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Investor Sentiment Drops as Cryptocurrency Market Loses $100 Billion

The cryptocurrency market has now faced another challenge. In the last day, bitcoin prices fell by around $2,000, causing the cryptocurrency market to lose a significant amount of value. As it stands now, the value of the cryptocurrency market has fallen over $100 billion and is now perilously close to falling below $1 trillion once again. This affected market sentiment, causing more fear in the market.

The market turns into fear

The cryptocurrency market was seeing some recovery in anticipation of the Ethereum meltdown. But as the excitement faded, the market began to see a drastic price correction. Bitcoin reached $25,000 at its peak in this latest recovery cycle. However, he has since lost most of those gains.

With that, cryptocurrency market sentiment picked up for a while after Bitcoin started its rally. At its highest point, the Fear & Greed index has a score of 42, the highest point in four months. That put him closer to greed than ever, but the market had other ideas.

Bitcoin price fell back below $22,000 and with it, market confidence plummeted. He finished Thursday with a low score of 30, putting him back in fear territory. The pullback is reflected in the cryptocurrency market, falling from $1.1 trillion to around $1 trillion at the time of writing.

As fear has returned to the market, investors are becoming more cautious when it comes to investing in the cryptocurrency market. Perpetrating traders have shown market fatigue over the past week, causing bitcoin funding rates to drop below neutral. Now the rest of the market is following suit.

Recovery in the cryptocurrency market?

With the market just starting to pull back, the correction is likely not over. These corrections are to be expected when the market grows so much in such a short time. This helps prices adjust to values ​​that reflect the current state of the market.

This means that the bitcoin price may still experience some drops. For now, the bottom is speculated to settle at a price of $17,600, so the bears will want to test support at this point. The historical movement also supports the movements, as it has done with previous bear markets.

Also, the weekend is here, and it is a period known for low liquidity. This means that Bitcoin is likely to continue its downtrend over the weekend. If the price of Bitcoin drops below $21,000, the cryptocurrency market will drop below $1 trillion.

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Ripple Labs wants to buy Celsius assets

The parent company behind the Ripple network has expressed interest in buying assets belonging to the bankrupt Celsius network.

Ripple Seeks M&A Opportunities

A Ripple Labs spokesperson said the company is considering buying certain assets from the bankrupt crypto lender. However, when asked if Ripple was interested in acquiring Celsius, the spokesperson declined to comment.

The representative stated,

“We are interested in learning about Celsius and its assets and whether any of them could be relevant to our business.”

They also mentioned that the payment services company is actively seeking strategic M&A opportunities to expand the company.

Celsius legal problems

Celsius Network has been in a lot of hot water recently, with its CEO Alex Mashinsky receiving more criticism. Mashinsky continued to assure Celsius clients that all was well, even on the verge of bankruptcy. He is also being investigated by a committee of creditors created by the US Trusteeship. The lending platform was one of the victims of the Terra LUNA implosion and had to file for bankruptcy in July after a month of frozen withdrawals.

On the other hand, Ripple Labs has done very well despite the SEC lawsuit and the bear market, mainly due to its focus on working with international clients and developing global payment networks.

Ripple interested in the Celsius case

Ripple’s legal representatives applied to the bankruptcy court to be represented in the Celsius proceedings despite not being one of the major creditors of the lending platform. The requests were approved by the court earlier this week. The above comment was made in response to inquiries about the court documents. The representative declined to provide further details on the matter.

The bankruptcy filings reveal that Celsius’s assets include digital assets held in escrow accounts, loans, a bitcoin mining operation, the platform’s own CEL token, and cash and cryptocurrencies that the company currently owns. As Ripple Labs has not signed any major deals as of yet, it should be interesting to see if this interest in the Celsius case really amounts to anything tangible.

Ripple legal problems

Ripple has been going through its own legal troubles since 2020, when the Securities and Exchange Commission sued the cryptocurrency payment provider for allegedly operating unregistered securities. The Ripple team has denied these claims, claiming that XRP is only traded as a digital currency and not as a security. The public consensus is that the lawsuit will be resolved in favor of Ripple, as the case brought by the SEC is flimsy at best.

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Bank of England Analysts See Cryptocurrencies Playing Major Roles in the Metaverse

Bank of England analysts say crypto assets could play important roles within the metaverse. “Widespread adoption of cryptocurrencies in the metaverse… would require adherence to strong regulatory frameworks for consumer protection and financial stability,” they added.

Bank of England Analysts on Metaverse, Cryptography and Regulation

Bank of England economist Owen Lock and policy analyst Teresa Cascino published a blog post titled “Crypto Assets, the Metaverse and Systemic Risk” on Tuesday.

“Crypto assets can play important roles within the metaverse,” they began, warning:

If an open, decentralized metaverse grows, existing cryptocurrency risks could increase to have systemic consequences for financial stability.

“Widespread adoption of cryptocurrencies in the metaverse, or any other environment, would require adherence to strong regulatory frameworks for consumer protection and financial stability,” they emphasized.

Lock and Cascino explained that “the open metaverse will require a means to own and transact digital objects that are interoperable between virtual worlds”, explaining, “We believe that cryptographic assets are well positioned to play a significant role here.”

