The tables have definitely turned this week and our Hot Takes take a different face. These are some of the hottest happenings and events in the blockchain this week (August 16-22).

Ethereum price continues to decline

It is not a good week for Ethereum holders, as this week has seen bearish momentum from the cryptocurrency. After losing value this week, Ethereum experts predicts that ETH’s value might plunge even lower. Ethereum had seen a slight recovery in this month’s market action but the price has been struggling to maintain a bear run. Ethereum holders have all their eyes on the support and if the bulls can overpower the bears in the price level.

CryptoPunks briefly dethroned BAYC

CryptoPunks went head-to-head with BAYC and was able to temporarily flip BAYC’s floor price on Sunday, August 21, 2022. The floor value of the CryptoPunks surpassed the BAYC’s floor value for a little time. It was not by huge lead but at the time, CryptoPunks floor was ​​66.45 ETH, while BAYC’s floor price was 64.99 ETH.

BAYC quickly reclaimed the throne. As of August 22 3:30PM SGT, the floor price of CryptoPunks is at 67.89 ETH, while BAYC floor price is at 70 ETH. Do you think the Punks can do it again and completely flip BAYC?

BAYC floor continues to dip

Last week, the floor of the BAYC has dipped to its lowest level since the beginning of the year, amid the crypto market slump. The floor touched 65.68 ETH last week and BAYC has not seen this level since January 2, 2022. According to data from CoinGecko, BAYC collection has been on a downtrend since reaching the all-time high of 153.7 ETH on May 1, 2022.

BAYC acquired using loans faces liquidations on BenDAO

Bored Ape Yacht Club NFTs acquired using loans on peer-to-peer lending platform BenDAO could possibly face being liquidated, due to the collection’s declining floor price. BenDAO allows customers to borrow Ethereum in exchange for NFTs and enables users to take out loans up to 40% of NFTs’ floor prices. If the floor price of the NFT drop to a point where the NFT-backed loan’s “health factor” is below 1, the NFT is placed in a 48-hour auction and sold to the highest bidder if the loan isn’t settled.

Editor’s Note: This article by The Mega Maxi is not a financial advise.