The bitcoin (BITCOMP) market continued to cool last week as the price retreated more than 2%. Bitcoin began last week trading around $29,800 on the eToro platform but fell away early in the week to below $28,800. The price has recovered a small amount but is largely treading water to now trade around $29,000 this morning. 

Unsplash

Ether (ETH-X) finds itself in a similar position, having begun last week around $1,870 before falling to around $1,820. It has recovered slightly over the rest of the week to trade around $1,845 but is down over 1% for the week. 

Major cryptos have been trending downwards over several weeks now as volumes look tight and markets hesitant over direction of travel. With no strong driving narrative in place cryptoassets such as bitcoin could be set to persist in the doldrums below $30,000 as summer progresses. 

CME bitcoin futures volumes hit yearly high

Trading volumes in bitcoin futures on the CME Group’s futures market have hit a yearly high according to reports in The Block. The activity strikes as unusual in the bitcoin market as volumes have been somewhat lighter in the past month which has led to bitcoin’s lackluster performance.

The strong trading of futures can be indicative of a few things for investors. The most important is that it suggests institutional players are actively moving in the market. Without a major spot price ETF (yet) CME futures are one of the most straightforward ways for institutional investors to gain exposure to the bitcoin market.

If institutional investors are indeed buying bitcoin then it suggests they’re anticipating a wider market shift. Bitcoin has come away from the real doldrums of last year and has risen around 27% in the past 12 months. But we’re still some ways from the all-time high achieved in November 2021. With the narrative shift on inflation and interest rates taking place institutions might be laying the groundwork for the possibility of a break out. 

Doge watchers speculate on Musk post

Late on Saturday, X (formerly Twitter) owner Elon Musk posted a tweet saying “something special coming soon.” The eccentric billionaire has many times suggested using dogecoin as a form of payment on the Twitter platform and has left speculation rife among those interested in the cryptoasset’s performance. 

Dogecoin (DOGE-X), it appears, has been receptive to the various changes that have been taking place on the social media platform, with the price rising some 24% on eToro in the past month. The “dream” scenario here is that Musk adopts dogecoin as a payment option on Twitter which would instantly increase volumes on the network and demand for the cryptoasset. 

It is of course speculation as to whether this is even achievable for the platform in its current state. Musk’s long-term ambition has been to create an “everything app” that incorporates financial as well as social and commercial infrastructure into one place. For investors in dogecoin it is more sensible to consider the long-term factors of the cryptoasset rather than attempting to anticipate a short-term outcome. 

British Museum to launch metaverse space

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

The offering will encompass new and immersive experiences for The Sandbox players and allow for the collection of NFTs. It isn’t the British Museum’s first set of NFTs however as it has previously launched collections with French partner LaCollection. 

The NFT market has gone through extraordinary shifts in the past few years since the technology came to prominence. While the boom times for NFT prices look a long time ago, the market hasn’t gone away completely. At the moment, dedicated fan offerings such as this are still popping up and quietly offering digital experiences to customers.

We’re likely to continue to see significant changes in the marketplace as the technology develops, adapts and finds a more natural setting that isn’t just driven by hype. NFTs have a more fundamental potential too in the digitization of physical assets such as property that represent a potentially huge untapped market still.

More By This Author:

Bitcoin On A Slow Retreat
Bitcoin Rallies Then Recedes
Crypto Retreats On Cloudy Macro Outlook