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CryptoPunk NFT purchased for over $1M sells for less than $140K

The investor who bought CryptoPunk #273  for more than $1 million less than seven months ago sold the NFT for $139,530 — at a massive almost 80% loss.

Out of the last 10 CryptoPunks that have been sold, eight were sold at a loss.

CryptoPunk #273 was sold for a paltry sum of 55 ETH by the investor who paid 275 ETH for it in 2021. While it is hard to tell what could have necessitated the sale, the loss reflects the “decline” in NFTs in the past few months.

In April, the NFT of Jack Dorsey’s first Twitter tweet was listed for $48 million but hasn’t generated a bid beyond $25k since then. The investor, Sina Estavi, had bought the NFT for roughly $3 million last year.

Should CryptoPunk sales be declining?

Yuga Labs’ acquisition of CryptoPunks and Meebits IPs and subsequent promise to give owners exclusive rights as it did with its Ape collections was a positive move for the industry and lauded by analysts.

CryptoPunk NFTs is one of the earliest collections in the space and arguably one of the most popular; most of its recent sales have been at a loss, raising concerns that interest may be declining despite positive sentiments.

Some argue that declining interest in NFTs is due to the overall bearish sentiment of the crypto market rather than NFTs themselves.

Institutional investors remain interested in NFTs

Despite the current performance of the NFT space, institutional investors like Coinbase and Kraken have proceeded with their plans for an NFT marketplace.

Coinbase opened its marketplace to all users worldwide, while Kraken revealed that it was launching a beta version of its marketplace soon.

Other top companies are also doubling down on their NFT efforts, apart from crypto exchanges. Meta-owned Instagram and Facebook are expected to integrate NFT very soon, while fashion brands like Nike, Adidas, Louis Vuitton, Gucci, etc., have also been experimenting with NFTs.

The post CryptoPunk NFT purchased for over $1M sells for less than $140K appeared first on CryptoSlate.

Billionaire Bill Miller Remains Bullish on Bitcoin Despite Ongoing Crash

Legacy American investor Bill Miller revealed he sold some “liquid stuff” to satisfy margin calls as bitcoin might be one of those assets. However, the billionaire remains a keen proponent of the primary cryptocurrency, describing it as an “insurance against financial catastrophe.” Not Changing his Stance The US investor, fund manager, and philanthropist Bill Miller::Listen

Legacy American investor Bill Miller revealed he sold some “liquid stuff” to satisfy margin calls as bitcoin might be one of those assets. However, the billionaire remains a keen proponent of the primary cryptocurrency, describing it as an “insurance against financial catastrophe.”

Not Changing his Stance

The US investor, fund manager, and philanthropist Bill Miller stands as one of the most popular bitcoin supporters. He further strengthened his stance during the COVID-19 outbreak and the controversial financial policies that many banking institutions introduced. Back then, he argued that bitcoin is valuable because “it can’t be touched by the government.”

Earlier this year, Miller admitted having invested 50% of his portfolio into BTC. He further disclosed that his first purchase occurred seven years ago when the asset was trading at around $200. However, he accumulated the most during last summer’s crypto crash when bitcoin stood at $30,000.

In a recent interview for CNBC, the American reiterated his position, saying he does not understand investors who do not diversify their portfolios with the leading cryptocurrency. Moreover, he said he is not concerned by the ongoing market decline as he has experienced similar turbulence before:

“I’ve been through at least three declines of over 80%. I own it as an insurance policy against financial catastrophe […] I haven’t heard a good argument yet why anybody shouldn’t put at least 1% of their liquid net worth in bitcoin.”

Bill Miller
Bill Miller, Source: CNBC

Asked whether he sold a portion of his BTC stash recently, Miller said, “the short answer is no.” Nonetheless, the investor had to trade some of his “liquid stuff” to meet margin calls.

A margin call occurs when the value of securities in a brokerage account falls below a certain level. At this point, the account holder must either deposit additional funds or sell some of the assets to meet the requirements. Keeping in mind that bitcoin fits the bill of being “liquid stuff,” it could have accounted for some of the sales.

BTC is a Safe Bet Especially at Lower Prices

Nearly a year ago, Miller opined that traders should see the digital asset as a tempting investment option when its USD valuation plunges:

“If I liked something at higher prices, it is a safe bet I will like it even more at lower prices.”

His comments came at a time when BTC crashed to approximately $30,000. Currently, the cryptocurrency trades at almost the same price, making his opinion quite relevant to the real-time situation.

CryptoPunk NFT purchased for over $1M sells for less than $140K

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