• Bitcoin (BTC) has stalled above $27K after experiencing a surge from under $20,000.
• The altcoins have also remained relatively flat on a daily scale.
• Ripple (XRP) has emerged as one of the best performers for the past seven days, rising 21% in total.
Bitcoin Stalls at $27K
Bitcoin (BTC) has recently taken a break after exploding from under $20,000 to over $28,000 during the US banking crisis. After charting yet another nine-month high above that level, BTC retraced to under $28,000 and has remained there for the past few days.
Altcoin Market Remains Flat
The trading volumes have gone down during the weekend, resulting in Bitcoin failing to produce any significant moves in either direction. The altcoins have also stalled on a daily scale with no clear trend emerging among them.
Ripple (XRP) Outperforms
Despite this overall stagnation in the cryptocurrency market, Ripple (XRP) has emerged as one of the best performers for the past seven days, with its price rising by 21% in total. Arbitrum’s recently launched token has also recovered 7% since yesterday’s dump.
It remains unclear if Bitcoin will be able to continue its bullish momentum or if it will be dragged back down by the rest of the market. For now, it seems that traders are waiting for new developments before taking any decisive actions regarding their portfolios.
Overall, it appears that while Ripple (XRP) is performing well at present and outperforming most other altcoins by some margin, most of the cryptocurrency market is currently stuck in limbo as traders await news which could bring more volatility into play once again.
• Crypto pioneer Balaji Srinivasan has predicted that the US economy will enter a phase of hyperinflation in 90 days, driving Bitcoin (BTC) up to $1 million.
• Balaji has offered $1 million in BTC for the best 1000 tweets that alert people about the “stealth financial crisis” disguised behind banking bailouts.
• He encourages people to buy Bitcoin now and take their coins off exchanges before it’s too late.
Crypto Twitter Betting on Hyperinflation
Crypto pioneer and venture capitalist Balaji Srinivasan recently tweeted his prediction that the US economy would soon enter a phase of hyperinflation, leading to an increase in Bitcoin (BTC) value to as much as $1 million. To support this theory, he offered to pay out $1 million in BTC for the best 1,000 tweets that alert people about what he calls the “stealth financial crisis” which is being disguised by bank bailouts.
The Stealth Financial Crisis
Balaji believes that banks have become insolvent due to complex language being used to hide mortgages from depositors. Now with trillions of dollars being printed, he warns that it could lead to hyperinflation and devaluing of fiat currency like US dollars. He therefore encourages people to buy Bitcoin now before it’s too late and keep their coins off exchanges.
What is Hyperinflation?
Hyperinflation is a situation when prices rise rapidly due to an increase in the money supply faster than economic growth can keep up with demand. This means more money chasing fewer goods resulting in inflationary prices and also devaluation of currency when compared against other assets such as gold or BTC. When combined with government spending or borrowing money at high interest rates, it can quickly spiral out of control leading to hyperinflationary conditions where even large sums cannot buy basic necessities anymore.
The Benefits of Bitcoin
Bitcoin provides a safe haven from these economic conditions by providing a decentralized store-of-value outside of traditional government-backed currencies whose value is determined solely by market forces without political interference or manipulation from central banks and other authorities. Additionally, its fixed supply ensures there will never be any additional BTC created beyond its original 21 million cap making it extremely rare and valuable asset over time even if its price experiences volatility over shorter periods.
Balaji’s recent tweet has caused quite a stir on Crypto Twitter with many users coming forward expressing their agreement with his line of thought while some remain skeptical given how volatile BTC prices can be over short periods of time despite its long-term potential for growth given its limited supply and increasing demand from institutional investors around the world
• Ethereum’s price has found substantial support at $1450.
• If ETH sustains this level, traders can expect another bullish leg toward the crucial resistance level of $1700K.
• The price of ETH is currently ‘stuck’ in a tight range between the lower threshold at roughly $1410 and the static resistance region at $1500.
Ethereum Price Analysis
The recent turbulence in SVB Bank and its effect on USDC have caused a bearish sentiment among market participants. Despite this, Ethereum’s price has found substantial support within the $1450 price range. The upcoming days will be crucial to see if ETH can hold this critical level or continue its negative trend.
The daily chart reveals that after breaking above the upper trend-line of the symmetrical triangle and consolidating for an extended period, Ethereum’s price has declined and is currently retesting the previous breakout level at $1450. If it sustains this level, traders can expect another bullish leg towards a crucial resistance level of $1700K. However, if it drops below the trend line, a plunge towards the $1.2K support level may be imminent as both are aligned with 200-day moving average at $1450 providing solid support levels.
