Cryptocurrency
Are NFT markets in a death spiral or ready for a resurgence?

Nonfungible tokens (NFTs) saw a massive surge in popularity in 2021, accompanied by sky-high prices, but the market has since come crashing back to earth, and it’s unclear whether there will be a resurgence.
NFTs are unique digital tokens recorded on a blockchain to certify ownership and authenticity. They can’t be copied or substituted but can be transferred and sold by their owner.
According to analytics platform NFTGo, the NFT market cap valued in Ether (ETH) is down 40.59% over the past year at the time of writing, with trading volume down 40.81%.
The market cap in U.S. dollars is down 41.16%, and its volume has dropped 66.77%. At the same time, market sentiment is ranked 13 out of 100, with an overall rating of “cold.”

Arno Bauer, senior solution architect at BNB Chain, told Cointelegraph that from a utility perspective, NFT projects are increasingly adding value and that this growth in functionality is where the future of NFTs likely lies.
Bauer said the NFT market is showing “promising signs of innovation and creativity,” which holds great potential for the growth and evolution of the tech.
Related: Crypto lawyer about SEC: ‘Problematic to imply all NFTs are securities’
“Market sentiment, cultural shifts towards digital ownership, and the potential for NFTs to be integrated into various aspects of our lives also contribute to a positive outlook for the future of NFTs,” he said.
“While current market conditions might seem subdued, the ongoing innovation and potential for integration with both digital and physical worlds suggest that NFTs have not had their day and that their continued relevance and growth are highly probable,” Bauer added.
NFTs in the long term
As for long-term use cases, Bauer said NFTs will “likely evolve” over time and become increasingly linked to real-world assets, such as property ownership or unique physical goods.
Currently, NFTs have been most successful in the art world, with some selling for tens of millions of dollars.

Digital artist Pak sold an NFT project titled “The Merge” for $91.8 million on Nifty Gateway in 2021, while Mike Winkelmann, also known as Beeple, sold “Everydays: The First 5000 Days” for $69.3 million via Christie’s auction house the same year.
Blockchain games also use NFTs to represent in-game items such as weapons and armor, and there is speculation the tech will make the jump to mainstream games. Various types of music assets are also being sold as one-of-a-kind NFTs.
Bauer thinks that as more robust technology provides enhanced use cases and ownership security, NFTs will likely become more attractive to mainstream markets.
He speculated that NFTs could link to financial instruments, representing shares in companies or investment funds, and social achievements, where they could symbolize badges of accomplishment in various fields.

“Beyond art, the ability to tokenize unique assets and provide verifiable ownership will create numerous applications across various domains,” Bauer said.
“Collaborations with traditional industries, technological advancements, clear regulatory frameworks and educational efforts can significantly boost NFT utility and adoption.”
“Addressing sustainability concerns could make them more appealing to a broader audience,” he added.
NFTs have the potential to make a comeback
Jason Bailey, co-founder and CEO of NFT tool and self-custody solution ClubNFT, told Cointelegraph he thinks “NFTs will come back and go mainstream” because crypto and NFTs rebound cyclically, just like previous tech crashes.
According to data gathering platform Statista, the NFT market is projected to continue growing in revenue, users and market capitalization.
As of 2023, there are 13.95 million NFT users, but that’s expected to hit 19.31 million users by 2027.

