The Spring Festival may bring BTC to $48,000. Polygon releases Type 1 Prover

Headlines

▌Founder of 10x Research: Driven by the Chinese New Year market, Bitcoin may reach 4.8 within a few days $10,000

Markus Thielen, head of research at Matrixport and founder of 10x Research, said that Bitcoin will rise to $48,000 in the short term, driven by a strong record of gains during the Chinese New Year celebrations.  

Markus Thielen wrote in the report: “The next few days are extremely statistically significant because starting from Saturday, February 10, Bitcoin tends to rise around the Lunar New Year. Up 11%. Over the past nine years, Bitcoin has risen every time traders buy Bitcoin three days before the start of the Lunar New Year and sell Bitcoin 10 days after the start of the Lunar New Year." < /p>

Thielen described the breakout as "very important" because it marks the end of the correction period when BTC fell to $38,500 at the end of January, opening the door to a short-term target of $48,000.

▌Polygon releases Type 1 Prover of zkEVM prover

Polygon releases Type 1 Prover of next-generation zkEVM prover, This is Polygon’s next-generation proof technology that can generate proofs for any EVM chain (sidechains, Optimistic Rollup, or even Ethereum itself).  

Polygon stated that the Type 1 upgrade will be able to generate ZK proofs for Ethereum mainnet blocks at an average cost per transaction as low as $0.002-$0.003 (36 times faster than any other Type 1 Prover Above), with the improvements of Plonky3 and zkEVM, the cost is expected to be reduced by 30 to 50 times next year.

Quotes

As of press time, according to coinmarketcap data:

The recent transaction price of BTC was 45,394.9 US dollars. Intraday increase or decrease-0.34%;

ETH’s recent transaction price was US$2,420.95, with intraday changes-1.33%;

BNB’s recent transaction price was US$318.8, with an intraday increase or decrease-0.34 %;

The recent transaction price of 0.54%;

DOGE’s recent transaction price was US$0.0799, with intraday gains and losses-0.88%;

ADA’s recent transaction price was US$0.5348, with intraday gains and losses+0.58%;

SOL’s recent transaction price was US$103.28, with intraday gains and losses-0.46%.

Policy

▌The U.S. House of Representatives will hold a hearing next week to discuss the role of cryptocurrency in The role of crime and illegal finance

According to a public schedule, the U.S. House of Representatives Financial Services Digital Assets Subcommittee will hold a hearing at 2:00PM ET next Thursday to discuss Discuss the role of cryptocurrencies in crime and illicit finance.

▌U.S. lawmakers wrote to the SEC chairman criticizing its "unethical" handling of encryption cases

Five Republican senators in the United States wrote to the Chairman of the SEC, criticizing its "unethical" handling of the DEBT Box case, arguing that its distortion of evidence has led to doubts about other enforcement matters of the agency.  

“Any federal agency, especially one that is regularly involved in significant legal proceedings and under your leadership routinely fulfills its regulations through enforcement actions rather than rulemaking,” the lawmakers wrote in the letter. It is unconscionable that an institution with a mission could operate in such an unethical and unprofessional manner."

▌U.S. Treasury Secretary Yellen: The Treasury Department can use more powers to combat the use of cryptocurrency by terrorist organizations

U.S. Treasury Secretary Janet Yellen said at a Senate Banking Committee hearing today that the Treasury Department could use more powers to crack down on terrorist groups’ suspected use of cryptocurrencies. "We do have a lot of authority to take action, but we have identified some gaps in our authority and made a series of recommendations on ways to strengthen the Treasury Department's authority," Yellen said. >Senator Mark Warner asked Yellen if she thought the Terrorist Financing Prevention Act was necessary, and Yellen responded: "I recognize the regulatory constraints that the Treasury Department faces, and we certainly support the goals of this bill, which will help empower us, To enable the Treasury to better respond to very significant threats."

Blockchain Application

▌Community Gaming and World ID integration to verify esports tournament players

Web3 tournament platform Community Gaming announced a strategic partnership with Tools for Humanity, the team behind Worldcoin. Community Gaming will integrate World ID’s human verification technology into within its tournament-specific platform.  

It is reported that this feature will enable tournament organizers to require registrants to verify their accounts through World ID before registering for tournaments, thereby enhancing the authenticity of accounts and ensuring that World ID verified tournaments Each participant is a unique individual, and this partnership is designed to significantly improve the integrity and security of the hundreds of tournaments hosted on CG every month.

▌Horizen: Proof-of-concept sidechain TokenMint will be deprecated on March 6 >

Horizen stated on the X platform that the sidechain TokenMint used for proof of concept will be deprecated on Wednesday, March 6, 2024. As part of the deprecation, all TokenMint users are required to remove their ZEN from the sidechain before the deprecation date to avoid losing funds.

▌The ZTX beta version has been officially launched< /p>

ZTX, a virtual world designed to empower creators and communities, announced that the ZTX beta version has been officially launched. After integrating smart accounts, the beta version introduced the option to log in to ZTX using an email address. Gas transactions have been changed and ZTX will no longer subsidize Gas transactions, but ZTX Beta can still be tested for free.

