Gate.io Blog Daily Flash | GameStop Introduces Ethereum Layer-2-Based NFT Marketplace, Crypto Traders Anticipate Volatility Ahead of US CPI Release

Daily Flash | GameStop Introduces Ethereum Layer-2-Based NFT Marketplace, Crypto Traders Anticipate Volatility Ahead of US CPI Release

12 July 12:26

Today's Headline - GameStop launches NFT platform amid broader company shakeup

Earlier this month, GameStop stock slumped on news of CFO departure, and looming layoffs. The electronics retail company also announced a four-for-one stock split recently.

On Monday, the company has announced an NFT marketplace that will enable gamers, creators, collectors and other community members to buy, sell and trade NFTs.

GameStop NFT marketplace is a non-custodial, Ethereum Layer 2-based platform, which will allow "parties to own their digital assets and are represented and secured on the blockchain."

As stated in its press release,

"The Company’s NFT marketplace is a non-custodial, Ethereum Layer 2-based marketplace that enables parties to truly own their digital assets, which are represented and secured on the blockchain.”

Chart of the Day - A final flush out of even the strongest hands, creating seller exhaustion: Glassnode On-Chain Report

“With the current value of LTH-SOPR (Long-Term Holder Spent Output Profit Ratio) at 0.67 and the LTH-Cost Basis at $22.3k, it means LTHs are realizing an average of -33% losses on each spent coin, despite spot prices only being ~6% below their cost basis. This signifies that LTHs who acquired coins at much higher are the primary spenders at the moment, and those who still hold coins from the 2017-20 cycle (or earlier) are largely sitting tight.”

As of this writing, O.G. cryptocurrency BTC is changing hands at around $19,900, down by 3% since Monday, while ETH is trading at around $1,080, down by 6%. Most other major altcoins are also trading in the red zone.

Crypto traders remain cautious ahead of Wednesday's expected release of June’s Consumer Price Index (CPI), the most widely regarded measure of U.S. inflation, for clues on how hawkish the Federal Reserve will need to be to slow the pace of consumer-price rises.

Economist Mohamed El-Erian tweeted last week,

“As next week's US CPI inflation print may get very close to 9%, some will be quick to point out that this measure is backward-looking.”

As seen during previous CPI events, volatility in all markets, but especially crypto, is to be expected.

Influencer of the Day - Trump Lashes Out at Elon Musk and ‘Rotten’ Twitter Deal

Former US President Donald Trump had harsh words for billionaire Elon Musk at a rally in Alaska Saturday, accusing the Tesla Inc. chief of inconsistency.

"You know, he said the other day, Oh, I've never voted for a Republican. I said, I didn't know that, he told me he voted for me. So he's another bullshit artist.”

Trump followed with an expletive de_script_ion of the world’s richest man and voiced his judgment on the Twitter Inc. acquisition deal that Musk struck but has since decided to withdraw from, calling it “rotten.”

Buzzes of Yesterday - #Grayscale says Bitcoin ETF litigation could take two years, #Celsius Hires New Restructuring Lawyers

Crypto needs regulation to mitigate risks, says Bank of England exec

US Treasury Delivers Crypto Framework to Biden as Directed in Executive Order

Crypto Payments Are Acceptable in Foreign Trade, Russia’s Financial Watchdog Says

Court Grants Emergency Hearing To 3AC Creditors As Founders Fail To 'Cooperate‘

Celsius Hires New Restructuring Lawyers

Voyager can't guarantee all customers will receive their crypto under proposed recovery plan

CoinFLEX to begin arbitration for $84 million recovery and open limited withdrawals

Grayscale legal officer says Bitcoin ETF litigation could take two years

UK Jeweler Sues Insurer Over Failure to Cover $7.5M Bitcoin Ransomware Losses

Hacker drains $1.4 million worth of ETH from NFT lender Omni

Author: Gate.io Researcher Peter L.
This article represents only the researcher's views and does not constitute any investment advice. Gate.io reserves all rights to this article.
Reposting the article will be permitted provided Gate.io is referenced.
In all other cases, legal action will be taken due to copyright infringement.

BTC/USDT -1.35%

ETH/USDT -0.72%

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