They detailed:

If a sizable open metaverse materializes, households can hold more of their wealth in crypto assets to make metaverse-based payments or for investment purposes.

In addition, companies can increasingly accept cryptocurrency payments for goods and services and sell digital assets such as clothing, non-fungible tokens (NFTs) in the metaverse, they added.

The authors also noted that non-bank financial institutions could increase their holdings in cryptocurrencies if a growing open metaverse improves investment prospects for crypto assets and their supporting infrastructure.

Lock and Cascino noted that “this metaverse evolution is uncertain”, adding that their point of view is a possibility rather than a certainty.

“That said, if these exposures materialize, the risk crystallization of a crypto asset could result in: balance sheet losses for households and businesses, impact on unemployment, forced sales of traditional assets by non-banks to meet margin calls on crypto. active positions and negative impacts on the profitability of exposed banks”, they warned.

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CryptoDickbutts NFTs Increase Nearly 700% in Daily Sales Volume

CryptoDickButts (CDB) floor price has skyrocketed with overwhelming support from popular influencers. CBD soared on Sunday, outperforming other well-known NFT collectibles with significant volume.

CDB was ranked 6th for the highest daily NFT trading volume on OpenSea. At the time of writing, CryptoDickbutts has soared 690% or roughly 290 ETH equivalent to about $495,000, outperforming major NFT projects like Art Blocks, Cool Cats, and Goblintown.

CBD trading volume has notably increased by more than 135% in the last seven days.

CryptoDickbutts is the brainchild of famous comic book artist K.C.Green. Created in 2006, Dickbutts became very popular on the Internet as a meme shared on various social media platforms.

CryptoDickbutts rises after Farokh’s 3.8 ETH investment in CBD

Dickbutts is a collection of over 161 NFTs which was hereafter referred to as the OG Collection released in March 2021. Followed by a Series 3 consisting of over 5,200 NFTs released in August 2021.

The CryptoDickbutts NFT collection wowed everyone when its sales volume skyrocketed last week after Rug Radio host Farokh announced its entry of 3.8 ETH or the equivalent of roughly $12,000 worth of CBD.

CryptoDickbutt is far from cheap, with the cheapest NFT CBD you can find in Series 3 selling for around 3 ETH or roughly $5,100 at press time, which is up over 31% over the night. . This is notably the highest CBD has ever reached, up 163% in the previous month.

CBD Price Bomb Triggered By Massive Support From Influencers

In terms of the NFT price floor, CBD still has a long way to go as it currently sits at 34th, but with CryptoDickbutt peaking, investor interest and demand have revived.

Meme culture is definitely at its strongest right now, especially for CBD. While other NFT projects seem to have lost popularity, CryptoDickbutts has emerged stronger than ever.

This NFT project is under the CryptoDickbutt DAO, including popular personalities like ProbCause, Blondish, and Steve Aoki.

The CryptoDickbutts price pump is a surprise, but somehow Meltem Demirors, Chief Strategy Officer at Coinshares, may have something to do with it. Demiros recently started so-called emergency Twitter Spaces on Sunday.

Demirors apparently mentioned, “The Dickbutt community has always focused on one thing, and that is the universal truth that a D equals a B… I also think commenting on prices defeats the overall purpose here. Dickbutts is not about investing. Cock butts are a culture.”

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WazirX CEO Asks CZ To Reveal Binance Parent Entity

The war of words between Binance CEO Changpeng Zhao and WazirX CEO Nischal Shetty reached new heights on Saturday. The heads of both cryptocurrency exchanges go back and forth blaming each other for being in complete control.

Binance Has Not Disclosed Parent Entity WazirX Claims

In the new attack, the CEO of WazirX reported that the deal between the two exchanges involved the parent company of Binance. He mentioned that after reading media reports about the structure of the world’s largest cryptocurrency exchange, they asked about it.

However, WazirX received some mixed responses about the parent entity. Nishcal claimed that Binance said that it is restructuring. He mentioned that many months have passed and his team is still waiting for the parent entity of Binance.

Nischal Shetty wrote and asked Can Binance to name the controlling entity for him. However, he added that the original deal included the sale of WazirX Technology (IP). Later, the same technology was licensed to Zanmai by Binance for the INR market.

He highlighted that after the license, Binance is operating cryptocurrency trading with cryptocurrency deposits and withdrawals. Meanwhile, Zanmai is operating INR-Crypto trading with INR deposits and withdrawals.

Nischal refutes accusations of lack of cooperation

Earlier, CZ in a tweet mentioned that Binance requested to transfer the source code, implementation and system operations of the Indian cryptocurrency exchange in February 2022. He mentioned that WazirX rejected this and that Binance has no control over the systems.

Binance Chief even claimed that WazirX did not cooperate with them and the same thing is happening in ED situations as well.

However, the CEO of WazirX clarified that in February, the Binance team was looking to take control of Zanmai. If CZ still wants to gain control of Zanmai, he can easily acquire shares. He refuted CZ’s claim of non-cooperation and stated that they have been working with ED for the past 7 days. They sent all the necessary data requested by the agency.