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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.

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Bitcoin Trading Volume Holds Near 1-Year Highs

Data shows that Bitcoin trading volume has hovered near one-year highs recently as activity on Binance remains high after the fee was removed.

Bitcoin’s 7-day average trading volume has remained at high levels in recent weeks

According to the latest weekly report from Arcane Research, about 80% of the latest activity on the BTC network is powered by cryptocurrency exchange Binance.

“Trading volume” is an indicator that measures the total amount of Bitcoin moved on the blockchain on a given day.

When the value of this metric is high, it means that a significant number of coins are changing hands on the network right now. This trend may suggest that the chain is quite active these days as investors are attracted to the cryptocurrency.

On the other hand, low values ​​of the indicator indicate that the network activity is not so high at the moment. This type of trend could be a sign that the general interest around cryptocurrency among traders is currently low.

Now, here is a graph showing the trend of Bitcoin trading volume over the last year:

The value of the metric seems to have been high in the last few days | Source: The Arcane Research Weekly Update – Week 30, 2022

As you can see from the chart above, Bitcoin transaction volume has been high for the past few weeks. Currently, network activity is just below a one-year high. However, it is likely that not all of the volume at this time is caused by organic activity.

The chart also includes data on Binance’s share of the total volume. It seems that when the value of the indicator rose to the current high levels, the contribution of the cryptocurrency exchange increased simultaneously.

The reason behind this is that about three weeks ago, exactly when these increases were seen, Binance lowered the trading fee for some Bitcoin trading pairs.

Seeking to exploit this fact, many merchants have indulged in “wash trading” to unlock higher fee levels on the platform. Such activity is considered inorganic and is therefore falsely inflating the actual volume.

However, three weeks later, volumes are still unchanged, and while Binance’s share remains around 80%, the report notes that a significant portion of the volume may come from organic activity.

This activity would come from traders who prefer to trade on Binance due to the removal of the fee, which would help keep the crypto exchange’s market share fairly high.

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Crypto Exchange Zipmex resumes certain Altcoin withdrawals

Cryptocurrency exchange Zipmex has resumed withdrawals of some altcoins in addition to Bitcoin and Ethereum. So far, there are no updates on Bitcoin and Ethereum withdrawals. The withdrawal of withdrawals on Zipmex came after the other two exchanges Babel and Celsius froze withdrawals.

The cryptocurrency exchange has now started allowing users to withdraw some tokens from their trading accounts. Zipmex also mentioned a schedule for withdrawals of Solana, XRP and Cardano from merchant wallets. Market movers like Bitcoin and Ethereum still remain blocked.

The cryptocurrency exchange operates in Thailand, Singapore, Indonesia as well as Australia and has stopped withdrawals stating:

Volatile market conditions and resulting financial difficulties for our key business partners.

Sometime last week, the Securities and Exchange Commission of Thailand issued an order to the Zipmex Thailand unit asking them to resume withdrawals in some digital currencies. As per the schedule, Solana tokens will be delivered on Tuesday, while XRP withdrawals are expected to wait until Thursday; however, Cardano will be available for withdrawals on the same day as Solana.

Crypto Exchange Zipmex is working to recover deposits

Zipmex has a link to Celsius and Babel and mentioned that both companies have respectable status due to financial support. It also stated that due diligence was ensured in this case.

At the moment, the company continues with the recovery of deposits from Babel Finance. Along with that, the cryptocurrency exchange also assured that the bankruptcy rumors are false. He clarified that he requested a moratorium before the Singapore court.

This ensures that Zipmex has enough time to analyze the issues and decide on an outcome acceptable to customers. To address the current liquidity crisis, it is working with Celsius and Zipmex to find a rescue package with investors.

quoted zipex,

We promise to resolve the Z Wallet situation and resume services. That is why, after stabilizing the situation, we are releasing unaffected digital assets namely: ADA, SOL and XRP into users’ trading wallets starting tomorrow, August 2, 2022.

The road to recovery

An anonymous Zipmex shareholder made an additional investment in the company’s native token. This was done to support the company, increasing investor confidence. It also ensures that token development stays on track.

While the cryptocurrency exchange has not said anything about Bitcoin and Ethereum withdrawals, the move to unfreeze a select number of cryptocurrencies is a positive step towards recovery. In the month of July, co-founder Akalarp Yimwilai in a YouTube video was allegedly in talks with interested investors.

Regarding the same, the company mentioned that negotiations are still ongoing, but potential investors have already signed a confidentiality agreement after having examined the exchange’s finances. There is still no official statement on the outcome of these negotiations.

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New bipartisan US Senate bill seeks to exclude small cryptocurrency transactions from taxes

Republican Senator Pat Toomey of Pennsylvania and Democratic Senator Kyrsten Sinema of Arizona are proposing a new law that would tax small personal cryptocurrency transactions.

Under the current system, people who use digital assets to pay for goods and services owe capital gains taxes when the currency’s value rises.

The Virtual Currency Tax Fairness Act, introduced by Toomey and Sinema on Tuesday, aims to change that by introducing a de minimis exemption for daily cryptocurrency transactions.

The bill will exclude personal cryptocurrency transactions worth less than $50 or profits less than $50 from being subject to capital gains tax.

read the invoice

“A bill to amend the Internal Revenue Code of 1986 to exclude from gross income de minimis gains from certain sales or exchanges of virtual currency and for other purposes.”

To prevent abuse of the exemption, the bipartisan design also includes an aggregation rule, which states that all sales and deals that are part of the same transaction will be treated as one.

Toomey says the project will remove an obstacle preventing wider adoption of crypto assets.