Bored Bitcoin at NFT NYC..
While some are scheduled to attend and many have begun mingling, partying and networking at the NFT NYC annual event, we that could not make it take a brief look at the godfather of crypto, Satoshi.
Over last weekend, we had a massive sell off down to 17k that saw buyers step in bringing the price up above the old time high of 20k (as of writing). Whether it holds this support or if there is further downside, is the question on every traders mind.
One thing we are sure of is that the macro situation is uncertain and shows no signs of abating, similarly a relief rally to 22.9k - 23k is on the cards. It could go up further before crashing down again.
It could also be plausible that the bottom is in.
Ignoring my very messy chart, we are still in an overall downtrend so volatility is our friend depending we play nice.
Personally (not financial advice), I am looking at a bottom at 8k - 12k but then again maybe I might be overly pessimistic. Forgive me, staring at charts all day has me jaded.
I seem to not be the only one with a short term bearish outlook as the Bitcoin Fear and Greed Index is also in Extreme Fear.
Yesterday it was at 9, in Extreme Fear. And that is exactly where we find it today again. Investor sentiment is still unchanged.
On a lighter note putting bearish sentiments aside with boring Bitcoin, we head to the premier league of NFTs, NFT NYC.
I am missing networking and vibes. Plus, seeing the ginormous Bored Ape balloon.
A project am following closely (Doodles) has just announced Pharrell Williams as their Chief Brand Officer.
Only if I had spare 16 ETH to splash on a JPEG image linked to a unique serial number (tongue in cheek). Insha’Allah!
Jumping on the NFT bandwagon is United Arab Emirates government with the launch of the world’s most expensive modern postage stamp to celebrate the 50th anniversary of UAE’s Foundation Day.
Emirates Post Group, the government-owned post office launched the first edition of the modern postage stamp with four editions. Each physical stamp in the collection comes with an NFT.
NFTs only needed a couple of years to capture wide attention. As brands like Budweiser, Visa, Gucci, Coca Cola and Adidas have purchased and sold NFTs. It is evident that NFTs are more than just another hot new trend and will be with us for a long time.
The infographic below by Visual Capitalist's Niccolo Conte defines NFTs and maps the flourishing ecosystem.
Looking forward to what the future holds for this asset class.
Still Bullish and not bored!!
See you tomorrow!
- Ope