Thursday, June 8, 2023

Crypto Prices Plummet


The Bitcoin market saw a major sell-off over the weekend.

BTC and the broader market both dropped over 10% last week, trading at around $33,500.

LUNA Collapses

A drop below the 100-day moving average, according to Blockchain Backer on Twitter, might ignite a deeper sell-off. Around $250 billion in investment capital has been lost in the last three days.

The circulating quantity of LUNA surged by 957,201 in a single day, according to crypto expert Colin Wu. Since April 8, it has reached 91.357 million, a new high for the circulating supply of LUNA in a single day.

In the last 24 hours, LUNA has dropped by 5.36 percent. The price of Luna has dropped by 26% in the last seven days.

At $61.12, the price of Luna is trading below the weekly support level of $62. This level is crucial because it indicates that purchasers are having difficulty, which might lead to a price drop to about $46.28 or even lower. If the buyers continue to fail, the support level of $43.56 may be broken.

STEPN is Correcting

The STEPN GST is higher than the Solana GST. As a result, the platform’s NFT floor pricing have risen to roughly $13,000. The fundamental cause for this is that STEPN failed to build a cross-chain link between Solana and BSC.

STEPN has grown into a thriving community since its public beta launch last year. It boasts a monthly active user base of over 2.3 million and a daily active user base of over 500,000. The platform’s governance achieved new heights on March 30, with transactions exceeding those of Ethereum and Bitcoin.

GMT is currently trading at $2.61, down 2.49 percent from yesterday. Investors taking profits after the stock’s price climbed by over 30,000 percent are to blame for the decline. The stock market’s downturn has coincided with a drop in the value of other assets.

The price of STEPN has drastically corrected after experiencing many parabolic surges. The project could face further volatility in the following week, according to DonAlt. This could be a good time for investors to buy.

BAYC Falls, NFT Transaction Goes Down

Yuga Labs series NFTs transaction volume has decreased dramatically over the last 24 hours, according to NFTgo. Furthermore, trade volumes for MAYC and BAYC fell by 44 percent, 41 percent, and 30 percent, respectively.

Aside from Yuga Labs’ collections, which were all traded on Ethereum, sales volume on eight of the 10 most active blockchains for NFTs has dropped by double digits in the last seven days.

Sales volume on other blockchains has also been influenced by recent market volatility, in addition to Yuga Labs’ collections traded on Ethereum. The average sales volume of numerous blockchains such as Solana, Flow, Ronin, BSC, Panini, Avalanche, and WAX has plummeted by almost 20%, according to statistics collected by CryptoSlam.

The number of active market wallets that performed an NFT trade has decreased during the last week. The total number of buyers has likewise reduced since May 1. The number of active market wallets has plummeted by almost 60%, according to the NonFungible market analysis tool. The overall number of unique purchasers has likewise decreased by about 80%.

Despite a modest start in 2022, experts estimate the NFT market to rise 4.5 times by 2027.

Miguel Garcia
Miguel Garcia
Miguel Garcia is a writer for Cryptoconstellation. Miguel has always been fascinated with Crypto. He has experience in Business and finance. Miguel loves sport cars and football.

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