Daily Market Update 10/11

In Today’s Market Update, We Cover MoMA Acquiring Refik Anadol Piece, Spencer Ventures Acquiring 3AC’s Pudgy Collection, Trader Joe’s x Trader Joe Lawsuit, Caroline Ellison Began Her Testimony, and More.

Author

Jake
October 11, 2023

Your #1 NFT, Crypto, and FinTech News Aggregator. Curated daily by our in-house team of analysts. Listen to our podcast on Spotify or Apple Music.

Top Stories

Museum of Modern Art has acquired “Unsupervised – Machine Hallucinations – MoMA (2022),” by Refik Anadol, and Ian Cheng’s “3FACE”

Trader Joe’s is trying again to shut down the DeFi platform “Trader Joe” for trademark infringement

SBF’s defense wants to quiz Gary Wang about his reliance on legal advice when agreeing to loans

Spencer Ventures acquired 48 Pudgy Penguins and the corresponding Pudgy Rods from the infamous Stary Night/3AC Collection

Caroline Ellison testified that SBF wanted to be president in the future

Caroline Ellison testified that SBF directed her to commit crimes

NFT Market Recap

💰️ Notable Sales:
🎉 Notable Mints:

ArinaBB x AI: ‘Spirits of Fall’ on Rarible

Spirits of Fall by ArinaBB x AI is a collection that began with original hand-painted oil on canvas piece that ArinaBB ran through AI to create 23 versions of Spirits.

app.mintify.xyz/collection/arinabb-x-ai-spirits-of-fall-on-rarible

Galo Canizares: ‘DUST’ on Foundation

DUST is a curated series of 50 animated digital paintings depicting imaginary landscapes from an alien world. DUST is the output of a custom JavaScript and GLSL program called REGOLITH that generates sculptural bas-relief compositions with dusty low-res animated textures.

app.mintify.xyz/collection/galo-canizares-dust-on-foundation

Ixnay: ‘because unless until’ on ArtBlocks

“History doesn’t repeat itself, but it often rhymes.” – Mark Twain In our day-to-day lives, it’s natural for us to fix a conceptual view of the people, places, and things around us in our minds. We might think, “that is the tree outside my window. This is my house. That’s my friend. I’m me.”

app.mintify.xyz/collection/ixnay-because-unless-until-on-artblocks

Ykha Amelz: 'For the love of JPEG' on Nifty Gateway

‘For The Love of JPEG’ For The Love of JPEG is an art collection that serves as an ode to all those who have persevered through the trials and tribulations of the long bear market, regardless of their motivations.

app.mintify.xyz/collection/ykha-amelz-for-the-love-of-jpeg-on-nifty-gateway

⬆️ Top by Volume:
⬆️ Top by Sales:
🪅 Biggest Winners:
⛓️ NFT Vol. by Blockchain:

  • ETH: $5M (29% ▽)

  • SOL: $1.05M (48% ▲)

  • MATIC: $763k (3% ▲)

  • ZORA: $1k (15% ▽)

🪙 Top Tokens:

  • BTC: $27,065 (1.5% ▽)

  • ETH: $1,567 (0.8% ▽)

  • BNB: $206 (0.2% ▽)

  • XRP: $0.486 (2.1% ▽)

  • SOL: $22.1 (0.4% ▽)

📊 Market Stats:

  • GCMC: $1.06T

  • BTC Dominance: 50.95%

  • BTC OI: $8.49B

  • Fear & Greed: 47

💹 Indices (Futures):

  • DOW: $33,988 (0.2% ▲)

  • S&P500: $4,396 (0.1% ▲)

  • NASDAQ: $15,291 (0.1% ▲)

  • FTSE100: $9,424 (0.7% ▲)

  • HSI: $2,303 (0.3% ▲)

Other News

Web3

  • Museum of Modern Art has acquired "Unsupervised – Machine Hallucinations – MoMA (2022)," by Refik Anadol, and Ian Cheng's "3FACE"

  • Spencer Ventures acquired 48 Pudgy Penguins and the corresponding Pudgy Rods from the infamous Stary Night/3AC Collection

  • Candy Digital teams up with the MLB and MLB Players Inc. to launch a series of NFTs and real-time trivia for the 2023 MLB Postseason

  • Nelson Saiers, a NY-based hedge fund manager turned artist, staged a guerilla art installation called "Rug Pull" in front of the SEC featuring fake doormats instructing people to "pull" to highlight victims of crypto rug pulls and perceived SEC inaction

