The crypto markets continue to experience a strong correction today as overall market cap slid by 9.7% to $2.58 trillion at the time of writing.

Negative gains were experienced across the board, although some more than others. The Graph (GRT) suffered the most with a massive 18.86% pull back.

However, the question on everyone’s lips at the moment seems to be ‘will Bitcoin hold the $60,000 level?’.

## Bitcoin Fighting to Hold $60,000

After another week of tumultuous crypto markets activity, the price of Bitcoin (BTC) fell again Tuesday morning to just over $59,000, recording a drawback of 9.97% in the previous 24 hours.

As the largest and most well-known cryptocurrency, the price action of Bitcoin leads the way and is often used as an indicator of general market sentiment.

While this pull back may worry some, and certainly doesn’t look good on paper to many, it is just another day in the crypto wild west. Indeed, an anonymous crypto wallet made a massive purchase of 207 Bitcoin at an average price of $62,000, which clearly demonstrates buyer confidence in some areas of the market.

## Over-Leveraged Positions

What is the cause for this market pull back? Crypto sentiment has never been so high leaving many puzzled by this latest move.

After a month of all-time highs and many commentators calling for $100k by even the end of November, this shake down may be seen as inevitable. 

Crypto derivative products like Options and Perpetual Futures are hugely popular on leading exchanges, and when crypto prices stack too heavily against the exchange, corrections on this scale often happen. Indeed, what many saw as a massive leverage correction only happened less than two weeks ago.

## Market May be Heating Up

So, is this an indication that the market is heating up and getting close to a top as more and more people jump on the crypto train? Possibly.

Personally speaking, I think we have another three to six months before we experience a significant market retracement which may last a considerable amount of time.

As mentioned previously, the Plan B model seems to be playing out perfectly with a $100k Bitcoin expected by Christmas and a possible $135,000 Bitcoin price before the end of this bull run cycle.

Overall, today’s market pull back only really affects traders and those who are using considerable risk by opening leveraged positions. To long term investors this kind of price action is just another ‘normal’ day in crypto paradise.

A Normal Day in Crypto Markets Paradise

The crypto market took another tumble today as prices fell just hours after reaching all time highs.

Bitcoin, along with many other top tier cryptos, experienced a price shock Wednesday afternoon when prices plummeted just hours after achieving all time highs.

Bitcoin hit a price high of $68,744 ([Coinmarketcap.com](https://coinmarketcap.com/)) before falling sharply to $64,050 in less than four hours. The price shock was felt across the board with other major crypto experiencing similar pain. Ethereum fell from $4,858 to $4,538 whilst current market darling Solana dropped from $247.80 to $222.33.

Many commentators were quick to blame Chinese property developer Evergrande Group and its frantic attempts to avoiding defaulting on their bond payments but on closer inspection this does not appear to be the culprit. While the domino effect that a massive debt default may cause the worldwide financial markets is certainly cause for concern, for those who are well versed to the unregulated crypto wild west Wednesday’s average 8% pull back was nothing new.

## Crypto Market Recovery Position

The real question investors are asking themselves is how well have prices recovered?

Some coins have been hit harder than others. In classic investor / trader fashion Polkadot’s much anticipated Parachain Auction launch was hit with a massive 23% fall as investors ‘sold the news’ on the day of launch. Less than 48 hours after hitting an all time high of $53.81 DOT slid to just above $41.50 on some exchanges. Prices have recovered since with DOT’s current price at around $45.

Even more worrying was OmiseGo’s (OMG) 35% fall from an all time high of $19.60 to a low of  $12.62 in little more than 15 hours. This spectacular fall from grace occurred immediately after a ‘wallet snapshot’ was conducted in order to grant OMG holders with free supplies of BOBA token. Although this kind of activity has been witnessed many times before (the XRP - Flare token air drop comes to mind) the speed and level of co-ordination in the OMG / BOBA situation is something to behold.

## The Call for Regulation

So where are we now? As I mentioned above, the overall cryptocurrency market cap only fell by 8% which in crypto terms is just a blip on the horizon. However, at time of press many tokens are continuing to fall in price and the overall market cap stands at $2.77 trillion, a drop of over $100 billion in the previous 24 hours.

While this is nothing to be afraid of, it does demonstrate how open to manipulation the cryptocurrency market is without laws to protect investors. Although the market has matured significantly in the last 12 months, if crypto truly desires promotion to the premier league of investment class it really needs to address this blatant market manipulation and the only way crypto can achieve this is through policy and regulation. Watch this space.

