Originally published on: September 30, 2024
The world of cryptocurrencies faced some major developments today, with NFT sales plummeting to their lowest level in 2021 and Bitcoin struggling to achieve a new all-time high due to heightened social sentiment. Additionally, the United States Securities and Exchange Commission announced settled charges against operators of Mango Markets.
In a surprising turn of events, NFT sales saw a significant decline in September, with monthly sales volumes failing to rebound from previous lows. Data from CryptoSlam revealed that NFT sales only reached $296 million last month, marking a 20% decrease from August’s sales figure of $373 million. This drop is even more drastic when compared to the peak sales volume of $1.6 billion recorded in March, making it the weakest month for digital collectibles in 2021.
Despite the decrease in sales volume, the average value of NFT transactions actually increased by 18% in September, reaching $60 per transaction. However, total NFT transactions decreased by 32% from 7.3 million in August to 4.9 million in September.
On the other hand, Bitcoin’s path to a new all-time high seems to be hindered by heightened social sentiment. According to Santiment, the likelihood of Bitcoin reaching new highs is slim until the bullish sentiment subsides. With 1.8 bullish posts for every bearish post about Bitcoin, the market sentiment is at its peak, creating a sense of uncertainty for investors.
As of now, Bitcoin is trading at $64,406, down 12.6% from its all-time high of $73,734 in March. The asset experienced a sharp decline in value during early trading on September 30, dropping nearly 2% within a few hours.
In another major development, the United States SEC filed settled charges against Mango DAO and Blockworks Foundation for conducting an unregistered sale of crypto assets known as “MNGO” tokens. The entities managed to raise over $70 million for their organization, with contributions from US-based investors. The settlement terms require Mango DAO and Blockworks Foundation to pay $700K in civil penalties, destroy any remaining Mango tokens, and request markets and holders to eliminate and dispose of the coins.
Overall, the cryptocurrency market is experiencing significant volatility and regulatory scrutiny, impacting both NFT sales and Bitcoin’s price movements. Investors should proceed with caution in this ever-changing landscape.
