Tag:

Market

XRP price reclaims $3 level as market optimism holds

by admin September 10, 2025

XRP has reclaimed the key psychological level at $3, with traders holding ahead of expected favorable ETF decisions.

Summary

XRP reclaimed the $3 level amid continued market optimism
ETF approvals remain the strongest potential catalyst
Open interest in XRP futures indicates strong institutional demand

XRP (XRP) price has reclaimed the $3, a key psychological level, showing continued optimism in its performance. On Wednesday, September 10, XRP’s price was up 1.1%, trading at around $3, with $4.35 billion in daily volume. Its current price puts XRP at a market cap of $178.26 billion, firmly in third place among all crypto assets.

Despite ongoing market volatility, traders still bet on ETF demand as the strongest potential catalyst for its price. Currently, the Securities and Exchange Commission is set to decide on 15 XRP ETFs. These funds, if market demand follows, could have a strong impact on the demand for XRP.

What is more, the demand seems to be there. Notably, the CME Group’s XRP futures contracts hit $1 billion in open interest in just three months, faster than those of any crypto asset. This metric, typically a strong indication of ETF demand, suggests strong institutional interest.

XRP ETF remains the biggest catalyst

Still, the earliest of these decisions, ones for CoinShares, 21Shares, Canary Capital, and Grayscale XRP ETFs, is set for October 19. That is, unless the agency delays the decision again, as it has done multiple times in the past. Most recently, the agency has extended the deadline for its decision on Franklin Templeton XRP ETF to November 14.

Still, the odds for an XRP ETF approval are very high, and Polymarket traders currently put the odds of approval at 92% by the end of 2025. If this prediction holds, XRP could be set for some of the biggest gains among top crypto assets in the coming months.

Source link

September 10, 2025 0 comments

NFT Gaming

Is The Bitcoin Bull Market Over? Pundit Warns Investors Of 30-Day Window To Take Profit

by admin September 10, 2025

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Bitcoin price hit a new all-time high in July, but has since slowed down. While the Ethereum price had also hit a new all-time high back in August, the broader altcoin market remains weak, leading to speculations that there will not be an altcoin season. With no expectations of an altcoin season happening soon, some have started calling for the cycle top, meaning that a bear market could be on the horizon.

Bitcoin Halving Trend Says Bull Market Is Over

Crypto investor and trader Philakone took to the X (formerly Twitter) platform to update his over 170,000 followers on what part of the cycle the market is in. To do this, Philakone looks back on the past two bull cycles, using the duration of each one from the Bitcoin halving to predict when the current cycle will end.

The Bitcoin halving has always been a way to predict when bull and bear markets could begin, and in the last few cycles, it has been quite accurate, and the trend has remained similar. One of the major things is how many days after the Bitcoin halving was completed it took for the Bitcoin price and the crypto market to reach the top.

As the crypto trader explains, back in 2017, after the 2016 Bitcoin halving, it took a total of 545 days for the bull market to be completed. Similarly, after the 2020 Bitcoin halving, it took another 525 days for the bull market to be over. This shows a tight timeframe for each one.

Currently, the crypto market has already been in 506 days of bull market at the time of the post, with the Bitcoin price already hitting multiple new all-time highs. As a result, the crypto analyst believes that it is time to take profit as there are fewer than 30 days left for this bull market. He also believes that the bull market is now “100% over”.

4-Year Cycle Theory Getting Tossed Out

The Bitcoin 4-Year Cycle Theory has historically been one of the most accurate measures for when the bull market begins and ends. However, this current cycle has deviated heavily from the 4-year cycle, and this has been attributed to the change in macro headwinds. The advent of things like Spot Bitcoin ETFs had triggered ‘premature’ liquidity into the market, pushing the BTC price to early highs and leaving the altcoin market behind.

However, others such antiprosynthesis.eth believe that the 4-year cycle never existed in the first place. Instead, it was just the macro liquidity aligning every four years. Then the bear markets were being brought on by macro liquidity turning negative, and the turn in the tide the market is seeing now is due to macro liquidity turning positive instead.

