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Christie’s Will Auction Original Art From Gary Vee ‘s Veefriends NFT Collection

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Notorious entrepreneur and social media personality, Gary Vee, is now a full-blown artist. The legendary auction house Christie’s crowned him as so by announcing the sale of five of the original pieces from his Veefriends NFT collection. Is this new development positive for NFT mania? Is it positive for Veefriends holders? What does it say about the current state of the arts? So many questions.

Related Reading | In The Mood For Auction: Wong Kar-Wai ‘s First NFT Available At Sotheby’s

First of all, these are the five pieces that Christie’s will auction:

On the Veefriends official site, the NFT collection is defined as:

“VeeFriends is the name of Gary Vaynerchuk’s NFT collection. He created VeeFriends to bring to life his ambitions of building a community around his creative and business passions using NFT technology and their smart contract capabilities. By owning a VeeFriend NFT, you immediately become part of the VeeFriends community and get access to VeeCon.”

So, maybe Gary Vee ’s credentials as an artist are lacking, but he’s a titan at generating value. Maybe his childlike drawings are not that aesthetically pleasing, but Gary Vee’s ability to generate community around an idea is a proven fact. And his drive to win is unmatched. Which characteristics are more important for an NFT project? What are Veefriend’s holders investing in?

At the moment of writing, Open Sea informs that the floor price for a Veefriend is 18,4 ETH. According to CNN, Veefriends “amasses $70M in sales since launch in May.

ETHUSD price chart for 09/14/2021 - TradingView

ETH price chart for 09/14/2021 on Bitstamp | Source: ETH/USD on TradingView.com

CNN’s First Move Announces Gary Vee/ Christie’s Auction

The man himself, Gary Vee, went on CNN to announce that Veefriend’s original art is to be auctioned by the legendary Christie’s. How much value for his NFT holders did this move create?

When host Isa Soares asked Gary Vee about the reasons behind partnering with Christie’s, besides dedicating the win to his parents, he said:

“Why? Because it elevates the brand. I have people who are watching right now that own the gorilla, own the tiger, own the “you’re gonna die” fly. This is my Disney. This is my Pokemon. This is my character IP based reality and I’m going to build this for the next 40 to 50 years.“

Isn’t that exactly what you want to hear if you’re a Veefriends holder? Commitment. Through a huge platform. Gary Vee ’s community appreciated and understood the impact of the moment, as this video shows:

Another quote from the CNN interview:

“People underestimated this project in the OG NFT-land, and this is another execution that’s not going to allow them to underestimate it anymore.”

In light of the announcement, it’s hard to argue with that.

The Veefriends Are Doing It In Their Own Way

Not everything in NFT-land is about the art. Not everything in the Veefriends is about childlike drawings. As we learned from Bitcoinist’s “The Andy Milonakis NFT Show,” “The NFT world has got its own characteristics, though, and a sense of belonging is one of the main ones. The Bored Apes are part of a Yacht Club. The Gutter Cats are part of a Gang.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

Gary Vee understands this better than everyone. From the Veefriends site:

“VeeFriends are all about utility and access, meaning each NFT will have different levels of access and activities through the smart contract attached with each investment thus giving them “utility” through metadata. Over the last 15 years, he has spent time interacting with hundreds of thousands of people — what VeeFriends will allow will be a structure around these interactions.

The token is the key that unlocks you into Gary’s world.”

The drawings somehow connect to the hundreds of meetings with entrepreneurs young and old that Gary Vee has had through the years. And give you access to that world. The NFT collection is an extension of Gary Vee ‘s work.

There’s just so many ways to do it, and I cheer for them all,” says Gary Vee regarding NFTs. In light of the Christie’s announcement, it’s hard to argue with that.

Featured Image: The five Christie's pieces as per this tweet | Charts by TradingView

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Source: https://www.newsbtc.com/news/ethereum/christies-auction-art-gary-vee/

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Bitcoin Price Analysis: After BTC’s Quick Dip Below $40k, Is Local Bottom Confirmed?

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Global risk-off, uncertainty over Evergrande’s debt crisis, and large liquidations have been pressuring Bitcoin lately. The near-term chart may look bearish, but the fundamental and on-chain trend remain firmly bullish, making this pullback a potential buying opportunity.

In just over two weeks, BTC fell from a high of $52.9k to a low of $39.5k, mainly driven by massive liquidations in derivatives and panic selling from younger coins. It’s easy to look at the chart with a bearish bias considering the deep retracement and fear in the market. Still, the trend in fundamentals and on-chain metrics shows the underlying strength in the holders of Bitcoin.

Chart by TradingView
Chart by TradingView

As we covered in August, September has historically been a volatile period for risk assets. The recent turmoil can be expected after US stocks became extremely overextended to the upside, with uncertainty regarding monetary policy, the Evergrande debt crisis in China, virus concerns, and a rising dollar. Keep in mind, risk assets are highly correlated, making Bitcoin vulnerable to shockwaves in traditional markets, despite powerful fundamentals and on-chain data.

