Even though cryptocurrencies are performing terribly right now, the world's biggest NFT marketplace is on the brink of breaking records for trading volume.
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Bitcoin has bounced back after briefly dipping below $40,000. But research from JPMorgan has revealed just 5% of clients believe BTC can hit $100,000 by the end of 2022. All of this comes as Bitcoin shows a close correlation with the tech-heavy Nasdaq, which briefly entered correction territory on Monday after falling 10% from an all-time high set in November. ARK Invest's Cathie Wood believes that the "strike against technology, growth and innovation" is going to be a temporary one.
Billionaire investor Bill Miller has revealed he now has half of his net worth in Bitcoin — as well as stock in companies exposed to the cryptocurrency. Although he initially started owning BTC in 2014 when it was priced at $200, Miller only started adding to his position when the world's biggest cryptocurrency fell back to $30,000 last summer. When asked for the one investment he'd recommend for a long-term diversified portfolio, he singled out Bitcoin — and said allocating 1% would be prudent.
Even though the crypto markets might be experiencing a bit of a lull right now, demand for non-fungible tokens remains in rude health. Figures from Dune Analytics show monthly trading volume on OpenSea, the world's biggest NFT marketplace, has hit $2.2 billion so far in January. That's impressive considering that 2022 is just 11 days old — and means OpenSea is well on track to break records, eclipsing the highest-ever trading volume of $3.4 billion that was seen in August 2021.
Kim Kardashian, Floyd Mayweather and Paul Pierce are being sued following their endorsements of the Ethereum Max token. The A-listers are accused of colluding with the cryptocurrency's co-founders to engage in a pump and dump — leaving investors out of pocket. In court documents, the defendants are accused of claiming that investors could "make significant returns due to the favorable 'tokenomics' of EMAX tokens," when in actuality they sold off their own coins for profit.
There are now less than four weeks to go until the Winter Olympics begin in Beijing — and China wants the digital yuan to take center stage. The central bank digital currency is one of three payment methods that can be used at the upcoming Games, alongside cash and Visa cards. This means that Alipay and WeChat Pay, mobile-based payment platforms that are hugely popular on the mainland, are being snubbed. China may face challenges as it tries to boost the CBDC's popularity.
So far, it's been a terrible 2022 for the crypto markets — but bizarrely, there's one memecoin in particular that's bucking the trend. Baby Doge Coin has been on a tear since the year began. After starting the year at $0.000000001903, CoinMarketCap data shows it rallied to $0.000000004641 — that's up 143%. While such a surge is usually unremarkable, Baby Doge is one of the few assets that has managed to accelerate as the likes of Bitcoin and Ether suffer sharp falls in their prices.
One of the world's biggest news agencies has announced that it's launching a marketplace for non-fungible tokens. The Associated Press says the platform will allow avid NFT collectors to buy unique photographs documenting some of the world's biggest news events. Every NFT will be accompanied by metadata offering insights into when and where a picture was taken — alongside the equipment and technical settings that were used to achieve the shot.