Crypto Supercycle Likely: Bitcoin Outperforms Gold 10x in 2023

• Bloomberg analyst Mike McGlone claims that Bitcoin (BTC) is outperforming gold and other commodities in 2023 so far, with a 10x increase in its price.
• He attributes this strength to the cryptocurrency’s low adoption rate and diminishing supply.
• McGlone believes this outperformance could point to a new crypto super cycle taking place.

Outperforming Gold

Bitcoin is outperforming commodities and gold so far in 2023, with BTC showing a 10x outperformance of the precious metal. Mike McGlone, a senior macro strategist at Bloomberg Intelligence, says Bitcoin could be in a new super cycle. He earlier noted BTC above $25,000 demonstrated the cryptocurrency’s divergent strength.

Low Adoption Rate & Diminishing Supply

Mike McGlone, a senior macro strategist at Bloomberg Intelligence, has noted that the crypto sector could be looking at a new super cycle amid bitcoin’s outperformance of commodities. According to the analyst, Bitcoin (BTC) is so far beating top performing commodity asset gold in 2023, with BTC up nearly 10x more to suggest the flagship cryptocurrency may be in a super cycle. BTC price is up 79% year-to-date at the time of writing. Comparatiely, gold price has only gained 5.8% YTD, currently poised around $1,942.
McGlone attributes Bitcoin’s strength to its „nascent stage of low and rising adoption“ as well as diminishing supply.

Declining Risk

He observes that BTC shows an elongated upward trajectory in terms of its price when compared to the Bloomberg Commodity Spot Index despite a bottoming out of the 260-day volatility relative to commodities. Bitcoin is likely to recover vastly versus the asset class as bulls eye new highs according to McGlone’s outlook on current market conditions .

Banking Crisis & Fractional Reserves

As for the latest spike in Bitcoin price, the analyst points to the banking crisis and issues around fractional reserves as likely factors providing shine light on Bitcoin’s attributes going forward into 20203 and beyond..

Super Cycle?

On what could happen next for BTC following these developments, he opined: „Relative strengtb between bitcoin and most markets suggests there is still upside potential.“ According to McGlone it remains unclear if this will lead too another extended bull run or not but his analysis points towards signs that Crypto may be entering another Supercycle soon

HSBC Buys UK Arm of Silicon Valley Bank for £1 – Crypto Reacts

• HSBC bought the UK arm of collapsed US bank Silicon Valley Bank (SVB) for £1.
• SVB collapse sent shock waves across the banking and finance industry as well as crypto.
• Bank of England and HM Treasury worked to help SVB customers, with HSBC’s acquisition allowing around 3,000 businesses to access their money.

HSBC Buys UK Arm of Silicon Valley Bank

HSBC, the British multinational bank and financial services giant, has acquired the UK arm of the collapsed Silicon Valley Bank (SVB) for just £1. The last few days have been a real scare to millions of bank customers and businesses in both the US and UK due to SVB’s collapse – deemed the second largest such banking collapse in US history in terms of amount of money involved.

Impact on Banking Industry & Crypto

The market reaction was drastic, with bank stocks hit hard as contagion fears mounted. Cryptocurrencies also plummeted as Silicon Valley Bank was one of the main crypto-friendly banks, alongside Silvergate Bank and Signature Bank. As CoinJournal reported earlier today, US authorities have shut down the latter.

UK Authorities Take Action

As US authorities worked to avert a calamity for SVB depositors, including moving to shut down Signature Bank, authorities in the UK also took cue to help UK-based customers. This is after hundreds of tech firms had sounded the alarm as SVB collapsed. The Bank of England and HM Treasury reportedly worked overnight Sunday to facilitate a deal between SVB (UK) and HSBC. With this acquisition now in place, around 3,000 businesses are able to access their money without any taxpayer money being used in this transaction.

