Crypto Hunger Games 🧟♀️
Bitcoin halving worries. ETF outflows - GBTC $1.8 billion this week. The times are of mixed crypto signals. Vitalik Buterin's Rainbow Staking solution. Satoshi holds Runestone? Solana steals the show.
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The upcoming halving is like a Crypto Hunger Games.
Separating the mining wheat from the chaff.
Here's the lowdown: In April, Bitcoin rewards for miners get slashed in half.
This means less money for everyone, but for inefficient miners with clunky rigs, it could spell doom.
Big mining companies are like Katniss Everdeen in this scenario - prepared, well-funded, and ready to dominate.
They'll gobble up the reduced rewards while smaller miners scramble for scraps.
Expect to see
Mass extinctions of inefficient miners.
A rise of the super miners - think massive, energy-efficient operations scooping up all the Bitcoin.
A potential price surge - with less Bitcoin released, the value of existing coins could skyrocket.
"I expect some Bitcoin miners will feel pressure to convert BTC to cash to continue to show growth." - Stronghold Digital Mining CEO Greg Beard.
Coinbase says this halving feels familiar
Echoes of 2018: Similar price action suggests Bitcoin could gain 500% from its recent low.
Long-term holders are HODLing: These investors are less likely to sell during the halving, potentially boosting prices.
But what's different? Bitcoin ETFs. Their impact on price is yet to be seen.
Bitcoin Teeters at $65K
Recent outflows from ETFs sent the price tumbling 10%.
Also, this kind of volatility is typical before a Bitcoin halving, and more is expected.
Read these 👇
JPMorgan throws shade on the rebound
Say Bitcoin (BTC) could fall further despite last week's correction.
Predicts a price plunge to around $42,000 after the halving.
Analysts point to high trading positions and a premium on future contracts as signs of an overbought market.
This means investors might be cashing out, causing a price drop.
Block That Quote 🎙️
Ethereum co-founder Vitalik Buterin.
"Rainbow Staking”
At ETHTaipei 2024, Buterin offered a solution to the growing concern of centralisation in staking on the Ethereum blockchain: Rainbow Staking.
Rainbow Staking splits validators into
Heavy Stakers: Secure the network (high barrier to entry).
Light Stakers: More accessible, chosen by lottery (less secure).
Buterin did answer questions about DeFi and Ethereum's upgrade, Dencun. When a reporter tried to ask about the SEC's review of Ethereum, Buterin shut down the question.
Satoshi Holds Runestone?
The creators of a popular Bitcoin project called Runestone sent their most valuable asset, worth over half a million dollars, to the wallet believed to belong to Satoshi Nakamoto, the anonymous creator of Bitcoin.
Why send such a valuable gift to someone who hasn't been seen in over a decade? It turns out, it was all a clever trick.
The creators actually "burned" the asset, making it permanently inaccessible, effectively sealing the entire Runestone collection.
In the Numbers 🔢
$358
Grayscale's Bitcoin ETF outflow on March 21.
It has been haemorrhaging money.
It's a brutal week of outflows.
GBTC lost $1.8 billion this week..
Eric Balchunas believes the bleeding is close to stopping.
Solana Steals the Show
Solana has emerged as the hottest blockchain, according to CoinGecko Research.
Memecoin Mania: Traders are flocking to Solana's decentralized exchanges (DEXs) to scoop up memecoins like Bonk and Slerf.
Price on Fire: Fueled by the trading frenzy, Solana's price has skyrocketed over 700% in the past year, reaching its highest level since 2021.
The Surfer 🏄
A Telegram game called Super Sushi Samurai suffered a $4.6 million exploit due to a critical bug. The project developers confirmed the exploit and are investigating the code. The attacker, claiming to be a "whitehat hacker," has offered to return the stolen funds and is in contact with the developers.
Google search shows ENS wallet balances: Google now displays the balance of wallets linked to Ethereum Name Service (ENS) domains directly in search results. Search an ENS domain (e.g., example.eth) on Google. See the associated wallet address and its current balance. (Data sourced from Etherscan)
US government bonds are going digital: The market for tokenised Treasuries exploded in 2023, with 641% growth according to CoinGecko. This means these blockchain-based versions of US Treasury securities went from $114 million in January to $845 million by year's end.
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