4-Hour Chart Analysis
The 4-hour chart shows that Ethereum’s price has been following an ascending channel but recently dropped below its middle equilibrium line resulting in a cascade downwards. Nevertheless, it now reached the channel’s lower boundary temporarily finding support there as well as within a tight range between roughly $1410 and static resistance regions of around $1500. ETH is likely to break out of this range in either direction depending on whether or not it can sustain itself near current levels or continue declining further towards more bearish sentiment.
In conclusion, Ethereum’s future lies heavily dependent on whether or not it holds onto its current support levels near around 1450 USDT mark or continues to decline further into bearish territory possibly even reaching 1200 USDT mark if broken down further from hereon out making next few days absolutely crucial in determining future path forward for cryptocurrency giant Ethereum (ETH).
• Ethereum’s current fate depends heavily on whether it can hold onto its critical price point near 1450 USDT or falls back into bearish territory possibly even reaching 1200 USDT mark if broken down further from hereon out • Next few days will be absolutely essential in determining future path forward for cryptocurrency giant Ethereum (ETH) • A break above upper trend-line could lead to another bullish leg while break down from hereon out could spell disaster for cryptocurrency
Here’s Why US Senators Don’t Want Teens to Access Facebook’s Metaverse
- Two United States senators have asked Mark Zuckerberg, the CEO of Facebook’s parent company Meta Platforms Inc., to cease plans to release its Horizon Worlds metaverse app to teenagers.
- The senators cited Meta’s record of flawed social media platforms for children that have failed to protect them from inappropriate content.
- They have now asked Zuckerberg to halt such plans immediately as the release could contain the same flaws as their Instagram and Messenger apps for kids.
Meta Asked To Stop Horizon Plans For Teenagers
The senators sent a letter to the CEO, insisting that Meta stop the plans immediately. Horizon is a metaverse application that gives users access to virtual worlds and avatars. Launched last December, the platform aims to attract 500,000 monthly active users in the first half of 2023. As of January, Horizon had just over 200,000 monthly active users aged 18 and above. To attain the set goal, Meta decided in February to open Horizon to teenagers aged 13-17 later this month.
Potential Threats Faced By Teenagers In The Metaverse
Senators Markey and Blumenthal believe such a decision comes with risks of exposing teenagers to inappropriate content. To substantiate their claims, they cited Meta’s inability in protecting their young-aged target audience from inappropriate content. They expressed concerns about potential issues like cyberbullying or exposure of teens on platforms where predatory adults can reach out or attempt contact with minors.
Horizon’s Actions In Response To The ConcernsIn response, Facebook claims it has taken steps that would prevent these issues from occurring if teens were allowed on the platform. Some security measures include requiring parents’ permission before access is granted; monitoring conversations; and implementing a “zero tolerance policy” for anyone who attempts contact with minors via messaging or video calls.
Meta Still Planning On Allowing Teens On Platform h2 >
Despite these steps being taken by Facebook/Meta Platforms Inc., there has been no confirmation whether they would suspend their plan on allowing access for minors on Horizon Worlds metaverse app this month or not. It is currently unclear how Facebook will respond but more updates will be released regarding this matter soon.
< h2 >Conclusion h2 >
Overall, US senators are asking Mark Zuckerberg and his team at Facebook/Meta Platforms Inc.,to cease their plans on releasing Horizon Worlds metaverse app as they fear potential threats posed against teens due flaws seen in similar social media platforms like Instagram and Messenger Kids before it . It remains unclear what action Facebook will take regarding this matter but we will keep you updated with any developments that arise soon!
• Lido Finance recorded its highest daily stake inflow on Saturday, with more than 150,000 ether (ETH) staked.
• Justin Sun was the major contributor to this large stake inflow by depositing 150,100 ETH worth $240 million on Lido.
• The large inflow caused the protocol to activate its Staking Rate Limit safety feature in order to avoid any side effects due to such inflows.
Lido Finance Records Highest Daily Stake Inflow
Lido Finance recorded its highest daily stake inflow on Saturday, with more than 150,000 ether (ETH) staked on the platform. According to Web3 data analytics platform Lookonchain, Tron blockchain founder Justin Sun staked 150,100 ETH worth $240 million on Lido. On-chain data shows Sun deposited the assets in four separate transactions.
Justin Sun’s Contribution
Justin Sun was the major contributor to this large stake inflow by depositing 150,100 ETH worth $240 million on Lido. On-chain data shows Sun deposited the assets in four separate transactions.
Staking Rate Limit Activated
About four hours after Lookonchain’s tweets, Lido Finance noted that the large inflow caused the protocol to activate its Staking Rate Limit. This safety feature is designed to avoid any side effects due to such inflows by limiting the number of staked ETH (stETH) that can be minted in a timeframe and replenishes this capacity block-by-block basis. Most users are unlikely to be affected as it recovers around 6200 ETH per hour according to Lido.
