Good day, Torekko readers!
Here’s a brief rundown of the latest updates from the world of Web3 on Wednesday 5th of July.
Bitcoin price: $30,720 (-0.81%)
24 hour trading volume: $10 782 119 918 USD
CFGI Indicator: Greed (61/100)
1.Azuki’s DAO claims $40 million from its founder
The newly-formed community of “Azuki DAO” has proposed a governance vote to consider legal action against the founder of the NFT Azuki collection. The vote stems from the disastrous launch of their highly anticipated collection called Elementals. Despite a high price of 2 ETH per unit, the entire collection of 10,000 “Elemental Beans” sold out in less than 15 minutes, raising approximately 20,000 ETH (around $37.5 million). However, the community was not pleased with the design of the collection, finding it too similar to the basic Azuki. As a result, Azuki’s main collection experienced a loss of $140 million in market capitalization, with the floor price dropping more than 50% from 14.44 ETH to 7.1 ETH within a week.
2.Bored Ape Yacht Club NFT Floor Price Drops to Lowest Since 2021
The floor price of the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection dropped below 30 ETH, hitting its lowest point since October 2021. The decrease in average prices for BAYC NFTs is likely a result of a broader decline in the overall NFT market, influenced by events like the Azuki Elementals reveal. However, the floor price has since recovered to the 30 ETH level. The BAYC collection, known for its high sales volume, has seen notable holders like Franklin and Machi Big Brother sell a significant number of Bored Apes, impacting the market.
3.Coinbase & BlackRock Partner for Bitcoin ETF Approval
Coinbase, the largest US cryptocurrency platform, has partnered with BlackRock and the Chicago Options Exchange (CBOE) for Bitcoin exchange-traded funds (ETFs). Coinbase has signed a surveillance sharing agreement with BlackRock for its Bitcoin ETF application, demonstrating its seriousness to the Securities and Exchange Commission (SEC). The CBOE has also indicated collaboration with Coinbase if their ETF application is approved. These partnerships strengthen Coinbase’s position in the cryptocurrency market and address regulatory concerns.
Before we end
Here’s a term that will boost your Web3 vocabulary
A public key is a long string of letters and numbers that serves as an address for receiving cryptocurrency. It is a unique identifier that individuals can share with others in order to receive digital currency. Public keys are part of a public-private key pair, with the private key being kept secret and used to sign and authorize transactions. It’s important to protect the private key, as anyone who has access to it can gain control over the associated cryptocurrency.
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That’s it for the daily Torekko News. Stay tuned for tomorrow’s edition, where we’ll keep you updated on the latest news and trends from the world of cryptocurrencies and digital.