Crypto Market Blip – Why Is It Down Today?

Champagne corks were flying early Tuesday morning as another Bitcoin all time high was recorded.

According to average market data from Coinmarketcap.com, the price of Bitcoin topped out at $68,530 at 4:00am Tuesday morning (GMT), making November a month of serious gains for Bitcoin holders and investors so far.

Such a strong and continued surge in the recent price, resulting in the latest Bitcoin all time high, has renewed confidence in the $100,000 target before the end of the year. Indeed, many market pundits believe this magical milestone could even be achieved by the end of November.

**Halving**
-----------

The strong price action of Bitcoin is closely following historical trends that have been set post Bitcoin halving events in 2012 and 2016.

A Bitcoin halving occurs every 210,000 blocks (roughly every four years) when the block reward for mining Bitcoin is cut in half. As a consequence, demand for Bitcoin increases as supply is cut in half, leading to scarcity and a surge in price.

Previous Bitcoin halvings in November 2012 and July 2016 saw huge price rallies lasting up to 18 months before the price corrected and significant pull backs occur. However, many market experts are expecting the current price to continue to trend upward through Christmas and into 2022.

When the price will correct is up for debate, although the majority of market commentators believe $100,000 per Bitcoin is more than achievable this cycle.

**Stock to Flow Model**
-----------------------

This cause for optimism can be largely attributed to what is known as the ‘Stock to Flow’ model created in 2019 by the pseudonymous Plan B. The Stock to Flow, or S2F, model looks at the supply dynamics of Bitcoin in relation to previous halving cycles.

In particular, the model divides the remaining Bitcoin left to mine by the rate of annual production.

Price targets formulated by the model following the May 2020 halving have so far proven to be extremely accurate. The August 2021 target of the $47,000 was pretty much spot on as was the following September target of $43,000. Although last month’s target of $63,000 was out by just 3% many believe the November target of $98,000 is more than achievable. Interestingly, the model predicts that 2021 will end with a Bitcoin price close to $135,000.

You may be thinking this all seems too good to be true and you may be right.

Plan B anticipates the current rally will end sometime towards the end of Q1 2022 before the market experiences a significant price correction. While many people tend to agree with his analysis there are those who are taking into account the different socio-economic times we are living in now compared to 2016 and 2012.

As the world adjusts to a post-Covid reality, decentralised networks, the metaverse, NFTs and shared working spaces are becoming increasingly mainstream. This in turn could mean the price of Bitcoin and other leading digital assets remain high as more investors realise the serious potential that this new asset class brings to the investing table.

Bitcoin Records Latest All Time High

Claims by Craig Wright that he is the true creator of Bitcoin could be settled in court, in what commentators are calling the ‘trial of the century’.

The identity of Bitcoin’s creator Satoshi Nakamoto remains the crypto industry’s biggest secret, there is one person who claims he is the founder of the world’s first digital decentralised currency.

Australian computer scientist Craig Wright has stood by the claim since 2016 and a court in Miami is set to determine, once and for all, if Wright did indeed have some part in the development of Bitcoin.

Of course, access to 1.1 million Bitcoin in a locked wallet has nothing to do with the settling of the case, but is a strong reason to determine the facts.

The case centres around whether Craig Wright acted alone or with a now deceased partner in setting up and developing the Bitcoin source code. A jury of 10 have three weeks to listen to evidence and determine the facts of the case.

Craig Wright’s claim for sole ownership and development of the Bitcoin source code centres around his autism and the lack of a written agreement between himself and the other party, the now deceased David Kleiman.

One of the easiest ways to determine the author of the original source code and resulting locked Bitcoin wallet is to find out who can access the original funds. However, to date no one has been able to conclusively prove they own or can access the keys to open up the wallet.

## The $69 Billion Question

With the current price of Bitcoin floating around $63,500 determining the custody of 1.1 million, Bitcoin has serious ramifications. Should the case settle in anyone’s favour, the locked Bitcoin may become released and immediately placed for sale on the open market.

The impact of $69 billion worth of Bitcoin entering the market would send huge shock waves through the industry and have a serious effect on the price and stability of the world’s number one digital currency. The case continues.

## Bitcoin Price Explosion

A huge price surge saw Bitcoin explode more than $1,500 in a matter of minutes on Tuesday morning surpassing the highest price within a week.

