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CryptoPunks Ethereum NFT Sells for Nearly $24M, Doubling Previous Record

CryptoPunks Ethereum NFT Sells for Nearly $24M, Doubling Previous Record

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CryptoPunks predate the modern NFT craze by years, and that O.G. status has made the 2017 Ethereum profile picture collection a legend in the space. Dozens of CryptoPunks have sold for a million dollars’ worth of ETH or more, but today, the collection shattered its previous record with one sale of nearly $24 million.

On Saturday, CryptoPunk #5822 sold for 8,000 ETH, or about $23.7 million worth at the time of sale. Deepak Thapliyal, CEO of cloud blockchain infrastructure firm Chain, purchased the NFT directly from CryptoPunks developer Larva Labs’ own online marketplace.

The previous top sale for a CryptoPunk was $11.8 million, purchased by DraftKings’ largest shareholder Shalom Meckenzie at a Sotheby’s auction in June 2021. Meanwhile, the largest on-chain sale through the Larva Labs marketplace came in December, when the pseudonymous 4156 sold his namesake Punk for $10.26 million worth of ETH.

Thapliyal tweeted that he used leverage via DeFi protocol Compound Finance to pay for the CryptoPunk, telling Compound founder Robert Leshner, “Thanks to Compound Finance I am able to still [hold] ETH while buying this. Basically long’d ETH to punk-in.”

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His new Punk features the rarest avatar type: alien. Just nine CryptoPunks out of the entire collection of 10,000 avatars are aliens. This particular Punk last sold for 8 ETH, or just over $1,600 at the time, back in July 2017.

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Biggest Movers: EOS Higher Despite Crypto Sell-Off, FLOW Extends Declines

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Biggest Movers: EOS Higher Despite Crypto Sell-Off, FLOW Extends Declines

Monday saw eos remain in the green, despite the latest red wave in cryptocurrency markets. Today’s rally sees the token move almost 20% higher in the last seven days. Flow, on the other hand, extended its recent declines and is now down by almost 30% in the same period.

EOS

EOS was trading mostly higher on Monday, as the token remained close to a three-month high.

Last Wednesday saw EOS/USD rise to a high of $1.64, which was its strongest point since May 11.

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Since then, market uncertainty has heightened, with the token fallen 20 cents below that level, at $1.44, on Sunday.

EOS/USD – Daily Chart

However, to start the week, bullish sentiment returned, with EOS hitting a high of $1.58, which is marginally below a ceiling of $1.60.

This peak saw the relative strength index (RSI) also hit a resistance point, colliding with its 65.45 threshold.

As a result of this, earlier gains have eased, as bulls opted to secure profits by liquidating positions.

EOS is tracking at $1.52 as of writing.

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Flow (FLOW)

On the other hand, flow (FLOW) was on the opposite side of the spectrum, as prices extended recent declines.

Following a high of $2.20 during Sunday’s session, FLOW/USD fell to a low of $2.03 to start the week.

Today’s drop sees the token hit its lowest point since August 4, when prices were trading at a low of $1.86.

FLOW/USD – Daily Chart

Overall, FLOW is down by nearly 26% in the last week, and this comes after an extended period of sell-offs.

Prices have now moved lower for eleven of the last twelve sessions, commencing after a false breakout of the $3.20 resistance level.

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The 10-day (red) and 25-day (blue) moving averages are now on the cusp of a downward cross, which could see bearish sentiment remain for weeks to come.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect flow to fall to a floor of $1.80 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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July’s CPI Report Shows US Inflation Cooling — Critics Say ‘US Government’s Formula Understates The Actual Rise In Prices’

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July’s CPI Report Shows US Inflation Cooling — Critics Say ‘US Government’s Formula Understates The Actual Rise In Prices’

After last June’s inflation report published by the U.S. Bureau of Labor Statistics indicated that the Consumer Price Index (CPI) reflected a 9.1% year-over-year increase, July’s CPI data has come in lower with a year-over-year increase of 8.5%. Economists polled by media publications estimated that July’s CPI data would print 8.7%, however, July’s core CPI, the government’s broadest measure of inflation, remained the same as June.

