- Bitcoin had a bullish start to 2023, BTC touched a new cycle high around $21,550 with macroeconomic data providing fuel to the asset’s rally.
- Based on historical data, non-fungible tokens/ assets typically garner interest as Bitcoin recovers from its losses of 2022.
- Shiba Inu’s recent mint collection with the Bugatti Group sold out in under four minutes.
Bitcoin wiped out all its losses from the FTX exchange crash in November, BTC recovered and hit a cycle high at $21,550, following the release of lower-than-expected CPI and then PPI inflation data, which hit the US Dollar.
Typically when Bitcoin price recovers from cycle lows the NFT ecosystem witnesses increased growth.
Also read: Here’s what Bitcoin, Ethereum prices need for an explosive rally following US PPI release
Bitcoin hits new cycle high at $21,550 in its recovery
Bitcoin, the largest asset by market capitalization, started 2023 on a bullish note, climbing relentlessly throughout the first half of January. The asset hit a new cycle high of $21,550 on January 18 after the release of lower-than-forecast Producer Price Index data for December, which acted as a further catalyst for Bitcoin’s recovery.
The NFT market rewards patient traders, and as Bitcoin recovers from the decline in its price throughout 2022, experts at behavior analysis platform Santiment believe NFT trading is likely to heat up as well.
NFT trading and Bitcoin price recovery
Shiba Inu’s recent mint NFT collection with Bugatti group sold out in under four minutes
An example of the BTC price effect on NFTs, is the recent collaboration between Shiba Inu and the Bugatti Group which led to the minting of a new NFT collection. The digital collectibles named “Space Mint” sold out in four minutes and the luxury brand Bugatti congratulated the Shiba Inu team on the sale.
WOW
— Bugattigroup.eth MINT SOLD OUT (@bugattigrp) January 15, 2023
Congratulations to the @Shibtoken family for selling out in 110 seconds!
Shib token is repeating history again & again!
Get your Shiboshis NFT on Opensea here! https://t.co/bWVCp4bgGf
⬇️RT - Like - Tag a Shib fren! #LFTravel pic.twitter.com/ndk1sUzNCF
The Shiboshis Club and the Bugatti Group’s collaboration was supported by Web3 development studio Nalikes Studio. The NFT mint collection featured 299 limited releases, in its exclusive first edition. The partners sold each digital collectible at a mint price of 0.14 ETH.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.