BTC price suffers from selling pressure | Source: BTCUSD on TradingView.com

Featured image from Dall.E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Source link

September 10, 2025 0 comments

Esports

Newzoo: Global games market forecast to reach $188.8bn in 2025

by admin September 10, 2025

The global games market is estimated to reach $188.8 billion in 2025, a 3.4% increase year-on-year according to Newzoo’s latest report.

Console revenues are predicted to lead this growth, with the segment forecast to rise 5.5% to $45.9 billion. Newzoo cites the launch of the Nintendo Switch 2 as the main driver, as well as “higher software prices and major releases”.

Mobile is set to maintain the largest share of overall revenues, and is projected to generate $103 billion.

However, the data firm notes that issues with discoverability may slow the segment, as “app stores and web shops are flooded with new games”.

Looking at PC, revenues are projected to increase 2.5% YoY to $39.9 billion, representing 21% of the total market share.

Newzoo notes that H1 releases including Monster Hunter Wilds, Assassin’s Creed Shadows, and Kingdom Come: Deliverance 2 will help drive 2025 revenues.

Elsewhere, the global player base is forecast to reach 3.6 billion this year, rising 4.4% year-on-year. Mobile player growth is estimated to reach 3 billion players, up 4.5% compared to the previous period.

As for other platforms, console players will continue to grow 2.5% to 645 million players – despite being described as “the slowest-growing platform” – while PC audiences are set to increase 3.1% to 936 million players.

Meanwhile, Newzoo predicted that the total number of paying players will reach 1.6 billion, representing 44% of total players with an average spend of $119.7.

Source link

September 10, 2025 0 comments

NFT Gaming

Bitcoin’s Calm Masks Market Tension Ahead of Fed and CPI

by admin September 10, 2025

Good Morning, Asia. Here’s what’s making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.

BTC is pinned near $111,000 with volatility compressed to multi-month lows, the kind of calm that tends to precede decisive moves. Traders know what could break the lull: September’s U.S. inflation data and the Fed’s rate decision a week later.

Prediction markets are leaning heavily toward easing. Polymarket bettors are assigning an 82% chance of a 25-basis-point cut on Sept. 17, leaving only slim odds for a deeper move or no change. Beyond that, October expectations are fractured, with nearly even probabilities for another cut or a pause. That divergence explains why volatility, though absent now, is unlikely to stay that way.

(Polymarket)

“Markets often look calm just before they move. Bitcoin is trading in one of its tightest ranges in months, and volatility across crypto has compressed to multi-month lows,” said Gracie Lin, OKX Singapore CEO. “With U.S. inflation data like Core CPI out on Sept. 11 and the Fed’s much-anticipated rate decision just ahead, this quiet period is setting the stage for the next decisive move. Whether the catalyst is an upside inflation surprise or a dovish signal from the Fed, what’s clear is that the absence of volatility is rarely permanent in digital assets; history shows the market will find its next direction soon enough.”

If a cut pulls money-market returns lower, the opportunity cost of sitting in cash rises, which is the pivot market maker Enflux says could send flows toward crypto.

“The real debate now is not if cuts come, but whether liquidity deployment shifts into BTC, ETH, and even riskier assets,” the firm told CoinDesk.

In other words, the Fed’s cut may grab headlines, but the real trade is whether sidelined cash rotates into digital assets — a shift that could fuel the return of volatility.

Market Movement

BTC: Bitcoin has dipped slightly intraday, trading between approximately $110,812 and $113,237, reflecting short-term volatility amid shifting investor sentiment and broader crypto market dynamics.

ETH: ETH is modestly up intraday, with a range between roughly $4,279 and $4,379, signaling steady demand and some renewed investor interest. Range, however, is limited with modest ETF flows and traders awaiting the Fed’s next move.

Gold: Gold is rallying to record highs, fueled by mounting expectations of U.S. Federal Reserve interest rate cuts, a weakening U.S. dollar, and renewed safe-haven demand.

Nikkei 225: Asia-Pacific stocks opened mostly higher Wednesday, with Japan’s Nikkei 225 up 0.2%, as investors awaited China’s August inflation data showing an expected 0.2% CPI drop and a smaller 2.9% PPI decline.

