Worldcoin Rises 🌍 🛩️
SORA launch boosts Worldcoin. Up 140% in a week. Wallet app hits 1M daily users. OpenAI valued at $80B. ETFs are like Bitcoin’s IPO? VanEck fined $1.75M by SEC. Teslas for Binance BTC Future Traders.
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Worldcoin, a cryptocurrency project co-founded by OpenAI CEO Sam Altman, has experienced a significant increase in price and daily user activity.
The Worldcoin wallet app, known as the World App, has surpassed 1 million daily users, which is a substantial growth from 100,000 daily active users in November 2023.
This increase in user base coincided with a 140% price surge for the Worldcoin token (WLD) over the last week.
The growth in the World App user base was announced on February 18, 2024, and the price increase is attributed to several major updates from OpenAI, including the unveiling of Sora, a new text-to-video generator.
Read: Crypto's Worldcoin 🪙 🌍
What is SORA?
Sora is an AI model developed by OpenAI that generates videos based on text instructions.
It can create realistic and imaginative scenes, including complex camera motion, multiple characters, and accurate details of subjects and backgrounds.
Sora can generate videos up to a minute long and is capable of extending existing videos or filling in missing frames.
The model uses a diffusion architecture and a transformer architecture, similar to GPT models, to achieve its results.
Read: The Worldcoin Dilemma🌎
OpenAI's valuation $80 billion
Following a deal that involved a tender offer led by Thrive Capital.
OpenAI's valuation was previously established at approximately $29 billion in a similar tender offer last year.
The deal allows employees to sell their shares, and marks a nearly threefold increase in the company's valuation in less than 10 months.
The growth in OpenAI's valuation is attributed to the success of its generative AI assistant, ChatGPT, which has been a significant technology success story since its debut in late 2022.
Block That Quote 🎙️
Matt Hougan, Bitwise Chief Investment Officer
“Think of the ETF launch as Bitcoin’s IPO in the US market.”
In an interview with Decrypt, Hougan reckons that the success of these ETFs has led to a surge in demand for Bitcoin, which could potentially drive the price of Bitcoin to $80,000 or higher this year.
Hougan compares the launch of Bitcoin ETFs to Bitcoin's initial public offering (IPO) in the US market, suggesting that it has unleashed a wave of interest from traditional finance.
Bitcoin price should be 'well supported' by institutional players
Coinbase analysts have reported that they expect Bitcoin's price to be well-supported by institutional players in the coming months, particularly as more institutional investors adjust to the new ETF reality.
This expectation is based on factors such as recent net inflows into US spot Bitcoin ETFs, which have totaled over $4.2 billion year-to-date.
Coinbase drops native Bitcoin payments 💸
Coinbase Commerce will discontinue support for Bitcoin and similar UTXO coins. To use Bitcoin for payments, shoppers will need a Coinbase account.
Layuren Dowling, the product lead for Coinbase Commerce has a detailed thread explaining the change.
Difficulties in updating the EVM payment protocol for Bitcoin on the platform.
New Commerce product supports hundreds of assets and converts payments to USDC automatically.
CEO Brian Armstrong clarified that users can still pay with Bitcoin through Coinbase accounts. Integration with Lightning Network planned for future payment options.
Where’s ETF?🚨
VanEck ETF has to pay a $1.75 million civil penalty to the SEC over its Social Sentiment ETF (BUZZ). According to the SEC, VanEck failed to disclose the role of a social media influencer👇
FixFloat Exploit. Bitcoin Theft 🤬
Coin mixer FixFloat exploited: $26.1 million in bitcoin and ether, according to on-chain data.
Hack of 409 Bitcoin (approximately $21.17 million) and 1,728 ETH (approximately $4.85 million), which were transferred to suspicious addresses.
Aussie Cop accused of stealing Bitcoin: The National Anti-Corruption Commission (NACC) of Australia has accused a federal police officer of wiping a Trezor hardware wallet containing 81.62 Bitcoin at a crime scene.
Teslas for Bitcoin Future Traders 🚗
Binance is offering Tesla giveaways to increase activity on its Binance Futures platform.
Free Teslas and Daily BTC Prizes
Binance launches "Futures Ultimate Challenge" to attract new users to its Bitcoin Futures platform.
Daily price prediction contest offers 0.05 BTC for the closest guess.
New users trading over $10,000 or referring friends get a chance to win a Tesla Model Y (4 in total).
Existing users can also earn raffle tickets by trading.
Bitcoin Boom Brings Competition: Open interest in Bitcoin via futures and options—has rapidly approached matching the all-time record of $24.27 billion set in 2021. The largest crypto exchange and derivatives platform, faces new competition.
Binance vs. Wall Street: While leading the crypto derivatives market, Binance trails traditional players like CME Group. Binance aims to compete with Wall Street giants for Bitcoin futures dominance.
The Surfer 🏄
Coinbase is donating $3.6 million for Bitcoin developer funding through Brink, a non-profit that supports Bitcoin research and development.
Sports blockchain network Chiliz has announced a partnership with the K-League, South Korea’s top professional football league.
Filecoin has announced integration with Solana, that will make Solana block history more accessible by using Filecoin’s decentralised storage.
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