Near-Term Technicals Cautious – Larger Structure Holding

Large liquidations started cascades of forced selling and pushed BTC below a key rising trend line around $43.8k on a closing basis. Further risk-off in global markets triggered more liquidations forcing another $1B wipe out, pushing BTC to wick down to $39.5k, a key Fibonacci target, as shown in the chart below.

Price also dipped into the previous $30k to $40k trading range before wicking back up into the close. Although near-term bearish, these levels are being tested on an intraweek basis. The bulls need to hold the top of the trading range between $40k to $41.3k on a weekly closing basis to protect the larger market structure. A weekly close below $41.3k to $40k could invalidate the technical breakout out of the trading range, significantly increasing the risk of further downside.

So far, the Elliott Wave structure is suggesting this pullback could be a Wave 2 corrective move after an 80% rally to complete Wave 1. Corrective waves are a 3-wave push to the downside, which BTC has been following so far. It will take some time to confirm, but the structure strongly suggests this is a Wave 2 pullback. Wave 3 is usually the largest wave to the upside, suggesting potential all-time highs if price action is strong.

Chart by TradingView
Chart by TradingView

It’s important to note, derivatives markets can add significant volatility to spot BTC prices. Although participants can track metrics such as funding rates, open interest, and leverage ratios, liquidations can happen at any time, which can trigger large cascades of forced selling, catching the market by surprise.

Levels to Reclaim

With BTC trading in the low 40s, it’s important to see prices start pushing higher to recover $45.8k, near the critical 200-day moving average. Reclaiming the rising trend line around $43.8k would also be a near-term positive signal.

Ideally, it would help to have certainty return to the market, especially regarding Evergrande and Fed monetary policy. Any good news could flip sentiment to bullish, and the risk on trade could resume.

On-chain Trend Remains Firmly Bullish

When these liquidations happen, retail and investors holding younger coins tend to panic sell, adding further selling pressure to the market. So far, on-chain data has shown most of the selling has come from liquidations and younger cohorts selling while long-term holders, miners, and entities holding older coins continue to HODL.

Chart by CryptoQuant/TradingView
Chart by CryptoQuant

Most selling is coming from 3 to 6-month, 1 to 3-month old and younger coins. These participants mostly accumulated above $50k and have been realizing losses as BTC plunged to $39.5k.

BTC miners in aggregate continue to hold with reserves maintaining current levels of around 1.845 million BTC. Daily miner outflows to exchanges to sell remain low, indicating miners have no intention of selling large amounts of BTC at current prices.

Chart by CryptoQuant
Chart by CryptoQuant

ASOPR which tracks the profitability of the overall market has dipped back below 1 on a closing basis, meaning the market is currently trading at a loss. More importantly, LTH SOPR remains above 1, meaning long-term holders are still in profit despite the drawdown. STH SOPR is below 1, which confirms younger coins are being sold at a loss.

Historical data using the SOPR metrics have shown bear markets occur when the LTH SOPR is consistently below 1, meaning long-term holders are at a loss. It’s important to note the LTH SOPR remained above 1 during the entire 55% crash from $64.8k to $30k, a strong signal this is a mid-cycle pullback rather than a bear market.

The Mean Coin Age metric by CryptoQuant continues to trend higher, strongly suggesting long-term holders continue to hold and accumulate. During bull markets, they distribute aggressively as price appreciates and continue to distribute as BTC enters a bear market. This occurred during the 2017 bull market peak and the beginning of the 2018 bear market, causing the Mean Coin Age to trend lower as long-term holders continued to distribute.

Chart by CryptoQuant
Chart by CryptoQuant

For more than 3 months, the Mean Coin Age has been trending higher, strongly suggesting BTC is not in a bear market. If BTC was in a bear market, we would have seen long-term holders and large miners sold massive amounts of BTC, causing the Mean Coin Age to fall, confirming a trend of distribution.

September Shakeout not Impacting Macro Trend in On-chain

Despite this month’s drawdown, mainly from macro risk-off and large liquidations, the overall trend in fundamentals and on-chain for BTC remains firmly bullish. This is because the long-term holders and miners which own the majority of supply continue to hold and show no interest in selling these drawdowns.

The near-term volatility will likely continue as the global market attempts to navigate the uncertainty with fed monetary policy, economic data, and the Evergrande debt crisis. We can expect the price to catch up to fundamentals and bullish on-chain metrics once certainty comes back to the market.

Given the large dislocation between fundamentals and price, this dip could be a significant buying opportunity for investors looking to increase exposure to BTC.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Source: https://cryptopotato.com/bitcoin-price-analysis-after-btcs-quick-dip-below-40k-is-local-bottom-confirmed/

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Cabital To Facilitate Euro And Cryptocurrency Swaps Through SEPA Intergration

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Users of Cabital can now change their Euro to cryptocurrency, thanks to a recent integration by the digital asset institution. The Single Euro Payments Area facilitates such changes, plus making cashless payments in EUR through direct debit and credit transfer.

Cabital is a platform where users can sell, buy, or save crypto. It offers opportunities to earn passive income on savings.