CPI Report Shows Inflation in the US May Have Peaked, Stocks, Cryptos, and Precious Metals Jump Higher

The Dow Jones Industrial Average, Nasdaq, S&P 500, and NYSE indexes all jumped significantly higher in value after the U.S. Bureau of Labor Statistics published July’s inflation report. Additionally, precious metals and cryptocurrencies saw a rise on Wednesday as well, as bitcoin (BTC) jumped over 4% higher, gold increased by 0.35%, and silver jumped 1.43% in value against the U.S. dollar.

Inflation as measured by headline CPI increased 0.0 percent month-over-month in July, well below its elevated June monthly rate of 1.3 percent. Monthly core inflation in July fell to 0.3 percent. 1/ pic.twitter.com/6bVTZq7m1W

— Council of Economic Advisers (@WhiteHouseCEA) August 10, 2022

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The Consumer Price Index (CPI) report for July 2022 said: “The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in July on a seasonally adjusted basis after rising 1.3 percent in June. Over the last 12 months, the all items index increased 8.5 percent before seasonal adjustment.” The inflation report adds:

The gasoline index fell 7.7 percent in July and offset increases in the food and shelter indexes, resulting in the all items index being unchanged over the month.

Bankrate’s chief financial analyst Greg McBride told Yahoo Finance reporter Alexandra Semenova that the gas price drop was good for the economy, but it doesn’t fix inflationary pressures. “The drop in gasoline prices has been very welcome, but that doesn’t solve the inflation problem,” McBride said. “Consumers are getting a break at the gas pump, but not at the grocery store.” Moreover, many people have issues with the way the Bureau of Labor Statistics calculates CPI.

Truflation CEO Says True Inflation Is Running at 9.6% Today, Schiffgold Author Claims Government Formula Understates Real Inflation Numbers

Data from shadowstats.com’s alternative inflation charts show inflation is much higher than the reported numbers published by the U.S. government. The CEO of Truflation, Stefan Rust, says the country’s inflation figures are not accurate and he believes true inflation is running at 9.6% today.

Shadowstats.com’s alternative inflation (CPI) chart on August 10, 2022.

The company’s Truflation Index indicates that at the time of writing, the rate is 9.61%, which is still down from the 10.5% the Truflation Index recorded in July. Further, it is still down from the 11.4% annual peak the Truflation Index recorded in March.

Truflation Index on August 10, 2022.

“First, it was transitory. Next, it was manageable. Now, it’s a problem the US is attempting to tackle with a whole new piece of legislation as inflation continues to run at scorching 40-year highs,” Rust said in emailed comments sent to Bitcoin.com News. “The latest data released today provides some welcome relief, with growth in the Consumer Price Index (CPI) slowing to 8.5% in the year to July thanks largely to falling fuel prices. Notably, though, month on month prices remained the same as increases in rent and food costs — which have the largest impact on poorer citizens — offset declining prices at the pump.” Rust continued:

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This means Americans are still struggling to make ends meet as they watch the value of their money erode at over 8% per year. As bad as all this seems, however, the true inflation picture differs from the above. Today, the Truflation index is showing that US inflation is running at 9.6%. This is down from 10.5% in July, and an annual peak of 11.4% in March, reflecting the same downward trend that the Bureau of Labour Statistics (BLS) figures suggest. However, it remains over 100 basis points higher than these official figures.

Schiffgold.com’s Michael Maharrey said on Wednesday that the latest CPI data was not the greatest and the government formula used to tally the numbers is understated. Maharrey and the economists at Peter Schiff’s blog believe the CPI is much higher. “It wasn’t all good news,” Maharrey stressed. “Food prices continued to skyrocket, rising 1.1% from June. Rents also rose.”

“And as I mention every time I talk about CPI, it’s even worse than these numbers suggest. This CPI uses a government formula that understates the actual rise in prices,” Maharrey added. “Based on the CPI formula used in the 1970s, CPI remains in the 17% range — a historically high number.”

U.S. president Joe Biden discussed the CPI data as well and remarked that new laws and semiconductors manufacturing based in America boosted the country’s economic activity. “Last year, one-third of core inflation was due to high prices for automobiles because of the shortage of semiconductors,” Biden said on Wednesday. “With the CHIPS and Science Law boosting our efforts to make semiconductors right here at home, America is back leading the way.”

