$2T Market Cap ๐
Bitcoin crosses $1 trillion market cap. Crypto flirts with $2 trillion. Bitcoin ETFs sucking up 10X more BTC than miners can produce. Bitcoin OG calls $600k by 2026. Nvidia flips Amazon in market cap.
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Climbing is a tough gig. It really is ๐
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Bitcoin regains $1 trillion market cap.
Ethereum at $329 billion.
Crypto closing in on $2 trillion.
Bull market climbs the wall of worries.
The Fear & Greed Index for Bitcoin, which aggregates data on market momentum, volatility, volume and social media, hit 79 out of 100 yesterday. Its highest score since Bitcoin reached $69,000 in November 2021.
What are we talking about here?
America's love affair with cryptocurrencies is flourishing.
Butโฆthere are always them worries.
Debt, Debt Everywhere:ย US public and consumerย credit cardย debt are at record highs, sparking concerns about the future.
$34 trillion in public debt
$1.13 trillion in consumer credit card debt.
Christos Makridisย an associate research professor at Arizona State University. slips in a word of caution.
Read: How much longer can indebted Americans keep buying crypto?
Interest Rates Bite:ย The growth of public debt correlates with rising interest rates, impacting housing affordability and the broader economy.
Rising rates linked to debt growth could hurt housing affordability and the economy.
What to do in uncertain times?
Diversification: Spread investments beyond traditional markets.
Crypto investments.
Fed's money-printing fuelled asset bubbles, driving the crypto frenzy. Americans gamble hard-earned cash on digital assets.
However, the party may soon be over.
Fed tightens its grip, interest rates surge. This could trigger a sharp correction in asset values. Debt-burdened Americans will face increasing difficulty servicing loans, raising default and bankruptcy risks.
So, after the $50K high, Bitcoin dips a bit.
The inflation report impact.
The United States announced that the adjusted CPI annual rate in January was 3.1%, which was expected to be 2.90% and the previous value was 3.40%.
Despite previous hints at rate cuts this year, the recent inflation data might delay any reductions = expect less investments.
What happens to Bitcoin? It blasts past $50k to hit $1 trillion market cap.
Block that Quote ๐๏ธ
Adrian Orr, Governor Reserve Bank of NZ
โItโs a great business to be in, central banking, where you print money and people believe it.โ
During a parliamentary meeting, Governor Adrian Orr said this.
Did New Zealand's central bank governor reveal a truth hidden in jest?
It resonated with Bitcoiners, who saw a deeper meaning.
They're all calling for decentralisation as the solution.
Orr about digital currencies: โItโs neither a means of exchange, itโs not a store of value and itโs not a unit of account.โ
Orr about stablecoins: โTheyโre only as good as the balance sheet of the person offering that stablecoin.โ
Bitcoin ETF FOMO rally? โ๏ธ
Bernstein analysts are forecasting a potential price surge this year, fuelled by the recent launch of Bitcoin ETFs and FOMO among investors.
The Bullish Case
ETF Hype:ย The market hasn't fully priced in the potential of ongoing ETF inflows.
Supply Squeeze:ย The Bitcoin halving will further restrict supply, potentially boosting demand.
FOMO Factor:ย Fear of missing out could drive new investors to jump in.
Retail Interest:ย "Believers" are finding ways to participate through ETFs, with "curious newcomers" showing growing interest.
Gautam Chhugani and Mahika Sapra
โWe think the best days of Bitcoin are ahead, and the ETF-led Bitcoin market is poised for what we expect to be a FOMO rally."
Outpacing Miners
Over the past two days,ย spot Bitcoin ETFs gobbled up 10 times more Bitcoin than miners could even produce.
$493.4 millionย flowed into spot Bitcoin ETFs on Feb. 12th, representing roughlyย 10,280 BTC.
BlackRock led the charge withย $374.7 millionย inflow.
Miners, on the other hand, could only manage to createย 1,059 BTCย worth aroundย $51 million.
Similar story on Feb. 9th, with ETFs pulling inย $541.5 millionย compared to mining'sย $45 million.
Whereโs ETF?๐จ
Bitcoin ETFs Surpass $3 Billion Net Flows, Shattering Gold ETF launch๐
Bitcoin OG Call ๐ค
Bitcoin bull Tuur Demeester, known for his accurate price calls, sees BTC soaring to staggering heights, exceeding even his previous forecast of $500k.
His Bold Call
Minimum of $200k, potentially reaching $600k by 2026.
Driven by "trillions" in global bank bailouts and stimulus.
His Track Record
Accurately predicted the 2021 all-time high.
Believes $50k is a catalyst for mainstream adoption.
Not everyone shares this optimism. Popular trader Il Capo of Crypto expects a reversal from $50k, predicting a drop to $12k.
Nvidia flips Amazon โฐ
Nvidia has overtaken Amazon in market cap, becoming the 4th largest tech company.
Nvidia closed at $1.78 trillion, Amazon at $1.75 trillion (as of Feb 14th).
Chip Makers FTW: With AI being the belle of the ball, chip makers like Nvidia are getting all the attention, powering up the future of tech.
Amazon's Position
FAANG Member: Amazon has been a dominant player in the tech sector, traditionally part of the "FAANG" group.
Amazon's financial success is partly attributed to robust AI investments.
Can Nvidia hold its lead and challenge Google for the #3 spot? Let the AI boom decide that.
At number 10. It's Bitcoin.
The Quarterly reports โ๐ป
Robinhood: Revenue $43 million, and transaction-based revenue increased 8% year-over-year to $200 million.ย Monthly active users decreased 4% to 10.9 million, but assets under custody increased to $102.6 billion, a 65% year-over-year.
CoinShares: Revenue of $42.12 million. Total assets under management (AUM) as of Dec 31, 2023, was $3.81 billion. The company said that the 109% increase in its AUM since the end of 2022
The Surfer ๐
The UK financial regulator said it issued 450 consumer alerts in the last three months of 2023 against firms illegally promoting crypto.
ENS Labs has received an offer from Manifold Finance to settle the eth.link domain dispute. ENS community mulls $300,000 settlement.
Swiss-based FINMA-regulated banks can now offer liquid staking via Taurus and Lido. Taurus is working with Deutsche Bank and Santander.
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