Skip to main content
Skip to main content
CryptoPunk #4156 sold for $10 million today, making it one of the most expensive sales in the collection’s history.
A rare ape CryptoPunk just sold for over $10 million.
LarvaLabs’ list of sales suggests that today’s sale for CryptoPunk #4156 is the largest by cash value, with an exact sale price of $10.26 million.
The token’s high price can be explained by its rarity. It is one of just 24 ape CryptoPunks, the second rarest type of CryptoPunk between aliens, of which there are only nine, and zombies, of which there are 88. The vast majority of CryptoPunks are humans, of which there are 9,879.
The high sale price seen today does come with some caveats, though. Due to variations in the price of Ethereum, it is only the third largest sale in terms of ETH. In March, two CryptoPunks sold for 4,200 ETH each, while today’s sale only garnered 2,500 ETH.
The sale is also outranked by Sotheby’s sale of CryptoPunk #7523 for $11.75 million. LarvaLabs does not register this sale, as it appears to be an off-chain sale conducted with cash.
Another CryptoPunk NFT also sold for the high price of $538 million in October, but it was the result of the owner transferring the token to themselves in something of a wash trade rather than a true sale.
CryptoPunks is one of the earliest series of Ethereum-based NFTs, dating back to mid-2017. That status has helped the collection attract attention from Ethereum natives, celebrities, and Christie’s and Sotheby’s, two of the world’s most prestigious auction houses.
Incidentally, the original owner of CryptoPunk #4156 said that auction houses reached out to suggest that the item could have fetched an additional 1,500 ETH ($6.3 million) with their assistance.
While it is hard to say how much the token could have actually garnered, major auction houses like Sotheby’s and Christie’s have previously auctioned items from the series with great success.
As such, Punk #4156 may not be the only rare NFT that auction houses have tried to get hold of.
Disclaimer: At the time of writing this author held less than $100 of Bitcoin, Ethereum, and altcoins.
Larva Labs has signed a deal with United Talent Agency (UTA), according to The Hollywood Reporter. CryptoPunks Will Get Media Representation The deal means that CryptoPunks—Larva Labs’ popular series of…
We’re doing this because we want to be better at picking advertisers for Cryptobriefing.com and explaining to them, “Who are our visitors? What do they care about?” Answer our questions…
Visa has announced the purchase of a CryptoPunk NFT, furthering its commitment to understanding cryptocurrency services with the goal of offering them to its clients and customers. Visa Buys a…
It’s suspected that the buyer bribed a miner to obtain the NFT immediately after it was listed at the wrong price. NFT Buyer Secures CryptoPunks Bargain Someone just sniped a…
A popular crypto analyst says one Ethereum (ETH) chart is looking particularly strong right now.
In the latest TechnicalRoundUp newsletter, the pseudonymous analyst known as Cred says the Ethereum chart against Bitcoin (ETH/BTC) is “one of the best-looking macro charts in crypto at the moment.”
Ethereum is worth 0.088 BTC, or $4,388.33, at time of writing, up more than 2% in the past 24 hours.
Cred says ETH is more likely to continue making gains against BTC rather than reverse its course.
However, he notes that his overall trading framework is still “defensive.”
“This disconnect between Bitcoin and Ethereum is either a completely new paradigm from April-May (less likely) or a sign that we’re closer to the cycle top (more likely).
While the Ethereum/Bitcoin chart is one of the best-looking macro charts in crypto at the moment, our overall framework is still defensive given the high time frame weakness that has emerged in Bitcoin/Dollar.”
Cred argues that it is a sign of market strength that Ethereum held $4,000 despite the market-wide crash this past week.
“It would be fully validated on a daily range breakout above $4480, which is the range high for now. Any weakness below $4000 would be bearish.”
Read the full newsletter here.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Featured Image: Shutterstock/Jorm S
Cardano has marked the launch of its first-ever ERC-20 converter. The project which had been in the works had finally reached its launch milestone with help from IOG, the developer behind Cardano. With the converter, the network will be able to support the migration of ERC-20 tokens from Ethereum to the Cardano blockchain.
Development on the blockchain has been ramping up since the launch of smart contracts capability. The network has seen the first signs of DeFi as developers begin to test out their DApps with help from the foundation. This has inspired even more development with the community waiting with bated breaths for the day they can finally access DeFi services on Cardano.
Related Reading | Here’s What Cardano Founder Charles Hoskinson Wants For Christmas
SingularityNET brings this anticipated capability to the Cardano blockchain. It tested the converter with its AGIX token. Presently, the converter is live on the testnet and users are able to move AGIX tokens from Cardano to Ethereum and vice versa using the AGIX ERC-20 Converter. This will allow for AGIX transactions on a network with a much higher transaction capacity and cheaper fees.