Bitcoin Price Explosion came after days of sideways action and little volatility however many industry experts were expecting the price move.

This positive move adds to the bullish feel that has accompanied Bitcoin throughout October and most of 2021 with many investors seeking to jump on board the cryptocurrency express. Another bullish indicator saw the Relative Strength Index (RSI) move into 70 which typically indicates an asset is in high demand. 

Craig Wright Bitcoin Trial: Trial of the Century?

The cryptoverse is awash with stories of record returns from cryptocurrency meme coins like Doge and, more recently, Shiba Inu.

However, does the hype match the reality and how wise is it to invest in a meme stock?

## What is a Meme Coin?

A meme coin is essentially a cryptocurrency which is based on a joke or a meme and uses that tenet as its primary marketing feature.

The most well-known meme coin is Doge, which is based on the famous meme of the same name.

However, unlike other cryptocurrencies, meme coins are generally used for trading or investing with little to no utility.

That said, meme crypto Shiba Inu has seen a massive spike in interest over the last six to 12 months and has recently been accepted for payment in a Paris restaurant.

## Open-Source Technology

Many cryptocurrency projects are a result of open-source technology essentially meaning that the creators share the code which enabled them to build the original project.

This revolutionary approach to development has helped provide the catalyst for the boom in crypto over the past three to four years. Many new entrants ‘fork’ from an original code to produce an entirely new coin with a slight modification. Doge, for example, is a fork from the original Litecoin code.

## Meme Coin Hype

So, what is all the hype about? As I mentioned above, the majority of meme coins on the market today are used for trading and investment purposes with buyers looking for an opportunity to purchase the next Shiba or Doge coin before they hit the big time.

With stories of $8,000 becoming $5.7 billion in a little over a year it is easy to understand why. However, with 222 meme coins listed on coinmarketcap.com, picking the next investment rocket may be easier said than done.

## A Serious Investment?

As more capital pours into meme stocks people will continue to sit up and take notice. This, in turn, is bringing more serious investment and leading to developers looking for ways to upgrade the network and provide meme coins with an actual use case which is something we have seen this week in Paris.

What is a Meme Coin?

The bitcoin price dropped below $60k in a massive market-wide crypto sell off Wednesday morning.

The world’s largest cryptocurrency by market cap fell below $60,000 for the first time since October 15 causing panic among many traders and investors in the space.

Although a surprise for many, analysts had predicted a price reversal after bitcoin had struggled to maintain above $63,000 after hitting recent all time highs.

There was light at the end of the tunnel though as prices bounced sharply at $58,000 and have recovered well since. The price of bitcoin at time of press remains $58,993 but what happens in the next few hours remains to be seen.

## $500 million liquidated in less than an hour

While this kind of volatility is no surprise to experienced crypto investors, many people had expected that the recent surge in interest, attention from regulatory bodies and the ever increasing need for digital forms of currency on the world stage might have brought some much needed calm to the marketplace. This morning's events show that the market is still heavily manipulated by large and powerful players and demonstrates the best and most profitable investment strategy is to long term buy and hold.

The main culprit in this case seems to be leveraged traders once again. Industry leading trading platforms such as Binance and FTX allow traders to open margined positions with leverage of upto 125x in some cases. Then, periodically, the algorithmic trading engines used by the platforms set out to recover losses by trading against over leveraged positions which lead to massive market sell-offs. Data from TradingView shows $500 million in leveraged positions being liquidated across the market in less than an hour.

Many altcoins also had a hard time with Ethereum losing the coveted $4000 support level for the first time in a week. However, in a similar situation with nearest rival Bitcoin, there was solid buying support at key levels and prices bounced sharply. The current price of Ethereum at time of press is $4028. The situation across the market remains fluid with many coins experiencing even greater losses while others remain completely untouched.

## A case for regulation?

On a large scale perspective the use case for decentralised autonomous networks remains high and investor confidence is strong. Until the relevant authorities introduce comprehensive legislation the cryptocurrency market will continue to be open to manipulation and market sell off’s like today’s will continue unfettered. 

The question remains, if crypto wants to be viewed as a secure investment by professional capital management then this kind of market manipulation needs to be halted and controlled as soon as possible.

Bitcoin Price Drops Below $60,000

Retail giant [Walmart](https://www.walmart.com/) announces plans to roll out 200 Bitcoin ATMs across their United States stores.