S&P 500: U.S. stocks closed at record highs Tuesday, with the S&P 500 up 0.27% to 6,512.61, as investors looked past a record payroll revision that cut 911,000 jobs from prior figures.

Elsewhere in Crypto

OpenSea Teases SEA Token With Final Phase of Rewards Amid App Launch (CoinDesk)
California Man Sentenced in $36.9M Crypto Scam Tied to Infamous Huione Group (CoinDesk)
Collector Crypt drives $150 million in randomized Pokémon card trades as CARDS token soars (The Block)

Source link

September 10, 2025 0 comments

NFT Gaming

Crypto Market Prediction: XRP: $3 Too Early, SHIB Bull Run to Start at $0.000013? Ethereum Dominance Back at $4,350

by admin September 10, 2025

The market dominance of Ethereum should not be forgotten as the market-wide recovery affects SHIB and XRP, which are rallying forward and might see a bullish rally continuation starting from Sept. 10. Despite our previous gloomy market review, the overall state of the industry is becoming healthier.

Don’t forget Ethereum

At a time when many altcoins are still having difficulties, Ethereum (ETH) has once again reminded the market of its dominance and resilience. The fact that ETH, the second-largest cryptocurrency by market capitalization, has recovered well from recent declines and is currently trading at about $4,372 shows that it still has the strength to influence overall market trends.

Following its ascent above the crucial $4,000 support zone, ETH steadied itself within a narrow range without ever displaying signs of weakness. By acting as a dependable floor and deterring bears, the 50-day EMA at $4,168 has offered a solid technical foundation for a recovery. Now that ETH is maintaining a strong hold above this level, traders are paying closer attention to a potential trend reversal that might push the token back toward the $4,600-$4,800 resistance zone.

ETH/USDT Chart by TradingView

Ethereum’s ability to hold its ground while Bitcoin consolidates is what makes this most recent move noteworthy. With ETH potentially leading the next bullish wave instead of just following BTC, this decoupling suggests a change in the market’s structure. This view is supported by the RSI, which is currently at 52, indicating that Ethereum has recovered from overbought conditions while still having a lot of room to rise.

Volume has stabilized, indicating steady participation without speculative blow-offs, despite not being as explosive as it was during the rally in July. This stability is crucial because Ethereum has the technical basis to stage another leg higher if inflows of new capital resume.

Ethereum’s recent performance is a reminder of its dominance on the cryptocurrency market. It is evident that the asset is far from depleted when it maintains above $4,000 and defends its moving averages. ETH may be the first significant altcoin to signal a significant market-wide reversal if the current momentum continues, reaffirming its position as the leader in price action and innovation in the digital asset space.

XRP takes its shot

XRP is pushing above $3.00 after recovering from the $2.77 support zone, indicating that it is once again showing signs of strength. This move appears promising at first glance, particularly given that the asset has tested and remained above important short-term moving averages.

However, given the state of the market, investors should exercise caution because what appears to be the beginning of a breakout could still be a dead cat bounce. From July highs around $3.80, the chart shows a distinct descending resistance line, which XRP is currently reapproaching. A stronger bullish case would be confirmed by breaking through, but history demonstrates that such levels frequently serve as a trap for eager buyers.

You Might Also Like

A quick retracement and another rejection could result from failing to maintain momentum at this point. The 50-day EMA at $3.07 is a potential immediate resistance level that heightens the caution. It is probable that sellers will reenter the market if XRP does not close significantly above it. A break below the 200-day EMA at $2.53 would turn the structure bearish once more, with the 100-day EMA at $2.78 serving as crucial support.

Momentum indicators lend credence to this cautious perspective. The RSI is at 55, slowly rising but not yet displaying a strong sense of bullishness. The current rally may not have the depth required for a long-lasting trend reversal, as evidenced by the muted volume, in contrast to the explosive rallies earlier this summer.

Even though XRP’s rise above $3.00 is positive, it is still much too soon to rejoice. Before announcing a win, traders should prepare for the possibility of rejection and revocation. The current move runs the risk of being little more than a brief bounce unless XRP can break its descending trendline with significant volume.