Connection With Ethereum’s Shanghai Upgrade
The latest development of increased ETH staking on Lido can be attributed largely due to Ethereum’s upcoming ‘Shanghai’ upgrade where users will witness several performance improvements and better gas fees for smart contracts deployed through Eth 2.0 network layer protocols like Uniswap and Aave also contributed towards greater adoption of DeFi protocols like Curve and Balancer which are powered by Ethereum’s Layer 2 scaling solutions like Matic Network and Optimism .
All these developments indicate an increasing demand for yield farming which has resulted in higher amounts of deposits being made into various DeFi protocols like Curve and Balancer leading them towards higher market capitalization and liquidity as well as greater profits for investors who actively participate in yield farming activities within these platforms
• An original CryptoPunk was recently swapped for an Ordinal Punk.
• The Ordinal Punk collection is made up of 100 punks, inscribed within the very low inscription numbers on the Ordinals protocol.
• Most sales of these punks are currently in the region of around $100K.
The First Major Swap?
In what seems to be the first major swap, an original CryptoPunk was traded for an Ordinal Punk yesterday. The buzz around Ordinals, or as they are commonly referred to as Bitcoin NFTs (Non-Fungible Tokens), continues with someone trading their CryptoPunk for one from the Ordinals collection in what seems to be the first swap of this kind.
What Are Bitcoin NFTs?
Bitcoin NFTs are inscriptions through the Ordinals protocol on the Bitcoin network and have been gaining a lot of attention due to their massive sales which are currently in the region of around $100K.
Someone has decided to trade their original CryptoPunk for an Ordinal Punk in what seems to be the very first swap of this kind. The CryptoPunk that was swapped is pictured below:
Source: Larva Labs
And this is the Ordinal Punk that it was swapped for:
It’s also worth noting that popular Bitcoin layer-two scaling solution, Lightning Network, has also been integrated into these collections making them even more attractive investments.
The Attention Around These Punks
These collections continue to drive a discussion within the crypto community and receive quite a lot of attention due to their massive sales figures and potential investment opportunities presented by being inscribed on a popular blockchain network such as Bitcoin’s Lightning Network.
This swap marks a new milestone in what looks like it could become a trend among cryptocurrency traders and investors looking for new ways to diversify their portfolios and increase their profits.
• Binance Coin has dropped by over 5% following news from US regulators regarding Paxos and the BUSD stablecoin.
• Bitcoin had tapped $22,000 before the news, but has since returned to $21,400 – a three-week low.
• The SEC plans to undertake legal actions against Paxos for selling unregistered securities in the form of BUSD.
Binance Coin Dumps Below $300
Binance Coin has dropped by over 5% in the past 24 hours following news from US regulators regarding Paxos and the BUSD stablecoin. This comes after Bitcoin had tapped $22,000 just hours earlier.
Bitcoin Falls To Three-Week Low
Despite starting off strong this month with a pump above $24,000 for the first time in over five months after an interest rate hike from the US Federal Reserve, Bitcoin failed to continue upwards and returned to $23,000 in the following days. The asset then fell further when the US SEC went after crypto staking, dropping to its three-week low of $21,400.
SEC Takes Action Against Paxos
The weekend was a bit more positive as Bitcoin recovered some ground and went up to $22,000. However at this point reports emerged that the SEC plans to undertake legal actions against Paxos because it supposedly sells unregistered securities in form of Binance USD (BUSD).
Altcoins React Worse Than Bitcoin
Altcoins reacted even worse than bitcoin to this news with HBAR, APT, FTM, GRT among others dumping by double digits.
Despite some initial success this month due to an interest rate hike from the US Federal Reserve and recovering some ground over the weekend before reports emerged about regulatory action against Paxos for selling unregistered securities in form of BUSD, cryptocurrency markets have not been able to hold onto their gains with altcoins reacting much worse than bitcoin itself which is currently sitting at its three-week low of $21 400.
• Uniswap V3 will be deployed on Ethereum’s layer 2 protocol Boba Network following a successful governance vote from the Uniswap community.
• The proposal was submitted by the Boba Foundation and FranklinDAO with backers including GFX Labs, Blockchain at Michigan, Gauntlet, and ConsenSys.
• 51.01 million voted YES out of the 40 million needed to pass it, resulting in Uniswap v3’s deployment to Boba in the coming weeks.
Uniswap to Deploy on Boba Network
The leading decentralized exchange (DEX) Uniswap v3 will be deploying on Ethereum’s layer 2 protocol Boba Network following a successful governance vote from the Uniswap community. The proposal was submitted by the Boba Foundation and FranklinDAO with backers such as GFX Labs, Blockchain at Michigan, Gauntlet, and ConsenSys. 51.01 million answered YES out of the 40 million required for passing it, thus enabling Uniswap v3’s deployment to Boba in the upcoming weeks.
