Market update

Cointree Crypto Market Update - January 31st 2024

Market report for traders

🔮 BTC and altcoins

Over the last 7 days, Bitcoin ends at AU$65,550, rising by +6.36% at the time of writing. Meanwhile, Ethereum ends at AU$3,574, changing +2.85% week-on-week. And in other altcoin movements, Arbitrum increases +8.52%, Cardano 4.75%, and Solana +21.64%.

🗞 What’s happening in the news?

As we step into February 2024, Bitcoin’s halving creeps closer, Silk Road’s drug money is up for grabs, and traditional finance continues to move towards crypto integration. Here’s what’s been happening:

Bitcoin, rich with memes and crypto-slang, is abuzz as its fourth halving event humorously aligns with April 20th (4/20), a date famously known in cannabis culture. This pivotal event, set to reduce mining rewards from 6.25 BTC to 3.125 BTC, is part of Bitcoin's design to strategically distribute its finite supply and combat rapid inflation. With over 12,510 blocks remaining, various predictions place the halving on this culturally ‘significant’ date, adding a playful twist to a key economic event in Bitcoin's lifecycle.

In other news, the U.S. government is preparing to auction over $130 million in Bitcoin, linked to the notorious Silk Road dark-net marketplace. This decision follows high-profile legal cases involving former Secret Service agent Shaun Bridges and Ryan Farace. The liquidation of these assets marks a significant chapter in cryptocurrency's journey from its fringe origins to a more mainstream financial context.

Visa is doubling down on its commitment to crypto integration. In a major move, the payment giant, in collaboration with Transak, has enabled crypto withdrawals directly to Visa debit cards in 145 countries. This significant development allows users to bypass centralized exchanges, seamlessly converting crypto holdings to fiat currency. This integration signals Visa's ongoing efforts to bridge traditional finance with the burgeoning world of digital currencies.

Lastly, OpenSea, once a titan in the NFT marketplace, is now "open-minded" about potential acquisitions, including the possibility of being acquired itself.Despite facing challenges such as a decline in trading volume and a competitive market, OpenSea's CEO Kevin Finzer is actively engaging with luxury and fashion brands to develop innovative NFT projects. This approach indicates a shift towards diversifying NFT applications, extending beyond the realm of digital collectibles.

📖 What we’ve been reading

Amazon developing a film based on $3B Bitfinex Bitcoin Heist “Amazon’s MGM Studios is reportedly in early development on a feature film dramatising the story of Ilya Lichtenstein and Heather Morgan’s role in laundering billions worth of Bitcoin”

Read more

There may be one last chance to buy BTC at ‘bargain’ prices “Any retrace in the price of Bitcoin over the next two weeks could be investors’ last chance to scoop up Bitcoin at “bargain-buying” prices, says pseudonymous trader Rekt Capital.”

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Bitcoin mining boosts the transition to renewable "Bitcoin mining is often sold as a danger to the environment, but what if BTC could be a tool to enhance the transition to renewable energies?”

Read more

Disclaimer: The information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.

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