Shiba Inu speeds up

Following its breakout from a consolidation pattern, Shiba Inu’s rally is evidently picking up speed. After soaring past the $0.00001287-$0.00001297 resistance cluster created by the short-term moving averages, the token is now trading close to $0.00001307. Bulls now feel more confident, and the technical setup of SHIB has received more attention as a result of this breakout. SHIB appears well-positioned for future gains at its current levels.

The next significant test is the 200-day EMA at $0.00001386; a strong breakout above it might push the rally further toward the $0.00001500-$0.00001600 region, which was last observed in mid-August. Momentum indicators lend credence to this optimistic outlook: the RSI has increased to 55, indicating increasing buying interest without yet displaying overbought conditions. Additionally, the volume has increased, confirming that this rally has real momentum.

You Might Also Like

The longer-term structure has not changed much despite the short-term outlook appearing solid. SHIB is still trading well below the $0.00002000 levels, which marked the end of the summer rally, and the asset is still threatened by the larger downtrend that started following the 2021 highs. Though encouraging, the current breakout does not yet signify a significant change in Shiba Inu’s macro outlook.

The 200 EMA, which frequently serves as a major barrier, is another area where investors should be wary of possible volatility. If Shiba Inu does not make a strong push, there may be a retracement back toward the support level of $0.00001280. There is a strong technical setup for short-term traders to keep an eye on, and Shiba Inu’s bullish rally is accelerating at the current levels.

The current state of the market expresses some hope for bulls as multiple assets are showing signs of accumulation and might provide us with grounds for recovery sooner than anticipated. Risks of a bearish reversal are still there, though.

Source link

September 10, 2025 0 comments

Crypto Trends

Altcoin Market Completes Highest Monthly Close Ever: What This Means For Alt Season

by admin September 9, 2025

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The crypto market’s next direction has spent recent weeks in uncertainty, with Bitcoin trading below $112,000 and large market cap altcoins moving in unclear directions. Nonetheless, beneath the short-term swings, a major technical shift is quietly unfolding in the altcoin market.

According to analysis by crypto analyst CrypFlow, the total market capitalization of altcoins (excluding Bitcoin) has just completed its highest monthly close on record. This close could change the conversation around whether a new alt season is about to begin.

Breakout Beyond Previous Cycle Tops

Although August ended with many cryptocurrencies closing below their highs for that month, analysis of the altcoin market cap shows that the altcoin market managed to register its highest monthly close ever.

Interestingly, crypto analyst CrypFlow pointed to the long-term monthly chart of the altcoin market, which shows how the current rally is building on historical cycle patterns. After the cycle top in 2018 and another in 2021, followed by the 2022 bottom, the chart now shows a close above a breakout line. The breakout line on the chart is the culmination of an upward trend that has been forming since the 2022 cycle bottom, which is connected by a series of higher lows.

Source: Chart from CrypFlow on X

The most recent monthly close is also a breakout above the cycle top in 2021, and the altcoin market now has a total valuation of around $1.6 trillion. This highest monthly close, alongside some bullish divergence indicators, shows that the altcoin market cap may be preparing for a strong rally just like after it closed above the 2018 cycle top back in 2020.

One of the most notable confirmations comes from the MACD, which has just crossed into bullish territory on the monthly timeframe. As noted by CrypFlow, this kind of signal is rare and often precedes large upside moves. Interestingly, the RSI, too, is just above the midpoint, meaning the altcoin market cap still has a long way to go before being oversold.

What This Means For Alt Season

As it stands, the altcoin market is about to enter into a bullish period that could determine the rest of the year. Past cycles have shown that many altcoins typically deliver their strongest performances between October and December. As shown in the chart above, the altcoin market cap also closed above its 2018 in late 2020.

If this late-year trend repeats itself, the current breakout could be the trigger for one of the most decisive altcoin rallies yet. Going by the previous performance in 2020 and 2021, the altcoin market could register multiple bullish candles in the months left in 2025 and the first few months of 2026. This, in turn, could translate into a full-blown altcoin season for altcoins round the board. But this all depends on how large market cap altcoins like Ethereum and XRP perform in the rest of the year.

