Doge followers speculate about Musk's post

Last week, the bitcoin market continued to cool down, with the price dropping more than 2%. Bitcoin started last week around $29 on the platform eToro, but fell below $28 earlier in the week. The price has recovered a little bit of its value, but it's mostly hovering in place, hovering around $800 this morning.

He is in a similar situation Ethereum, which started last week at around $1 and then fell to around $870. The rest of the week rebounded somewhat, trading at around $1, but fell more than 820% for the week as a whole.

Major cryptocurrencies have been trending downwards for several weeks as volumes look limited and markets fluctuate in direction. Without a strong narrative driving cryptocurrencies like bitcoin, they could be set for further lows below $30 over the summer.

Bitcoin futures volumes on CME hit an all-year high

Według reports The Block, bitcoin futures trading volumes on CME Group's futures market hit the highest level recorded in a year. This activity is unusual in the bitcoin market as volumes have been slightly lower in the last month, leading to the cryptocurrency's underperformance.

Strong futures trading, from the perspective of investors, can indicate several things. Firstly, it indicates that institutional players are actively moving in the market. No main ETF With a spot price (for now), CME futures are one of the easiest ways for institutional investors to gain exposure to the bitcoin market.

If institutional investors are actually buying bitcoin, it suggests they are expecting a broader shift in the market. Bitcoin has come out of the real low of last year and has increased by about 27 percent. in the last 12 months. However, we are still far from the record level reached in November 2021. As the narrative on inflation and interest rates shifts, institutions may be laying the groundwork for a breakout opportunity.

Doge followers speculate about Musk's post

Late in the day on Saturday, X (formerly Twitter) owner Elon Musk posted tweet preaching: "something special coming soon". The eccentric billionaire has repeatedly suggested the use of dogecoin as a payment method on the Twitter platform and has left room for speculation among those interested in the performance of the cryptocurrency.

It seems that Dogecoin was open to various changes that took place on the social media platform, and its price increased by about 24 percent. on eToro in the last month. The “dream” scenario is that Musk would adopt dogecoin as a payment option on Twitter, which would immediately increase network volumes and demand for the cryptocurrency.

Of course, there is debate as to whether this is even achievable for the platform in its current state. Musk's long-term ambition was to create an "app for everything" that would include financial, social and commercial infrastructure in one place. For dogecoin investors, it is wiser to consider the long-term factors for the cryptocurrency than to try to predict short-term outcomes.

The British Museum will launch the metaverse space

The British Museum partners with The Sandbox, whose token is SAND, to deliver an interactive metaverse space with accompanying collectibles NFT.

The offer will include new and immersive experiences for The Sandbox players and will allow you to collect NFTs. However, this is not the first NFT set at the British Museum, which has previously launched collections with French partner LaCollection.

The NFT market has undergone remarkable changes in the last few years since the technology gained prominence. While the days of the NFT price boom seem long gone, the market has not completely died out. At the moment, dedicated fan offerings like this are still popping up quietly and offering digital experiences to customers.

We will likely continue to see significant changes in the market as technology evolves, adapts and finds a more natural environment, driven not only by noise. NFTs also have more fundamental potential to digitize physical assets such as real estate, which is a potentially huge untapped market.