2 reasons for BTC at $69,000

February 20, 2024 • Reading Time:6 minutes

GM. Today on Money Printer Go Brrr newsletter:

  • VC funding in crypto rises

  • 2 reasons why BTC could hit $69,000 soon

  • Sam Altman's crypto Worldcoin surges 200%

  • 4 things you should know

Top Crypto Gainers (24h)

Top 10 Crypto gainers (24h). Click on image for more details.

VC funding in crypto rises

After a rough couple of years, crypto's finally getting some love from investors again. It's been a while, right?

Crypto companies got a cool $1.9 billion in funding in Q4 2023. 🔥 

That’s a 2.5% increase compared with Q3 2023.

💭 And it's the first time VC investments in crypto startups have risen since Q1 2022.

Which players received attention?

⇾ tokenizing real-world assets (RWA) on the blockchain, such as real estate and stocks,
⇾ building decentralized computing infrastructure.

Where did the big stash of money go?

  • Swan Bitcoin and Blockchain.com got a hefty chunk of change, $165 million and $100 million, respectively.

  • Wormhole, this blockchain thingy (a cross-chain bridging protocol), snagged the biggest deal with $225 million. Now they're worth a whopping $2.5 billion!

🧑‍🚒 Now, more financial institutions are interested in crypto because of new Bitcoin ETFs in the US.

💡 Other bite-sized things you should know

⇾ 40% increase in NFT sales in Q4 compared with Q3

⇾ 200+ new blockchain projects were launched, focusing on sustainability & scalability

⇾ institutional investors made up 60% of crypto sector funding

⇾ DeFi protocols' Total Value Locked (TVL) slightly recovered by 5%

⇾ 15% decrease in security breaches

2 reasons why BTC could hit $69,000 soon

Bitcoin often goes up in value before a halving event.

The next halving is on April 19.

10x Research analyst Markus Thielen identifies 2 driving factors that could send BTC to $69,000:

  1. the RSI, a fancy market mood ring, is glowing red-hot, hinting that Bitcoin's about to throw down some serious price moves:

    ⇾ measures the speed and change of price movements, has crossed above 80 for Bitcoin;

    ⇾ when the RSI crossed this threshold, it presaged significant upward price movements, with an average gain of 54% in the following 60 days. 😅 

  2.  during pre-halving momentum, BTC acts like it's chugging an energy drink, getting all hyped up:

    ⇾ it has experienced significant rallies in the weeks leading up to a halving event;

    ⇾ previously led to price increases due to the reduced rate of supply expansion;

    ⇾ past cycles show that Bitcoin prices surged by over 30%. 🔥 

💡 With Uncle Sam’s Money Printer Go Brrr splashing cash like it's going out of style, it seems like everyone's ready to gamble on the wild side.

Sam Altman's crypto Worldcoin surges 200%

Worldcoin's crazy jump — It shot up over 23% in just a day!

🔥 And get this, it's up more than 200% for the week.

💡 A bit of history:

⇾ Worldcoin $WLD is a project founded by the CEO of OpenAI, Sam Altman launched last year in July;

⇾ they went all sci-fi on us with a gadget called the "Orb", that looks straight out of a space movie and scans individuals' irises 👀 ;

⇾ it aims to verify each person's uniqueness, aligning with their goal to distribute cryptocurrency fairly and potentially enable a new global digital identity;

But here's where it gets sticky.

The project faced controversy and criticism primarily due to concerns about privacy and the ethical implications of its unique method of user identification.

  • "let me take a quick peek at your eyes, and I'll give you some digital cash." Sounds a bit like a weird trade, right? People are worried about who's keeping an eye on their... well, eyes. 😁 

  • with all these eyeball scans, folks are biting their nails thinking about some sneaky hacker getting a hold of their peepers' pics. Not exactly the kind of photo leak anyone's looking forward to.

The company also achieved a remarkable milestone by surpassing its daily user base of 1 million on February 19, 2024.

Well? What would be for you? Smash or pass…

4 things you should know:

Meme Of the Day

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