  • Ordswap warns its domain is compromised and says not to connect

  • NounsDAO prepares its second fork as community members exhibit distaste for a recent proposal that would force the DAO to regularly spend its treasury ETH to lower Nouns' book value and eliminate arbitrage opportunities

  • Galxe will replace 110% of lost user funds in the recent front-end hack, or just over $400k

Blockchain

  • Bitcoin's market dominance approaches a multi-year high as it outperforms Ethereum and other altcoins

  • River exchange reports Bitcoin Lightning Network has seen an estimated 1,212% growth in two years

  • Polygon Labs co-founder Sandeep Nailwal has proposed a dedicated zk-L2 "ApeChain" to be built in conjunction with Polygon Labs in a formal AIP via the ApeCoin DAO forum

  • IoTeX has introduced confidential computing of encrypted data to IoTeX's DePIN stack

  • Circle has begun minting USDC natively on Polygon

Finance

  • ETH-BTC ratio has fallen to a 15-month low as recent ETFs register low volume and investors show preference for Bitcoin

  • Binance's post-FTX Industry Recovery Initiative raised over $1B but has deployed less than $30M so far, according to Bloomberg

  • Hut 8 continues to accumulate self-mined BTC amid the ongoing merger deal with US miner, US Bitcoin, bringing its self-mined BTC reserves to 9,366 $BTC, staying committed to its, uncommon among miners, hodl strategy

  • Fidelity Digital Assets said, "Bitcoin is fundamentally different from any other digital asset," and other cryptos are unlikely to improve on BTC as a monetary good because it is the most "secure, decentralized, sound digital money"

  • Glassnode report shows long-term Bitcoin holders stashing up to $1.35B every month

  • Paul Tudor Jones reiterates his backing of Bitcoin and gold "as interest costs go up in the United States"

  • Bored Bitcoin analysts look for any correlation between McDonald's McRib revival and positive Bitcoin price action

Artificial Intelligence

  • Google Cloud announced new AI-powered search capabilities that help clinicians quickly access information from different data sources

  • Disney's Loki season 2 poster was linked to a nearly identical stock image on Shutterstock, prompting claims that it was at least partially created using generative AI and the model was trained on artists' work without their permission

Government

  • UK regulators have placed restrictions on P2P lending platform Rebuildingsociety, a Binance partner, from issuing crypto ads

  • UK's Culture, Media, and Sport Committee calls for NFT copyright infringement safeguards and code of conduct

  • Cyprus intends to tighten crypto regulations in accordance with FATF

  • Brazilian Congress eyes Binance's CZ and three local Binance executives for indictment for fraud and other financial crimes

Business

  • Gemini has appointed a head of operations for its Indian subsidiary following a $24M investment to expand operations in the country

  • Bitstamp will discontinue services in Canada in Jan. 2024

  • iFinex, owner of Bitfinex, has offered to repurchase $150M in shares as it seeks to tighten control over the company

  • Binance is scaling its tools to prevent unnecessary trading fees associated with unintentional self-trades

  • WOO Network has agreed to a deal with Teneo, the liquidator for 3AC, to repurchase shares and tokens it sold in 2021; 20M $WOO tokens repurchased from 3AC have been sent to a burn address

Legal

  • North American Securities Administrators Association, two academic, administrative lawyers, The New Finance Institute filed amicus briefs to support the SEC in its case against Coinbase

  • Grocery store chain Trader Joe's is trying again to shut down the DeFi platform "Trader Joe" for trademark infringement, specifically seeking all profits from the platform as damages, as well as damages to compensate the company for its "erroneous" loss last year in UN court

  • Federal bankruptcy judge has sent BlockFi and 3AC into mediation to settle a dispute over $284M in payments to BlockFi

  • SBF's defense wants to quiz Gary Wang about his reliance on legal advice when agreeing to loans from Alameda Research in a bid to show that SBF's use of legal council was comparable to Wang's

  • Gary Wang concluded his testimony discussing talking to the feds regarding his plea deal, and his interpretation of the "FTX is fine" tweet

  • Unpublished X thread from SBF revealed by the defense during questioning of former CTO Gary Wang suggests SBF considered shutting down Alameda months before FTX's collapse

  • SBF's defense submitted an eleventh-hour plea to bring new evidence

  • Caroline Ellison testified that SBF wanted to be president in the future

  • Caroline Ellison testified that SBF directed her to commit crimes, saying, "Alameda took several billions of dollars from FTX customers and used it for investments," and noted that SBF was the one "who set up the system to allow Alameda to take money"

  • SBF's defense wants to question Caroline about the extent to which she depended on legal council for certain decisions, as well as the valuation of FTX's stake in Anthropic

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