Businesses Access Withdrawals As Normal

Businesses and customers can now continue to access withdrawals as normal following HSBC’s acquisition of SVB’s UK arm for £1. This news comes at a time when banks are facing an unprecedented crisis due to COVID-19 related economic hardship – making these acquisitions even more crucial than ever before in order maintain stability within banking systems globally.

Conclusion

In conclusion, this news brings relief for many people who were worried about their deposits after Silicon Valley Banks‘ collapse – thanks largely due to swift action from both US and UK authorities along with HSBC’s quick decision making process which allowed them acquire SVB’s UK arm for just £1

Unlock the Economic Value of Movement with Sweat Economy’s SWEAT Token!

• Sweat Economy is a Web3 project that seeks to unlock the economic value of movement.
• It operates a Web2 application called Sweatcoin app which rewards millions of US users with loyalty points called ‚Sweatcoins‘ for the steps they make when walking.
• The venture is set to re-launch its SWEAT token and Sweat Wallet after a previous launch was frozen, allowing US customers to receive their $SWEAT allocations and start generating new $SWEAT tokens by walking.

Sweat Economy Launching SWEAT Token & Web3 Wallet in US

Sweat Economy, a Web3 project seeking to unlock the economic value of movement, is planning to re-launch its Sweat Wallet application and its native token, SWEAT, in the United States later this year. The launch is scheduled to coincide with the first anniversary of the venture’s global launch on September 12.

Web2 Application – Sweatcoin App

The Sweat Economy platform operates a Web2 application called Sweatcoin app which has been available in the US market since 2016. The app rewards millions of US users with loyalty points called ‚Sweatcoins‘ for the steps they make when walking. Last year in September, Sweat Economy launched its native token called SWEAT alongside its Web3 wallet application but it failed to pass regulatory barriers in the US leaving American customers unable to receive their $SWEAT allocations or start generating new $SWEAT tokens by walking.

Distributing SWEAT Tokens To US Users

Starting on September 12th 2023, US Sweatcoin app users will receive their allocations of SWEAT in proportion to their current ‚Sweatcoin‘ holdings and can start earning more SWEAT tokens for their steps right away. Tokens will not come from additional token emissions but from existing token allocations.

Founder’s Comment

Commenting on this new development, Founder Oleg Fomenko said: “It is a great pleasure to finally be able bring our technology and products back home where it all started for us 4 years ago”.

Conclusion

This move by Sweat Economy will not only benefit existing customers but also open up opportunities for new customer acquisition as well as provide another income stream for people looking for alternative ways of earning money through physical activity such as walking or running.

Coinbase Launches Base on Optimism Stack: OP Token Spikes 16%!

• Coinbase announced the launch of its L2 platform on Optimism stack, causing Optimism token (OP) to surge 16%.
• OP reached highs of $3.10 on Coinbase, just below its all-time high of $3.19.
• Base Protocol saw a staggering 250% spike in price as a result of the news.

Coinbase Launches Base Platform on Optimism Stack

Coinbase has announced that it has launched Base, an Ethereum Layer-2 network based on Optimism’s OP stack. The project is designed to onboard new users into the crypto space and offer a secure, low-cost and developer-friendly platform for interacting with decentralized apps.

Optimism Token Reacts Positively to News

As reaction to Coinbase news pushed OP token higher, sentiment in the OP community flipped bullish and the price of Optimism surged 16% on most major exchanges including Coinbase where it reached highs of $3.10 just below its all-time high of $3.19. Trading volume rose nearly 90% in the past 24 hours reaching over $733 million and RSI upturning suggesting bulls are in control.

Base Protocol Spikes After Announcement

An unrelated cryptocurrency called Base Protocol saw an even bigger spike amid speculation with its price surging more than 250%. The project’s goal is to bring about 1 billion or more people into the crypto space by providing them with a secure and low cost platform for their transactions and interactions with DApps.

Price Predictions for Optimism Token

With positive technical outlook in place, experts believe that Optimism could go on to hit a new ATH soon if market activity remains strong as it did after the news broke out about Coinbase launching base on OP stack.