Walmart plans to install Bitcoin ATMs across 200 of their stores allowing customers to exchange physical cash for bitcoin.

Working in partnership with ATM manufacturer Coinstar and crypto wallet Coinme, Walmart aim to speed crypto adoption and make it easier for the public to purchase bitcoin with physical cash, lowering the barrier to crypto entry.

Director of Communications at Walmart Molly Blakeman said: ‘Coinstar, in partnership with Coinme, have launched a pilot that allows its customers to use cash to purchase bitcoin. There are 200 Coinstar kiosks located inside Walmart stores across the United States that are part of this pilot.’

With 25,000 terminals already installed across the US, Bitcoin ATMs are nothing new, however many view Walmart’s involvement as an encouraging signal for widespread crypto adoption, especially for those in the lower income bracket.

## Coinme

Coinme describe themselves as a bitcoin wallet provider making it ‘easy to purchase bitcoin at participating Coinstar and Moneygram locations’.

Users simply have to download the wallet app for iOS or Android, create an account and verify their identity before finding a physical location to purchase their bitcoin. The simple to use mobile application will appeal to those who are put off buying crypto through complicated centralised exchanges.

## Coinstar

Coinstar is an established American owned ‘coin-cashing machine company’ which was founded in 1991 and taken over by Apollo Global Management in 2016. Its primary business model focuses on the conversion of loose change into paper currency, donations and gift cards via their coin-counter kiosks. Branching into cryptocurrency seems like the logical next step.

The purchase process has been designed to be accessible and simple.

Bitcoin buyers simply insert physical money into the coin-counter kiosk, state how much bitcoin they would like to buy and receive a voucher with a unique redemption code. Purchasers then redeem their bitcoin by logging in to their Coinme wallet and inputting the specified code.

The initial pilot is for 200 Bitcoin ATMs through Walmart’s biggest stores with plans for a further 8,000 to be rolled out if the pilot proves popular.

However, many people were quick to criticise the high fees involved with the ATMs. With 4% added as a ‘trade fee’ and a further 7% added as a ‘cash transaction fee’ many people labelled the ATMs a ‘rip off’.

Whether the Bitcoin ATMs prove to be a hit remains to be seen, however what the pilot clearly shows is that retail giants such as Walmart have a strong interest in providing crypto accessibility to all corners of society.

Bitcoin ATMs to be Rolled Out by Walmart

So, the Bitcoin ETF launch happened in New York, and attracted a lot of attention. You've heard about it, but what does it mean?

The first futures-based Bitcoin Exchange Traded Fund (ETF) finally launched on the New York Stock Exchange amid a fanfare in what many are calling a watershed moment not just for Bitcoin but for the cryptocurrency industry as a whole.

After years of rejected applications and many a false dawn, the world’s first futures based Bitcoin ETF became available to investors yesterday.

The ‘ProShares Bitcoin Futures ETF’ will provide investors with exposure to Bitcoin without having to personally hold the asset themselves. Investment brokers will be able to purchase and trade shares in the fund which will give their customers exposure to the world’s premier cryptocurrency.

## Crypto Legitimacy

The sanction and launch of the latest financial product added legitimacy to Bitcoin and cryptocurrency with many people viewing the event as a watershed moment for the entire industry.

Whilst crypto industry milestones have historically led to massive sell-off’s many industry experts are expecting prices to soar to new all time highs as a professional and licenced ETF will provide a legitimate avenue for institutional capital to enter the industry.

Michael Spahir, CEO of ProShares told the New York Times that '2021 will be remembered for this milestone' as traditional investors want 'convenient access to Bitcoin in a wrapper that has market integrity'.

## Only futures for now

While the ProShares ETF is a purely futures based product, meaning buyers can only trade contracts based on the speculation of the future price of Bitcoin, many experts agree that this is a step in the right direction for those institutional clients looking for Bitcoin exposure.

Michael Saylor, CEO of MicroStrategy, announced in September that “When we have a Bitcoin ETF in the US, billions and billions of dollars will flow into Bitcoin that under no circumstances would have found their way into Bitcoin otherwise”.

With a Bitcoin price of just over $63,000 the future remains to be seen but with market sentiment riding high many are expecting today’s milestone to be the catalyst the market has been waiting for.


What Does the Bitcoin ETF Launch Mean?

