NFT wash trading creates a phoney appearance of popularity to push up prices and rip collectors off. But you can learn how to spot the signs.
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4 out of 10 NFT sales are fake: Learn to spot the signs of wash trading
Wash trading on nonfungible token (NFT) marketplaces is back in the spotlight after critics claimed the fast-growing NFT marketplace Blur has incentivized the practice with its trading rewards scheme.
10% of Blur’s total token supply was distributed to users based on their trading activity in its second token reward scheme from Feb. 14. The platform has seen a surge in trading volume in comparison to other leading NFT marketplaces.
Skeptics claim that wash trading played a significant role, with CryptoSlam reporting around $577 million worth of NFTs have been wash traded back and forth in recent months and that 80% of trades on the platform are “inorganic.” However, opinions vary.
A new Dune Analytics deep-dive by Hildobby argues that the vast majority of the platform’s trading volume is actually above board due to the way it has structured the rewards. But the analysis is far from a clean bill of health for the sector, with the same methodology suggesting that LooksRare and X2Y2, have 98% and 85%, respectively, of volume currently flagged as suspicious.
NFT marketplaces have accounted for a reported $73.8 billion worth of trading volume to date. However, Dune Analytics data suggests that more than 42% of the volume is fake, with $31.2 billion attributed to wash trading.
4 out of 10 NFT sales are fake: Learn to spot the signs of wash trading
Wash trading on nonfungible token (NFT) marketplaces is back in the spotlight after critics claimed the fast-growing NFT marketplace Blur has incentivized the practice with its trading rewards scheme.
10% of Blur’s total token supply was distributed to users based on their trading activity in its second token reward scheme from Feb. 14. The platform has seen a surge in trading volume in comparison to other leading NFT marketplaces.
Skeptics claim that wash trading played a significant role, with CryptoSlam reporting around $577 million worth of NFTs have been wash traded back and forth in recent months and that 80% of trades on the platform are “inorganic.” However, opinions vary.
A new Dune Analytics deep-dive by Hildobby argues that the vast majority of the platform’s trading volume is actually above board due to the way it has structured the rewards. But the analysis is far from a clean bill of health for the sector, with the same methodology suggesting that LooksRare and X2Y2, have 98% and 85%, respectively, of volume currently flagged as suspicious.
NFT marketplaces have accounted for a reported $73.8 billion worth of trading volume to date. However, Dune Analytics data suggests that more than 42% of the volume is fake, with $31.2 billion attributed to wash trading.
Bitcoin price breaks $26K as US inflation comes in at 6%
Bitcoin clears $26,000 as U.S. consumer price index rises by 0.4% in Feb. 2023.
Bitcoin price sees new 2023 high as CPI sends BTC price above $26K
Bitcoin sees a major new lift-off thanks to CPI numbers conforming to expectations — reducing the chances of the Fed tightening financial conditions.
Bitcoin price sees new 2023 high as CPI sends BTC price above $26K
Bitcoin (BTC) spiked above $26,000 on March 14 as United States Consumer Price Index (CPI) data showed mixed inflation signals.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewCPI fuels 9-month BTC price highs
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as sudden volatility kicked in on the release of February’s CPI numbers.
Inflation climbed 6% year-on-year, while the month-on-month figure was 0.4% — both in line with expectations. Items excluding food and energy increased by 0.5%, slightly higher than forecast.
Bitcoin appeared to react positively to the data, which allowed the Federal Reserve to avoid being trapped between stickier inflation and avoiding interest rate hikes amid an ongoing banking crisis.
Reacting, Venturefounder, a contributing analyst at on-chain analytics platform CryptoQuant, suggested that the market was now anticipating a “pivot” on hikes — a key boon for risk assets more broadly.
Wyoming’s private keys bill addresses growing threat to rights and assets
Wyoming’s new law ensures that courts won’t overstep their authority in requiring individuals to disclose their private keys.
