Bitcoin

Kraken unveils NFT Marketplace Plans: Here’s What Makes It Unique

Kraken currently works on a model that will determine the liquidation price of NFTs prior to use as backing for loans Digital asset trading platforms are the latest institutions to enter the NFT space through opening NFT marketplaces. US-based crypto exchange Kraken announced plans to launch its own mid-last week. Jesse Powell, Kraken’s CEO, stated…

Kraken currently works on a model that will determine the liquidation price of NFTs prior to use as backing for loans

Digital asset trading platforms are the latest institutions to enter the NFT space through opening NFT marketplaces. US-based crypto exchange Kraken announced plans to launch its own mid-last week. Jesse Powell, Kraken’s CEO, stated that his exchange is working to create a platform that would allow investors to access the NFT market.

A Bloomberg post published today has now provided more information on the planned launch. Bloomberg reported that Powell, the exchange’s founder, said that the proposed marketplace would interest investors seeking something more than just collecting digital art. The marketplace would offer custodial services, and users could also request loans based on digital collectibles.

NFTs have other utilities beyond aesthetic value

Powell said that Kraken is developing a system to facilitate such transactions. Before the requested amounts could be released, the exchange would first determine the art’s liquidation value.

” If you make a CryptoPunk deposit on Kraken, we will be able reflect that value in your account. He also said that you can borrow funds against the ,”.

The CEO also spoke about the evolution of NFTs. He said that although they were around for some time, it took them a while to become mainstream. While digital art was primarily a collector’s item that can be displayed or flaunted, he stated that assets are evolving to offer other utility options in the new year. This includes using NFTs to secure crypto loans or stablecoins.

“Phase 1 was speculation. Phase 2 is about buying art and supporting artists. Phase 3 is about functional uses of NFTs ,” Powell noted.

In offering NFT collateralisation, Kraken follows crypto lending platform Nexo’s announcement last week of the launch of a lending desk. Antoni Trenchev, the platform’s CEO, stated that lending services like Nexo’s will play an important role in obtaining value from NFTs. This is without the owners having to relinquish ownership.

Crypto exchanges are loving NFTs

Kraken may have taken a while to create an NFT marketplace but it was long overdue. The exchange has been stalking the NFT space for months now, having released a series of reports such as the finding of NFT projects’ dominance of Ethereum activity.

Its peer cryptocurrency exchanges, such as Binance and FTX have launched marketplaces. Coinbase, on the other hand, is building up a large waitlist for its market next year. These centralised entities are competing with OpenSea, the dominant non-custodial marketplace.

Bitcoin

Bitcoin Demand Shows Signs of Cooling as Whale and ETF Purchases Halve: Cryptoquant

Bitcoin demand growth is decelerating after a rally toward $112,000, with key indicators signaling a potential slowdown phase, according to a new Cryptoquant Institutional Insights report. Profit-Taking Dominates Futures Market Amid Bitcoin Slowdown Cryptoquant’s analysis reveals bitcoin spot demand continues expanding but at a sharply reduced pace…
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Bitcoin

Bitcoin Price Watch: Bulls Eye $108K as Momentum Builds Across Lower Timeframes

Bitcoin is trading at $105,971 to $106,032 over the last hour, with a market capitalization of $2.10 trillion and a 24-hour trading volume of $21.88 billion. During the past 24 hours, the price has fluctuated between $104,004 and $106,450, reflecting a narrow intraday range that coincides with ongoing technical indecision across broader timeframes…
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Bitcoin

XCN defies Bitcoin and Ethereum slump with 97% spike

Onyxcoin (XCN) has risen 97% in the past 24 hours as altcoins enjoy massive buying pressure. The XCN price bucks the trend that saw Bitcoin and Ethereum down after notable gains a day earlier. Tariffs and other market conditions weigh on investor sentiment. Onyxcoin (XCN) has defied a dip for Bitcoin, Ethereum, and top altcoins…

Onyxcoin (XCN) has risen 97% in the past 24 hours as altcoins enjoy massive buying pressure.
The XCN price bucks the trend that saw Bitcoin and Ethereum down after notable gains a day earlier.
Tariffs and other market conditions weigh on investor sentiment.

Onyxcoin (XCN) has defied a dip for Bitcoin, Ethereum, and top altcoins with an impressive 97% over the past 24 hours.

In a price rally that put it on top of the daily gainers’ list, XCN shot up to an intraday high of $0.017.

The performance bucks the downward pressure that has seen Bitcoin (BTC) and Ethereum (ETH) pare gains from a day ago with dips below $80k and $1.5k, respectively.

XCN price performance

The XCN token’s standout performance sees it outpace Flare, Kaspas, and Walrus, among other notable gainers.

According to data from CoinMarketCap, XCN is currently trading at $0.017, with its volume up 1,230%.

The token’s market, though tiny at $531 million, is up 97% and puts Onyxcoin in the top 100 by market cap.

XCN has flipped Floki and CORE, which currently rank 100th and 99th by market cap, respectively.

Onyxcoin’s massive spike comes despite a broader risk market downturn in the past 24 hours.

BTC, ETH, and other coins’ dip has seen the global cryptocurrency market cap drop by 3.9% to $2.52 trillion.

Volume is down 20% to about $127 billion as crypto mirrors losses on Wall Street.

Overall market outlook

Crypto and the stock market rose sharply on Wednesday after US President Donald Trump changed his tariffs stance.

His announcement of a 90-day pause sent risk assets skyrocketing, with Bitcoin’s price breaking to above $82k.

S&P 500 and the Dow Jones Industrial jumped, rising by historic single-day gains.

However, the S&P 500 and Dow opened lower on Thursday and looked to close lower with 3.2% and 2.4 %, respectively.

Dow was down more than 900 points.

On Thursday, Trump announced an additional 25% tariff on China, bringing this to 145%.

After excluding it from the 90-day pause, analysts say the trade war will continue to hurt optimism.

This looks to be the case as stocks sold off despite the latest inflation report that showed CPI dropped to 2.4% against an expected 2.6%.

While this sees many turn to the Federal Reserve for expectations of interest rate cuts, analysts are pointing to “sticky” prices and tariff impact for likely pressure on equities and crypto. Analysts point to a potential bull trap.

Peter Schiff said via a post on X:

“I’ve never seen such a mass selloff of US assets. The US dollar, bonds, and stocks are all getting killed. I can’t remember when the dollar lost 3.5% against the Swiss franc in one day. America’s ride on the global gravy train is about to come to a screeching halt. Buckle up.”