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analyst, Bankrate, Bitcoin (BTC), Bureau of Labor Statistics, Core Inflation, CPI, CPI report, Crypto Prices, data, DOW, economics, Economist, equities, fake CPI, fake data, Gold Prices, Greg McBride, inflation, Inflation Red Hot, Joe Biden, Joe Biden statement, Michael Maharrey, Peter Schiff, schiffgold.com, Stefan Rust, stock indexes, stocks, the fed, Truflation, Truflation Index, United States Inflation, US Inflation rises

What do you think about the CPI data for July? What do you think about the critics and statistics that say true inflation in the U.S. is much higher than what’s being reported? Let us know your thoughts about this subject in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Negative CPI Report Causes Bitcoin Market Cap To Lose $15 Billion In 10 Minutes

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Negative CPI Report Causes Bitcoin Market Cap To Lose $15 Billion In 10 Minutes

For the month of June 2022, the US Bureau of Labor Statistics published its Consumer Price Index. The Negative CPI was found to be 9.1%, the largest inflation increase in the US in the previous 40 years. The Federal Reserve’s monetary policy is determined by the CPI, which is a reliable indicator of inflation.

Negative CPI Report Causes Bitcoin To Tumble

Prior to the release of U.S. inflation statistics on July 12, the price of Bitcoin (BTC) settled into a solid holding pattern, which ultimately added more negative volatility.

According to the latest CPI report for June, inflation in the United States reached 9.1%, which is the highest level since November 1981. This news only served to accelerate the downward trend in Bitcoin and the cryptocurrency market.

Following the release of the CPI, BTC falls by around 4% within ten minutes. Traditional market gauges like the S&P 500, Dow Jones, and NASDAQ are all sharply lower.

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According to TradingView data, Bitcoin is currently trading at $19,180, down 3.45% on the day and 4.70% for the past week, with a total market cap of $366 billion. Notably, the flagship digital asset lost $15 billion from its market capitalization, dropping from $379.91 billion to $364.55 billion.

Bitcoin market cap at $374 Billion. Source: TradingView

The CPI for the previous month revealed an increase in inflation of 8.6% year over year, the highest level since 1981. The Fed implemented quantitative tightening monetary policies in response to extremely high inflation.

The entire crypto industry saw a severe downturn as a result of the Fed’s hardline monetary policy. The last ten years’ worst financial quarter for Bitcoin was experienced.

Related Reading | Wall Street Investors Expect Bitcoin To Hit $10,000, Is This Possible?

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This revelation may have severe effects for the cryptocurrency markets, if last month’s CPI is any indicator.

Investors took a collective deep breath as the time for the release of the inflation statistics ticked down. The global markets remained calm, but as many prominent crypto trading analysts had hinted at the start of the week, an announcement—positive or negative—would be said to have a significant impact on the price of digital assets.

The United States Federal Reserve will be under even more pressure to raise interest rates as a result of the inflation statistics, which was much higher than expected.

More Pressure

Since Bitcoin has so far been unable to act as an inflation hedge, it has experienced a considerable loss in value this year, plummeting by around 72%. Along with other risk assets, Bitcoin has been severely impacted by the Fed’s monetary policies because it has always existed in a low-interest rate environment.

The Federal Reserve would be able to pull off a soft landing, so avoiding a recession while significantly raising interest rates, according to strong job numbers that were reported last week. Despite the fact that interest rates have been sharply climbing, this was the case.

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Crypto traders and investors were heavily shorting Bitcoin and other cryptocurrencies before to the long-awaited data’s release because netflow to exchange-traded funds that give investors exposure to short Bitcoin reported roughly $15 million in inflows in only one day.

Source: Arcane Research

The founder of Eight Global, Michal van de Poppe, stated that the CPI will determine whether or not Bitcoin succeeds. The support level of $19.5K and resistance level of $19.8K present a significant test for BTC. Depending on the CPI, BTC is anticipated to experience a significant decline.

Related Reading | Glassnode: Bitcoin LTHs Who Bought During 2017-2020 Aren’t Selling Yet

Featured image from Shutterstock, charts from TradingView.com and Arcane Research

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