Ethereum $3K 🥳
Ethereum $3K 🥳
Will Ethereum march to ATH in 2024? Could Ethereum benefit from using AI to find bugs in code? Snowden stands for Bitcoin. Gangsta SBF in Brooklyn. Forbes enters Metaverse, so does Mumbai.
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This is The Token Dispatch 🙌 you can hit us on telegram 🤟
Following the Bitcoin charge, it's now "Spotlight Ethereum."
Ethereum reached $3,000, a level not seen since April 2022, before the crypto market's downturn. This represents a 3.4% daily rise and a 13% weekly gain.
Though it was swiftly pushed back to $2900 levels.
Recovery from Bear Market: ETH struggled after the Terra collapse in May 2022, but recent developments suggest renewed interest.
Wall Street Interest: High-profile fund managers including BlackRock, Grayscale, and VanEck have proposed spot ETH ETFs to the SEC, potentially offering regulated access to ETH for traditional investors.
Projected Price Growth: Standard Chartered predicts a spot ETH ETF approval by May, potentially driving further price increases.
Network Upgrade: The upcoming "Dencun" upgrade brings "proto-danksharding," aiming to improve the network's speed and affordability.
Still Below All-Time High: Despite the gains, ETH remains significantly below its November 2021 peak of $4,878.
The Next 'Institutional Darling'
Wall Street Broker Bernstein said in a research report on Monday that it may be time to now focus on Ether, the second-largest cryptocurrency.
Bernstein says there is about a 50% chance of ether spot ETF approval by May and near-certain probability of approval in the next 12 months.
Analysts Gautam Chhugani and Mahika Sapra highlight key points.
“Ether is probably the only other digital asset likely to get a spot ETF approval by the SEC.”
“Ethereum with its staking yield dynamics, environmentally friendly design, and institutional utility to build new financial markets, is well positioned for mainstream institutional adoption.”
“Institutions don't just want to launch ether spot ETFs, they want to build more transparent and open tokenised financial markets on the Ethereum network … the "utility is beyond asset gathering."
Will Ethereum Reach an ATH in 2024?
Ethereum experienced a 28% increase during the month leading up to that date, which was attributed to the nearing Denali upgrade and surges within scaling networks.
There is around $10 billion worth of open interest in Ethereum futures contracts, according to CoinGlass.
Open interest represents the value of open options and futures contracts for a particular asset.
It's not that far off the $11 billion worth of open interest traders saw during the last big bull run in November 2021. At the time, ETH was trading above $4,800 per coin.
Additionally, there was a notable rise in total value locked (TVL) in Ethereum layer-2 solutions, hitting an all-time high of approximately $26.95 billion.
Using AI to Find Bugs in Code on Ethereum 💸
Vitalik Buterin, co-founder of Ethereum, pins potential use of AI to find bugs in Ethereum's codebase.
AI-assisted formal verification of code and bug finding as an area where AI could have significant impact, given that bugs represent a major technical risk for Ethereum.
This perspective comes amidst discussions surrounding Ethereum's upcoming Denali upgrade, scheduled for March 13, 2024.
While there is some optimism around AI's ability to aid in identifying vulnerabilities, concerns have been raised about the reliability.
During tests by OpenZeppelin involving OpenAI's GPT-4, the AI correctly detected vulnerabilities in some cases but also introduced false positives and even fabricated new vulnerabilities.
CertiK's Chief Security Officer Kang Li cautioned against relying solely on AI-powered tools like ChatGPT without human oversight, suggesting instead that AI serve as an assistant to experienced developers.
Buterin has been optimistic about the impact of AI
In a November blog post, "My techno-optimism," the Ethereum co-founder laid out his prediction that AI could develop its own "mind," work against humans. He wrote -
“This is an extreme claim: as much harm as the worst-case scenario of climate change, or an artificial pandemic or a nuclear war, might cause, there are many islands of civilisation that would remain intact to pick up the pieces, … But a super intelligent AI, if it decides to turn against us, may well leave no survivors and end humanity for good. Even Mars may not be safe.”
In a January blog post, Buterin said beyond AI-driven prediction markets, AI could become a "player in the game" in cryptocurrency markets.
"But AI arbitrage bots are only the first example of a much bigger category, which I expect will soon start to include many other applications.”
Block That Quote 🎙️
Edward Snowden, the whistleblower.
“Unpopular but true: Bitcoin is the most significant monetary advance since the creation of coinage.”
The former National Security Agency (NSA) contractor turned international fugitive, recently took to Twitter to express his admiration for Bitcoin.
Snowden, who used BTC to pay for servers in 2013 following his leaks to journalists, encourages seeing Bitcoin as a tool to reshape finance rather than merely an investment.
Critical of central bank digital currencies, he labels them 'cryptofascist.'
A proponent of privacy coins, Snowden has been involved in creating Zcash and backing Tornado Cash founder Roman Storm's legal defense fund.
Where’s ETF?🚨
Digital asset investment products saw record weekly inflows, totalling US$2.45 billion, with inflows for year to date now at an impressive US$5.2 billion. The United States dominated with 99% of the inflows, totalling US$2.4 billion👇
Crypto Bro, Gangsta in Brooklyn 🤬
According to insider accounts provided by ex-Blood gang member G Lock in an interview to crypto journalist Tiffany Fong 👇
Former FTX CEO Sam Bankman-Fried (SBF) has developed a "gangster" reputation within the Brooklyn Metropolitan Detention Center.
G Lock mentioned that Bankman-Fried seemed strange yet likable. Despite not showering regularly nor shaving, Bankman-Friend gained respect from other inmates without experiencing significant threats or physical harm. Though he did encounter mockery regarding his past relationship with Caroline Ellison, the previous CEO of Alameda Research.
The back story
Before being transferred to the Brooklyn facility, Bankman-Fried was in a luxurious Bahamian jail, with vegan meals, air conditioning, and television.
Following his extradition to the United States, he obtained temporary release under house arrest due to a secured $250 million bail bond.
With accusations of attempted witness tampering, he returned to prison until the recent court decision convicting him of fraud and money laundering charges.
Forbes Enters The Metaverse
Forbes, the Hong Kong-owned magazine founded in 1917, now owns virtual real-estate in the Sandbox Metaverse.a business magazine
Partnership With The Sandbox: As part of the collaboration between Forbes and The Sandbox, Forbes will create virtual experiences that reflect various aspects of their brand within the latter's VR universe.
These experiences include thematic spaces like "Forbes Field," which showcases global economic trends using interactive data visualisations, immersive games, and quizzes. There are plans to host exclusive events such as conferences or award ceremonies inside these digital environments.
Exploring Opportunities Within Web3 Technologies: Forbes' Chief Content Officer, Kevin Mautone, reckons that beyond just participating in VR worlds, it is also looking at opportunities related to blockchain, cryptocurrencies, non-fungible tokens (NFTs), and smart contracts.
Mumbai comes to metaverse
The Mumbai Metropolis Metaverse will let citizens virtually monitor the progress of the megaprojects around the city.
The Surfer 🏄
Japan opens up Web3 investments for local VCs by allowing limited partnership firms to acquire and hold crypto assets.
The UK is seeking to establish new stablecoin regulations within the next six months, potentially deterring some crypto players.
Hong Kong's clarity on crypto exchange licenses attracts traditional brokerages like Tiger Brokers and Victory Securities to trade crypto.
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