Bitcoin Just Made A New ATH
Gm Friends!
Bitcoin just hit new ATHs.
*checks USD chart*… Still at $51K.
But before you get mad, it’s only a matter of time before Bitcoin makes a new ATH against the US dollar.
For now, the bull market is kicking off with Bitcoin at new ATHs in not one, not two…but 14 countries.
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Here’s what’s in today’s issue:
- Rebecca shares her thoughts on Bitcoin’s new ATH, the ECB dissing Bitcoin again, Reddit owning BTC and ETH, Ethereum excitement amping up & the AI token rally reaching a tipping point.
- Altcoin alpha by David.
- This week’s airdrop by Jesse.
- Sam has an NFT report on the 2024 OG NFT comeback.
Bitcoin Has Made New ATHs in 14 Countries
Bitcoin has made new ATHs in 14 countries: Argentina, Burundi, Congo, Egypt, Ghana, Japan, Laos, Lebanon, Malawi, Nigeria, Pakistan, Sierra Leone, Sudan, and Turkey.
Balaji shared the details on X and together these 14 countries represent over 1 billion people and over $7 trillion in GDP.
The reason for the ATHs is simple: fiat is collapsing.
These countries are battling severe inflation and hyperinflation. The World Bank has described Lebanon’s situation as one of the “most severe global crises since the mid-19th century.”
Now, Nigeria’s inflation is almost at 30%–the highest level since 1996. And Argentina is battling annual inflation of over 200%, the highest level in 32 years.
As Michael Saylor says, “Bitcoin is the exit strategy.”
ECB Disses Bitcoin Again
Another piece of Bitcoin FUD has hit the decks. It’s from the European Central Bank yet again.
This time it’s to poke fun at the spot Bitcoin ETFs in a new blog post titled “ETF approval for Bitcoin – the naked emperor’s new clothes.” The ECB says:
- There is a “growing demand for the currency of crime.”
- But “the fair value of Bitcoin is still zero.”
- “Why is this dead cat bouncing so high?”
But this isn’t the first time the ECB has written a hit piece on Bitcoin.
Bitcoin is up over 200% since its last diss in November 2022 called “Bitcoin’s Last Stand.”
The ECB wrote that “Bitcoin is barely used for legal transactions” and is a “speculative bubble.”
It’s ironic because this week, the ECB announced its first loss since 2004 due to higher interest costs.
In 2023, the ECB made a net loss of €1.3 billion proving that fiat currency is the real Ponzi.
The Euro has collapsed and lost 99% of its value against Bitcoin…it seems the true value of the Euro is zero.
And the ECB has already decided on the solution: a CBDC.
The ECB has said that its digital Euro will be for payments only, not as an investment for holding. So it will be a currency that still isn’t a store of value…that doesn’t sound like a solution to me! I’ll stick with Bitcoin!
Reddit Owns Bitcoin And Ethereum
Reddit just announced its stock market IPO is expected in March.
This will be the biggest IPO by a social media company since Pinterest debuted on the stock market in 2019, valuing the company at $10 billion.
Reddit will trade on the New York Stock Exchange under the ticker, RDDT. The documents filed with the Securities and Exchange Commission (SEC) revealed two interesting pieces of information…
1. Cash Reserves in BTC and ETH
Reddit has invested some of its cash reserves in Bitcoin and Ethereum.
As of December 31 2023, these are the only two cryptocurrencies held in the company’s treasury.
Whilst no dollar amount was disclosed, Reddit says they may continue to accumulate in the future.
Who will become the next public company to invest in Bitcoin? Reply to this email and let me know.
2. Sam Altman as a Stakeholder
OpenAI and Worldcoin founder, Sam Altman, owns an 8.7% stake in Reddit.
This makes him the third-largest stakeholder.
He’s got his fingers in a lot of tech pies right now!
The Ethereum Excitement Is Amping Up
Ethereum tapped $3,000 this week for the first time since April 2022.
Now, technical analysis by Kraken is hinting that a new ATH of $5,200 is coming.
There are two catalysts that could push Ethereum to new highs: spot ETFs and VC investment.