Cardano has always been big on interoperability and this converter helps push it towards its goal of complete interoperability with other blockchains. Founder Charles Hoskinson has voiced this sentiment in the past where he explained that there would not be one blockchain to rule all the others. But rather blockchain infrastructures will co-exist and continue to compete with each other.
Related Reading | Number Of Cardano Wallets Staking ADA Crosses 1 Million
SingularityNET’s converter furthers this interoperability as it allows ERC-20 tokens to be ‘translated’ into Cardano native tokens while retaining their value and functionality. The converter also works the other way with users being able to convert a token back to its original ERC-20 format using the built-in conversion system.
“The importance of this port for SingularityNET and the whole blockchain and AI ecosystems cannot be overestimated – it will yield not only a far faster and more economical AI network, but also a massively superior foundation for adding advanced new functions to SingularityNET and moving toward realizing our vision of decentralized AGI.” – Dr Ben Goertzel, CEO and Chief Scientist, SingularityNET
It may still be months until users begin to see the first signs of a fully functional DeFi platform on Cardano but there is no doubt that the project is headed in that direction. For starters, Cardano recently saw the launch of one of the first DEXs . The SundaeSwap launch was unveiled with much fanfare on Monday and allowed users to play around with the project which is now live on the testnet.
ADA price trending at $1.3 | Source: ADAUSD on TradingView.com
As Cardano witnesses what is shaping up to be an exciting start to decentralized finance on its network, it is important to keep in mind that there are still some kinks to work out. The developer addressed the community that they should expect bugs as the exchange takes its first steps.
Featured image from Kriptokoin, chart from TradingView.com
Parallel Finance has won Pokladot’s fourth parachain auction. It joins the other winning projects: Acala, Moonbeam, and Astar.
Parallel Finance has emerged as the winner of Polkadot’s fourth parachain auction, securing its spot in the Polkadot ecosystem for almost two years. Polkadot parachains are individual blockchains that integrate into the main Polkadot Relay Chain via “slots” and are interoperable with each other through bridges.
Projects compete to win slots through the process of parachain auctions. To win a slot in the Polkadot ecosystem’s parachain auctions, contributors and investors cast votes by staking DOT tokens. To win its slot, Parallel Finance garnered over 10.75 million DOT tokens total, which was equivalent to around $306 million.
Its founder, Rubo Yuan, expressed gratitude toward contributors for “helping us to become part of the Polkadot ecosystem by securing a parachain.”
This made Parallel Finance the project with the third-largest DOT contribution in the Polkadot parachain auctions so far, slightly ahead of Astar, which won the third parachain auction. There was a big jump, though, between the first and second winners of the parachain auction–Acala and Moonbeam, respectively. Acala put forward a contribution of roughly 32.5 million DOT, and Moonbeam a contribution of roughly 35.75 million DOT.
Parallel Finance achieved more contributions than other notable projects vying for a parachain slot, such as the Efinity NFT and metaverse project, which currently sits in sixth place with approximately 4.5 million DOT staked on its behalf.
Parallel Finance will be awarded its lease on the slot on Dec. 17 of this year, which will last until Oct. 20, 2023. Contributors to the project will be rewarded with the PARA token at a rate estimated to be around 25 PARA tokens per DOT contributed. According to the project’s team, these lock-up rewards will be distributed in nine different batches spread out over the duration of the lease, with the first round slated to be distributed on Dec. 22.
Parallel Finance is an “institutional-grade” lending protocol for DeFi that launched in April of this year, with major backers like Alameda Research, Sequoia, and Lightspeed Venture Partners. It seeks to “provide unique lending solutions tailored to Polkadot while assuring user safety and security.”
Disclosure: At the time of writing, the author of this piece owned DOT and several other cryptocurrencies.
The Polkadot ecosystem is preparing for one of its biggest events to date: the launch of parachain auctions. Polkadot Prepares for Parachain Auctions Layer 1 smart contract platforms like Solana,…
We’re doing this because we want to be better at picking advertisers for Cryptobriefing.com and explaining to them, “Who are our visitors? What do they care about?” Answer our questions…
Acala received 32.5 million DOT worth $1.27 billion for the auction. Acala Secures Parachain Slot Acala has won Polkadot’s first parachain auction. With over 32M DOT contributed by over 81,000…
Many tech companies jealously guard their inventions, but there are few secrets in the blockchain space. Vitalik Buterin says he would be “fine” for Polkadot (DOT) or other rival blockchains…
Developers of the self-named “DOGE Killer” Floki Inu have apparently hired the popular British professional boxer, Tyson Fury, to promote the memecoin to his two million followers on Twitter.
In a short promotional video posted on his Twitter page, the world heavyweight champion could be seen wearing a branded FLOKI hoodie while reading off of a script, urging his followers to join the Floki bandwagon.
Fury mentioned that the memecoin project is currently establishing “massive partnerships” all over the world, concluding the video with a mock-enthusiastic scream of “Valhalla.”
