION FOUNDERS PIRATES

@PirateNationNFT is a 9k collection that went crazy even though it has yet to sell out. Getting around 2500 sales on secondary, this sits at a healthy floor of 0.13, making great profits for investors.

3/ @PirateNationNFT is an on-chain RPG from a team that has former EA, Riot Games, and Epic Games experience. Holders can go on quests and earn PGLD with their NFTs, setting the stage for a possibly great game. Keep an eye on this following sellout and game release.

4/ GRIMALKINS MINT

@grimalkins_nft is a 347 piece collection that performed very well today. Getting over 500 sales on secondary, this made great profits for minters as it went to 0.4 ETH before settling at 0.23 ETH.

5/ @grimalkins_nft is the first collection by Japanese pop artist Chiho Aoshima, and this was inspired by her emotional bond with cats. Holders of 3 Grimalkins will also get a physical framed copy. This could be something to monitor b/c its small supply.

6/ BINANCE BUYS FTX

With the biggest news of the day, @binance buys @FTX_Official.">@FTX_Official While this is good news for FTX users as they no longer have to worry about their funds being frozen, the market is still down thanks to FTX's confession that they were

7/ experiencing a liquidity crunch. This is a big acquisition that quite honestly shocked the market as @binance now has a huge hold over the market. We are in a very precarious time right now so try to stay liquid.

8/ OVERALL THOUGHTS

With the @binance aquisition of @FTX_Official and the huge losses we saw all around today in the cryptocurrency market, everyone is on edge. We are approaching local lows and the market is taking a toll on a lot of people mentally.

9/ Don't be afraid to take a step back from the market and just chill. If you ever need someone to talk to, don't be afraid to reach out. 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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