A Market Lacks Narrative | Crypto Daily Digest July. 13

There are several noteworthy developments in the industry since begining of the year. Firstly, in February and March, the launch of the Move public chain caused a small wave of speculation, but it quickly dissipated. Secondly, the airdrop of Blur brought a surge of liquidity to NFTs, resulting in a rise in value for blue-chip NFTs during January and February. However, when blue-chip projects like Ape and Azuki failed to meet expectations, their prices plummeted.

Moving forward, NFTs must seek new narrative and use cases beyond the PFP. It could involve combining NFTs with offline activities, such as personal fans and membership benefits. This approach has the potential to attract a vast number of new users to the industry.

In late April and early May, there was a surge of meme coin speculation, causing many meme coins to skyrocket in value. Moreover, the combination of BTC chain Ordinals NFTs and BRC20 fueled the meme coin craze. This trend reveals that the industry lacks strong narratives, and people are left with no choice but to speculate on meme coins.

Overall, the cryptocurrency industry lacks narrative and is significantly influenced by macro and regulatory factors.

Today's Market

Headlines

US Judge Rules $XRP is Not Security

Former Celsius CEO Alex Mashinsky Arrested, Sued by US DOJ, SEC, CFTC, FTC

Google Play Allows Apps and Games to Offer NFTs

FTX Customer Claims Portal Goes Live Again

Lookonchain: US Govt Moved 9,825 Bitcoin, Most to Whale Wallets Dormant for 2 Years

Other News in Case You Missed it:

Sui Released Decentralized Central Limit Order Book DEX, DeepBook

Binance Labs Invests $15M into Web 3 Gaming Platform Xterio

GMX to Vote for Fee Splits Plan for GMX v2

Celsius Banned from Trading and Fined $4.7 Billion by FTC

BNB Chain Hackvolution Event Officially Launches Until September 1

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Crypto Exchange Report 2023Q2: Bitcoin has been fluctuating around $30,000 for an entire quarter. Has the crypto industry been stagnant due to regulatory concerns? Perhaps we can find the answer from the data of exchanges.

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