Sink – Earlybirds Invest

Blue-chip non-fungible token (NFT) collections had steep weekly declines as Ether pulled back from all-time highs.

Data from decentralized finance aggregator DefiLlama showed that top projects saw their floor prices sink by double digits in the last seven days. Blue-chip NFT collections like Pudgy Penguins, Bored Ape Yacht Club (BAYC) and Doodles were among the hardest hit.

Pudgy Penguins, the top NFT collection by 24-hour and 7-day volume, saw a 17.3% drop to a 10.32 Ether (ETH) floor price. BAYC shed 14.7% to 9.59 ETH, while Doodles recorded one of the sharpest corrections, dropping 18.9% to 0.73 ETH. Other major collections like Moonbirds and Lil Pudgys dropped 10.5% and 14.6%, respectively.

The NFT floor price drop followed a sharp ETH retracement after hitting new all-time highs. On Monday, CoinGecko data showed that ETH reached a new all-time high of $4,946. ETH dropped 12% on Tuesday to $4,342 before recovering slightly. At the time of writing, the crypto asset traded at $4,433.

CryptoPunks remain resilient despite the market crash

While many collections suffered heavy losses, not all NFT projects were in retreat. CryptoPunks, which remained the top NFT collection by market cap, showed relative resilience, dropping only 1.35% over the week.

Despite the top collections showing floor price declines, trading volumes remained high. Throughout the week, Pudgy Penguins led the market with about 2,112 ETH (about $9.36 million) in trading volume. The collection was followed by Moonbirds, with 1,979 ETH ($8.77 million).

CryptoPunks followed closely with 1,879 ETH (about $8.33 million) in volume, while BAYC had 809 ETH ($3.59 million).

Related: 3D-printed housing company adopts Bitcoin, NFTs in blockchain pivot

NFT market capitalization drops to $7.7 billion

While blue-chip NFTs suffered double-digit declines, the broader NFT space also dropped almost 5% to $7.7 billion, according to data aggregator NFT Price Floor.

On Aug. 13, NFT Price Floor showed that the overall NFT market capitalization peaked at $9.3 billion, up 40% from July’s $6.6 billion. The surge was fueled by an increase in NFT activity following an ETH surge.

On Aug. 18, the NFT market cap dropped further to $8.1 billion, wiping out $1.2 billion from digital collectible valuations.

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Dogecoin, XRP Sink 7% as Trump Tariffs Threats Dent Markets; Bitcoin Options Expiry Looms https://earlybirdsinvest.com/dogecoin-xrp-sink-7-as-trump-tariffs-threats-dent-markets-bitcoin-options-expiry-looms/ https://earlybirdsinvest.com/dogecoin-xrp-sink-7-as-trump-tariffs-threats-dent-markets-bitcoin-options-expiry-looms/#respond Fri, 28 Mar 2025 09:16:09 +0000 https://earlybirdsinvest.com/dogecoin-xrp-sink-7-as-trump-tariffs-threats-dent-markets-bitcoin-options-expiry-looms/

Dogecoin (DOGE), ether (ETH) and xrp (XRP) sank more than 5% in early Asian hours as traders took profits on a relief rally earlier in the week, with eyes on the U.S. personal consumption expenditure (PCE) figures scheduled for release later Friday.

Crypto majors tracked by the broad-based CoinDesk 20 (CD20) showed a 4.5% slide on average, led by DOGE at 7%. Toncoin’s TON was the only token in the top-20 by market capitalization in the green with a 5% rise in the past 24 hours.

Gold surged to fresh highs Friday with a jump above $3,109 in Asian morning hours, continuing a stellar rise since early March. The MSCI World Index had its longest losing streak in a month, per Bloomberg, while a regional gauge of Asian equities was poised for its biggest drop since Feb. 28.

Over $12.2 billion worth of bitcoin (BTC) options will expire with max pain at $85,000 later Friday.

“Spot is trading sideways and OI continues to bleed lower, signalling a broad lack of near-term optimism in the market,” traders at Singapore-based QCP Capital said in a Telegram broadcast. “With the PCE Index data due tomorrow, we believe any short-term upside remains capped as markets wait for clarity from Trump’s next move in this escalating trade war.”

The PCE index captures inflation (or deflation) across a wide range of consumer expenses and reflects changes in consumer behavior.

Released monthly, the PCE is said to influence Fed interest rate decisions. High PCE readings signal rising inflation, potentially prompting rate hikes to cool the economy, which can reduce risk appetite and pressure bitcoin prices downward as investors favor safer assets.

Conversely, low PCE data suggests tame inflation, possibly leading to rate cuts or steady policy, boosting liquidity and supporting Bitcoin’s price as a speculative asset or inflation hedge.

The next release is on March 28 and could sway market sentiment, with bitcoin’s reaction tied to how the data shapes Fed expectations — volatility often follows as traders adjust positions.

Markets have been heavy since Thursday as President Donald Trump warned of deeper tariffs on Canada and the European Union in case the two collude and policies impact U.S. economic activity. In turn, Prime Minister Mark Carney of Canada said late Thursday the country would move rapidly to trade more with other countries as the U.S. was “no longer a reliable partner.”

“The global market is highly sensitive to monetary policies set by major economies, particularly the United States,” Innokenty Isers, Chief Executive Officer at Paybis, told CoinDesk in a Telegram message. “With its relatively higher volatility, risk-averse investors may favor alternative inflation hedges instead of Bitcoin.”

“Considering the longer stretch of the trade war and the potential inflation that will emerge, capital allocation to BTC as a hedge against economic instability might be reduced,” Isers warned.