Web3 🌒 Saturday Update: NFTs Rebound, Bitcoin Stalls, Georgia Pilots CBDC, SafeMoon Still Running Despite SEC Charges
1/ 📈 NFT sales jump 32% in October.
2/ 💵 Bitcoin stalls at $35K as altcoins rally.
3/ 🤝 Georgia partners with Ripple for digital currency revolution.
4/ 🤔 SafeMoon still running despite SEC charges.
For further details, let's keep reading! 👇
Welcome to today's interesting Web3 news. The crypto market is seeing mixed signals today, with Bitcoin stalling at $35K while altcoins rally. NFTs are also showing signs of life, with sales jumping 32% in October. Meanwhile, Georgia has partnered with Ripple for a digital currency revolution, while SafeMoon continues to operate despite SEC charges.
Stay tuned for more updates on the developments in the rapidly evolving world of crypto!
1/ NFT sales jump 32% in October. 📈
The NFT market saw a significant uptick in sales in October 2023, with trading volume increasing by 32% from the previous month. This was the first time that NFT trading volume had increased in over a year. The report also found that the number of NFTs sold decreased by 5%, but this decrease was less severe than in previous months.
Ethereum led the pack in terms of NFT trading volume, with a 50% increase in October. Solana also saw significant growth, with NFT trading volume increasing by 15%. The floor price for some popular PFP projects, such as the Bored Ape Yacht Club, also increased.
While the NFT market is still far from its peak, the uptick in sales in October is a positive sign for the industry. It suggests that there is still interest in NFTs, even during a crypto winter.
André Beganski
2/ Bitcoin stalls at $35K as altcoins rally. 💵
Bitcoin has stalled at $35K, while altcoins like Avalanche, Cardano, Polkadot and Solana have soared this week. Decentralized finance (DeFi) tokens have also posted the biggest weekly advance, with the CoinDesk DeFi Index jumping almost 10%. The outperformance of smaller, riskier tokens is a sign of capital rotation from bitcoin and ether after their sizable rallies, a typical behavior from investors during crypto bull markets.
Krisztian Sandor
3/ Georgia partners with Ripple for digital currency revolution. 🤝
The National Bank of Georgia has partnered with Ripple to pilot their central bank digital currency (CBDC), the digital lari. This is a significant move that signals the growing acceptance of blockchain within governmental finance systems. Ripple's CBDC platform will underpin the digital lari's functionality, making transactions more secure, transparent, and efficient. The initiative aims to discern the digital lari's advantages across the board, and position Georgia at the forefront of a global shift towards digitized national currencies. Ripple's involvement is especially notable given their expertise in blockchain solutions and cross-border payments. This collaboration sets a precedent for how governments can leverage blockchain to modernize their financial infrastructures.
Collin Brown
4/ SafeMoon still running despite SEC charges. 🤔
SafeMoon, a decentralized finance (DeFi) protocol, is facing legal action from the US Securities and Exchange Commission (SEC) and the Department of Justice (DOJ). The SEC alleges that SafeMoon's executives engaged in fraud and offered unregistered securities. The DOJ has arrested SafeMoon's CEO and CTO and charged them with withdrawing over $200 million from the platform and misappropriating investor funds for personal gain. SafeMoon is not new to controversies and has been exploited in the past. Despite the legal challenges, SafeMoon remains operational and has expressed its intent to seek a resolution.
Jimmy Aki
Conclusion:
Overall, the crypto market is seeing mixed signals today. Bitcoin is stalling at $35K, while altcoins are rallying. NFTs are also showing signs of life, while Georgia has partnered with Ripple for a digital currency revolution. SafeMoon continues to operate despite SEC charges. It will be interesting to see how the market develops in the coming.
Disclaimer: The information provided in this blog post is based on external sources. Please do your own research and due diligence before making any investment or financial decisions based on the content shared here.