All eyes were on Ethereum today as the world second largest cryptocurrency made a push for a new all time high.

At time of press, Ethereum was trading hands for $3,782 a 24 hour rise of just 1.28%. Compared to other crypto gains this may sound small but the price of Ethereum has a solid floor and has been a consistent performer lately gaining 11% in the last month and 102% in the last quarter alone.

Ethereum hit an all time price high in May of this year when it topped out at $4,170 before falling over 100% to $1,787 at the end of July. Since then there has been a steady increase week on week to the price we see today.

## EIP-1559

One of the catalysts for this strong and stable growth was the much anticipated Ethereum Improvement Protocol upgrade (EIP-1559) which saw Ethereum begin the transfer to a more efficient, cheaper and greener Proof of Stake mechanism rather than the outdated Proof of Work model it has been using.

The transfer to the new system is anticipated to take another 6 months to fully complete however as each project milestone falls investor confidence continues to increase. This was evident in the last 24 hours as $1.348 billion worth of Ethereum was transferred in 15 huge transactions. Although impossible to identify who was moving and where the Ethereum was going these colossal sums go some way to highlight the massive amount of money involved in the Ethereum network.

## Alternative future investments

With many traditional investors beginning to question the validity of gold and silver, Bitcoin and Ethereum and beginning to be seen as strong alternative investments. Furthermore, Ethereum has more appeal than Bitcoin due to the ever increasing eco-system being built on top of the world largest smart contract network.

As we transgress through Q4, many people believe we are on the cusp of seeing massive institutional investment into cryptocurrency and digital assets due to their cost and time savings.

With the market poised and more network upgrades scheduled for the next couple of months allowing for further utility, Ethereum certainly looks as if it could have a very interesting future indeed.

Ethereum USD closes in on ATH. What happens next?

The bitcoin price took another massive step forward yesterday peaking at $57,500, just $7,000 short of its April all time high.

What are the factors behind this recent surge in price? Are we about to eclipse the yearly record or is this just another false dawn on the long road to crypto adoption. Lets take a closer look.

**‘Institutional Bitcoin Products’**
------------------------------------

Online data from _Digital Asset Fund Flows_ by CoinSharesshow that in the previous week $225 million of capital had entered ‘institutional Bitcoin products’ bringing the combined Assets Under Management (AUM) of institutional crypto to $66.7 billion, just 5% from the all time high the market witnessed in April this year.

Institutional Products may be described as funds, derivatives or any traditional asset management company which continue to enter the cryptocurrency market in increasing numbers.

Interestingly, as money flowed into Bitcoin nearly $13.5 million flowed out of Ethereum products in the same week reflecting Bitcoin’s current market dominance of 46.9%, it’s highest since mid May.

**Bitcoin ETF imminent?**

So what has caused the spike in interest in Bitcoin over the last few days?

Many people believe the US securities and Exchange commission is about to give the green light for investment firms to offer their clients Bitcoin Exchange Traded Fund or ETF for short.

An ETF is an investment vehicle which tracks the price of the underlying assets without requiring investors to own the assets themselves. If the SEC gave the green light for investment firms to offer this form of product the market could witness massive investment as customers look for safe and trusted ways for Bitcoin exposure.

Many people believe October could be the month as the four applications the SEC is currently reviewing are based on established, regulated and insured futures contracts offered by the Chicago Mercantile Exchange (CME).

**Not all rosy**

However, Pantera Capital CEO Dan Morehead isn’t so optimistic pointing out that many historically anticipated events in crypto have often resulted in up to 90% market downturns.

Furthermore, many experts believe that while a Bitcoin ETF would mean investment funds would scramble to buy up ‘real’ Bitcoin, the long term price would be heavily manipulated if a Bitcoin ETF is approved pointing to the price suppression witnessed when gold and silver ETF’s were launched in 2004.

As with governments all over the world policy decision is closely guarded and leaks are rare. However, the intense price action from Bitcoin over the past week suggest institutional investors know that something special is in the air.

Bitcoin price closes in on all-time high

It’s time we talked about bitcoin. Yes, about bitcoin. The prodigal son has indeed returned and has been acting rather differently this past week especially given his unruly behaviour over the last 6 months. Is he finally coming out of his shell? Let’s take a closer look.

The price of bitcoin currently stands at a little over $55,500, an increase of roughly 25% over the last week alone. With a market capitalisation of over $1.05 trillion it is safe to say October has started well for cryptocurrency’s first born.

