The Recession Just Started Crypto and NFT market Update
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Title : The Recession Just Started Crypto and NFT market Update
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According to research by a specialized news publisher called Bankless Times, the keyword “purchase NFT” has seen its score go all the way down to 12 out of a possible 100 since the beginning of June. This represents a decline of 88 percent from its highest score of 100, which was recorded in January.
“Just following the trend like investing in an NFT because everyone else is doing so would bring more damage than good in the long run,” Merchant said. “In the long term, it’s better to buck the trend and go against it.”
Since the beginning of this year, there has been a constant decrease in the search interest for purchasing non-fungible tokens (NFTs), which signals a time of consolidation for the digital asset class that has performed the best over the course of the previous year. Let us look at it in a little detail.
According to research published by DappRadar, the amount of trading volume created by the NFT market in May was $3.7 billion, which is a decrease of 20 percent from the amount that was recorded in the month before.
In the non-fungible token (NFT) markets, a growing amount of fraudulent activities, including as pump-and-dump strategies, phishing schemes, bogus profiles, and rug pulls, are coming to light, according to industry experts.
Since the failure of the Terra stablecoin a month ago, cryptocurrency markets have been on a roller coaster, but the biggest fear currently in crypto land and other financial markets is the acceleration of global inflation, signalling that the ride will likely continue with white knuckles.
Despite the fact that the values of most major tokens increased by around 5 percent overnight, those gains were rapidly erased during trading in Asia, with Bitcoin losing 5.5 percent and Ethereum losing 11 percent. Bitcoin’s value has dropped by almost 55 percent since the beginning of the year, and it was trading at US$20,592 at the time of this writing. The market for non-fungible tokens (NFTs) has not been immune to the downturn.
The financial markets have priced in a rise in interest rates by the Federal Reserve of the United States of America by 50 basis points at its monthly meeting that is taking place today in order to curb inflation. Following the release of the Consumer Price Index (CPI) on Friday, which showed year-on-year inflation in May at 8.6 percent in the United States – its highest level in 40 years, there is now widespread speculation that the Federal Reserve may hike interest rates by as much as 100 basis points.
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