AI x Crypto season at an all time high with Nivida earnings report
$BTC at a buzzing frenzy
Here are 3 factors about our economic golden year 👇🧵
Macro Pulse Update 24.02.2024, covering the following topics:
1️⃣ Macro events for the week
2️⃣ Bitcoin Buzz Indicator
3️⃣ Market overview
4️⃣ Key Economic Metrics
5️⃣ China Spotlight
1️⃣ Macro events for the week
Last Week
Next Week
2️⃣ Bitcoin Buzz Indicator
Market and Token Updates
Reddit Embraces Bitcoin and Ethereum
Token Airdrop Sparks Debate
Technical Glitch Halts Avalanche
USDe Challenges Stablecoin Norms
Stablecoin and Blockchain Ecosystem
Compliance Leads to USDC Withdrawal
Security Incidents and Responses
Crypto Theft Hits Axie Co-Founder
Regulatory Actions and Legal Challenges
Kraken Fights SEC Overreach
Crypto Giants Sue SEC for Clarity
Governance and Community Initiatives
Uniswap Proposal Surges UNI Value
NFT and Metaverse Developments
Yuga Labs Acquires Moonbirds
Pudgy Penguins Embrace Web Domains
Solana NFTs Hit $5 Billion
Forbes Enters The Sandbox Metaverse
Altcoins
Worldcoin token, supported by Sam Altman, increased in value with the Sora launch.
Bitcoin ‘has not lived up to its potential’ as a worldwide, decentralized digital currency: ECB officials.
Celsius handed out $2B in crypto to 172K creditors.
VanEck faced nearly a $2 million SEC fine over ETF disclosure failures.
Solana and Filecoin teamed up to enhance decentralized storage.
Apple was asked to delete a counterfeit Rabby Wallet app after users lost funds.
FixedFloat suffered a $26M loss due to a hacker attack.
Chiliz partnered with South Korea's Football League and added PSG Football Club as a network validator.
Binance announced the closure of several leveraged token services.
PIXEL launched with a $441M market cap, rewarding Ronin gamers with airdrop tokens.
Hack VC secured $150 million for a venture fund targeting web3 and AI startups.
Mumbai unveiled a metaverse to display infrastructure innovations in India.
MetaMask integrated Blockaid security alerts for users across various chains.
eBay reportedly cut 30% of its Web3 & NFT team amid restructuring.
Stellar began a phased introduction of 'Soroban' smart contracts.
Optimism allocated $41 million in OP tokens to NFT artists in its fourth airdrop.
Japan's GameFi community discussed liquidity issues with a lawmaker.
Hong Kong pushed for stablecoin and OTC crypto trading licensing bills.
Montenegro's Supreme Court approved the extradition of Terra founder Do Kwon to the USA.
DCG criticized Genesis' settlement with New York as undermining.
Nvidia became the most-traded stock, surpassing Tesla as AI spurred a 265% revenue jump.
Shiba Inu prepared ERC-404 NFTs for release.
KuCoin addressed concerns over user funds being locked.
Aave launched its DeFi protocol on the BNB Chain.
ZCash's value increased after Grayscale applied for a privacy ETF with the SEC.
Euler Finance aimed for a comeback with its V2 launch.
Andreessen Horowitz invested $100 million in crypto startup EigenLayer.
FTX received permission to sell its $1B stake in Anthropic for creditor repayment.
Blueberry DeFi protocol halted lending after an unidentified exploit.
Injective showcased an 'ERC-404' port, leveraging the experimental token standard's buzz.
PancakeSwap introduced an 'Affiliates' program, benefiting CAKE holders.
Siacoin's price spiked, fueled by network upgrades and market optimism.
Layer-1 network Flare raised $35M from Kenetic and Aves Lair.
3️⃣ Market overview
There are signs of growing institutional demand for crypto like Bitcoin as record inflows into BTC ETFs last week helped push its price to highest since December 2021. Ethereum hit $3K on anticipation of a possible US spot ETH ETF approval this year.
Record-breaking inflows into Bitcoin ETFs over $2.4 billion last week have helped push BTC price to highest levels since December 2021, showing strong institutional demand.
Ethereum price surged past $3K based on anticipation of a potential spot ETH ETF approval later this year, which could bring in substantial new investment.
Nvidia stock has skyrocketed on growing excitement around AI computing, becoming 3rd largest public company. AI-focused crypto assets like Render Token, Akash Network also seeing price rises.
Worldcoin token spiked 250%+ due to launch of OpenAI's text-to-video Sora tool, likely because of Sam Altman's involvement in both projects sparking interest.
China made an aggressive lending rate cut to try to stimulate economy battling deflation and slowing growth, which could affect local investors' crypto appetite.
4️⃣ Key Economic Metrics
🟢 US inflation rose more than expected in January, dashing hopes that disinflation was firmly taking hold. However, excluding volatile categories like shelter, underlying inflation remains low.
US retail sales declined in January despite strong job growth and rising wages. This could be due to changing seasonal patterns, bad weather, exhaustion of excess pandemic savings, or increasing financial stress.
There is uncertainty around how low central banks will cut rates, with debate centered around hard-to-estimate concepts like the neutral interest rate. Monetary policy is challenging as the neutral rate is unknown and policy works with a lag.
🟢 India has positive demographics, rising productivity, strong investment and continued reforms that can enable sustainably high growth, although some challenges remain.
India has favorable demographics, with a growing working-age population that can support continued rapid economic growth.
Investments in infrastructure, technology adoption, education and skills training are all boosting productivity.
Reforms like GST are removing barriers to efficiency. FDI and entrepreneurship are strong. The growth outlook remains positive.
5️⃣ China Spotlight🔴
China's population is aging rapidly with the working-age population plunging. This will pressure growth and public finances.
China's birth rate has plunged in recent years, leading to a rapidly shrinking younger population. This will require less spending on schools but more on pensions/elder care.
The working-age population is falling quickly too, likely slowing economic growth unless productivity accelerates. Policies so far don't support faster productivity growth.
By 2100, projections show China's population declining by 80%. This is unprecedented and the long-term impacts are highly uncertain.
In the nearer term, China's shrinking workforce and economy may cede dominance to India's faster growth. This could reduce China's global influence.
Twitter: https://twitter.com/arndxt_xo/status/1761348255856857097