However, Bailey believes NFTs currently have some issues, most of which were amplified by rampant market speculation, that need to be solved before NFTs can go mainstream.
He said NFTs and the ecosystem around them are so complex that almost everyone is still vulnerable to many risks they may not even know about.
“Many of us have been trying to educate and onboard people into the space thoughtfully so they can be safe, but the truth is that NFTs won’t go mainstream until the complexity is replaced with a safe-by-default easy path,” Bailey said.
“For example, the vast majority of people don’t realize that an NFT is almost always at risk in a sense, except for fully on-chain NFTs, which are a truly tiny fraction.”
“The steps needed to protect the art from disappearing, and prevent the NFT from breaking, are complicated, time-consuming and error-prone,” he added.
Related: AI-based tools bring security and transparency to the NFT market
Bailey believes that in the long term, NFTs or similar tech could prove invaluable in validating digital documents such as marriage certificates, diplomas and licenses.
Overall, he thinks NFTs solve too many of the current problems associated with digital ownership — including scarcity, authentication, provenance and provable ownership — to be ignored.
“We need to build infrastructure now, during the bear market, for smoother onboarding and to protect NFT adopters from malicious actors in the next NFT bull market,” he said.
“Once these issues are solved, NFTs will absolutely go mainstream because the train of digital ownership left the station decades ago, and there is no stopping it.”
Meaningful projects could be a game changer for NFTs
Speaking to Cointelegraph, Andy Ku, founder and CEO of digital content Web3 ecosystem Altava Group, said he thinks the previous highs in the NFT market were based on a hype cycle, so it’ll be hard for an individual NFT to reach such lofty heights again.
asked google bard to write me some tweets about NFT market right now…
mf really went for the throat on these… pic.twitter.com/aLjUbwH3gT
— beeple (@beeple) August 22, 2023
According to CoinGecko, many of the top NFT collections have seen significant drops in value over the past year.
At the time of writing, Bored Ape Yacht Club has fallen by 67.1%, CryptoPunks by 33.2%, Mutant Ape Yacht Club by 59.2% and Azuki by 49.3%.
Ku believes that if we can see more meaningful NFT projects on the market offering tangible benefits to more people, then it’s possible to have the combined volume bring the overall market value up.
Related: What’s next for NFTs and Web3 in the age of the creator economy?
“NFTs should offer value and utility beyond just a digital art or PFP. The two areas I particularly believe in are asset-backed NFTs and a membership NFT,” he said.
“NFT’s core value of being an immutable representation of something is a great fit for assets and membership.”
NFTs for subscription, membership-based models and loyalty programs are starting to gain traction, with examples in hospitality venues and gyms already on the market.
“In terms of asset-backed NFTs, master artworks, real estate and precious metals like gold are all good examples of assets in which people believe,” Ku said.
“NFTs would make a great proof-of-ownership for these assets as well as being extremely portable,” he added.
Cryptocurrency
No Price Spike, But 22,500 BTC Quietly Left Exchanges in a Single Day

Bitcoin quietly continues to move off centralized exchanges, even as its price fails to mark any gains. On a single day in early June, roughly 22,500 BTC were withdrawn from trading platforms. This is a significant figure that suggests large holders are opting to secure their assets in private wallets rather than preparing them for sale.
Despite this major outflow, BTC’s price fell in the past 24 hours toward $100,000 but has managed to post a modest recovery and now sits around $103,500.
Signs of a Quiet Bullish Setup?
According to CryptoQuant’s latest analysis, such a pattern implies that these are not speculative trades by retail investors but deliberate accumulation by institutions such as ETF providers, custodians, or over-the-counter (OTC) desks.
These players typically operate under the radar, without the fanfare often seen with retail trading activity. The lack of a corresponding price spike may indicate that the market is in a consolidation phase, where long-term conviction is quietly building. Instead of being driven by hype or rapid momentum, the current trend seems to reflect strategic positioning and growing trust in Bitcoin’s long-term value proposition.
While immediate price action may appear stagnant, the continued drawdown of exchange reserves could potentially mean that supply-side pressure is easing. Historically, this kind of supply tightening has preceded major upward moves, although with a delay.
For now, the data points to accumulation, not distribution. CryptoQuant said that the situation should not be viewed as a lull, but as a potential setup for future price appreciation. As selling pressure diminishes, the groundwork may be forming for Bitcoin’s next leg up.
“There’s no reason to panic. This chart tells us that trust in Bitcoin is still strong. Maybe the price won’t explode right away. Maybe we’re just in a waiting phase. But as selling pressure fades, opportunities become clearer.”
Bitcoin May Struggle Through Summer Turbulence
While ETF flows continue to dominate investor attention, early signs that bullish momentum appears to be fading and deeper structural indicators suggest the market may be entering a period of consolidation, as per Matrixport’s insights.
Their models, which previously supported a bullish stance, now caution that the summer may bring increased uncertainty, particularly as key US economic indicators, such as the ISM Non-Manufacturing PMI, have fallen to their lowest levels since July 2024. This decline, coupled with a weaker manufacturing PMI, points to a broader economic slowdown that markets have yet to fully price in.
Further downside risks include the potential fallout from Trump’s tariff policies and the Fed’s hesitance to cut rates amidst lingering inflation fears. While Bitcoin’s trend model remains technically bullish above $96,719, the report noted that this support level is under threat.
With bond yields stagnant and the dollar showing weakness, Matrixport sees limited room for aggressive Fed intervention. As a result, the coming months may be defined more by caution than conviction, with Bitcoin likely to trade sideways unless macro conditions stabilize.
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Cryptocurrency
Ripple v. SEC Lawsuit: Why June 16 Is Such an Important Date?

