Bitcoin, Crypto and NFT Prepare for a Big Week as Extreme Price Swings Hit Ethereum, BNB, Solana, Cardano and XRP

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Bitcoin, cryptocurrencies, and NFTs had a mixed start through 2022, with the price of bitcoin having one of the worst starts of the new year.

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However, the non-fungible token (NFT) market has gone from strength to strength as the OpenSea market has generated nearly $ 2.7 billion in volume and is on track for its highest volume month ever. Ethereum and its biggest rivals BNB, Binance’s solana and cardano also struggled, along with bitcoin.

Now, after an investment giant issues a bitcoin shock prediction, cryptocurrencies and NFTs prepare for some of the biggest names in cryptocurrencies to join for the North American bitcoin conference, with billionaire investor Mark Cuban ready to join. to the mayor of Miami, a friend of cryptocurrencies, Francis Suarez on stage.

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The North American three-day bitcoin conference, which kicks off tomorrow in Miami, is one of the largest bitcoin conferences in the world and will see cryptocurrency entrepreneurs, investors and influencers discuss the latest blockchain technologies, trends and market opportunities.

Last year, El Salvador raised the bar for bitcoin conference announcements when it revealed it intended to become the first country in the world to be legal tender in bitcoin at Bitcoin 2021 in June.

“I’m just going to see if there’s anything new,” Cuban, the owner of the Dallas Mavericks NBA team and celebrity investor who recently launched an NFT website, pours cold water on the expectations that a great announcement. “I don’t expect fireworks.”

Cuban has clashed with some in the bitcoin and crypto community in recent years, famously saying a few years ago that he would “rather have bananas than bitcoin”. However, Cuban, which owns a handful of expensive NFTs, has embraced both decentralized finance (DeFi), which wants to recreate traditional financial services using cryptographic technology instead of banks, and collectible NFTs, increasingly used by sports teams and corporations. game as a new revenue stream.

In a press release from the North American Bitcoin conference, Cuban said he was “investing in things like decentralized insurance applications” and “decentralized ways to distribute NFT,” hoping to cash in on the ongoing NFT craze.

The OpenSea NFT market has generated nearly $ 2.7 billion in volume so far this year, mostly fueled by a rise in prices in the wildly Bored Ape Yacht Club NFT collection, and is well on its way to surpassing the $ 3 high. 4 billion reached in August, according to data from Dune Analitica.

Other big names at the North American Bitcoin Conference include the founding billionaire of blockchain technology firm Bloq, Matthew Roszak, Peter Smith, CEO of Blockchain.com, and Craig Sellars, one of the co-founders of the controversial stablecoin Tether.

Miami Mayor Francis Suarez, who will also be speaking at the event, said he wants to make the city the first in America to “give a bitcoin yield as a dividend directly to its residents” and hopes to one day run the city “without taxes” .

“We are excited to see what technologies that revolutionize the industry launch this year,” said North American Bitcoin conference organizer Moe Levin.

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Upon entering the conference, sentiment in the bitcoin and cryptocurrency market is relatively low, however, with the market still faltering from a price slump that wiped out around $ 1 trillion from the combined cryptocurrency market in just two months.

“The first two weeks of the year were not the best for bitcoin and the entire cryptocurrency market,” Lukas Enzersdorfer-Konrad, chief product officer of the Viennese trading platform Bitpanda, said via email, but adding: “it is too early to call it a bear market again. “

“According to the Crypto Fear and Greed Index, market sentiment is in a state of extreme fear and at its lowest point since July 2021. A 40% correction is not unusual and is not the largest we have seen in the past 12. months. Keep in mind that bitcoin fell more than 50% from April to June last year and fully recovered its losses by October. “

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