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In 2021, the incredible NFT process garnered significant interest in the market and reached a whole new level with the involvement of world-famous names. During this period, the NFT world reached volumes of thousands or even millions of dollars, but later plummeted with the market crash. In 2023 and 2024, a renewed activity in the market was observed. Interest in NFTs increased due to both the projects themselves and the airdrops that took place. However, a U.S. institution had something to say about this.
U.S. Perspective on NFTs
According to information that emerged recently, despite significant changes in the NFT market, the Biden administration still labels NFTs as a potential danger to consumers.
In a statement by the U.S. Treasury Department, the first NFT risk assessment published today defined NFTs as risky assets.
The Treasury Department stated that NFTs are highly susceptible to fraud and theft and warned that they can be easily stolen. Additionally, it emphasized the potential use of NFTs for laundering crime-related proceeds.
Contrary to the fraud cases, the Treasury Department noted that there has been no significant data on the misuse of NFTs in relation to terrorism so far. It remains unclear what measures this statement by the U.S. Treasury might lead to in the U.S.
Bitcoin Price Update
While these developments were happening on the NFT side, attention turned to the Bitcoin price. BTC seemed to continue its decline from yesterday. After a 1.6% drop in the last 24 hours, the price fell to $67,292.
During this period, BTC’s market cap also started to decline towards 1.3 trillion dollars, currently standing at 1.325 trillion dollars.
In addition to these declines, a noticeable drop in trading volume was also observed. After a 19% drop in the last 24 hours, the trading volume fell to 26 billion dollars at the time of writing. This situation may indicate a lack of interest in the market.
Contrary to the decline in interest, this situation can also be interpreted as old investors not wanting to sell at current levels.
