Bitcoin, Cryptocurrencies and NFT will have a big week as ETH, BNB, SOL, XRP price volatility
Bitcoin, crypto and NFT start 2022 in different directions. In it, the Bitcoin course had one of its worst starts to a new year to date. However, the NFT market is thriving as the OpenSea market has generated close to $2.7 billion in volume since Jan. 1 and is on track to record its highest volume month to date. ETH and its biggest rivals BNB, SOL and ADA also struggled alongside Bitcoin.
BTC/USDT | Source: Trade View
Now, after investment giant Fidelity made a shocking prediction advising countries and central banks to buy bitcoin while the price is still low, crypto and NFT become the subject of discussions between some big names in crypto at the North American Bitcoin Conference being. It will also feature billionaire investor Mark Cuban and crypto-friendly Miami Mayor Francis Suarez.
The three-day conference, which kicked off in Miami on Jan. 17, is one of the largest Bitcoin conferences in the world. This is where crypto entrepreneurs, investors, and KOLs discuss blockchain technology, the latest trends, and market opportunities.
Last year, El Salvador set a high standard for Bitcoin conference announcements when it unveiled plans to be the first country in the world to make Bitcoin legal tender at Bitcoin 2021 in June.
“I’ll just see if there’s anything new,” the Cuban, NBA Dallas Mavericks team owner and celebrity investor who recently launched an NFT website, said via email, pouring cold water on those made by a big announcement awaited him : “I don’t expect a boom”.
Cuban has clashed with some in the bitcoin and crypto communities in recent years, famously saying a few years ago that he “would rather eat bananas than bitcoin.” However, after owning some expensive NFTs, Cuban has also embraced decentralized finance. He wants to reinvent traditional financial services by using cryptocurrency technology instead of banks and collectible NFTs, which are increasingly being used by sports teams and gambling companies to generate new revenue.
In a press release for the North American Bitcoin Conference, Cuban said he was investing “in decentralized insurance” and “decentralized methods of distributing NFTs” — to monetize the ongoing NFT craze.
The OpenSea NFT Marketplace has generated nearly $2.7 billion so far this year, driven primarily by the hugely popular Bored Ape Yacht Club NFT collection, and is on track to hit the high of $3.4 billion in August US dollars, according to data from Dune Analytics.
Other big names at the conference included Matthew Roszak – billionaire founder of blockchain technology company Bloq, Peter Smith – operator of Blockchain.com and Craig Sellars – one of the co-founders of controversial stablecoin USDT.
Miami Mayor Francis Suarez will also speak at the event. He once said he wants to make the city the first city in the US to “offer bitcoin earnings to residents as a direct dividend,” and hopes to one day run the city “tax-free.”
Conference organizer Moe Levin said in a statement:
“We’re excited to see many industry-breaking technologies coming to market this year.”
However, ahead of the conference, Bitcoin and crypto market sentiment was relatively low as the market was still reeling from a bearish trend that wiped out around $1 trillion in just 2 months.
Lukas Enzersdorfer-Konrad, Product Manager of the Vienna Stock Exchange Bitpanda, emphasizes:
“The first two weeks of the year haven’t been the best for BTC and the crypto market as a whole, but it’s too early to call it a bear market.
According to the Fear and Greed Index, market sentiment is in a state of extreme fear and has hit its lowest level since July 2021. The 40% correction is not unusual and is not the largest we have seen in the past 12 months. Keep in mind that Bitcoin is down more than 50% from April to June last year and fully recouped its losses in October.”
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