Related Reading | Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish? 

According to them, you can make 12% APY on cryptocurrency with them. Moreover, there are no hidden fees, and the institution is secured and registered in the European Union.

SEPA Facilitates Direct investment In Cryptocurrency Assets

By integrating this payment method, Cabital has boosted its services and automatically increased its patronage. All the 36 SEPA EU countries can use the service to buy and sell their crypto for Euro. Users can also change their cryptocurrency holdings to Euros and vice versa anytime they want.

The best part is that the payments will be safer, faster, and efficient without hidden charges. Users can make direct debit or credit transfers to even non-EU countries.

The institution disclosed the information yesterday, September 21, and its CEO Raymond Hsu stated that they would be rendering full-service to their users. In his statement, the CEO said the platform will help both EU countries and non-EU countries to manage and save their crypto without hassles.

Hsu also stated that this move has also given Cabital a competitive edge over its competitors. The company can pursue expansion across Europe and secure on-ramps to support its customer’s cryptocurrency investments.

Before this announcement, Cabital had completed a seed round that generated $4 million. The leaders of the round were GSR, SIG, and Dragonfly. The firm also had an angel round that generated $3 million. Now, the valuation of Cabital sits at $40 million.

Cabital And Regulations

The firm is regulated by the Republic of Lithuania laws. They operate under the guidelines of the “Lithuanian Anti-Money Laundering & Counter-terrorism Financing Rules.” According to Jonas Narbutas, the Senior Money Laundering Reporting Officer at Cabital, the firm fully adheres to cryptocurrency regulations.

Cryptocurrency

Crypto-market is back of recovery track by a 4% rise | Source: Crypto Total Market Cap on TradingView.com

Also, it is contributing towards developing the EU’s crypto industry and helping people in the region and beyond to achieve their investment goals safely and easily. Jonas Narbutas is one of the newly appointed leadership team members at Cabital. He was earlier working at Western Union and also headed the Luminor Group anti-financial governance team.

Related Reading | Did Turkey’s President Say “We Are In A War Against Bitcoin”? An Investigation

On its official website, Cabital assures users of being protected by strong fireblocks against cyber-attacks on users’ assets. Moreover, the team is experienced in investment both in crypto and beyond. As a result, users can rely on their expertise to expand their crypto portfolio with high-yield assets.

Featured Image From Finance Monthly, chart from TradingView.com

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Source: https://www.newsbtc.com/news/cabital-to-facilitate-euro-and-cryptocurrency-swaps-through-sepa-intergration/

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SEC chief Gensler now eyeing crypto staking and ‘poker chip’ stablecoins

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In recent weeks, the U.S. Securities and Exchange Commission [SEC] has brought several crypto companies into the regulatory spotlight. Coinbase was warned about its high-interest crypto-product Lend, with the SEC threatening to sue if it launched.

Unsiwap also felt the heat as it was reportedly investigated. Meanwhile, the SEC vs Ripple lawsuit saw the court denying Ripple’s request for documents revealing SEC’s trading policies on digital assets.

Even as these events unfolded, SEC Chair Gary Gensler spoke to Washington Post journalist David Ignatius about cryptocurrency and the SEC’s powers.

Cop on the beat

Gensler first stressed that crypto tokens were a “highly speculative asset class” and defended his dedication to investor and consumer protection. He admitted that the SEC had a broad definition of securities and that it gave the agency a “great deal of authority.”

Encouraging crypto trading platforms to come in for SEC registration, Gensler said,

“Now, not many have, and so I do really fear that we’ll keep bringing these enforcement cases, but there’s going to be a problem. There’s going to be a problem on lending platforms or trading platforms. And frankly, when that happens, I think a lot of people are going to get hurt.”

Gensler also voiced concerns about staking and added,

“We’ll also be the cop on the beat and bringing those enforcement actions, as well.”

Coming to stablecoins, Gensler used his familiar crypto-Wild West comparison and likened stablecoins to poker chips at the casino. He also explained that though the SEC had “robust authorities,” there were some gaps. He hinted the agency might work with the U.S. Congress to regulate stablecoins.

Notes on Evergrande

With liabilities worth around $300 billion, the crisis of Evergrande, China’s second largest property developer, has shocked the world market – and the crypto sector. Soon the Hong Kong-based, dollar-pegged stablecoin Tether [USDT] came under scrutiny. The company had to confirm that it did not hold commercial papers, debts, or securities issued by Evergrande.

Ignatius also asked Gensler whether Evergrande could affect the American market. Gensler just confirmed that Evergrande was not registered and did not trade on American capital markets.

However, he added,

“…it is possible, from time to time, that we too in America will react to other economies’ and nations’ shocks. And particularly China’s economy is so large relative to Europe’s or our own.”

In essence, the interview came with a familiar promise for crypto innovators and traders. Referring to warning signs and flashing lights signaling a spill in aisle three, Gensler said he would rather “get ahead of it.”

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Source: https://ambcrypto.com/sec-chief-gensler-now-eyeing-crypto-staking-and-poker-chip-stablecoins

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