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The price of BTC should reach $55,400 in the near future amid warnings about the end of the "euphoria". The exchange rate can only grow in short-term timeframes, but experienced traders are already preparing for a potential peak and subsequent bear market.
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🔥 #Bitcoin #ETF on average absorbs (extracts from turnover by purchases) ~10,000 $BTC per day
After carving, the production of a cue ball will be ~ 450 $BTC per day, which is 22.2 times less than the demand!!!
🕵️♂️ The price of #BTC has finally passed the $52 thousand mark. However, there are two looming big threats to the short-term price:
1. Genesis has received permission to sell 35 million GBC ($1.3 billion). On a similar scale, FTX once sold BTC worth > $1 billion, which presumably led to a drop in price from $49 thousand to $39 thousand in January;
2. The US government has filed a notice of sale of 2,875 BTC seized from Silk Road on January 25, 2024.
Currently, they remain one of the largest holders with 208 thousand BTC (~ $ 10.9 billion). The last time they allegedly sold 8.2 thousand BTC ($248 million) through Coinbase was in July 2023, which presumably led to a drop in price from $30.8 thousand to $ 30.2 thousand.
For the first time since 2021 , open interest in BTC has exceeded $ 11 billion .
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The "fear and greed index of the crypto market" reached 79 points for the first time since November 2021 — the indicator signals extreme greed in the market.
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❗️ Bitcoin is above $ 50,000 for the first time since December 2021 💥
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A well-known supporter of the first cryptocurrency, Anthony #Pompliano, stated that "Wall Street buys 12.5 times more #BTC per day through #ETFs than the network can produce."
It is worth noting that #BlackRock already has 87,799 BTC ($4.15 billion) on its balance sheet as collateral for the spot #Bitcoin #ETF.
Over the past 3 weeks, #Bitcoin whales have acquired 140,000 $BTC worth $6.16 billion.
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What is ERC-404?
The developers position ERC-404 as a new standard designed to combine the best qualities of interchangeable tokens (ERC-20) and NFT (ERC-721)
ERC-404 aims to solve the problem of liquidity of NFT collections and expand the possibilities of their use in the DeFi ecosystem
📌 Interesting:
The idea of creating a hybrid token format was submitted by the #Emerald project, which subsequently collapsed. Its founder claimed that he was able to combine interchangeable and non-exchangeable tokens, but, in fact, he simply organized a rug pull scheme. The #Pandora team picked up on this idea and refined it by introducing a new smart contract standard
From a technical point of view, ERC-404 is a smart contract template that combines operations with ERC—721 and ERC-20 tokens
The contract does not change the parameters of existing standards, but in a sense synchronizes transactions using different types of assets
It is important to note that ERC-1155 already exists on the #Ethereum network — it also allows you to combine different types of tokens within a single smart contract, thus creating fractional (fractional) NFTs
The key difference between ERC-1155 and ERC-404 is that the former concerns a specific unique NFT, and the new standard can be applied at the scale of the collection
ERC-404 has not yet been recognized by either the Ethereum Foundation or the community
The page on Ethereum.org the corresponding offer (EIP) is no longer available, in addition, this smart contract template has not been audited, so the question of its vulnerability remains open
Pandora is the first and so far the largest project using ERC-404, so it is too early to talk about an established standard — it is possible that in subsequent implementations ERC-404 will receive new features and mechanisms.
📈 Top 3 Crypto trends for 2024:
— Tokenization of Real Assets (RWAs): This trend opens the way for trillions of dollars from the traditional financial sector to the crypto ecosystem. Tokenization offers a decentralized approach to asset-backed tokens, as is the case with U.S. Treasury bonds, whose yields rose sharply last year. An example is MakerDAO with sDAI tokens backed by treasury bonds through the SparkDAO platform, demonstrating an impressive total amount of blocked funds (TVL) in cryptocurrency and a yield of 5%. Some other projects in this area include Synthetix, Pendle and Centrifuge.
— Bitcoin Layer 2: The development of second-level networks (Layer-2) for Bitcoin opens up new opportunities to increase its scalability, reduce transaction time and expand programmability, which is critical to maintaining the competitiveness of Bitcoin as a technology. Let's highlight one of the projects here: Stacks. But there are already a lot of them!
— AI-based cryptocurrencies: The growing interest in integrating artificial intelligence (AI) into financial technologies is contributing to the development of a new sector in the crypto industry. Projects such as Fetch.ai and SingularityNET, aim to create decentralized platforms that allow AI to interact and conduct transactions, thereby opening up new opportunities for automation and optimization in the cryptocurrency space.
🔥 For each block produced in the TRON blockchain, 176 TRX is generated as a reward. At the same time, more TRX is burned in transactions per day than is generated over the same period.
Yesterday, a net increase in TRX was recorded in the amount of -6.12 million (about $740 thousand), i.e. TRX has been in a state of deflation, and for 514 consecutive days.
The #Phantom browser-based crypto wallet has reached 3 million installs in Google Chrome
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Apk Invest predicts the price of #Bitcoin to rise to $2.3 million by 2030
Art Invest has significantly increased its confidence in the potential of bitcoin, predicting a significant increase in its price to $2.3 million by 2030.
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💰 #Coinbase has released an advertisement campaigning to use crypto instead of fiat
The advertisement is timed to coincide with the National Day of the Lost Penny
Every year, people lose $ 1.2 million in pennies, and making one coin costs almost 3 times more than the face value. It has been 167 years since the last coin update. Fortunately, there is a cryptocurrency.
The whale 🐳 raised $6.77 million in 3 hours
The user bought the SatoshiVM meme token for 277.66 ETH ($681k) and after 3 hours sold the coins for $4.38 million. Taking into account the remaining SatoshiVM on the balance sheet, the total profit is $6.77 million 💥
To be the first in line to buy immediately after the launch of the token, I had to pay a commission of 141.66 ETH ($347k)
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🏆 #Bitcoin #ETFs have officially become the most popular #ETFs in the history of Wall Street.
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sentiment
This week, the total volume of the cryptocurrency market has grown sharply (+5.9%), and the market volume has soared (+65.4% compared to the previous week), and interest in #altcoin has increased. When this happens against the background of rising prices, it can be a sign of greed.
It took spot #Bitcoin #ETFs 9 days to block the initial sales from #Grayscale
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February is a favorable month for buying Bitcoin
Matrix port, a Singapore-based crypto platform, in its report points to February as a favorable month for investing in bitcoin, based on the seasonal pattern of the last ten years.
On average, in February, the yield of bitcoin was 8%. Analysts note that the fourth quarter traditionally brings the highest return (20%), and the second quarter is also beneficial for investments with a return of 15%. January is usually one of the least profitable months.
The company also predicts the beginning of the fifth bullish cycle in the crypto market with the potential for bitcoin exchange rate growth to $ 125 thousand by the end of 2024, while warning of a possible correction before halving.
The Ministry of Finance of Thailand has abolished VAT on transactions with digital assets
The government plans to attract investors and make the country a “center of digital assets”
The court satisfied the requirement of the Securities and Exchange Commission (SEC) to force the submission of Ripple's financial statements for 2022-2023, as well as contracts concluded after the filing of the lawsuit related to the institutional sales of XRP
Gensler is not giving up...
#Charles Edwards (author of many indicators):
If the yield of bitcoin after carving is the same as in 2020, then next year we will see bitcoin at $280 thousand.