Better Days Ahead For Bitcoin? 🌞
Factors to impact Bitcoin price in coming months. Metaverse gets Apple Vision Pro boost. Donald Trump says AI is ‘so scary‘. Binance freezes $4.2M worth stolen XRP. Crypto teacher charged by SEC.
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Bitcoin has been on an up and down ride since the spot ETF hit the markets. With the tech results season in - crypto is back looking at green shoots.
Stocks Up, Crypto Down
Unexpectedly Strong Labor Market: Unemployment falls to 3.7%, 353,000 jobs added in January.
Powell's Tightrope Walk: Fed Chair links rate cuts to labor market and inflation data. Strong jobs report pushes March rate cut expectations down to 20%.
Tech Earnings Boost Stocks: S&P 500 and Nasdaq gain 1% and 1.6%, respectively. Amazon and Meta Platforms earnings provide lift.
Cryptocurrency Slump: Bitcoin and Ethereum lose around 0.5% despite weekly gains.
Technical Factors Point to Possible Reversal: Coinbase analysts highlight exhausted pressure on Bitcoin.
Looking Ahead: Investors await further clarity on Fed's monetary policy trajectory.
Bitcoin Poised for Growth as Sell-Off Subsides
Latest Coinbase report presents a bullish outlook for Bitcoin, driven by subsiding selling pressure, supportive macro factors, and upcoming events like ETF adoption and the Bitcoin halving.
Sell-off slowing down: Outflows from Grayscale's Bitcoin ETF are declining, while net inflows into Bitcoin spot ETFs rise.
Market sentiment improving: Open interest on CME Bitcoin derivatives exchange stabilises, indicating less selling pressure.
Macro factors to drive performance: US economic "soft landing" and potential Fed rate cuts could benefit Bitcoin.
Rate cuts, ETF adoption, and Bitcoin halving seen as bullish: These factors could unlock liquidity and push prices higher.
Bitcoin 'Power Law' Predicts $1 Million BTC Price by 2033
Bitcoin's price is a "force of nature" that scales over time much like a city, according to astrophysicist Giovanni Santostasi, a former physics professor at McNeese State University.
The “Bitcoin Power Law” attempts to map Bitcoin’s long-term price appreciation on a log-log scale, meaning that both price and time scale exponentially along its y-axis and x-axis respectively
He lays it all out an interview with YouTuber Andrei Jikh last month.
Will this "power law" hold up?
Apple's VR debut for Metaverse boost
Apple's Vision Pro launched on February 2nd, and it's a hit.
What's cool about it?
Spatial computing: Integrates digital content seamlessly with the real world.
Intuitive controls: Utilises eye tracking, hand gestures, and voice recognition.
Familiar apps: Transformed versions of Safari, Photos, Music, and Messages.
New App Store: Features groundbreaking apps built specifically for Vision Pro.
Environments: Magically transform surroundings with stunning landscapes.
Competition: Starting at $3,499 in the US, and it directly competes with Meta's established "Meta Quest" headset.
Ultra-Realistic Metaverse Meets Cutting-Edge Headset
Victoria VR to launch app in Q2 2024, showcasing both Vision Pro's capabilities and Web3 technology with immersive gameplay and stunning graphics.
VR Token Surges on Metaverse News
Victoria VR's metaverse powered by VR token, rewarding active users and stakers.
Token based on Ethereum's ERC-20 standard, with half of in-game sales redistributed.
VR token price jumps nearly 60% in 24 hours, reaching $103 million market cap.
White paper outlines goal of accessibility, allowing users to earn VR tokens through participation.
"Pay-to-speed" approach prioritises engagement over pay-to-win mechanics.
Block that quote🎙️
Donald Trump sounds the danger alarm
“AI is so scary … maybe the most dangerous thing out there."
In an interview on Fox Business Trump sounded off on various topics, including CBDCs and artificial intelligence.
Where’s ETF?🚨
Google allows Bitcoin ETF ads after SEC approval, Facebook & Instagram are considering the same @PatrickCoffee👇
Binance freezes $4.2M worth of stolen XRP tokens
Cryptocurrency exchange CEO Richard Teng confirmed recovering $4.2 million in stolen XRP, pledging support to Ripple for retrieving the remaining ~$113 million.
Limited Recovery, Significant Loss: While recovering $4.2 million is positive, it represents only a small portion of the estimated $113 million stolen on Wednesday.
Attack Clarified: The exploit targeted Ripple co-founder Chris Larsen's personal wallets, not Ripple itself or its users.
XRP Price Fluctuates: Initially dropping 5%, XRP price has since rebounded by 1.8%, currently at $0.5049.
Binance's Security Efforts: This action follows Binance's previous collaborations with law enforcement, like freezing Hamas-linked accounts in October.
Crypto Course Founder Charged with $1.2M fraud
Brian Sewell, founder of American Bitcoin Academy, charged by SEC with fraud.
Sewell, also the founder of the founder of Rockwell Capital Management, allegedly targeted students to invest in a non-existent crypto hedge fund.
He claimed the fund would use AI for high returns, but it never launched.
He received $1.2 million from 15 students before losing the funds in a hack.
Settlement: Sewell and his firm Rockwell Capital Management have agreed to pay $1.8 million.
News Surfer 🏄
Meta’s Reality Labs reported revenue of $1B, during Q4 last year, up from $727 million in 2022’s Q4, but losses of $4.6B.
Marathon Digital to pay Hut 8 a termination fee of $13.5 million to take full operational control of two recently acquired bitcoin mining facilities.
UAE and China conducted the first cross-border Renminbi transaction, moving 50 million dirhams ($13.6 million) using the mBridge network.
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