Its been a soft start in traditional markets with Nasdaq and S&P both down around 0.2%. Earnings report came in yesterday with headlines focused on Tesla reporting a 20% drop in net income and earnings from last year.
Leveraged positions in crypto are getting liquidated, BTC down to $28k and ETH is hanging out around mid $1900's. It seems like the greed and euphoria was a bit high these past few days and this should be a good reminder that things are never up only.@rektmando sees this as a period of consolidation and speculates that we will be bouncing around the $30k & $2k range for both of the respective coins.
Both the punks and apes are below 50 eth without any signs of recovery until the BLUR rewards farming ceases. Miladys up to around 2.5 eth floor but overall collections are bleeding out.
The timeline is full of the $hitcoins and all of their splendor. $PEPE continues to be the talk with a slew of others joining in the whirlwind
Cryptopunks floor did not move during all of the crypto crisis, the black swan events AND, ETH moving violently across a tall range. Now we are seeing it slip and it all seems due to the effects of the BLUR rewards farming. The reward system creates a constant downtrend pressure by offering incentives for less than desirable trading behaviors.
@punk9059 discussed the ratio of new participants vs the farmers in the Vortex of BLUR rewards not being healthy. The incentives are going to stay and people will keep playing the game. It is hard to see where this ends.
We are currently at 8k active traders!? This is a tough stat, down from somewhere around 70k traders at the peak. However, the onboarding continues with things like Starbucks odyssey and @Sorare using blockchain to reach masses with no market trading involved.
The stage imagines that the BLUR marketplace has a tough road ahead of it. The overall sentiment towards it has shifted on the timeline. There are still BLUR maxi's but the TL is negative and not supportive.
Today Sothebys is opening up auctions to the "grail" collection from 3ac (RIP). Punks, Fidenza's and a ton of different desirable collectibles.
@punk9059 points out that Sothebys is approaching this massive sell in a slow calculated way that will protect floor prices, the exact opposite of a clump sale scenario like we see on BLUR. They aren't dumping the 30 Fidenzas all at once because they understand collectibles and know that this would destroy the market value. They will sell things bit by bit over a longer period of time.
Nakamigos announce an announcement that something is coming which led to a decent run in their floor.
@johnkarp, who was made honorary Rug Radio Intern during the show, came on to talk about @The_Lost_Wallet. They are a quest based, story game project that has a Cryptopunk up for grabs out there somewhere in the lost wallet! They are also giving away a Nakamigo! Travel through different metaverses carrying out quests to get a chance at the Punk.
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