NiftyNoon: The Great Crypto Flash Crash of August 2023

Subtitle (August 18, 2023)

Nifty Thought

• The great crypto flash crash yesterday was quite the situation. With ETH falling as low as the mid $1500s, some formerly bullish key opinion leaders flipped their sentiment. Yet, just as quickly as the dump happened so too did an accompanying pump of ETH back to nearly $1700. Some speculated this was due to China’s Evergrande filing for bankruptcy or unconfirmed rumors of SpaceX exiting its Bitcoin position.

• Regardless of the cause, the dump dramatically hurt altcoins such as $BLUR. $BLUR’s collapse is the most troubling as it drives much of the NFT market’s buy pressure. It is no secret that airdrop farmers bid on NFT collections to accumulate bid points for the Season 2 $BLUR Airdrop. When the price of $BLUR collapses, this incentive becomes much less desirable. Thus, NFTs have experienced supremely negative price action today. On one hand, holders are attempting to liquidate their NFTs to shield themselves from highly volatile crypto prices. On the other hands, farmers are pulling their bids as the incentives no longer become worthwhile.

Highlighted News

• The past hour $796.92M got wiped off the market, 164k traders rekt so far:

  

  https://twitter.com/NFTherder/status/1692297950687346928?s=20

• Speculative reports that Elon Musk’s SpaceX sold all its $373 million Bitcoin:

  

  

  https://twitter.com/watcherguru/status/1692304995176104393?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

Project and Community News

• $769 million liquidated from the crypto market in the past 30 minutes:

  https://twitter.com/watcherguru/status/1692296550284738995?s=46

• Open Sea launched Operator Filter so creators could restrict secondary sales to web3 marketplaces that enforce creator fees:

  https://twitter.com/opensea/status/1692224333551186379?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Explore heart + craft here:

  https://twitter.com/prohibitionart/status/1692191158699516008?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• The Great Purge project details:

  https://twitter.com/slimesunday/status/1691852523907285420?s=46&t=k7f1JVrVCkwtYV0y7e1FXA

• The @NyanCat Marketplace is now live:

  https://twitter.com/rarible/status/1692253174441116063?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• This is The Monument Game:

  https://twitter.com/samspratt/status/1692170336534421658?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Azur Root redemption is now LIVE on the Azurbala Avenue forum:

  https://twitter.com/azurbala/status/1692236236746826195?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• If you still haven't minted the Genesis Mint, you have until August 18th at 9AM PT:

  https://twitter.com/wreckleaguehq/status/1692348519359934799?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Doodles present Doodles x CAMP merch:

  https://twitter.com/doodles/status/1692300734438539696?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Sotheby’s shares 22 lots, highest sales:

  https://twitter.com/ivan_bezdomny/status/1692240888888508459?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

Quick Stats:

• Blur ETH Daily Volume: 8,546 ETH (▲ 88.32%)

• OpenSea ETH Daily Volume: 1,923 ETH (▲ 6.18%)

• BTC: $26,290.81 (▼ 7.64%)

• ETH: $1,677.63 (▼ 6.15%)

• Solana: $21.88 (▼ 5.92%)

• Polygon: $0.57 (▼ 6.12%)

NFT Daily Winners:

• 🏳️‍🌈 Chromie Squiggles: 10.70 ETH (▲ 2.88%)

• ⛰️ Otherdeeds: 0.58 ETH (▲ 2.26%)

• 🐈‍⬛ VeeFriends: 1.69 ETH (► 0.00%)

NFT Daily Losers:

• 🚬 CryptoPunks: 47.89 ETH (▼ 0.02%)

• 🌈 Doodles: 1.42 ETH (▼ 0.77%)

• 🐧 Pudgy Penguins: 3.84 ETH (▼ 3.53%)

• 👩🏻 Milady Maker: 4.08 ETH (▼ 4.94%)

• 🦧 Bored Ape Yacht Club: 26.16 ETH (▼ 8.05%)

• 🧬 Clone X: 1.27 ETH (▼ 8.13%)

• 🧟 Mutant Ape Yacht Club: 5.27 ETH (▼ 8.16%)

• ⛩️ Azuki: 4.30 ETH (▼ 10.7%)

• 🦉 Moonbirds: 1.29 ETH (▼ 12.38%)

• 🏴‍☠️ Captainz: 3.99 ETH (▼ 13.07%)

Notes:

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