Conclusion

The launch of Base by Coinbase was great news for both Optimism token (OP) holders as well as users who will benefit from the secure low cost platform provided by Base protocol which was developed using OP stack technology from Optimism.

Bitcoin Reaches New Heights: Is Now the Time to Invest?

Summary

  • Bitcoin has surged close to $25k and is trading close to its highest for the year.
  • The current rally of Bitcoin is diverging from US Dollar strength.
  • For further upside, the EUR/USD needs to regain 1.10.

Bitcoin’s Rally

Bitcoin investors must be thrilled as the leading cryptocurrency trades close to $25k. It is a new high for the year and a significant development for Bitcoin for at least three reasons. First, with the recent movement, Bitcoin returns for the year are close to 50%. Considering that we are only in the middle of February, that is no small achievement. Second, Bitcoin broke the previous high while maintaining a series of higher lows. That is indicative of further strength. Third, the recent upside came in a total divergence with the US dollar. The dollar gained after the inflation report released last Tuesday, as seen by the USD/JPY trading above 134 or the EUR/USD trading below 1.07. But Bitcoin did not follow the same path, diverged, and the price exploded higher.

All these put the recent Bitcoin rally in a positive light. Moreover, if we add that climbing close to $25k Bitcoin invalidated a head and shoulders pattern, which makes it even more bullish.

What Needs To Happen?

The chart shows Bitcoin’s performance compared to EUR/USD currency pair. While Bitcoin gained 49% YTD (year-to-date), EUR/USD pair is almost flat during this time frame period.

For further gains of BTC price there must be some reversal of EUR/USD losses recently happened – when it dropped from 1.10 to 1.07 level – and move back up towards 1.10 mark again.

If this happens then one should not be surprised if BTC trades closer or even above $30k mark.

Inflation Report

The US dollar gained after an inflation report was released last Tuesday; USD/JPY traded above 134 level and EUR/USD moved lower than 1.07 mark.

However BTC didn’t follow these trends but instead skyrocketed significantly upwards suggesting that it could lead USD weakness if EUR/USD manages to reverse recent losses.

Head and Shoulders Pattern

Climbing near $25k level invalidated a Head and Shoulders pattern which also increases bullish outlook on BTC price going forward in time.

Conclusion
Overall outlook on BTC remains positive as long as EUR / USD recovers its losses back towards pre-inflation report levels (1 . 10). In such scenario one should not be surprised if BTC reaches new highs above 30K mark soon .

Earn LDO Rewards By Staking ETH Across Aave v3 Liquidity Pools

•Lido DAO community has voted to distribute LDO rewards across Aave v3 liquidity pools.
•The distribution of rewards will be available on Ethereum, Arbitrum and Optimism blockchains.
•Users can earn LDO rewards by staking ETH on the Lido protocol.

Lido to Distribute LDO Rewards Via Aave v3 Liquidity Pools

The Lido DAO community has approved by over 99% of the vote to allow for staking rewards distribution across Aave v3 liquidity pools. This means that users can now stake Ether (ETH) on the Lido protocol and earn daily rewards in the form of native LidoDAO token (LDO).

Rewards Distribution Across Ethereum, Arbitrum and Optimism Blockchains

The distribution of staking rewards will be available on Ethereum, Arbitrum and Optimism blockchains. Every „emission admin“ on these three networks will have access to a wallet that is controlled by Lido.

Aave V3 Protocol Deployed On Layer-2 Blockchains

Aave recently deployed its version 3 protocol on Ethereum and had already launched it on layer-2 blockchains like Arbitrum and Optimism. In 2022, Lido DAO announced that it would offer stETH rewards to liquidity providers on both Arbitrum and Optimism as part of their effort to spur further adoption of the staking platform.

Earn Rewards When Staking ETH On The Platform

Lido users can stake any amount of ETH and earn daily rewards in the form of LDO tokens. Withdrawal of staked ETH is possible after Ethereum’s upcoming network upgrade – Shanghai hard fork expected this March.

