Not much to report today because traditional markets are CLOSED. The debt ceiling deal reached a resolution, nobody is shocked. Crypto pumped a bit on the back of it, ETH hit $1900 and Bitcoin is bordering 28k. OSF imagines we could still see a rally when markets open up. We have Payrolls and the FOMC in the coming weeks, following some good headlines we could be in store for some positive movement.
The chartists have had their predictions dissolved with the upwards price action. Our pro's talk about how chartists can be correct despite the charts not playing out the way it was drawn up. Trends are trends, and the people who don't follow charts will often have the same predictions as the chartists. If their last charts were wrong, they just create a new one and move on.
NFTs
It seems that Ordinals have taken over the press for our beloved jpegs. Bitcoin frogs have been killing it volume wise and are back around 0.1 bitcoin. There was a meme movement in the BRC-20's. Oxbt, that ran up to about $50 million market cap and has settled around $30 mil. Many of the same trends that have happened on ETH are being replicated on Bitcoin and it's clearly reaching a new audience.
Magic Eden has a very good bitcoin marketplace. The BRC-20's are traded on Unisats. Mando sees the implementation of ordinals as a "better" use case than BRC’s based on the user interface and apps surrounding the innovations. It's probably best to focus on the big winners that have the potential to make it through the long term, most projects and new tokens will end up as trash and everything early is not historical.
This all comes with the bad actors trying to take advantage so stay vigilant and cautious. Many of the people who left the space are re-entering, seeing a window of opportunity to get new users out of their bitcoin. Be incredibly weary of narratives, and veer away from over diversification.
China has been shining through headlines, with all types of rumors and speculations based on different media events, phrases being said, and even images being shared that are seen as pro-crypto. Hong Kong is releasing a new licensing process, but this also came with tall grey regulations that make it unclear how a normal market participant is supposed to conduct themselves. Over the medium term this could play out well, and everyone will be watching for updates in the next coming months.
Pudgy Penguins who have been making headlines for their plushies on amazon, had a separate drop on NTWRK of 150 collectibles that sold out in 10 seconds!
STUBS
This week's STUBS artist is none other than our great friend of the show @camila_artwork!!!!! Who is Camila? - a Portuguese digital artist who knew she wanted to be an artist from a very young age. Her father was an architect, her aunt is a painter and her family is full of different artistic influences. In 2016 she started working professionally as an artist. When she discovered NFTs she already had a community around her and her art but was able to blossom and flourish using the blockchain experience.
These days she is mostly focused on 1/1's on super rare but has also done some editions recently.
Her art brings good vibes and offers a lighter view on things via her choice of colors and cartoon-like perspective on her subjects.
Most of her work is also accompanied by music or audio that just adds to the peaceful, tranquil vibe of her work. One of her biggest inspirations is Japanese woodblock prints, you will see a lot of Japanese looks and influence in her work.
Stubs collectors will have a chance to win a 1/5 edition out of the 64 available to mint. Claim your free stubs and be prepared for the burn!
GM!
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