Valhalla is allegedly a Floki Inu flagship utility product, featuring a play-to-earn NFT gaming metaverse still under development.
Fury’s attempt to promote Floki Inu on his page did not go down well with crypto enthusiasts on Twitter. While his post received applause from the so-called Floki Vikings, a great majority of the responses lashed out at the boxer.
Users were quick to point out his apparent lack of genuine interest in the project he was promoting, which was evident in his struggle to pronounce the project’s name and terms.
Some referred to the performance as “embarrassing” and “very bad,” with one user even suggesting that Fury should fire his agent.
Danny Scott, the CEO of UK-based cryptocurrency exchange CoinCorner, also blasted Fury for pushing his fans “into losing money.”
This is not the first time that a celebrity or superstar has come under fire for promoting crypto investments to a global audience.
Back in 2018, renowned American boxing champion Floyd Mayweather ran into trouble with the U.S. Securities and Exchange Commission (SEC) for promoting a fraudulent ICO.
Mayweather subsequently paid over $300,000 in fines while signing an agreement not to promote any securities, both digital and non-digital, for three years.
More recently, Spanish regulators warned legendary soccer player Andrés Iniesta that it is unwise to promote crypto investments after he was seen praising Binance.
The memecoin has been making waves in the past few months due to its rather “aggressive” marketing strategy.
Earlier in October, a group of anonymous Floki Inu promoters ran an ad via the U.K.’s Transport for London (TfL), leveraging the city’s Underground stations and buses to promote the token.
However, barely three weeks later, the British government banned those ads and prohibited any other crypto promo campaigns in the country, stating that they were “unethical.”
Featured Image Courtesy of WKRG
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to $1750.
Last month, Cointelegraph interviewed Reserve CEO Nevin Freeman and the payment decentralized application’s community manager Yens Michiels about the company’s mission to provide access to stable currencies. More recently, Cointelegraph spoke to a couple of users based out of Venezuela and Colombia who shared their positive experiences with Reserve.
Reserve is a tool to exchange fiat currency like Venezuelan bolivares for U.S. dollars via the Reserve (RSV) stablecoin. From everyday purchases to family remittances, Reserve has said that its use cases are increasingly growing in Latin America. After one year on the market in Venezuela, Colombia, Panama and Argentina, there are over 100,000 weekly app visitors and more than 8,000 merchants accepting it as a means of payment.
Sasha Antunez and Alicia Stephany are two Reserve customers who offered their perspective on the app’s role in their daily lives and on the economic situation in Venezuela. Antunez is a neurologist living in Maracay, Venezuela and a self-proclaimed “Reserve Ranger” who uses Reserve both at home and at work. Stephany is a Venezuelan living in Bogota, Colombia who uses Reserve to support her family members that still live in Venezuela.
Antunez explained how she uses Reserve for daily expenses:
“I have my Reserve dollars saved in the app. Suppose I have to go to the supermarket and I have around $20. I do the exchange so that I have bolivares in my bank account and can pay for everything at the supermarket. But I also know that I can take my bolivares, turn them into Reserve dollars, and then into USDT.”
Most customers use it to save their money. If they get paid in their local currency, they do not have to worry about its devaluation if it is in U.S. dollars. And if they need to buy something in a local currency, as Antunez described, they can always convert it back or pay directly with the RSV stablecoin if the merchant accepts it. Most don’t even realize that it has to do with cryptocurrency, like Stephany.
“The Venezuelan bolivar loses value so fast that if you have bolivares, you need to change it as soon as you can to protect them,” she explained, adding the example that if she’s in Colombia and her father is in Venezuela, but “I needed to pay for his things, then instead of only exchanging what I needed at the supermarket, I was always looking for someone to buy extra dollars from me. So, I convinced the people from the supermarket and the pharmacy I use to download Reserve.”
Related: Venezuelan international airport to accept Bitcoin payments: Report
The government introduced a re-denomination of the currency in October, the third one since 2008, in order to ease computations. The economy, however, had already been increasingly unofficially dollarized. This means that prices in stores are marked in dollars, corresponding to the black market rate rather than the official exchange rate, as more and more merchants use PayPal, Zelle or, now, Reserve. With Reserve, users can exchange currencies at rates closer to those of the central bank.
Couple this volatility with hyperinflation, and mistrust in the government and the banking system is bound to surge among citizens. When asked about the prospects of the economy getting better in Venezuela, Antunez said:
“I believe that technology will play a big part because cryptocurrencies allow financial freedom and free access for everyone. That’s how we need to address this situation, by giving people the tools to protect their money. Here, we don’t have any solutions, at least not right now. And I don’t see things getting any better. In the meantime, we’re just trying to protect the little money we earn from our jobs.”
