In a significant development, Bitcoin NFTs surpass Ronin in sales in the last 30 days, recording a sales volume of $148 million. This surpasses Ronin, which previously held the third-highest record for all-time NFT sales, highlighting Bitcoin’s growing influence in the NFT market.
Key Insights
- Bitcoin NFTs Surpass Ronin: Bitcoin-based NFTs recorded a sales volume of $148 million, outshining the Ronin blockchain in the last 30 days.
- Crypto Market Correction: Altcoins like Shiba Inu and Avalanche experienced double-digit declines, while Ripple’s XRP remained stable.
- Regulatory Action: Malaysia’s Inland Revenue Board targets tax evaders with the “Ops Token” operation.
Meanwhile, the broader cryptocurrency market has witnessed a downturn, with some altcoins tumbling by double digits. Among the hardest-hit are Shiba Inu, which fell by 12.7%, and Avalanche, down 10.6%. Solana and Uniswap also saw significant declines, with drops of 9.4% and 11%, respectively. Despite the overall slump, Ripple’s XRP managed a minor 0.1% increase.
Henrik Anderson, chief investment officer at Apollo Crypto, suggests that the reduced interest in spot Bitcoin exchange-traded funds (ETFs) may be a contributing factor to the recent market decline. Additionally, digital asset firm 10xResearch attributed the fall in altcoin prices to the recent drop in spot Bitcoin ETF flows, suggesting a possible correlation.
Source: Fred Krueger
In a separate development, the Malaysian Inland Revenue Board (IRB) launched a special operation dubbed “Ops Token” to tackle tax revenue leakage from crypto trading. The operation involved a raid of 10 locations within Klang Valley, where authorities found cryptocurrency trading data on mobile devices and computers. The IRB emphasized the importance of crypto traders declaring their taxes to avoid compliance action.
These recent developments underscore the increasing regulatory scrutiny and shifting market dynamics in the cryptocurrency industry, especially as traditional asset performance and regulatory enforcement play a role in shaping the sector’s future.