SVB crisis: Here are the crypto firms denied exposure to troubled US banks
Some of the biggest firms in crypto have denied exposure to any of the failed banks in the United States.
FTX-related stablecoins on the move: $145M transferred to crypto exchanges
Three wallets, reportedly associated with both FTX and its subsidiary, Alameda Research, have moved 69.64 million USDT and 75.94 million USDC.
Euler Finance blocks vulnerable module, working on recovering funds
Euler is currently working with law enforcement agencies and blockchain security firms, trying to contact the exploiter to recover the funds.
What is JOMO in crypto trading?
JOMO is that "I-was-right-about-the-market" joyful feeling after narrowly escaping a bad trade and potentially catastrophic losses.
Stargate foundation advises DAO against reissuing STG tokens
The Stargate Foundation, in agreement with FTX liquidators, has advised the DAO that issuing the STG token could put its safety at risk and may violate the automatic stay.
Biden pledges ‘no cost to the taxpayer’ to shield SVB, Signature depositors
While the federal government’s proactive approach to minimizing damage was appreciated, many pointed out that taxpayers would ultimately suffer the depositors’ bailout.
Bitcoin price nears $25K as analysts place bets on CPI impact
Bitcoin lines up a fresh charge at multi-month resistance, but BTC price action is already facing calls for a comedown triggered by CPI.
Bitcoin price nears $25K as analysts place bets on CPI impact
Bitcoin (BTC) eyed key resistance near $25,000 on March 14 as markets awaited key economic data from the United States.
BTC/USD 1-day candle chart (Bitstamp). Source: TradingViewHopes CPI will bring Bitcoin “consolidation”
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD making monthly highs of $24,917 on Bitstamp overnight.
The pair remained buoyant after the impact of multiple U.S. bank closures sent crypto markets skyrocketing.
Now, all eyes were temporarily on the Consumer Price Index (CPI) print for February when it came to short-term BTC price action.
A classic crypto volatility catalyst in itself, last month, CPI showed an unwelcome slowdown in inflation abating; this, in turn, gave rise to fears that the Federal Reserve would keep interest rates higher for longer.
Bitcoin market cap flips tech giant Meta, widens gap on Visa
BTC’s market cap has climbed to the 11th spot amongst top assets by market cap and now sits behind electric vehicle maker Tesla.
Debtors saved over $100M using de-pegged stablecoins to repay loans
The depegging of USD Coin (USDC) and Dai (DAI) from the United States dollar prompted a frenzy of loan repayments over the weekend, allowing debtors to save a total of more than $100 million off their loans.
Following the collapse of Silicon Valley Bank (SVB) on March 10, the USD Coin (USDC) price dropped to lows of $0.87 on March 11 amid concerns about its reserves being locked at SVB.
MakerDAO’s stablecoin DAI also depegged briefly, going as low as $0.88 on March 11, according to CoinGecko.
The USDC price briefly dropped to lows of $0.87 on March. 11. Source: CointelegraphThe depegging, in the backdrop of broader crypto turmoil, led to more than $2 billion in loan repayments on March 11 on decentralized (DeFi) lending protocols Aave and Compound — with more than half made in USDC, according to a report by digital assets data provider Kaiko.
Another $500 million in debts were paid in DAI on the same day, it noted.
Debtors saved over $100M using de-pegged stablecoins to repay loans
Debtors jumped on the opportunity to grab a discount on their loan repayments when USDC and DAI de-pegged from the dollar.
More than 280 blockchains at risk of ‘zero-day’ exploits, warns security firm
Dogecoin, Zcash and Litecoin have already patched the “critical” vulnerability, but hundreds of others may not have, risking billions' worth of crypto.
CFTC adds execs from Circle, Ava Labs and Fireblocks to tech advisory group
The technology advisory committee aims to assist the CFTC in “identifying and understanding the impacts and implications of technological innovation in financial services and markets.”