Coinbase Puts Pressure On SEC
There is currently a 50% chance of a spot Ethereum ETF approval in May according to analysts.
Coinbase is backing the conversion of Grayscale’s Ethereum Trust to a spot ETF. It makes sense, Coinbase is the crypto custodian for Grayscale’s Ethereum Trust.
In a report addressed to the SEC, Coinbase notes that “the market has long understood that ETH is not a security.” So Ethereum and the proposed spot ETFs should be treated the same as Bitcoin.
A16z Invests in ETH Ecosystem
A16z has announced a $100M investment in EigenLayer, which is Ethereum’s largest restaking protocol by total value locked (TVL).
This is a big announcement not just for Ethereum but for the broader crypto market.
VC funding for crypto companies increased 2.5% in Q4 of 2023 to $1.9 billion—the first increase since March 2022.
Crypto is back!
AI Tokens Rally as AI is Reaching a Tipping Point
February has been a big month for AI.
First, Open AI announced its new AI text-to-video tool called Sora.
Then, crypto tokens rallied.
Now, Nvidia beat its Q4 2023 earnings expectations.
Crypto tokens are rallying once more.
The total market cap of AI-based tokens jumped by over 9% to $17.8 billion since Nvidia’s earnings report.
- Worldcoin’s WLD +170% in a week
- Render’s RNDR +120% in a month
- Bittensor’s TAO +122% in a month
But the AI bubble may be about to explode even higher.
Nvidia’s CEO commented on the earnings results saying “Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries, and nations.”
I think this bull market is ready for lift-off!
Mode is a new layer two on Ethereum and received a big grant from Arbitrum.
- Step 1: Sign Up
- Step 2: Bridge some ETH
- Step 3: Use dapps on Mode (you will find them on the Mode website)
*note using new networks can be risky, please understand the risks.
Existing Projects / Tokens
- Acala [ACA] burned 144K ACA tokens on Friday. The burning is part of Acala 2.0. The burned tokens comprised unspent emissions, network fees, and governance votes. Acala is a parachain on Polkadot that functions as one of the ecosystem’s primary DeFi platforms.
- Ethereum [ETH] hit $3K this week. The price pump is attributed to potential US spot ETH ETF approvals in May, and the Dencun Upgrade in March. Bernstein analysts believe there’s a 50% chance of approvals in May, and a near certainty of approvals within the next 12 months. The Dencun Upgrade is expected to slash network transaction fees 50% to 90%.
- Injective [INJ] tokens being staked keeps going up and up. Currently, 51M INJ are staked to the network, which comprises 54% of total circulating supply. More tokens staked means less available for sale.
- Lido [LDO] has partnered with 1inch in order to streamline and provide for faster ETH, stETH, and wstETH withdrawals from the Lido protocol. Users can now bypass conventional withdrawal queues, and the service works on the Ethereum, Arbitrum, and Optimism networks.
- Polygon’s [MATIC] AggLayer V1 Mainnet launched this past Friday. This aggregate layer unifies the Polygon ecosystem and facilitates secure and seamless cross-chain messaging.
- Uniswap’s [UNI] V4 Upgrade is set for Q3 2024. Uniswap developers say their V4 code will be the most “rigorously audited code ever deployed on Ethereum.” Auditing and testnets to begin soon.
Upcoming Projects / Tokens
- Stabble [STB] is a new DeFi protocol on Solana, and its developers say it offers frictionless swaps and near-zero price impacts on trades. Stabble’s ICO is happening now and ends Feb. 29th.
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The 2024 OG NFT Comeback
Several OG NFT collections that had been out of the spotlight now appear to be making comebacks, with prices moving up and attention returning.
This includes well known Web3 names Meebits, Moonbirds, Rektguy, Sappy Seals, Creepz, World of Women, and Imaginary Ones, while in the NFT art space, there was a huge sale involving a set of items from the Autoglyphs collection.
TO READ THE REST OF THIS ARTICLE, CLICK HERE – “The 2024 OG NFT Comeback”
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Cheers,
Lark
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Wealth Mastery (Lark Davis, and the Wealth Mastery writing team) are not providing you individually tailored investment advice. Nor is Wealth Mastery registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. Wealth Mastery is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.
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