What are the factors driving this growth? Is it different this time? Can bitcoin be trusted, or do we need to keep it under close supervision?

## About bitcoin in the Current Economic Climate

As no doubt everyone is aware we are in turbulent economic waters. Supply chain problems, rising energy prices, weaker than forecast growth and climbing inflation are all combining to create a perfect environment in which bitcoin can flourish and show its true colours.

It is within this macro-economic climate that bitcoin has generated massive interest from institutional investors this week, with everyone from J.P Morgan to Bank of America finally accepting bitcoin’s potential.

While behaving like any other tradable tech equity, BTC, by its very design, becomes the perfect hedge in times of economic crisis due to its limited total supply.

## Uncorrelation from Traditional Stocks

When NASDAQ and Dow Jones indices fell this week, many cryptocurrency advocates rejoiced as bitcoin began to move upwards and uncouple from traditional stocks. However, acting as an economic hedge is only part of the reason for BTC’s recent price surge.

Bitcoin’s coming of age really began on October 1st when Jerome Powell of the US Federal Reserve stated that he had no intention of banning bitcoin or any form of cryptocurrency.

This in turn restarted rumours concerning the launch of a futures-based ETF this quarter which brought added context to Bank of America’s recent comment that ‘bitcoin is too big to ignore’.

Additionally, there has been a massive recent increase in the purchase of bitcoin futures indicating that those in the financial know anticipate BTC to be trading at a significant premium by Christmas 2021.

J.P Morgan had a recent change in stance from May this year when the world largest investment bank reduced their exposure to bitcoin in favour of gold. However, this week the bank rescinded with the announcement that bitcoin was the perfect hedge in times of economic woe and was indeed ‘better than gold’.

## Little Trouble from Big China

Over in China the crackdown on the mining of BTC and other energy intensive proof of stake cryptocurrencies has enhanced bitcoin’s reputation on the green stage and again adds to the attraction of bitcoin as a serious and worthwhile long-term investment.

The future certainly looks bright for the once maligned BTC and his handful of close associates. If they continue to behave, mature and provide a beacon of stability then a world of limitless opportunity is sure to present itself. Let’s hope so.

What is Bitcoin Doing?

Yesterday’s 24 hour outage of centralised service providers [Facebook](https://www.facebook.com/), WhatsApp and Instagram had many in the crypto space calling for the advent of Web 3.0 as fast as reasonably possible.

## What is Web 3.0?

But what exactly is Web 3.0, why is it relevant and how does it fit with blockchain, cryptocurrency and the decentralised economy?

Web 3.0 is essentially the next evolutionary step in the development of what we know commonly as ‘the internet.’ If web 1.0 was the message board era which only allowed one way interaction then Web 2.0 saw the advent of user led content and the inevitable rise of social media.

Web 3.0 can therefore be defined as ‘the machine based understanding and management of data in order to provide a user driven and semantic internet experience.’ Ok, that doesn’t sound like the most exciting raison d’etre I agree, however when you consider the aim of a web 3.0 based society is to create a more intelligent, connected and open internet it begins to make a little more sense.

## Web 2.0 vs Web 3.0

The essential difference between Web 2.0 and Web 3.0 is that in their third iteration websites and applications will be _written_ by artificial intelligence and machine learning in order to provide consumer led content in a style which is both personal and pleasing. This in turn will lead to the provision of a faster, more innovative and more personal end user experience.

Naturally, this new internet will be decentralised and will rely heavily on peer to peer led networks facilitating, among other things, the rise of new payment infrastructure, supply chains and unimaginable levels of personal security.

Centralised corporate giants such as Facebook, Twitter and YouTube have no choice but to adapt in order to survive as the internet once again returns to its customer driven and consumer led intended purpose.

Facebook, Instagram & WhatsApp down

What do a British music icon, a social media mega-platform and a European crown prince all have in common? The NFT market.

This week they have all confirmed they are joining the NFT juggernaut, further boosting the NFT market’s position.

As the cryptocurrency industry prepares for an autumn boom, as predicted by market analysts and industry commentators, it is widely expected that the NFT marketplace will see a further surge in interest and value.

As this week’s developments show, NFTs are a hot topic, attracting international media attention and massive price tags. However, to many they remain something of a mystery.

## What are NFTs?

Here we take a look at the fast-developing NFT market, explain some of the basics and discuss some of the high-profile entrants to NFTs announced this week.

