NFT’S The new titanic 🚨

The cryptocurrency markets experienced a notable downturn on Wednesday, setting the stage for an eagerly anticipated FOMC meeting minutes release.

During this time, Bitcoin (BTC) encountered a 0.61% decline, reaching $30,800, while Ethereum (ETH) remained below the $1,950 threshold. BTC's trading volume decreased by 32% in the last 24 hours, amounting to approximately $10.9 billion.

Following yesterday's surpassing of the $31,000 milestone, Bitcoin is currently in a consolidation phase around the $30,800 level, leaving investors eagerly anticipating the release of the FOMC minutes. Edul Patel, Co-founder and CEO at Mudrex, emphasized the balanced position between the bulls and the bears, with Bitcoin trading within a middle range of support and resistance levels. Should the price close above the $31,000 zone in the coming days, the possibility of Bitcoin's ascent increases.

At present, the market cap of Bitcoin, the world's largest cryptocurrency, hovers around $598 billion. CoinMarketCap reports Bitcoin's dominance to be 49.60%, marking a 0.04% increase over the day.

1/ NFT Blue Chips Experience Significant Downturn 😞📉

The NFT market has seen a notable decline in some of its most highly regarded assets, commonly referred to as blue chips. Prominent collections like Bored Apes, Azuki, and Doodles have witnessed a substantial decrease in their floor prices, reaching levels not seen in years. Bored Apes, for instance, has experienced a staggering 88% drop since April 2022, while Azuki dipped by 59% in just the past week. The primary factor behind this downturn can be attributed to a surge in liquidations. Over the weekend, the number of NFT loan liquidations reached a staggering 1,200, a significant increase compared to the usual daily rate of 10-15 liquidations. Additionally, the lack of fresh buyers entering the market exacerbates the situation, as current holders remain stagnant. Until a new catalyst emerges to attract new users, the NFT landscape may continue to face these challenging conditions. 😢💔

2/ Bitcoin-Only DCA Investors Reap the Benefits 💰🚀

Celebrate! All Bitcoin-only investors utilizing the Dollar Cost Averaging (DCA) strategy can now rejoice as they find themselves in the profitable zone. DCA involves systematically investing a fixed amount of money into an asset at regular intervals, such as weekly or monthly. Some individuals have diligently applied this approach to Bitcoin, making daily investments over the past few years (personally, I've been practicing my own version with Dunkin' Donuts coffee ☕). As a result, all daily Bitcoin DCA investors are now reaping the rewards of their consistent efforts. This development holds significance as it indicates a bullish trend, with a growing number of investors finding themselves in a profitable position. 🥳💹

3/ Consistent Crypto Inflows for Two Consecutive Weeks 📈💸

According to the latest weekly crypto funds flow report from CoinShares, the cryptocurrency market has witnessed back-to-back weeks of significant inflows. A staggering $125 million flowed into crypto assets during the most recent week, bringing the total inflows over the past two weeks to $334 million. These consistent inflows indicate a strong appetite among institutional investors for exposure to the crypto market. The Bitcoin ETF frenzy sparked by BlackRock has generated substantial interest, with numerous market participants now eager to secure their share of the pie. With BlackRock and other entities recently refiling their applications to increase their chances of obtaining regulatory approval, the question on everyone's mind remains: when will the Bitcoin ETF finally come to fruition? Additionally, Cathie Wood's ARK SEC date is set for August, offering the hope of further insights. Until then, we can sit back and enjoy this ongoing streak of inflows. 📈🤑🚀^.