Overall crypto market cap excluding BTC at $1.62 trillion | Source: TOTAL2 on Tradingview.com

Featured image from Adobe Stock, chart from Tradingview.com

Source link

September 9, 2025 0 comments

CoreWeave CEO Michael Intrator testifies before the Senate Committee on Commerce, Science, and Transportation in the Hart Senate Office Building on Capitol Hill on May 08, 2025 in Washington, DC. The tech leaders testified about the global artificial intelligence race and where the United States can remain competitive. (Photo by Alex Wong/Getty Images)

GameFi Guides

Why is BNB Down Today? Price Rise Cut Short by Market Sell-Off After Israeli Strike in Qatar

by admin September 9, 2025

BNB swung sharply between gains and losses in a volatile 24-hour stretch. The token dropped to an $872 low earlier before rallying to $884 and then seeing a sharp reversal wipe out those gains.

The initial drop took BNB from around $880.50 to a low of $871.99. From there, the token staged a comeback, peaking near $884.60 before selling pressure brought it back down to its current level at $873.6.

That rebound came on a wave of trading activity, with volume spiking to nearly 60,000 tokens, particularly around $876, a level that acted as key support during the session, according to CoinDesk Research’s technical analysis model.

However, things quickly turned around for the token, which fell more than $5 in just minutes on a volume spike that coincided with a broader market sell-off. That drop came after reports that Israel launched an attack against Hamas’ leadership in Qatar.

While the broader crypto market fell, the price of gold saw a bump that saw futures near a new record at $3,700 an ounce, while gold-backed cryptocurrencies PAXG and XAUT hit highs of before dropping back.

Meanwhile, CoinDesk Data’s latest Exchange Review report revealed that Binance saw $2.63 trillion in futures trading volume last month, a new monthly record. Along with Bybit and Crypto.com, it was one of the largest exchanges by spot trading volume.

BNB can be used to pay for trading fees on Binance, allowing users to get a 25% trading discount on fees being paid. It’s also the native token of the BNB Chain.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

Source link

September 9, 2025 0 comments

Crypto Trends

Bizarre Twist on Bitcoin Futures Market Amid Retail Takeover

by admin September 9, 2025

Bitcoin (BTC) is exhibiting a curious twist on the market as control shifts from large holders to retail traders. This development, as it relates to Bitcoin futures, has severe implications for the leading cryptocurrency and the broader crypto market outlook.

Bitcoin retail traders replace whales in futures market

Insights from CryptoQuant, the online analytics platform, show that there has been reduced whale activity. Notably, Bitcoin’s futures market was previously driven by the activities of large holders, such as whales and institutions.

You Might Also Like

However, these big players have now pulled back, and it is increasingly being driven by retail traders with smaller-sized orders. With retail traders now in control, there are possibilities that the price of BTC will stagnate or face downward pressure.

Market Shift: From Whale-Driven to Retail-Led Bitcoin Futures

“Bitcoin’s futures market is cooling, with reduced whale activity and stronger retail influence reinforcing bearish sentiment. Unless whales demand returns, the price is likely to remain range-bound or face downside… pic.twitter.com/Fm06RksZe2

— CryptoQuant.com (@cryptoquant_com) September 9, 2025

In the last 21 days, Bitcoin has traded below $117,000 and maintained a price range despite the huge accumulation and activities on the market.

This development supports the bearish speculation that Bitcoin’s price outlook may not experience significant upward movement. Additionally, the potential Federal Reserve rate cut could increase bearish pressure.

The only way to reverse this trend is if whales step in to create strong buying pressure, thereby lifting the asset’s price. A bullish rally for BTC could have a spillover effect on other altcoins and support general crypto assets’ price outlooks.

Will whales return to trigger bullish rally?

As of press time, the Bitcoin price is changing hands at $113,200.80, which represents a 1.66% increase in the last 24 hours. It previously hit a peak of $113,225.44 before dipping to its current level. The stagnation continues despite an uptick in trading volume, which soared by 53.13% to $44.93 billion.

You Might Also Like

As far as whale accumulation goes, a whale recently pulled $55 million worth of Bitcoin from Binance in a move that market participants thought could trigger a rebound. However, the volume of whales in the market space has been low compared to retail traders.

