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Daily Bitcoin Price Update: Market Update

Daily NFT/Crypto Market Update 11/14/2022 | A Thread 🧵🧵🧵

OVERALL TRENDS

Today was a pretty uneventful day in the crypto market as we pretty much hovered around the same prices as yesterday. BTC is still around 16.5k while ETH is at 1.25k.

1/ NFTs followed suit and had a pretty slow day as well. A lot of people are liquidating their NFTs and crypto and trying to get into fiat. While this is smart, it is putting a lot of stress onto exchanges.

2/ Degen/free mint of the day: DUDU LAB PROJECT

@dudulabNFT is a 10k NFT collection that was hyped with over 160k twitter followers. Seeing over 3000 sales on secondary, this sits above mint price at a floor of 0.08 ETH. DuDu is an ambitious project with hopes to

3/ build @dudulabNFT island, an IP Metaverse, and create "Web 3 Disney". The art looks like it will be a collection of cute bears, but we will see how this project fares in this extreme bear phase we are experiencing.

4/ YUGA LABS ACQUIRES 10KTF

@yugalabs acquired @10KTFshop and their team to the Yugaverse today and this will be big. To be honest, this was expected to happen but nevertheless, this was big news in the market. Yuga Labs is the biggest name in the space as they own

5/ blue chips like @BoredApeYC and @cryptopunksnfts while @10KTFshop is the largest accessory based NFT project with ties to tens of bluechips. This is an exciting partnership that I will be watching very closely.

6/ BAYC DOWN TO 50 ETH

@BoredApeYC, probably the most well known and popular NFT, has dipped to 50 ETH. This is a huge indicator of the current state of the market considering it was around 150 ETH just last May. The market has been experiencing even

7/ great dips recently thanks to the FTX problems, and blue chips are getting hit the hardest. While every investment is risky, if you have conviction in the longevity of NFTs, BAYC and other top blue chips will return and make a comeback when the economy gets better.

8/ OVERALL THOUGHTS

With the BAYC floor hitting 50 ETH, this has put a lot of people into a state of panic. It is no surprise that floors have dropped in this bear, but people are worried about prices all around dropping even further.

9/ I say this all the time but 99% of NFT projects will not make it out this bear. Invest short term or invest in blue chips that you know will make it out of this winter. 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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