From Analyst predicting Bitcoin to hit $170K to whales stacking sats, here is a 2-minute breakdown of everything important that happened in crypto today.
Have you been staring at the Bitcoin charts day after day, expecting that blast off to $50K?
The crypto markets are moving at a snail's pace this week as Bitcoin remains range-bound, struggling to break above $43,000. For those who were expecting new all-time highs after the long-awaited Bitcoin ETF approval, the slow price action must feel like a wet blanket.
So, here is a meme posted by a Reddit user to lift your spirits up!
Now, on to more important matters - the latest stories and developments in crypto! Here is a TLDR or what we are covering today:
- Whales are stacking sats 🐳
- EU seeks feedback to shape emerging crypto rules 🇪🇺
- Experts bet on $170K+ Bitcoin price in wake of 2024 halving 📈
- Hollywood making a movie about a $94M Bitfinex hack 🎥
- Invesco cuts Bitcoin ETF fees to drum up interest 💸
- Magic Eden airdropping NFTs to multi-chain wallet users 🎁
Let’s dive into each of these stories!
Whales Are Stacking Sats
While the market is focused on the ongoing Bitcoin ETF dump, whales are taking the chance to stack their sats.
Data shows wallets with 1K+ BTC added about $3 billion more this month. It's a classic case of wealth transferring from those with weak hands to mega-holders.
Between ETFs facing major outflows and traders getting liquidated into oblivion, the whales only seem to care about adding extra zeros to their stash.
So are we finally coming out of the “sell the news” phase? How bullish is this news for crypto? Read the full story!
BTC to $170K!
Bitcoin bulls are charging ahead with bold six-figure predictions in the wake of the cryptocurrency’s upcoming halving event.
The closely-watched halving event happening in April has historically kicked off bull runs, with prices quadrupling on average in just 18 months post-halving.
SkyBridge Capital founder Anthony Scaramucci is among the bulls forecasting Bitcoin price to go above $170,000 by late 2025.
Other optimistic calls come from Blockstream’s CEO and Standard Chartered analysts.
Long term, some see Bitcoin ultimately capturing half the value of the global gold market. But what will the price of 1 Bitcoin be if it does happen?
These analysts also predicted the Bitcoin price in the next 18 months if it fails to enjoy a mega bull run. Read the full story!
EU Seeks Feedback for Its Crypto Regulation
Europe's top financial watchdog is asking the industry to help shape emerging crypto rules.
This week, the European Securities and Markets Authority (ESMA) floated two key consultations that will guide crypto oversight under the Markets in Crypto-Assets (MiCA) regime.
Respondents have until mid-April to submit feedback on topics like what constitutes a crypto financial instrument and how to police external asset managers courting EU clients.
Looks like the EU is getting ready to become the ultimate crypto financial hub. Will this move pave the way for other countries to formulate clear rules for crypto? Read the full story!
And that brings us to our Word of the Day…
It’s “MiCA”!
MiCA stands for "Markets in Crypto-Assets". It is a new regulatory framework proposed by the European Union to regulate crypto and crypto service providers.
In simple terms, MiCA establishes common rules across the EU for issues like issuing and selling crypto-assets; providing services around crypto-assets like exchanges, wallets, advisors etc., rights and obligations for crypto-asset service providers, and protecting consumers who buy/hold crypto-assets.
The goal of MiCA is to provide more legal certainty and protections for people using crypto-assets, while also supporting innovation in the space.
It does this by setting clear requirements around disclosure, authorization, safekeeping of funds, governance, etc. that crypto companies will need to follow if they want to operate in the EU.
So it will open doors to legalize crypto in Europe and let crypto projects set headquarters in EU countries? Read more!
Now back to our daily stories!
Bitcoin Heist Movie Incoming!
Lights, camera, crypto crime? Tinseltown is making a film exploring the psyche behind the hackers that pulled off one of history’s biggest crypto heists.
Amazon’s MGM Studios has begun early development on a movie dramatizing the story of two hackers tied to the 2016 Bitfinex exchange hack and subsequent efforts obscuring the stolen funds.
While skipping specifics, the film reportedly focuses on the clever schemes and motivation driving the pair’s role in laundering about 94,643 Bitcoins.
When will this movie be released? What will be its title? Read the full story!
Bitcoin ETF Cost Cut
This week, Invesco rolled back rates on its new BTC exchange-traded fund (ETF) down to 0.25%.
While competitors like BlackRock bagged billions out the gate, Invesco’s fund attracted only a small fraction of capital since its launch.
So are those slashed fees really a generous gift to investors? Or is Invesco trying to drum up interest as its ETF turns into a total ghost town? Read the full story!
Magic Eden Is Making Moves
A leading NFT marketplace is making a major power play to be the portal connecting crypto art collectors across chains.
This week, Magic Eden revealed its new multi-chain wallet supporting assets across Ethereum, Solana, Bitcoin and Polygon. The self-custodial wallet allows NFT swaps and management between the top blockchains.
Magic Eden is also airdropping collectibles and other web3 goodies to early adopters throughout February.
How can one benefit from this airdrop? Read the full story!
And that concludes our news roundup. We will be back tomorrow with more crypto stories move the space! WAGMI
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