At the time of publication, the project’s iPhone app was the No. 1 most downloaded app in the Venezuelan app store under the finance category. Binance and MetaMask, two other cryptocurrency trading apps, are among the top 10 as well.
New York-based asset manager WisdomTree has amended its filing for a Bitcoin exchange-traded fund with the Securities and Exchange Commission to name U.S. Bank as its custodian.
In a Wednesday filing, WisdomTree listed U.S. Bank National Association as the custodian for shares of its Bitcoin (BTC) trust. The filing is an amendment to its March 11 registration for a spot Bitcoin exchange-traded fund, or ETF, submitted to the SEC prior to U.S. Bank offering crypto custody services for institutional investors.
On Dec. 2, the SEC rejected a proposed rule change from the Cboe BZX Exchange to list and trade shares of WisdomTree’s Bitcoin Trust. It’s unclear if the recent amendment is aimed at resetting the clock on a new spot Bitcoin ETF application, given WisdomTree waited 265 days between its initial filing and the SEC rejection. A separate ETF application for WisdomTree’s Ethereum Trust submitted to the SEC in May is still under review.
Related: US is ‘unquestionably’ behind the curve on crypto ETFs, says Brian Brooks
With more than $76 billion in assets under management, WisdomTree has also launched four cryptocurrency indices in the United States and Europe to provide diversified portfolio exposure to investors. In addition, the company already has an exchange-traded product with exposure to a basket of cryptocurrencies on Euronext exchanges in Paris and Amsterdam.
Regulators in the United States have yet to approve a cryptocurrency exchange-traded fund. However, the SEC gave the green light to products linked to crypto futures, including BTC futures ETFs from investment managers ProShares and Valkyrie. Other U.S. firms including Fidelity have successfully applied with Canadian regulators for ETFs with direct exposure to crypto.
Most traders have noticed that Ether (ETH) price has seriously outperformed Bitcoin (BTC) for months now and the ETH/BTC ratio has rallied more than 230% in 2021 and recently hit a new high at 0.089 BTC on Dec. 9.
To put things in perspective, Ether’s $490 billion market capitalization currently represents 54% of Bitcoin’s $903 billion. This ratio finished 2020 at a mere 15%, so it is safe to conclude that some ‘flippening’ has occurred. It might still be far from what Ethereum-maximalists imagined, but it is still quite a respectable run.
Instead of analyzing the rationale for the move or, even worse, predicting the outcome based on some loose expectations, analysts should explore the market structure of each coin individually.
For example, is the futures’ market premium facing a similar trend on both coins and how does the pro traders’ long-to-short ratio compare? These are the most relevant metrics to determine whether a movement has the strength to continue.
Quarterly futures are the whales and arbitrage desks’ preferred instruments but because of their settlement date and the price difference from spot markets, they might seem complicated for retail traders. However, these quarterly contracts’ most notable advantage is the lack of a fluctuating funding rate.
These fixed-month instruments usually trade slightly above spot market prices, indicating that sellers are requesting more money to withhold settlement longer. Consequently, futures should trade at a 5% to 15% annualized premium in healthy markets. This situation is known as “contango” and is not exclusive to crypto markets.
After comparing both charts, we can see that Bitcoin futures trade at an average 2.6% annualized premium for March 2022 and 4.4% for June 2022. This compares to Ether’s 2.9% and 5%, respectively. As a result, it becomes clear that whales and arbitrage desks are demanding a larger premium on Ether and this is a bullish indicator.
To effectively measure how professional traders are positioned, investors should monitor the top traders’ long-to-short ratio at leading crypto exchanges. This metric provides a broader view of traders’ effective net position by gathering data from multiple markets.
It is worth noting that exchanges gather data on top traders differently because there are multiple ways to measure clients’ net exposure. Therefore, any comparison between different providers should be made on percentage changes instead of absolute numbers.
The long-to-short ratio for top Bitcoin traders currently stands at a 1.21 ratio average, down from the 1.39 on Dec. 5. Compared to the 1.59 figure from two weeks ago, this signals that buyers (longs) reduced their exposure by 24%. Once again, the absolute number has less importance than the overall change in the time frame.
Meanwhile, Ether whales and arbitrage desks showed a positive sentiment change from Dec. 5 after the long-to-short moved to 1.16 from 1.0. When comparing the average data from Nov. 25, top Ether traders’ long-to-short have been cut by 20% from 1.43.
Current derivatives data favors Ether because the asset currently shows a higher futures basis rate. Furthermore, the improvement on the top traders’ long-to-short since Oct. 5 signals confidence at a delicate period when ETH price is down 16% from its $4,870 all-time high.
Bitcoin investors may be lacking confidence as its price stands 31% below the $69,000 all-time high on Nov. 10. There’s no way to know whether this is a cause or consequence. Still, judging by the futures premium and long-to-short data Ether seems to have enough momentum to keep outperforming.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.