Weekly Recap 1/8-1/14 - MVHQ

Weekly Recap 1/8-1/14

MVHQ Staff
Jan 22, 2024
News
Weekly Recap 1/8-1/14

Monday 1/8

 

Steady gains could be found across the board as BTC breached back above $46K and Solana with over 10% gains back above $100 as crypto bounced back in a big way to start the week. SEC Chair Gary Ginsler finds his Twitter fingers and threads about crypto investing risks in an odd show of force. Still, the broader Web3 community sits on their hands as expected upcoming BTC ETF approvals have many waiting in anticipation, with rumors of a Wednesday decision. Overall ETH marketplace volume closed just under $17M, the lowest number in about a week while ETH marched a bit closer to the $2300 mark.

 

News:

  • Visa introduces a new loyalty rewards service that will allow partners to create digital wallets in order for customers to store points.

  • Gary Ginsler, the Chair of the SEC, posts a thread on considerations to take when investing in crypto.

  • ON1 Force teases a mesage with..."Soon."

  • Quirkies sold out of 111 sweatsuits in just over an hour during their most recent merch launch.

 

MVHQ Spotlight:

  • Sign up for the MVHQ Newsletter and stay on top of all the latest Web3 happenings, updates and content delivered straight to your inbox!

 

 

Tuesday 1/9

 

"We did it! Oh wait, maybe not? Wait, it was a Twitter hack now?" This was the collective thought process of every Web3 trader as Gary Gensler's Twitter was allegedly hacked, causing a tweet stating the Spot BTC ETF had been approved. However, this news would soon be reversed but not before the market pumped and dumped massively all in the span of about 15 minutes. With this being the big news awaited by many in all sectors of finance, all eyes and ears were on Gary and the SEC and I feel pretty confident saying tomorrow will be even more eventful after today's shenanigans.

 

Despite being seemingly under the radar, NFTs had a fairly strong showing with Topia Worlds (2.6E), formerly known as NFT Worlds, seeing a 23% rise in floors. This coincided with a nice return to form from ETH marketplaces as well where they crossed back over the $20 million mark in volume traded. SOL and BTC put in a shift as well trading $7 million and $19 million respectively on their NFT markets. ETH managed to shrug off the Gensler fake out to close the day a hair below $2400.

 

News:

  • Media giant Fox is collaborating with Polygon to introduce Verify, a protocol for authenticating media provenance.

  • The Otherside posted a teaser video with the date February 2024, indicating the long-awaited third trip may soon be upon us.

  • Opensea has simplified their onboarding flow with the introduction of a self-custodied wallet tied to a user's email address.

  • ArenaX Labs announced a raise of $6 million for its gaming studio focused on producing AI-backed games such as AI Arena, set to launch on Arbitrum soon.

 

MVHQ Spotlight:

  • If you've been active in Solana recently you've certainly seen everyone clamoring for Deez Nuts. Thankfully MVHQ's own Aslo hopped on a Twitter Spaces with the project's founder to find out all the dirty details behind the project including its new token standard and their future plans and integrations. So if you're looking to learn a little about Deez Nuts then stop on by the MVHQ Twitter account to hear all about it!

 

 

Wednesday 1/10

 

We came. We saw. We conquered. Finally, the legend of the BTC ETF approval is a reality after the SEC gave the thumbs up after months of speculation, anticipation, and blunder. This allows for Mom, Dad, Auntie Jane, Uncle Joe, Grams, Gramps, and everyone else that signals market top any time they text you during a bull run to load up their 401k with BTC-fueled ETFs via their favorite financial advisor, Ralph. Bring on the masses, baby. The news, although expected, kickstarted a solid pump across the broader crypto space on all things besides...well, BTC. Go figure. ETH ran hard, up over 8% on the day and back over $2500 for the first time since May 2022! Woooooooooo!

 

News:

  • The SEC has officially approved all spot BTC ETFs with trading set to begin tomorrow!