Market observers will continue to monitor developments to see if the switch might reverse in the coming days.

Source link

September 9, 2025 0 comments

$USDD Takes on Tether as L2s Innovate: $BEST Benefits

Crypto Trends

Justin Sun Launches Stablecoin as Market Explodes and $BEST Benefits

by admin September 9, 2025

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

It looks like the stablecoin space is heating up! Justin Sun’s $USDD just landed on the Ethereum network, and it’s not just a casual visit. It’s a strategic move to challenge Tether, the reigning champ of the $2.5T stablecoin market.

$USDD is coming in hot with a Peg Stability module that lets you swap it directly for $USDT and $USDC. And to get the party started, there’s an airdrop campaign offering an up to 12% annual yield. That’s what you call a welcome gift!

Still, $USDD has its work cut out for it. Tether’s dominance is massive, with a market cap of over $169B compared to $USDD’s modest $450M. Tether is deeply rooted and has incredible liquidity, especially on TRON. For $USDD to really compete, it needs to earn trust, diversify its collateral, and get integrated into more real-world uses.

The Yield-Bearing Revolution: A Fresh Business Model for L2s

While $USDD is making its big move, another shift is happening behind the scenes. Ethereum’s Layer-2 (L2) solutions are finding new ways to make money.

MegaETH, an L2 backed by Vitalik Buterin himself, is launching a yield-bearing stablecoin called $USDm.

Instead of relying on transaction fees, MegaETH plans to use the yield from USDm’s reserves to cover its own costs, specifically the fees it pays to the main Ethereum chain.

This clever approach could mean lower fees for users and more freedom for dApp developers. The stablecoin’s reserves will be invested in BlackRock’s tokenized US Treasury fund, providing a steady income.

This is happening as more yield-bearing stablecoins emerge, especially after the US’s GENIUS Act pushes protocols like Ethena and MegaETH to innovate.

It’s a sign that L2s aren’t just about speed; they’re also figuring out how to be more efficient and economical. It’s another thing they could learn from Best Wallet Token ($BEST), which provides its holders with everything they need to participate in the crypto economy, in one easy-to-use app.

$BEST Is Your Best Bet

While the battle of high yields rages between Tether and $USDD, what if a single token could help you navigate the entire crypto landscape? Cue Best Wallet Token ($BEST).

While $USDD is just one player in the stablecoin game, $BEST is your all-access pass to the entire digital asset show. It’s something investors are clearly responding to, as the presale has raised over $15.6M so far.

Instead of chasing the next asset, you can hold $BEST and get benefits that work across the board. You get reduced transaction and swap fees on multiple blockchains, saving you money no matter which token you’re trading.

Plus, $BEST holders get exclusive access to the ‘Upcoming Tokens’ section, meaning you can get in early on the next big crypto projects before they go public. That’s a massive advantage in a market that moves at lightning speed.

Get your $BEST now for $0.025615, or find step-by-step instructions in our ‘How to Buy Best Wallet Token’ guide.

More Than A Wallet, It’s a Secure Financial Hub

With new L2s like MegaETh boasting ever-improved business models, it’s clear that crypto is constantly evolving, and you need a platform that can keep up.

This is where Best Wallet shines. It’s built with Fireblocks MPC-CMP technology, meaning you can forget about the stress of managing complicated seed phrases. It’s a secure, non-custodial wallet that makes your crypto safe and easy to access.

But the best part? It turns your assets into a source of passive income. Beyond fee reductions and presale access, holding $BEST allows you to earn rewards through staking (currently sitting at a respectable 85%). This means your tokens are working for you, generating value while you hold them.

The upcoming Best Card will even let you spend your crypto in the real world and get cashback rewards.

So while other projects are focusing on one specific problem, $BEST is building a complete, user-friendly ecosystem. It’s this focus on the future that leads us to believe it could reach $0.072 by the end of 2025, resulting in a massive 181% ROI on today’s price.

A Central Hub in the Innovation Storm

While $USDD is locked in a high-stakes battle for stablecoin supremacy and MegaETH is pioneering new L2 business models, Best Wallet Token ($BEST) brings everything together for you, the user. Join the presale now and buckle up for the next wave of crypto innovation.

