Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that’ll be defining points for the future of blockchain, cryptocurrency, and NFTs.
With Bitcoin reaching its highest number since this summer, WLFI failing to meet expectations, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening!
Bitcoin Reaches Highest Value Since July
Bitcoin surged near $68,400 on Wednesday, its highest level since July, igniting a rally across the cryptocurrency market. Over the past week, Bitcoin has gained more than 9%, while ether has risen about 7%. Other major cryptocurrencies have also seen gains, with Solana up nearly 10% and Dogecoin climbing 15% in the last seven days. The rally has extended to crypto-related stocks, with Coinbase, a digital asset exchange, jumping 7% on Wednesday, marking a 19% increase over the past three days and reaching its highest point since August.
WLFI Fails to Meet Expectations
Just over 24 hours after the launch of the Donald Trump-endorsed digital coin “WLFI,” the token is struggling to meet the ambitious fundraising targets set by its founders. World Liberty Financial, which promotes itself as a crypto bank where users can borrow, lend, and invest in digital assets, started its token sale on Tuesday morning. In a prelaunch stream on X (formerly Twitter) the day before, project co-founder Zachary Folkman boasted that “well over 100,000 people” were whitelisted to participate in the investment. However, the token’s performance has so far fallen short of expectations.
Tesla Moves $760 BTC
Tesla, under the control of Elon Musk, made waves earlier this week by transferring over $750 million worth of Bitcoin to new wallets, after nearly two years of inactivity with that stash. This move has prompted discussions about Tesla’s and Musk’s intentions, as well as concerns about potential selling pressure in the market. As of the time of the transfer, which occurred roughly 40 hours ago, Tesla was the fourth-largest corporate holder of Bitcoin, according to BitcoinTreasuries data, with around 10,000 tokens. The company began accumulating its bitcoin holdings in 2021 but sold a significant portion during the bear market in 2022.
Art Gallery Sued by NFT Holders
A group of NFT holders has filed a lawsuit against Eden Gallery, claiming the gallery failed to deliver on its promise of a metaverse-based private club for holders of the Meta Eagle Club collection. The NFT collection raised approximately $13 million for 12,000 tokens.
The plaintiffs assert that there were no significant efforts made to establish the Meta Eagle Club, despite updates from the team suggesting progress was being made. Additionally, the lawsuit alleges that the individuals involved in building the project lacked experience in blockchain development.
