NiftyNoon: The NFT and Crypto Market Returns

The market rebounds after a tumultuous weekend (March 13, 2023)

Nifty Thought

• After a merciless 2022, filled with rugs and drama, the NFT and crypto ecosystems saw their first real test of the year over the weekend. Amidst the drama that was unfolding around Silicon Valley Bank, Circle was cited potential collateral damage as they had $3.3 billion at risk. Seeing the end of a USDC peg would be a heavy blow.

• USDC depegged to $0.87, sending many into delirium. The failure of USDC and DAI would have risked the stability of crypto (and therefore NFTs) as we know it. Thankfully, the peg stabilised over the weekend and positive indicators were released regarding SVB. In a matter of hours, sentiment went from bearish to bullish. Today, both Ethereum and NFT floor prices are pumping back up to previous levels.

Project News

• PROOF, which holds cash at Silicon Valley Bank, issues statement reassuring their community that roadmap and wallets will not be affected:

  PROOF (🥃,🦉) @proof_xyz

  1/5: A statement from the PROOF team regarding SVB: Many of you have seen the headlines this morning about the Silicon Valley Bank closure. The most important thing to us—in both good times and bad—is to communicate with our community proactively and transparently. 🧵:

• Circle’s USDC operations will open for business Monday morning:

  Jeremy Allaire @jerallaire

  Circle’s USDC operations will open for business on Monday morning, including with new automated settlement via our new partnership with Cross River Bank. circle.com/en/pressroom/3… https://t.co/3WUP2NZyzJ

  Circle @circle

  Silicon Valley Bank is one of six banking partners Circle uses for managing the ~25% portion of USDC reserves held in cash. While we await clarity on how the FDIC receivership of SVB will impact its depositors, Circle & USDC continue to operate normally.

  

  circle.comTransparency & Stability - CircleCircle-issued stablecoins — USDC and Euro Coin — are designed for stability. Learn more about our stablecoin backing and reserve transparency.

• Blur announces Core Contributors have no exposure to SVB:

  Pacman | Blur.io @PacmanBlur

  Blur Core Contributors have no exposure to SVB. We hope everyone takes precautions to stay safe in these uncertain market conditions.

• Yuga Labs Co-Founder says Yuga has a “super limited” exposure to SVB:

  The Bored Ape Gazette🍌 @BoredApeGazette

  BREAKING NEWS » @yugalabs Co-Founder @CryptoGarga Said that Yuga Labs Had “Super Limited” Financial Exposure To The @SVB_Financial Fallout.

  

• Coinbase will continue to operate as usual, with USDC conversions resuming Monday morning:

  Coinbase @coinbase

  Despite the turbulence we have seen in the traditional banking sector recently, Coinbase continues to operate as usual. At Coinbase all client funds continue to be safe and accessible including USDC conversions which will resume on Monday.

  Coinbase @coinbase

  We are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During periods of heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to re-commence conversions.

• More Yuga Labs TwelveFold NFT pieces revealed:

  The Bored Ape Gazette🍌 @BoredApeGazette

  CHECK IT OUT » Here Are Some More Of @yugalabs’ TwelveFold Pieces. Stay Tuned For Updates! https://t.co/imBeOTK1Jj

  

  

  

• Claire Silver speaks out concerning her collection being displayed at the Louvre:

  Claire Silver 🌸 @ClaireSilver12

  I was advised not to tweet until things were more clear. It's been very hard to sit on my hands and see the notifications roll in. I can't do it anymore. I'm a transparent person. I'm gonna be transparent. This is my understanding of what happened.

Community News

• User pays $2,080,468.85 to receive $0.05 of USDT:

  BowTiedPickle.eth | Solidity Shipper @BowTiedPickle

  With USDC insolvency fears rampant, users are fleeing to safety in other stables. Not all of them are going to make it there in one piece, however. Here's how one unlucky user paid $2,080,468.85 to receive $0.05 of USDT.

  

• 527,000 Goerli (Testnet) ETH swapped for a CryptoPunk:

  0xInuarashi @0xInuarashi

  Someone did a single transaction that swapped 527,000 Goerli (Testnet) ETH to buy themselves a CryptoPunk Tx: 0x3b4fdd72fee4be14ecb2eceb5790e8b1eb1748538567c89de5af3cf3a36bf9c6

  

  

Quick Stats:

• OpenSea ETH Daily Volume: 5,279 ETH (▼ 2.83%)

• Blur ETH Daily Volume: 13,046 ETH (▼ 32.17%)

• BTC: $22,324.95 (▲ 8.71%)

• ETH: $1,593.72 (▲ 8.49%)

• Solana: $19.15 (▲ 5.97%)

• Polygon: $1.11 (▲ 3.67%)

NFT Daily Winners:

• 🧝🏼‍♀️ DigiDaigaku: 7.55 ETH (▲11.82%)

• 🏳️‍🌈 Chromie Squiggles: 12.00 ETH (▲ 8.01%)

• 🧟 Mutant Ape Yacht Club: 14.65 ETH (▲ 4.57%)

• 🦉 Moonbirds: 4.90 ETH (▲ 4.45%)

• 🧬 Clone X: 4.34 ETH (▲ 4.30%)

• ⛩️ Azuki: 13.95 ETH (▲ 3.40%)

• 🐧 Pudgy Penguins: 5.24 ETH (▲ 2.32%)

• 🚬 CryptoPunks: 67.00 ETH (▲ 2.31%)

NFT Daily Losers:

• 🥃 Proof Collective: 14.99 ETH (▼ 0.07%)

• 🌈 Doodles: 4.40 ETH (▼ 1.57%)

• 🦧 Bored Ape Yacht Club: 67.42 ETH (▼ 1.58%)

• 🐈‍⬛ VeeFriends: 4.17 ETH (▼ 12.23%)

Notes:

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