▌Stride extension via Hyperlane To a modular ecosystem

Liquidity staking platform Stride is partnering with Hyperlane to expand stTIA into a modular ecosystem. Hyperlan is a permissionless interoperability layer that connects modular ecosystems. Users can use Hyperlane to connect any blockchain, rollup, and application chain on any virtual machine. It is reported that the integration work will be completed within 2 months.

Cryptocurrency

▌BlackRock and Fidelity Spot Bitcoin ETF asset size is at Ranking first and second among new ETFs one month after listing

Data released by Bloomberg analyst Eric Balchunas show that the top 25 ETFs by assets one month after listing Among ETFs (a total of 5,535 ETFs have been launched in the past 30 years), BlackRock and Fidelity Spot Bitcoin ETFs rank first and second respectively, and ARKB and BITB are also on the list.  

The list only includes newly listed ETFs and does not include any conversions, such as the roughly 100 mutual fund-to-ETF conversions and GBTC, as they own pre-existing assets, analysts said.

▌BlackRock CIO: More Bitcoin exposure may be added in the next few years

strong>

Rick Rieder, BlackRock’s chief investment officer (CIO) and global head of allocation for global fixed income, said that BlackRock’s current exposure to Bitcoin is very small, but this may change with public attitudes. The company's portfolio is likely to gain more Bitcoin exposure in the coming years as a result of the changes. "Time will tell whether it becomes an important part of the asset allocation framework, and I think people will become more accepting of it over time," he said.  

Rieder also said: "As more and more people adopt Bitcoin as an asset, we believe its upside potential is real, and this has been recognized recently."

▌Kraken obtains virtual asset service provider license in the Netherlands

Kraken announced that it has obtained a Virtual Asset Service Provider (VASP) license in the Netherlands, allowing cryptocurrency exchanges to provide services in the country. In addition to the Netherlands, Kraken is registered in Spain, Italy and Ireland and is actively seeking registration in other European markets.

▌JP Morgan survey report: 78% of institutional traders do not plan to trade in the next five years Cryptocurrency

A survey report by banking giant JPMorgan Chase shows that 78% of institutional traders do not plan to trade cryptocurrencies in the next five years, and only 7% of survey participants believe that the Blockchain is an influential technology, down from 25% in 2022.  

The bank interviewed more than 4,000 institutional traders for the 2024 Electronic Trading Annual Survey, which covers upcoming trends and hot topics in the trading world for traders around the world. Participants’ enthusiasm for blockchain technology appears to have declined in 2024 compared to the previous two years, with 61% of participants expecting artificial intelligence and machine learning to shape the future of trading over the next three years. In terms of macro events expected to impact the market this year, traders cite inflation, the U.S. election and recession risk as the three major catalysts that will impact the market this year.

▌Data: Bitcoin mining electricity consumption will only account for 0.2% of global demand in 2023. 0.9%

CryptoQuant CEO Ki Young Ju cited data from the U.S. Energy Information Administration as saying that Bitcoin mining electricity consumption will only account for 0.2% to 0.9% of global demand in 2023.  

Ki Young Ju said that broadly speaking, BTC is 3 times more efficient than traditional bank security, with Chase Bank dedicating 0.3% of its $3.38 trillion in customer assets to IT security, totaling annually $12 billion. Bitcoin is worth $888 billion, and electricity costs account for 0.1% of its market capitalization.

▌Spark launches new ETH staking yield oracle< /strong>

Lending protocol Spark announced that it has cooperated with Chronicle and Block Analitica to launch a new ETH pledge yield oracle. The oracle will track the pledge yield of ETH, provide a safe and more convenient way for Spark to adjust the lending rate provided by the platform for WETH, and bring a more efficient and safer ETH market to ETH suppliers and participants.

▌Data: Exchange Bitcoin supply drops to 6-year low

Santiment data shows that as the price of Bitcoin regains around $45,000, traders withdraw their money from exchanges for the third week in a row. Coin, Bitcoin’s supply on exchanges fell to its lowest level in 6 years.

Important Economic Updates

▌The probability of the Federal Reserve cutting interest rates in March is 18.5%

According to CME's "Fed Watch": the probability that the Federal Reserve will keep interest rates unchanged in the range of 5.25%-5.50% in March is 81.5%, and the probability of cutting interest rates by 25 basis points is 18.5%. The probability of keeping interest rates unchanged by May is 35.9%, the probability of a cumulative 25 basis point interest rate cut is 53.8%, and the probability of a cumulative 50 basis point interest rate cut is 10.4%.

Golden Encyclopedia

▌Grayscale Bitcoin Trust

GBTC is a digital financial instrument designed to provide individuals interested in cryptocurrencies with investment opportunities in the Bitcoin market, eliminating The need for direct access to underlying assets. Grayscale has played a pioneering role in Bitcoin (BTC) accessibility with the launch of the Grayscale Bitcoin Trust (GBTC), marking the creation of this first-of-its-kind Bitcoin fund that investors can access through one familiar investment vehicle BTC.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase your risk awareness.