Remember to always do your own research and only invest what you can afford. This is not intended as financial advice.

Authored by Ben Wallis, Bitcoinist, https://bitcoinist.com/justin-sun-launches-usdd-and-best-explodes/

Source link

September 9, 2025 0 comments

NFT Gaming

Christie’s Scales Back on NFTs as Art Market Faces Decline

by admin September 9, 2025

UK auction giant Christie’s is reportedly closing its department that handles non-fungible token sales, putting it under a broader department amid a global decline in the art market.

The “strategic decision” will see the 258-year-old British auction house continue to sell digital art such as non-fungible tokens (NFTs), but now within the larger 20th and 21st-century art category, according to a report on Monday from Now Media that cited a statement from a Christie’s spokesperson.

At the same time, Now Media reported the auction giant laid off two employees, including its vice president of digital art, but at least one digital art specialist will be kept on staff.

Christie’s has had a huge presence in the NFT space, selling multiple artworks, including Mike “Beeple” Winkelmann’s Everydays: The First 5000 Days, which closed at auction in March 2021 with a bid of $69.3 million.

Digital artist Laura El sold one of her digital artworks, known as Lonely Island at Christie’s in 2023. Source: Laura El

The auction house had also been a supporter of the Web3 space, launching an NFT auction platform in September 2022 and a crypto-only real estate team in July.

Market conditions could have spurred shift

Fanny Lakoubay, a digital art adviser, curator and collector, said in an X post on Monday that she suspects Christie’s move could be tied to the “current art market contraction.”

The wider art market has been declining, with global sales down 12% in 2024 to $57 billion, along with combined public and private sales by auction houses dropping by 20% to $23 billion, according to the Art Basel & UBS Art Market Report 2025 released in April.

“Auction houses can’t justify a whole department when it brings in less revenue than the others, even with some recent successful sales,” Lakoubay said.

“It’s definitely not a great public signal, but we should also remember: auction houses only focus on secondary sales of already well-known artists and brands. It’s still too early for that model to really work/scale with digital art,” she added.

Source: Fanny Lakoubay

Lakoubay said it could be a good time to focus on primary market development and introduce traditional collectors to new digital artists.

Christie’s could be having a “Kodak moment”

Meanwhile, an NFT collector and member of the Doomed decentralized autonomous organization, posting under the handle Benji, argued that Christie’s move to close its digital art department doesn’t reflect a weakness in the demand for digital art, or that “institutions are no longer coming for our jpegs.”

He speculates the business model is likely to blame for the decision because it was “flawed and unsustainable,” and this new direction could be Christie’s “Kodak moment.”

“How can you charge 25-30% commission on something that does not need to be authenticated / stored / insured / shipped, when your online competitors like Gondi charge zero commission for the exact same sale?” Benji said.

“I hate to see good people lose their jobs, but Christie’s exiting the space is a net positive— one less value extractor means more value for collectors and artists alike.”

Source: Benji

Christie’s didn’t immediately respond to Cointelegraph’s request for comment.

NFT market records mixed results

The NFT market has had a turbulent few years. Last year was flagged as the market’s worst year for trading volume and sales since 2020, partly because of volatility and rising token prices.

Related: NFT market cap drops by $1.2B as Ether rally loses steam

It has been showing signs of life in 2025. In August, the sector surged to a market capitalization of more than $9.3 billion, a 40% uptick from July, as Ethereum-based collections and Ether (ETH) increased in price.

The market has shown signs of cooling in recent weeks, but its current market capitalization is up 2% in the last 24 hours and sits at $5.97 billion.

Several of the largest NFT collections by market capitalization have also experienced gains. CryptoPunks is up 1.9% in the last 24 hours, and has a trading volume of $208,319 with three sales.

Yuga Labs’ Bored Ape Yacht Club is up 3.7% and has clocked a trading volume of more than $1.2 million and 30 sales, while Pudgy Penguins is up 2%, with $905,526 in trading volume and 20 sales.

Magazine: Astrology could make you a better crypto trader: It has been foretold

Source link

September 9, 2025 0 comments