$1.6B sell-off and $2B distributed🤞
$1.6B sell-off and $2B distributed🤞
Genesis $1.6B sell-off ahead - what now for Bitcoin? Celsius distributed $2B of crypto to creditors. BTC $70K & ETH $3k coming? Yuga Labs acquires Moonbirds. JamboPhone for emerging markets crypto.
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Can Bitcoin handle $1.6 Billion GBTC sell-off?
Price has surged to levels not seen since 2021 bull run, but concerns arise over potential impact of $1.6 billion GBTC sale.
Genesis Bankruptcy Looms Large
Bankrupt crypto lender Genesis granted permission to sell $1.6 billion GBTC shares.
Sale aims to repay creditors waiting on their cash since lender went bust.
Similar GBTC sales in the past led to Bitcoin price dips.
Experts Weigh In on Potential Impact
James Seyffart (Bloomberg): Selling pressure exists, but Bitcoin ETF success may counter it.
Eric Balchunas (Bloomberg ETF expert): ETFs show "real power" against negative impact.
Miguel Morel (Arkham Intelligence): Liquidity and demand suggest limited impact.
Julio Moreno (CryptoQuant): Downward pressure possible, but market prepared.
Celsius Distributes $2 Billion of Crypto to Creditors
Celsius, the bankrupt cryptocurrency lending platform, has distributed $2 billion worth of crypto to creditors, according to a court document filed on February 13.
Celsius filed for bankruptcy in July 2022.
The company began distributing crypto to creditors in late January 2024.
Celsius is on track to distribute a total of $3 billion worth of crypto.
Bitcoin $70K and Ethereum $3k? ⚛️
Crypto traders see 20% chance of Bitcoin topping $70K by April end, DeFi options marketplace Lyra shows.
Bitcoin's recent price surge and upcoming mining reward halving fuel optimism.
Traders on Lyra options platform see 20% chance of Bitcoin reaching $70,000 by April end.
Bitcoin has already risen 35% in the past three weeks.
Halving expected to reduce supply, potentially increasing demand.
Some traders remain skeptical, citing the significant move required to reach $70,000.
Rising Ethereum futures funding rate indicates growing demand for long positions and bullish sentiment.
Open interest in ETH futures across major exchanges surpasses $10.1 billion.
Deribit exchange sees record-breaking $690 million in open interest for ETH perpetual contracts.
Binance futures open interest for ETH reaches multi-month high of $3 billion.
Increase suggests heightened activity, speculation, and potential for upcoming price catalysts.
Potential approval of a spot ETH ETF by US SEC seen as a major driver.
Potential Catalysts
Increased Open Interest: Perpetual futures open interest for Ether is surging, reflecting heightened activity and potential anticipation of price catalysts.
ETF Approval Hope: Potential approval of a spot Ether ETF by the US SEC could significantly boost demand and attract institutional investors.
Staking Growth: Increased ETH staking could reduce circulating supply and potentially push prices up.
NFT Boom: Continued NFT craze with high transaction volume could benefit the wider Ethereum ecosystem, including ETH itself.
Currently trading around $2750, will Ether’s eventual rally to the $3,000 turn out differently this time?
Yuga Labs Acquires Moonbirds NFT Startup Proof 👍
Yuga Labs, the company behind the Bored Ape Yacht Club, has acquired Proof, the NFT startup responsible for the Moonbirds collection and the Proof Collective membership program.
Kevin Rose, co-founder and CEO of Proof, will step down and become an advisor to Yuga Labs.
The Moonbirds collection will be integrated into Yuga Labs' upcoming metaverse game, Otherside.
Yuga Labs also plans to continue running the Proof Collective as it is.
Insider trading rumours
Moonbirds daily sales volume jumped fivefold, with the price floor also rising dramatically, days before Yuga Labs announced the acquisition.
Moonbirds NFT price movements in bullet points
Started at $2,680 ETH on Monday afternoon.
Climbed to $5,000 ETH on Wednesday.
Briefly dipped before Friday announcement.
Spiked to $6,000 ETH (briefly) after Friday announcement.
Currently at $5,170 ETH.
Speculation swirls about insider trading, with accusations pointing at unusual pre-announcement activity.
Proof denies any leaks, while Yuga Labs remains silent.
Where’s ETF?🚨
The total net inflow of Bitcoin spot ETF on February 16 was $331 million, the single-day net inflow of BlackRock ETF IBIT was $191 million. The current total historical net inflow of IBIT has reached $5.36 billion👇
Farcaster a Twitter Alternative? 🧇
Vitalik Buterin has come in support of Farcaster, a decentralised social network, as potential alternative for Twitter.
Buterin was replying to NFT art collector under the pseudonym DeeZe.
Decentralised Vision with User Autonomy
Built on Optimism network, empowering dApp development.
Transparent platform with user data ownership.
Interoperable with other blockchain networks.
Curbing Bots and Encouraging Engagement
$5 sign-up fee discourages spam accounts.
Annual quota of 5,000 casts, 2,500 post attachments, and 2,500 reactions.
Users can purchase additional storage units.
Warpcast app prioritises data control and user interaction.
Challenges for the Decentralised Social Media
Declining daily revenue requires innovative solutions.
Balancing growth with sustainability presents a key hurdle.
Farcaster must address increasing spam activity.
Buterin's view on it as a Twitter Alternative
Vitalik Buterin sees Farcaster's potential as a usable alternative.
Channels improve experience, but spam needs effective control.
Farcaster embodies the delicate balance of innovation and viability.
Crypto Smartphone for Emerging Markets 📲
Blockchain network Aptos and affordable smartphone manufacturer Jambo are launching the JamboPhone to bring Web3 to emerging markets.
Pre-installed Aptos-compatible crypto wallet: Allow users to store, send, and receive digital assets.
Educational suite: Pre-installed Jambo App that offers a "comprehensive introduction to Web3" through its JamboEarn and JamboAcademy educational suite.
Income opportunities: Through the app's Quests feature. For users to earn money by completing tasks or learning about new crypto projects.
Affordable: Priced at only $99, making it an affordable option for users in emerging markets.
Remember what smartphone did for Solana.
Read: Saga is the star🎢
The Surfer 🏄
Digital bank Revolut is launching a crypto exchange targeted at advanced traders with lower fees and more in-depth analytical tools.
Crowdfunding for the legal defense of Tornado Cash co-founder Alexey Pertsev was cancelled by GoFundMe, citing a breach of terms of service.
FTX creditors are suing the law firm overseeing the exchange's bankruptcy proceedings, alleging that it was involved in the FTX fraud.
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