Crypto News: Bloody Monday, Snoop Dogg Collects NFTs, WallStreetBetsCrypto is a Thing and More…
Welcome to this week’s Netcoins news post.
The crypto market is bouncing back as we speak, but the week certainly didn’t start that way with some altcoins dropping as much as 25% on Monday. Still, on-chain analysis remains in favour of a bullish long-term trend.
Overseas, there’s the potential for trouble in South Korea. Over 60 crypto exchanges there aren’t complying with new laws and if they don’t do so fast, they could be forced to temporarily or permanently shut down operations.
In news that’s a bit more positive, the crypto world just found out Snoop Dogg owns more than $21 million worth of NFTs, and r/WallStreetBetsCrypto is officially live as the original r/WallStreetBets acknowledges crypto is going to be a big part of the future.
It’s time to get you up-to-date on the news!
Crypto Market Sees Bloody Monday amidst Stock Market Sell-Off
The price of Bitcoin fell to $56,100 Canadian on Monday while the price of Ethereum fell to $3,900 Canadian. The drop in prices represents a 7% and 8% dip in the two most valuable cryptocurrencies in the world respectively.
Other altcoins dipped 10% to 20% on Monday with a weekly bearish trend showing dips as large as 27% among altcoins ranking in the top 50 by market capitalization.
The dips come amid a seesaw weekend for crypto as prices dipped on Friday, temporarily stabilized over the weekend, and crashed on Monday.
Despite the sea of red, the good news is on-chain analysis shows prices are consolidating after more than $5 billion in leveraged investments were liquidated last week. Some of the current dip can be attributed to modest profit-taking on the part of investors, and a broader dip in the stock market.
Overall, on-chain analysis shows that crypto is still being taken off of exchanges (which is a sign of HODLing). It also shows that over 14,000 BTC have been mined over the last 6 ½ months and that most of those new bitcoins are being held, not spent. This is all according to Glassnode Studios.
Rapper Snoop Dogg Reveals He Owns Over $21 Million in NFTs
On Monday, Snoop Dogg tweeted that he is the mystery man behind the Twitter account Cozomo de’Medici. Cozomo de’Medici is a pseudo-anonymous Twitter account that only appeared on the platform in August.
He’s not the only celebrity that collects NFTs. Golden State Warriors superstar Stephan Curry, YouTube sensation Jake Paul, and Family Feud host Steve Harvey are also avid collectors. Even Jay-Z has a CryptoPunk avatar as his profile picture on Twitter.
As for Snoop Dogg, he admits that his holdings are currently worth over $17 million USD, which is over $21 million Canadian.
Popular Meme Investing Reddit WallStreetBets Launches WallStreetBetsCrypto
As of September 22, 2021, r/WallStreetBetsCrypto is live. The original owners of r/WallStreetBets have always held that crypto doesn’t fit in with their community, a community of 10.9 million people. Now, the moderators have reversed course, citing that crypto will inevitably be part of the future.
Why is this a big deal?
Within the last year, r/WallStreetBets investors have almost single-handedly breathed new life into publicly traded companies like GameStop and AMC thanks to savvy due diligence posted on the subreddit (which pointed out the potential for a short squeeze on both stocks).
Many redditors who took advantage of that due diligence made a lot of money and the r/WallStreetBets Reddit thread received international media attention as a result.
The r/WallStreetBetsCrypto thread only has 8,000 subscribers right now, but as soon as a coin pops thanks to due diligence posted on there, it’s likely the same viral phenomenon will grab hold of the crypto world.
That’s it that’s all for this week’s edition of the news.
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Writer, content marketing at Netcoins.