NFT Trading Volumes Plunge After Silicon Valley Bank Collapse

Non-fungible tokens, or NFTs, have been a hot topic in the crypto and art worlds lately, with some NFT artworks selling for millions of dollars. NFTs are unique digital assets that are authenticated on a blockchain, giving them a certain level of rarity and value. However, the collapse of Silicon Valley Bank has had a significant impact on the NFT market, with trading volumes and sales counts plummeting.

Silicon Valley Bank is a major US bank that provides banking and financial services to technology and life science companies. Its collapse on March 10 sent shockwaves through the financial industry and caused fear and uncertainty among traders, including those in the NFT market. The drop in NFT trading volumes from $74 million to $36 million, as reported by DappRadar, shows how much the market was affected by the bank’s collapse. This decline in trading volume was accompanied by a 27.9% drop in daily NFT sales count between March 9 and March 11.

The decrease in NFT trading volumes and sales counts is a cause for concern, as it indicates a lack of confidence in the market. Traders are understandably worried about the potential repercussions of a major US bank going under, and this has led many to flee the market altogether. The low number of active NFT traders on March 11, at just 11,440, was the lowest recorded since November 2021, which further illustrates the impact of the bank’s collapse.

This setback for the NFT market comes at a time when the industry has been gaining significant attention and traction. The market for NFTs has exploded in recent months, with artists, musicians, and athletes all jumping on the bandwagon. However, the NFT market is still relatively new, and events like the collapse of Silicon Valley Bank serve as a reminder of its volatility.

It is worth noting that the NFT market is not the only one affected by the collapse of Silicon Valley Bank. The bank’s clients in the technology and life science sectors are also feeling the impact, as they may have difficulty accessing funds and financing. The bank’s collapse may also have wider implications for the broader financial industry, as it raises questions about the stability of the banking system.

Despite the recent setback, there is reason to believe that the NFT market will recover. The market has shown resilience in the face of previous challenges, and it is likely that traders will return once the dust settles. However, the industry will need to address the concerns raised by the collapse of Silicon Valley Bank and work to build confidence and stability in the market.

In conclusion, the collapse of Silicon Valley Bank has had a significant impact on the NFT market, with trading volumes and sales counts dropping sharply. This setback serves as a reminder of the volatility of the NFT market and raises concerns about its stability. However, the market has shown resilience in the face of previous challenges, and it is likely that it will recover in due course. The industry will need to address the concerns raised by the bank’s collapse and work to build confidence and stability in the market moving forward.


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El Salvador Buys 410 More Bitcoins In Recent Dip

El Salvador President Nayib Bukele announced that the Central American country purchased 410 more Bitcoins in a recent market dip. The announcement came days after his administration revealed its intentions to invest significant funds into cryptocurrency mining operations.

Amid market drop, El Salvador purchases 410 more bitcoins. President Bukele says the nation now has over 1,800 BTC and plans to issue a $1 billion 10-year bitcoin bond this year.

El Salvador is the first country to adopt bitcoin as legal tender, and we have seen great results so far. The country’s central bank reported that it had bought at least 1,391 Bitcoin before the Friday dip.

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El Salvador has a new plan to make it the crypto-mining capital of Central America. With plans for an entire city focused on cryptocurrencies and tax breaks available only if you’re born there or invest money into blockchain projects, this country is quickly becoming one worth keeping your eye upon.

Salvadoran President Bukele believes that if bitcoin becomes an integral part of their country’s economy, it would be curtains for FIAT.

Bukele’s Tweets On Buying 410 Bitcoins

Bukele’s first tweet was on Jan 14, 2022, “I think I might have missed the dip this time.”

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In reply to that tweet, Bukele added, “Nope, I was wrong, didn’t miss it.” He also added, “El Salvador just bought 410 #bitcoin for only 15 million dollars.” 

The tweet quickly became an online sensation and gathered over 20,000 likes in just one hour.

Additionally, EI Salvador president Bukele mentioned in his tweet, “Some guys are selling really cheap.”

Was It Worthy Adopting Bitcoin As National Currency?

Bukele’s decision to make El Salvador the first Latin American country with a legal cryptocurrency sparked substantial controversy. The implementation of bitcoin as a national currency has been met by violent resistance from citizens. People believe that it will only benefit large investors rather than everyday people.

The El Salvador national debt is at an all-time high, with over 50% of the GDP in July. As a result, Moody’s has downgraded their credit rating to Caa1. This marks precarious investment opportunities. People choose not to invest in the country because they want peace of mind regarding currency stability and risk mitigation against unexpected events.

A recent report shows that El Salvador is seeking help to the tune of $1.3 billion from The International Monetary Fund. The country asked for help after adopting Bitcoin into its legal tender system. However, IMF already warned the Government not to adopt Bitcoin as a currency.

                   Featured image from Pixabay, chart from


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