🔥 Bitcoin is Heading for $125,000

Let's Dive Into It!

Author

Crypto Rand
April 29, 2024

Happy Monday dear subscribers! In today’s Newsletter, Bitcoins will blow the roof!

In today's bulletin, we are covering:

New week and Bitcoin continues to struggle. Tiny bounces over the weekend which doesn't add up. For now, it continues defending the main horizontal support. But as mentioned the previous week we need a proper volume input on the bounce to reverse this situation. I would remain cautious for now:

Meanwhile, ETH continues struggling too. The volume remains on full downtrend while the price action struggles to breach the main downtrend resistance:

 

Bernstein Analysts: Bitcoin ETF Flow Slowdown Temporary, Bullish on $150K Target; Spot Ethereum ETF Denial Could Shift Market Focus

Analysts at Bernstein foresee a temporary slowdown in spot bitcoin exchange-traded fund (ETF) flows but maintain a bullish long-term outlook, projecting bitcoin to reach $150,000 by 2025.

  • Bernstein analysts anticipate a short-term pause in spot bitcoin ETF flows before further integration into financial platforms.

  • Despite the ETF slowdown, they maintain a bullish long-term outlook, projecting bitcoin to reach $150,000 by 2025.

  • Spot Ethereum ETF denials by the SEC could lead to litigation but may shift focus back to Ethereum, potentially leading to outperformance.

  • Beyond Bitcoin and Ethereum, the analysts highlight growth potential in various crypto niches, including Solana in payments, Uniswap, GMX, and Synthetix in DeFi, and the tokenized real-world asset market facilitated by platforms like Chainlink.

They believe this slowdown is a transitional phase before ETF integration into various financial platforms. Additionally, they suggest that spot Ethereum ETF denials by the SEC could lead to litigation, potentially shifting market focus back to Ethereum.

Solo Bitcoin Miner Beats Odds, Takes Home Full Reward for Block Solution

A solo bitcoin miner achieved a rare feat by solving a block and receiving the full subsidy and transaction fee reward, totaling 3.433 BTC ($218,544).

This miner used solo mining software from CKpool, boasting a hash rate of around 120 PH/s.

  • A solo bitcoin miner utilizing CKpool software solved block 841,286, earning 3.433 BTC in rewards.

  • The miner's hash rate of 120 PH/s resulted in odds of approximately 0.02% for solving the block.

  • Previous instances have seen solo miners achieving similar successes, indicating that while rare, it's not unprecedented.

  • The miner's success may suggest a strategic shift from pooled mining or intermittent solo hashing/renting.

  • Bitcoin's fourth halving event occurred on April 20, reducing miners' block subsidy rewards from 6.25 BTC to 3.125 BTC.

Despite the slim odds, it's not unprecedented for solo miners to succeed, with past instances showcasing similar victories.

Nillion Network

In today’s research section we put under the spotlight Nillion Network; “Democratizing Secure Data Storage”.

This is an ambitious project part of the DePIN narrative led by a team of seasoned professionals, aiming to tackle precisely the challenge of ensuring the security and privacy of data. 

Nillion brings together a diverse team with expertise spanning various domains. 

Spearheaded by Alex Page (CEO), ex-Goldman Sachs investment banker and Hedera SPV GP, the project also includes founding team members from Uber (Conrad Whelan), Indiegogo (Slava Rubin) and Hedera Hashgraph (Andrew Masanto), as well as leaders from Coinbase (Lindsay Danas Cohen) and Nike (Mark McDermott). 

The project is based on a mathematical innovation invented by cryptography professor Miguel de Vega called Nil Message Compute.

Nillion's mission is clear: to provide an internet infrastructure for the private storage, computation, and decentralisation of data. In an era where data breaches and privacy concerns dominate headlines, Nillion's vision to revolutionise data privacy and storage couldn't be more timely, that’s one of the reasons why it incorporates zero-knowledge (zk) technology as part of its strategy to ensure privacy and security for users' data.

The project aims to solve the pressing data security and privacy issue by leveraging cutting-edge technologies such as blockchain and decentralized storage. By decentralizing data storage and computation, Nillion aims to create a secure and unhackable network, ensuring the privacy and integrity of user data.

