The last 24 hours on the crypto market turned into a real "bloodbath" as the TOTAL index fell by 3.2%, which is equivalent to more than $72 billion. As a result, the fall in the market has led to mass liquidations totaling more than $160 million, with the most affected being bullish investors, who accounted for 93.9% of the liquidations.
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Amid the chaos, Raoul Pal, a well-known personality in the crypto industry, revealed his strategy. Instead of panicking, Pal took advantage of the falling market and bought digital art at what he believed to be significantly discounted prices. He said that he used his Ethereum reserves to buy works by famous digital artists XCOPY and Beeple.
I just used my ETH to buy as much XCOPY and Beeple I could afford at crazy cheap prices
— Raoul Pal (@RaoulGMI) June 24, 2024
Beeple, whose real name is Mike Winkelman, is one of the most famous digital artists in the NFT field. XCOPY, another influential artist in the NFT community, is known for his distinctive, glitchy style and has gained a loyal following.
Comeback of NFTs?
Pal's move is interesting in the sense that he decided to take advantage of the old stock market advice and "buy while the blood is flowing in the streets." No less intriguing is the fact that he chose to buy NFTs. Despite the growth of the crypto market in recent months, NFTs and other digital art items are the sector that has grown the least and lagged far behind.
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Can the current "purge" in the market shift the focus to this particular segment of the market after sentiment turns bullish again? Is it possible that Pal's stance on NFTs is an indicator that there are other major players in the crypto space who are buying digital art right now as well?