5 Million+ ETH Already Staked On The Platform

Ethereum Lags Behind Bitcoin in 2023 Crypto Rally – What’s Next?

• Cryptocurrency market started 2023 with positive momentum with all leading cryptocurrencies gaining against the US dollar.
• Bitcoin is the leader, and Ethereum lags behind, losing over -70% of its value before the recent rally.
• Ethereum’s rally in 2023 is following Bitcoin’s lead, however, it is lagging behind the other cryptocurrencies.

The cryptocurrency market started 2023 with positive momentum, with all leading cryptocurrencies gaining against the US dollar. Bitcoin is clearly the leader, bouncing strongly from the 2022 lows after losing about -65% of its value. This has resulted in a direct correlation between Bitcoin and the rest of the cryptocurrency market. However, something interesting has happened since the start of 2022. The correlation has weakened, and Ethereum is lagging behind the other leading cryptocurrencies.

Ethereum has seen the biggest losses in the cryptocurrency market, losing over -70% of its value before the recent rally. While it did rally in 2023, following Bitcoin’s lead, it lags behind the other cryptocurrencies, with Bitcoin, Doge, and Ripple moving more or less in a synchronized fashion. The recent rally has reduced the cryptocurrencies‘ losses against the US dollar, however, Ethereum is still lagging.

There are several factors that have contributed to Ethereum’s lagging performance. Firstly, Ethereum’s blockchain is more complex than Bitcoin’s, making it more difficult to scale and use. Secondly, Ethereum is still relatively new and lacks the widespread adoption of Bitcoin. This means that Ethereum prices are more volatile than Bitcoin, which can be seen in the wide price swings over the past few months.

The future of Ethereum is uncertain. It is likely that Ethereum will continue to lag behind Bitcoin, at least in the short term. However, the potential for Ethereum to become a major player in the cryptocurrency market cannot be understated. With its ability to facilitate smart contracts and its potential to power decentralized applications, Ethereum has the potential to revolutionize the way we do business.

In the end, the decision of whether to buy Ethereum or not is a personal one. It is important to do your own research and assess the risks involved before making any investments. It is also important to remember that cryptocurrencies are highly volatile, and investors should always be prepared for possible losses.

FTX.US‘ Brett Harrison Raises $5M for Revolutionary Crypto Platform Architect

• Former FTX.US president Brett Harrison has raised $5 million in a seed round funding for his new crypto project, Architect.
• The new platform is a decentralised finance (DeFi) venture and has secured backing from Coinbase Ventures, Circle Ventures and SV Angel among others.
• Architect is a crypto software project that aims to streamline the crypto markets.

Brett Harrison, the former president of FTX.US, has just announced that he has raised $5 million in a seed round funding for his new crypto project – Architect. The new platform is a decentralised finance (DeFi) venture and has secured backing from some of the top venture investors within the crypto space, including Coinbase Ventures, Circle Ventures and SV Angel.

SkyBridge Capital’s Antony Scaramucci has also invested in the new crypto software project. Architect is a crypto software project that will help streamline the crypto markets. According to Harrison, Architect will be a „highly-scalable platform“ that will provide institutional investors with a range of tools and options to manage their investments.

The platform will feature a range of trading tools, such as order routing, real-time pricing, portfolio management, market data and analytics. It will also offer a range of liquidity options and a risk management system. The project will be built on top of blockchain technology, which will allow investors to securely store and access their investments.

The project is still in its early stages, but Harrison is confident that the platform will revolutionize the way institutional investors access and manage their investments. He believes that the platform will provide a „complete institutional-grade trading experience“ that will be both secure and efficient.

With the funds raised, the Architect team will be able to further develop the platform and bring it to market. Harrison is also planning to use the funds to expand his team and hire more engineers and developers.

In addition to the seed round funding, Architect has also secured a strategic investment from San Francisco-based venture firm, SALT Fund. With the additional funding, Architect is well-positioned to become a leading player in the DeFi space.

