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Music NFT Platform Sound.xyz Launches Sound Protocol

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Today’s Cryptocurrency Headline

Music NFT platform Sound.xyz announced the launch of Sound Protocol, which provides a permissionless base layer that allows artists to freely deploy their smart contracts. The corresponding smart contracts are owned by the artist and cannot be upgraded. All metadata is uploaded to Arweave, a permanent and decentralized storage network, which allows artists fully control their metadata. The mint formats can be customized on a per song basis and support end-to-end royalties on primary and secondary sales. 

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to CoinShare, digital asset investment products saw inflows totalling US$8.3m last week and short-bitcoin investment products AuM rose to US$172m, the highest on record. Bitcoin is up 1.31% over the last 24 hours and rose to an intraday high of $19,320.53. The largest cryptocurrency has been trading sideways for the last few days, suggesting both bulls and bears seem indecisive to make the next major move. The bulls will attempt to push the BTC/USDT pair above the 20-day exponential moving average (EMA) ($19,653) to establish a relief rally. However, if the price turns down from this level, the ongoing sideway trading will likely continue.

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