Bitcoin Makes a Comeback but There is a Catch ??
Keep reading, I have a gift for you today =) ??
Oh boy, it's been a wild ride in the financial world lately! After Silvergate and the Silicon Valley Bank, one of the most prominent lenders in the start-up ecosystem in the US, collapsed just a week ago causing panic in the financial markets, we just had another chaotic week for banks.?
The Fall of the Bankers?
Things went from bad to worse for Credit Suisse and forced the Swiss lender to borrow up to $54 billion from the Swiss central bank.
But just when you thought things couldn't get any crazier, the spotlight swung back to the US as big banks swooped in to save the day for First Republic, a regional lender whose shares had taken a beating in recent trading sessions. Talk about a rollercoaster ride! Just a day after that, Signature Bank also went down in a free fall.
Credit Suisse made headlines by being the first big bank in the global banking world to ask for emergency help since the 2008 financial crisis. This set off alarm bells throughout the banking sector, and folks started to wonder whether central banks will be able to keep up their aggressive interest rate hikes to squash inflation.
As a response to that, the Federal Reserve took a ride to rescue the banks to guarantee all deposits beyond the federal insurance limit. This is intended to calm the waters down and prevent other bank runs to happen, by convincing their customers to don’t withdraw their funds because they will be protected even if another bank fails.
This measure taken by the Federal Reserve injected as much as $2 trillion into the economy. This basically means that money printing is back and markets should have a strong bounce up.
Don’t get me wrong, the crypto spring we are having now may still be impacted by the increase in interest rates and the possibility of a recession. It is important to consider these risks before making any investment decisions.
The battle between fighting inflation with hikes in interest rates vs fighting recession with money printing will be around for some time. The fight is not over yet!
The Crypto Market Roller-coaster ??
The entire cryptocurrency market went nuts. Following the collapse of the Silicon Valley Bank, a major lender for Silicon Valley startups, Bitcoin’s price rose by about 28.5%.
Some would say that investors are flying to a safe haven asset like Bitcoin, given the current situation with US banks and the fragile macro indicators. However, what most likely drove this pump was the Federal Reserve rescue plan that injected liquidity into the market once again.
The global cryptocurrency market cap today is $1.22 Trillion. The largest gainers in the industry right now are Gaming (GameFi) and Play To Earn cryptocurrencies according to Coingecko.
A Little Help From My Friends ??
Certainly, it's challenging to see where the market is heading. This is why I prepared a Free guide with 10 Key Indicators to Find Out the Current Trend & Surf the Right Waves! You can access it here.
Let me know if you find it useful!
Adoption Events of the Week ??
Crypto Announcements of the Week ??
COIN OF THE WEEK ??
ImmutableX (IMX)
Immutable is a Layer 2 built on top of the Ethereum blockchain, designed to support the next generation of web3 games. It claims to be the first Layer 2 for NFTs on Ethereum. It promises zero gas fees, instant trades and scalability for games, applications, marketplaces, without compromise.
领英推荐
The developer platform for web3 games, ImmutableX has been gaining some traction in the past months on Coingecko. Back in March, 2022 ImmutableX secured a $200 million in Series C with investments from leading VCs in blockchain gaming such as Animoca Brands and the technology company Tencent, among others.
Tokenomics
The fully diluted valuation (FDV) of ImmutableX (IMX) is $2,655,816,611. The token price is $1.45 at the time of writing this post and it grew 250% during the past 3 months according to Coingecko. Next to that, the total value locked (TVL) has been increasing during the past 90 days to reach around $150M.
Currently, it has nearly half of the total supply in circulation, meaning that this could have an inflationary impact on the future price of the token according to their whitepaper here.
Why It Has Potential
ImmutableX is using AI to automate the creation of in-game visual imagery. This coin has potential to grow in the coming years, mostly because it is included in the current trending narratives, which are layer 2 scaling solutions on Ethereum, web 3 gaming, and artificial intelligence. This combination of fundamentals could attract capital and kickstart a new era of NFT games in the future.
TOOL OF THE WEEK ??
ChatGPT 4 ??
So, unless you have been living under a rock, you probably already know ChatGPT. A few days ago OpenAI launched the newest version Chat GPT-4, and it's causing quite a stir in the tech world. Here are the main differences with ChatGPT 3.
<ChatGPT 4 is like the Arnold Schwarzenegger of the AI. It's got multi-lingual conversation skills that would make even the most seasoned polyglot blush, and its ability to generate human-like responses is going to make you wonder if you're talking to a real person or a computer> This is how ChatGPT defines itself by the way.
Here you can see a quick demonstration of what it can do.
GPT-4 is still only available if you have the paid subscription ChatGPTPlus and it is expected to be fully released in the coming weeks. If you still haven’t used ChatGPT, here there are some prompt hacks that you can use.?
QUOTE OF THE WEEK ??
"If crypto succeeds, it's not because it empowers better people. It's because it empowers better institutions."?
Vitalik Buterin, Ethereum founder
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That's all for today, don't forget to access your Free guide with 10 Key Indicators to Find Out the Current Trend & Surf the Right Waves! You can access it here. ??
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PASS ON THE MELON ?? & HELP US SPREAD THE WORD ??
To your financial health! ??
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For Web 3 Brands ??
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