TL;DR
Ripple and the SEC face a key deadline as the lawsuit drags on without resolution.
The battle’s outcome is unlikely to cause any substantial volatility for XRP as the price now hinges on potential ETF approvals and Ripple’s business expansions.
Ripple and the SEC Remain Silent
It has been almost three months since Ripple’s CEO, Brad Garlinghouse, dropped the bomb, stating that the US Securities and Exchange Commission (SEC) would dismiss its case against the company. Despite the numerous developments that have occurred since then, however, the lawsuit has yet to reach its official conclusion.
Earlier this week, the American attorney Fred Rispoli noted that “the status update in the 2nd Circuit looms large,” and Ripple and the SEC have not moved forward with the necessary refiling.
Recall that the two sides previously agreed that the company would pay a $50 million penalty for violating certain laws (instead of the previously ruled $125 million), which would mark the end of the legal battle. However, Judge Analisa Torres denied the motion, asserting that the parties failed to file it properly under Rule 60.
Rispoli said the deadline for that is June 16, expecting the entities to abide by the rules by then. In case they don’t, the lawyer believes the magistrates could restart the briefing process and push it for another 60 days. He described Torres’ ruling as “clear” and claimed that Ripple and the SEC “need to beg for forgiveness.”
“Ripple will say whatever to get it done, but how much public groveling is the SEC willing to do? And how much groveling will be authorized? We have 12 days to find out,” Rispoli concluded.
It is worth noting that the attorney provided the update on June 4, with no major progress on the Ripple v. SEC front since then.
Other industry participants who think the following days could be crucial for the case are Bill Morgan and the X user Levi. The former argued that something has to happen by June 16, or the appeal and cross-appeal will continue. For his part, Levi predicted that the date would mark the lawsuit’s official end.
Possible Impact for XRP?
The developments surrounding the case were among the main factors triggering substantial volatility for Ripple’s native token over the past several years. Since Garlinghouse’s announcement in March, though, the lawsuit has been largely priced into XRP’s valuation.
Looking ahead, future price movements for the asset may depend on elements such as the approval of XRP ETFs or Ripple’s further advancement and possible collaborations.
Nearly a dozen well-known companies have announced their intentions to introduce the first spot XRP exchange-traded fund in the USA, with Grayscale, 21Shares, WisdomTree, and Franklin Templeton being among the examples.
Such a product will give investors an additional option to gain exposure to the asset, with many analysts viewing the potential launch as a catalyst for a price rally. According to Polymarket, the odds of approval before the end of 2025 stand at approximately 94%.
Speaking of collaborations, it is worth mentioning that in April, Ripple acquired the prime broker Hidden Road for a whopping $1.25 billion. There was also rising speculation that the company was willing to purchase the stablecoin issuer Circle for more than $10 billion, but Garlinghouse recently rejected the rumors.
Meanwhile, XRP currently trades at around $2.15, representing a 12% decline over the past two weeks.
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Cryptocurrency
On-Chain Data Signals ‘Buy the Dip’ as Bitcoin Hashrate Hits New Highs

Bitcoin (BTC) is down almost 7% from its all-time high (ATH), and on-chain signals are flashing a buying opportunity.
According to Darkfost, a pseudonymous analyst at the market intelligence platform CryptoQuant, this buy signal is coming from the Bitcoin Hash Ribbons indicator. This metric tracks the Bitcoin hashrate and is used to identify potential entry points during a market correction.
Is it Time to Buy the Dip?
The Hash Ribbon monitors Bitcoin mining activity and tells when miners are under stress or capitulating by comparing the 30-day and 60-day moving averages of the hashrate. Miner capitulation refers to a period when miners shut down their hardware and sell off their coin reserves to remain afloat because BTC has fallen below a certain price.
On most occasions, the capitulation coincides with the hashrate recovery. The hashrate metric tells how much computational power is required to solve complex math problems and approve transactions on the Bitcoin network. During this period of recovery, mining becomes more difficult.
Market experts say buying BTC during miner capitulation yields significant returns, and the best buy signals are seen during hashrate recoveries. Recently, Bitcoin’s hashrate has been reaching new highs, with the latest being 1.016 billion TH/S. The network’s mining difficulty also surged past 126 trillion during the last adjustment on May 30.
“We recently got a new buy signal from the Hash Ribbons indicator. This metric helps us assess the level of stress in the Bitcoin mining ecosystem. It’s not a big surprise considering that the hashrate has recently reached new all-time highs,” Darkfost stated.
Miners Are Selling Their BTC
Furthermore, the CryptoQuant analyst noted that the Hash Ribbon’s flashing a buy signal is a short-term negative. This is because miners selling their BTC to stay operational create long-term profitable opportunities.
Darkfost explained that the indicator has always been accurate except once, during the 2021 China mining ban event. Hence, the possibility of the metric being correct this time is high.
“Bottom line, this signal is telling you that buying the dip around here is a smart move,” he added.
The analysis comes as a solo BTC miner defied hashrate odds and beat mining giants to validate a block on the Bitcoin network, earning a reward worth over $330,000. Mining successes like this are extremely rare due to the high computational power required to approve transactions.
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