  • The artist formerly known as Twitter, X, has removed the NFT PFP feature although the hexagon frame still remains for some.

  • OpenSea unveils a new onboarding flow aimed at easing the friction of self-custodial wallet creation by requiring just an email address for creation.

  • Bored Ape Yacht Club releases a re-mastered version of its 2-day old predecessor. The previous video received negative feedback due to a rendering issue that caused its frames to appear lower quality than expected.

  • Tensor and Backpack Wallet/Mad Lads tease a potential collaboration.

  • Azuki announces a new anthology series with anime director and producer, Gorō Taniguchi, set to debut this year.

  • The X accounts for Coingecko and its Gecko Terminal were hacked but have since been recovered by the team.

 

MVHQ Spotlight:

  • The Founder of Ovols joined Rossboss to talk about their new Fractional NFT DCA protocol on Solana and how they are aiming for a quick, easy and safe user experience accompanied by a banging PFP. Listen to the recording here!

 

 

Thursday 1/11

 

Web3 awoke to strong upward price action as the BTC ETFs began their first day of trading to tremendous success. BTC surged to $49k before slowly coming back down to Earth as trading cooled off and leverage was wiped out across the board. But as more funds flow in the bullishness will only grow, but it's probably nothing. Outside of BTC, the highly-anticipated Berachain launched its testnet seeing enough activity to temporarily halt the network. The testnet launch also saw massive movement in Berachain related NFTs with Baby Bears (9.3E) experiencing an 18% rise in its floor price. ETH NFTs were also on fire with overall marketplace volume coming in at $29 million on the day, up almost 50% from Wednesday's levels. ETH itself meanwhile held strong to stay above $2600.

 

News:

  • LooksRare announced their game, Poke the Bear among others, is now live on the Arbitrum blockchain to facilitate quicker and faster transactions along with a more seamless user experience.

  • Polygon announced the development of Libre, an infrastructure for tokenized real world assets built on the Polygon Chain Development Kit.

  • It was a banner day for the newly launched BTC ETFs, as they traded more than a whopping $4.5 billion on their first day.

 

MVHQ Spotlight:

  • NFL Playoffs are right around the corner and MVHQ's founder JakeAndBake has the perfect article to get you on the path to best ball success! Stop on by the MVHQ Blog today to get a head start against the competition.

 

 

Friday to Sunday 1/12-1/14

 

The post-ETF bleed continued through the weekend and has left many traders sitting on hands as the dust settles. BTC briefly fell back below the $42K mark but has rebounded slightly, while ETH hovers around $2500 and SOL in the $95 range. Over on the ETH NFT marketplace, Pudgy Penguins had another strong weekend with its ecosystem seeing a surge of activity. The OG collection marched back towards the 12E range with Lil P's up 10% back to 1E. Overworld also saw a nice bump, up 11% back to 1.9E.

 

ETH NFT marketplaces closed the week with over $28M in total transactions, BTC NFTs closed at $10.7M and SOL NFTs at $7.3M as we look to heat back up into the new week.

 

News:

  • Memeland unveiled a few new updates regarding Farming, recovering community X accounts and a memorandum on "Whats Important Now," in an announcement to holders.

  • Azuki celebrated its 2nd birthday with an apparent renewed focus on IP strategy which includes decentralized anime, physical items, and gaming. The team also released a teaser trailer.

  • GameStop is halting its NFT marketplace and will cease its operations on February 2nd.

  • Axie Infinity has capped its token, $SLP, at 44 billion in an effort to balance its supply relative to current demand. The team also states that for every 10 $SLP burned, 2 $SLP will be minted to a dedicated buyback and stability fund.

  • Nakamigos teases "Crypto Trading Cards," set for January 17th.

 

MVHQ Spotlight:

  • Join us inside MVHQ every Monday for Wake & Jake! Our fearless leader JakeandBake and the legend TopHatCat look to spark up your Mondays with a preview of the week ahead. Join us tomorrow at 12PM EST, live inside our Voice Chat!