[Daily] Ethereum got a visa

Good morning! Welcome to The Daily Moon. The ghost of FTX continues to haunt. DebtDAO had launched a bond token called FTX User Debt that allowed creditors to trade their FTX dues in the open market. And as usual, some traders went rogue and pumped the token to $113. The platform had to burn 18 million tokens to cut the volatility. Also FYI, we don’t know for sure if FTX creditors actually backed it.

As of Tuesday, 8PM IST

The markets recovered. Bitcoin was above $23,000 and Ethereum inched closer to $1,650. Nasdaq rose in early trade. Back home, Sensex and Nifty had another day of losses.

BTC Investors Are Cheering

The past three weeks were busy for BTC investors. The king crypto had an extended rally after what felt like ages. And as sun follows rain, FOMO has well and truly hit. Almost 620,000 small Bitcoin addresses have been added to the network in less than a month.

FYI Small BTC addresses are those wallets that hold up to 0.1 BTC

Miners find cashThe bull rally has played out well for miners. Bitcoin miner Riot Platforms, for instance, produced 740 BTC in January. That’s an all time high. There is also hope for mining companies such as Greenidge and Terawulf to use this green phase to bring down their debt. Even bankrupt miner Core Scientific has court approval for a new $70 million loan.

A golden cross formsOn Monday, Bitcoin saw a golden cross pattern. It’s a phenomenon where the 50-day average price of BTC crossed the 200-day average. The last time this happened, Bitcoin reached its all-time high two months later in November 2021. Encore?

ICYMI There is a slight worry around DCG’s Grayscale Trust share sales. But don’t fret because BTC hasn’t reacted yet.

Cathie’s in tooCathie Wood’s Ark Invest is also super bullish on Bitcoin. The investment company said in a recent report that Bitcoin has the potential to reach $1 million over the next few years.

Source: Ark Invest

BTC has also outperformed the traditional market investments. Despite the short-term winters, the long-term outlook is pretty much intact.

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Visa Is ETH’s Trump Card

Ethereum’s got a booster shot of sorts. Daily fees have more than doubled to ~$4 million. The token price is up ~37% since the start of the year and at the heart of these developments is the Visa partnership.

How’s Visa involved?Visa has started to test electronic payments on Ethereum. It wants to find ways to integrate stablecoins within the ETH network. The new system will be a mix of TradFi and DeFi.

So what?Visa is among the largest payment networks in the world. Just for context, it facilitated ~255 billion transactions in the year ended June 2022. That means there is a possibility of similar numbers on the ETH blockchain when Visa payments go mainstream on it.

Meanwhile…NFTs on Ethereum have shone too. Yuga Labs’ skill-based game Dookey Dash powered by Sewer Passes NFT was the reason for its growth.

Which AI Will You Choose?

It’s the race to create an AI that will endlessly churn out content. Microsoft’s ChatGPT caught the world’s attention, and now Google is preparing to launch one as well. Alphabet calls its version Bard. You can’t find it in the Play Store just yet.

Why should I be excited?The hype around Bard indicates that it could be almost sentient in its responses. It is based on Google’s language model—Lambda. Even China’s Baidu is building its own chat bot.

Why is it so important?Search. All of this is to corner the search market. Experts have, for a while, been predicting the exhaustion people feel towards search engines. They believe the world will move towards not looking for the right answer but getting the right answer and an AI tool will help towards that. The only problem is that it can’t differentiate between satire and news, which means no information is reliable. Yet.

North Korea Set Records

It’s never something good, is it? According to the United Nations, North Korea set a record for most crypto stolen in 2022. It not only stole crypto assets it also made away with sensitive information such as weapons programmes for various countries.

How much money? $630 million. That’s by today’s value. But the report states that at the time of stealing those assets the value could have been in excess of $1 billion.

What happens now?North Korea has denied any involvement and there are likely to be more sanctions but that probably won’t stop hackers from exploiting any weakness that exists in networks across the world.

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