Currently in its development stage (under devnet). Nillion has faced, since its foundation in 2021, the challenge of bringing its vision to fruition in a rapidly evolving technological landscape. However, this challenge also presents an opportunity for the project to carve out a niche in the market and establish itself as a leader in the field of data privacy and storage.

The project started a few days ago at a community event named “Data Wars'' a gamified initiative where members engage across the different social platforms of the project in discussions, collaborations, and creative endeavours, earning recognition through different classes based on their contributions and interests.

Funding rounds have been instrumental in fueling Nillion's growth, with significant capital raised to support its ambitious goals. While precise figures are undisclosed, the project has attracted investment from reputable sources, indicating confidence in its potential. With backing from prominent investors like Distribute Global, SALT, and OP Crypto, Nillion has already secured significant funding, raising over $20 million to drive its vision forward.

At the heart of Nillion's ecosystem lies its native token, the $NIL token. While specific details about its tokenomics are still under wraps, Nillion aims to leverage its token to incentivize users to participate in its network, whether by providing storage, transferring data, or staking for governance rights. 

In a competitive landscape populated by giants and emerging players alike, Nillion faces competition from various quarters. Examples of other projects working on the same technology are FabricProtocol, DuoKeyCH, UnboundSecurity and Partisiampc. However, its unique approach to data privacy and storage, coupled with its seasoned team and ambitious vision, positions it as a formidable contender in the space.

Before sharing the official links with you I would like you to read a simple and clear parallel that I found in my research, which describes perfectly what nillion does with data, how and why:

“You have data you want to do something with (eg personal genetic information)
you can’t do this analysis yourself so you need to let something analyze your data
the problem: you don’t ever EVER want anyone else actually having your data
With Nillion you can let the world analyze your data without ever needing to actually see your whole data
because every bit of analysis is done independently on a sliver of the data.
you want to read a top-secret letter that’s in French, and you don’t know French. So what do you do? you cut out all the words from the page (and only you know how to arrange them), and give each word to a different French speaker. They tell you what the words mean, and you piece the page together yourself.”

Cool right? Now that I know you want to find out more about those data wars, the tech and the roadmap, etc. here are their official links for Twitter and Website.

Happy digging and see you next week with another interesting project to put under the spotlight!

Does Wall Street want to resemble Crypto?

At first, the crypto market was presented as a competitor or opposite to the traditional stock market, but over time, they have mirrored each other more and more. Let's look at some differences and how their paths are increasingly merging.

We can consider the crypto market as the cool brother of Wall Street (as Nasdaq is referred to compared to the traditional S&P500, for example). Cool because it came to provide technological solutions to an industry that seemed to have everything already invented.

Moving strictly to the stock market, we can analyze the main flaw of the crypto market with the following analogy: crypto is like the sea where when the tide rises (let's say $BTC rises), all the boats rise with it (these would be the altcoins) and the same happens when the tide goes down.

So, what we have is poor sectorization and a great dependence on what the main asset of this world, Bitcoin, does, which can even be considered as an index of the entire crypto at this point.

Wall Street, on the other hand, has a maturity derived from its trajectory that has allowed it to sectorize the market, where not everything goes up and down at the same time, and there are moments where certain sectors behave defensively in the face of a downturn, which makes it more interesting when diversifying.

Diversification in crypto is very complex, as mentioned earlier. But as the market matures, this decreases, and certain sectors (or narratives) start to gain strength at certain times (AI and RWA, for example).

Similarly, the market is also cleaning itself of projects that are not viable and is experiencing a kind of market natural selection where only the best ones remain (yes, despite the meme coins that also exist on Wall Street, does GameStop ring a bell?).

An important difference is the regulation that exists on Wall Street, which emerged from fraud and crisis events that highlighted this need. In crypto, this is starting to happen, based on cases like FTX and LUNA where it becomes evident that regulation must exist.

But the most striking thing is that Wall Street is considering trading 24/7 just like crypto, a question that was initially criticized by them. This would represent a major synchronization between both markets and avoid the gaps when you go overnight.

Personally, I don't see this happening in the short term, but it's a sign that both markets are looking at each other and improving each other, and that integration in the future is possible and necessary!


Less and Less Bitcoins to be Mined.

How to Buy a Dip.

RWA is Still Huge!

Don’t sleep on this market, lots of opportunities to come, see you next week!