Boba Network Overview
Boba Network is an Ethereum-based layer 2 scaling solution which utilizes Hybrid Compute technology which supports lightning-fast transactions with fees that are 40-100 times lower than other layer 1 networks like Ethereum mainnet or Avalanche, BNB, Moonbeam or Fantom etc. It provides developers a platform where they can build compliant layer DeFi applications atop of Uniswap while maintaining permissionlessness of the protocol itself.
Reaction from Alan Chiu
Commenting on the development Alan Chiu who is one of Boba’s core contributors said: “Boba Network’s Hybrid Compute will make it possible for ecosystem developers to build a new generation of hybrid on-chain/off-chain DeFi applications atop of Uniswap.“ He further added that this would help them optimize costs while increasing speed & performance when building projects leveraging off-chain data sources & services that require instant finality & low latency response times.
Benefits for Developers
The addition of Uniswap V3 onto the platform will open up new opportunities for developers looking to build projects utilizing off-chain data sources & services as it offer advantages such as optimized costs and increased speed & performance due to instantly finality along with low latency response times offered by Boba network compared to other layer 1 solutions like Ethereum mainnet or Avalanche etc .
It remains to be seen how this development impacts DEX users but all indications suggest that deploying Unswip v3 onto Ethereum’s Layer 2 protocol -Bobba Network- could prove beneficial both for developers looking to create projects using off chain data sources and services as well as general users who would enjoy faster transaction speeds at lower cost thanks this integration.
• Plan B, a popular Bitcoin price analyst, predicts that Bitcoin will rise to a minimum of $100,000 and potentially as high as $1 million by 2025.
• Plan B believes that Bitcoin’s pump in January confirms that the asset’s 4-year cyclical price bottom is now behind us, signaling the start of another bull market.
• He also expects the 2024 halving to push Bitcoin above $32,000.
Plan B, a popular Bitcoin price analyst, recently made a bold prediction that Bitcoin is set to reach a minimum of $100,000 and potentially as high as $1 million by 2025. He believes that Bitcoin’s pump in January confirms that the asset’s four-year cyclical price bottom is now behind us, signaling the start of another bull market.
Plan B’s prediction is based on an analysis of Bitcoin’s past price movements and the upcoming halving event in 2024. He believes that the halving will push Bitcoin above the $32,000 mark, with the possibility of it rising even higher. He also believes that the halving will spark a new wave of investor interest in the asset and cause prices to surge even further.
The prediction has been met with some skepticism from the crypto community, with some feeling that the prediction is too optimistic. However, Plan B has maintained that his estimates are based on a thorough analysis of Bitcoin’s past price movements and the upcoming halving event.
Despite the skepticism, it’s clear that Plan B’s prediction has given the crypto community something to think about. If Bitcoin does reach the predicted prices, it would mark a significant milestone for the asset and could revolutionize the way we think about money and investing.
Plan B’s prediction is likely to cause some waves in the crypto space. With the upcoming halving and the potential of Bitcoin’s price soaring to new heights, investors are sure to be paying close attention to what lies ahead for the asset. Only time will tell if Plan B’s prediction comes true, but if it does, it could have a significant impact on the future of crypto.
• The South African Advertising Regulatory Board (ARB) has introduced new rules to protect crypto investors from misleading advertising.
• The new guidelines aim to ensure that cryptocurrency advertisements accurately state the risks involved with all cryptocurrency investments.
• The rules also require advertisements to make it clear to consumers that they stand to lose their capital due to market volatility.
The South African Advertising Regulatory Board (ARB) has recently taken action to protect investors from being misled by cryptocurrency advertisements. On January 23, the ARB introduced a set of new rules that are designed to ensure that any cryptocurrency advertisements accurately state the risks involved in investing in digital currencies.
The new rules require all cryptocurrency advertisements to clearly state that investing in crypto assets may result in the loss of capital as the value of the currency is highly variable and can change quickly. This should make investors aware of the potential risks associated with investing in digital currencies. Furthermore, the rules require any advertisements to include a warning that past performance and analysis of the crypto asset markets should not be relied upon as an indicator of future performance.
In addition, the new rules also require that all advertisements make it clear to consumers that they stand to lose their capital due to market volatility. This should make it easier for investors to make informed decisions when it comes to investing in digital currencies. The ARB also stated that no advertisement should be misleading in any way, and that all advertisements must be clear and easy to understand.
The ARB stated that it will take action against any company or individual who fails to comply with the new rules. This includes issuing fines or suspending the company or individual’s advertising licence. The ARB also noted that it will be monitoring the cryptocurrency market closely, and will take action if it finds any advertisements that are in violation of the new regulations.
It is hoped that the new rules will help to protect investors from being misled by cryptocurrency advertisements. By making it clear to investors that the value of digital currencies is highly variable and that they could stand to lose their capital in the event of market volatility, the ARB is aiming to ensure that investors are better informed about the risks associated with investing in digital currencies.