For those of you who may not be aware, NFT stands for Non-Fungible Token which, in the simplest terms, means a unique digital certificate of authentication.

Consternation over the rapid growth of NFTs arises from the perception that people are paying astronomical sums for what are, essentially, pixel constructed pictures (to put it in very basic terms).

Well, the explanation is that NFTs are not just that.

In the ‘real’ world, you may have a physical certificate of ownership for an individual piece of art, proving you have ownership and which you would hand over with the artwork should you sell.

An NFT has a similar job, just in a different environment. An NFT is a digital token of ownership and authenticity for a digital artwork that lives in the digital sphere, making the NFT and the piece of digital art interchangeable.

## The NFT Marketplace

The NFT marketplace represents the frontier between the physical and digital worlds.

The amounts people are prepared to spend on NFTs demonstrates there are plenty who believe there is a high future value for digital art. That explains the rapid growth of the market, and the rush from celebrities, artists and international brands to get a slice of the action.

For example, veteran British DJ Paul Okenfold has announced plans to release his latest album as an NFT (digital download) on the Cardano blockchain. Every part of album Zombie Lobster is set to be tokenised, including cover art, individual tracks and sleeve notes. The move is part of a collaborative partnership with NFT specialist Starship Universe.

TikTok also joined the NFT club this week when it announced plans for a creator-led NFT collection, demonstrating the social media giant’s confidence in the burgeoning sector. TikTok Moments is a collection of videos from six of the platform’s most influential content creators and all proceeds from sales go directly to the stars and NFT designers.

## Non-Fungible Castle Conference

Even royalty are getting involved. This week the Crown Prince of the Czech Republic, William Rudolf Lobkowicz, launched his own collection of NFT works aiming to reflect historical pieces held at home.

The House of Lobkowicz traces its roots back to the 14th Century and has a reputation for retaining and preserving a wide range of works of art, from Beethoven to Canaletto. Visitors to the ‘Non-Fungible Castle Conference’ this month will be able undertake virtual tours and view some of the historical pieces alongside their digital representation.

Lobokowizc said: ‘By investing in an NFT, a patron receives ownership of a unique digital asset while directly supporting conservation efforts and other cultural activities.’

NFT Market – Time to Buy?

In an effort to be ‘maximally compliant with regulatory requirements’ the world’s second largest [Ethereum](/coins/eth) mining pool announced today that all operations are to halt at the end of the month.

Hangzhou based SparkPool released the information yesterday confirming all activities were to cease by Thursday 30th September.

This announcement closely follows Friday’s decision that all new users were banned from registering with SparkPool with immediate effect.

## SparkPool Contribute 22% of Hash Rate

Since its inception in 2016, SparkPool has evolved to become the world’s second largest Ethereum mining operation by hash rate closely behind industry behemoth Ethermine. SparkPool currently contribute 22% of the entire Ethereum hash rate with a whopping 142 terra-hash per second.

SparkPool’s announcement follows a call from the State Council of China in May this year for local authorities to crack down on crypto mining activities and, while this had been somewhat of a success, a number of stealth mining operations have been slowly resuming work over the last few months.

## China's Decision May Have an Impact

Many people believe the announcement was heavily influenced by the Chinese Central Government’s recent decision to declare all crypto related activity illegal with immediate effect (Thursday 23rd September).

Following the initial country wide clampdown in May this year, Bitcoin miners Poolin and BIT Mining have been looking for new premises and had ear marked North America and Central Asia as possible new sites.

While SparkPool could also have circumnavigated the ban by taking their mining operation overseas they evidently have chosen not to.

Global mining outfit, Huobi, declared on Sunday September 26th that all China based users will be unable to access their services by the end of the year.

The news did not come as a huge surprise to many industry leaders as China continue to crackdown on the cryptocurrency eco-system within the country. Consequently, SparkPool seem to have made the decision with the purpose of protecting client assets.  
  
The impact on Ethereum network performance and price is yet to be seen.

Many proponents view the China ban as bullish for crypto as pushback from China has historically been good for the rest of the Western world. In 2009, China banned Facebook and YouTube from its shores closely followed Google and Wikipedia. All went on to see massive success in other markets.  
  
SparkPool have not released any further information regarding their future plans at this point however given Ethereum’s continued port to a Proof of Stake non-mining mechanism SparkPool’s decision may be rather telling.



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