PartyBid raises $16.4 million, led by a16z

PartyDAO is the decentralized organization behind PartyBid, an NFT bidding platform. The group recently raised $16.4 million in a funding round led by a16z. The PartyBid protocol is designed to help coordinate multi-person co-ownership of NFTs and transform the regular user experience into a multi-dimensional experience, thereby providing new opportunities for ordinary retail buyers to pool funds to achieve common goals. The successful completion of this round of financing and the participation of many well-known institutions in the industry prove that even if the main cryptocurrency market is down, traders’ interest in split NFT ownership is still growing.

BTC decouples from the stock market

The consumer price index (CPI) will be released later today, another data that could move the market. BTC’s market cap to real market cap (MVRV) ratio is a key indicator of whether a bear market has bottomed out. In past bear markets, the market bottom has always been when the MVRV ratio fell below 1. The figure is currently close to 1.3, which suggests that the price of BTC may fall further before reaching a cyclical bottom.

The consumer price index (CPI) will be released later today, another data that could move the market. BTC’s market cap to real market cap (MVRV) ratio is a key indicator of whether a bear market has bottomed out. In past bear markets, the market bottom has always been when the MVRV ratio fell below 1. The figure is currently close to 1.3, which suggests that the price of BTC may fall further before reaching a cyclical bottom.

Similar to BTC, ETH is currently below the $1,800 mark, which it has been trying to break over the past week. If ETH wants to accelerate its rise, the $1800-1820 range is the main obstacle that it cannot avoid. At the same time, the performance of most of the top non-mainstream coins was mixed. XTZ hit a one-month high, boosted by positive news of the upcoming USDT launch on the Tezos blockchain.