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Today in crypto, non-fungible tokens (NFTs) are on track to close November with strong momentum, TYMIO founder Georgii Verbitskii predicts a $180,000 Bitcoin price by the end of 2025, and Alexey Pertsev, the developer of the cryptocurrency mixing protocol Tornado Cash, will remain in detention as he awaits his trial.
NFTs record $158 million weekly sales volume, led by Ethereum, Bitcoin
Non-fungible tokens (NFTs) maintained a relatively strong weekly sales volume despite a slight decline compared to last week’s surge.
On Nov. 24, NFT data tracker CryptoSlam showed that digital collectibles had a solid week, recording a sales volume of about $158 million over the last seven days. The data shows a 12.7% decrease compared to the week before when digital collectibles recorded $181 million in weekly sales volume.
Despite the slowdown, the weekly volume is still well above its record at the start of November. From Nov. 4–10, NFTs had a weekly sales volume of only $93 million, reflecting a 69% increase from earlier in the month.
Ethereum maintained its lead for weekly NFT sales volume. The network recorded $49 million in sales, a 25.9% drop compared to last week. Bitcoin ranked second, with $43 million in sales, down 29%.
The Solana network maintained its ranking as the third highest in sales volume for digital collectibles. The network recorded $23.9 million in weekly sales, a 9% drop compared to the previous week. Meanwhile, Polygon, Mythos Chain, Immutable and BNB Chain collectively recorded a $35.8 million sales volume for the week.
Solana led all blockchains in the number of NFT buyers. CryptoSlam data showed that Solana had over 185,000 NFT buyers for the week, a 57.99% increase from last week’s 117,000.
The average transaction value across all networks dipped slightly, from $133.08 to $126.17.
TYMIO founder forecasts $180,000 Bitcoin by 2025
Georgii Verbitskii, the founder of the TYMIO decentralized finance platform, forecasts a $180,000 price for Bitcoin by the end of 2025.
Verbitskii said he expects Bitcoin to hit at least $100K by the end of 2024, and potentially $120K by early January 2024 — before the incoming Trump administration is sworn into the White House on January 25.
Verbitskii also told Cointelegraph that supply-side issues would continue to keep Bitcoin’s volatility high throughout the cycle and price trending upward due to a potential supply shock.
The CryptoQuant Bitcoin exchange reserve metric — a measure of the number of Bitcoin available on exchanges — continues to decline and remains at multi-year lows.
Court prolongs Tornado Cash developer Pertsev’s pre-trial detention
Alexey Pertsev will remain in pre-trial detention, a decision that has amplified concerns among developers of privacy-preserving technologies.
Pertsev, the developer of the cryptocurrency mixing protocol Tornado Cash, will remain in detention as he awaits his trial. In a Nov. 21 X post, Pertsev expressed disappointment over the court’s decision to extend his detention, which he said hampers his ability to prepare for an appeal.
The decision follows growing regulatory interest around Pertsev’s cryptocurrency mixing protocol.
On Nov. 14, several Democratic Party members of the United States House of Representatives demanded answers from Treasury officials on what is being done about the crypto-mixing service Tornado Cash, which was sanctioned in 2022 but remains active.
The lawmakers highlighted a “resurgence” in mixer usage this year, with Tornado Cash accepting $1.8 billion in deposits in the first half of 2024, a 45% increase compared to all of 2023.
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