This is an exciting time for the crypto space, and Harrison is confident that Architect will be able to make a big impact on the industry. With its innovative technology and experienced team, Architect looks set to revolutionize the way institutional investors access and manage their investments.

Gemini and Genesis Face SEC Charges for Selling Unregistered Securities

• The US Securities and Exchange Commission (SEC) has filed charges against Gemini and Genesis for selling unregistered securities through the Gemini Earn product.
• The SEC claims that the two firms misrepresented their business model by advertising returns of up to 8% to clients without registering their partnership as a lending partnership with the relevant authorities.
• Genesis has also been facing liquidity issues after the collapse of FTX and has paused withdrawals to date.

The US Securities and Exchange Commission (SEC) has recently filed charges against Gemini and Genesis for selling unregistered securities through the Gemini Earn product. The SEC claims that the two firms (Genesis and Gemini) misrepresented their business model by advertising returns of up to 8% to clients without registering their partnership as a lending partnership with the relevant authorities.

The Gemini Earn product, introduced in February 2021, was a partnership between Gemini and Genesis, a subsidiary of Digital Currency Group (DCG). The partnership allowed Gemini customers to earn yield by lending their crypto assets to Genesis. However, the SEC alleges that the two failed to notify the relevant authorities of the partnership, effectively selling unregistered securities to customers.

The issue has been compounded by Genesis’ recent liquidity issues after the collapse of FTX. This has resulted in Genesis pausing withdrawals, leaving customers unable to access their funds. Cameron Winklevoss, the co-founder of Gemini, wrote in an open letter that Genesis was working to resolve the issue, but warned that the process could take weeks.

The SEC has now charged both Gemini and Genesis with fraud and is seeking to have both firms and their respective owners, the Winklevoss twins, pay civil penalties for their actions. The SEC is now awaiting the court’s ruling on the matter, with the outcome of the case likely to have far-reaching implications for the cryptocurrency industry.

It remains to be seen what the outcome of the case will be, but it is clear that the SEC is taking a hard stance against companies that fail to comply with its regulations. This case serves as a reminder to companies in the cryptocurrency industry to ensure that they are properly registered and adhere to the relevant laws and regulations.

Crypto.com Cuts 20% of Workforce as Crypto Market Recovers

• Crypto.com CEO Kris Marszalek has announced layoffs of 20% of the global workforce.
• The layoffs come at a time when the crypto market is on a recovery trajectory and investors are expecting good performance.
• Other crypto firms such as Huobi and Coinbase have recently announced similar layoffs.

Crypto.com, one of the world’s leading crypto exchanges, has announced the laying off of some of its staff to reduce its global workforce by 20%. The announcement was made by the CEO of Crypto.com, Kris Marszalek, who cited poor market conditions and recent events in the industry as reasons for the layoffs.

The layoffs come at a time when the crypto market is on a recovery trajectory and investors are expecting good performance. The Cronos (CRO) token price, for example, has responded positively to the news of the layoffs.

According to sources, Crypto.com has about 3500 to 4500 employees, meaning the 20% layoffs would affect about 700 to 900 employees. These layoffs come just days after Coinbase announced similar layoffs.

The laying off of workers sends mixed signals since the crypto market is currently on a recovery trajectory and investors are expecting some good performance in the near future. However, it is not just Crypto.com that is laying off workers. Other crypto firms such as Huobi and Coinbase have also recently announced similar layoffs.

The CEO of Crypto.com, Kris Marszalek, said in a statement: “Today we made the difficult decision to reduce our global workforce by approximately 20%. We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments.”

The decision to lay off workers has been met with mixed reactions from the crypto community. Some believe that the layoffs are necessary for the long-term health of the company, while others see it as a sign of a potential future crash. There are also those who see it as an opportunity for well-paid employees to find employment elsewhere.

Regardless of how one views the layoffs, the crypto industry is going through a period of transition and it is likely that more companies will need to restructure their workforces in the coming months. This could mean more job losses in the short-term, but it could also lead to greater innovation and development in the long-term.