It’s been quite a week for crypto! From Litecoin NFTs launching, to Helium announcing the date of their migration to Solana, Ethereum’s Shanghai Capella Upgrade next week and Hong Kong retailers being allowed to trade large market-cap cryptocurrencies, we have you covered on all the important points. So let’s cake it up and spread the crypto love!
Talk About An Expensive Fart!
With over 154,000 inscriptions created to date, it looks like Ordinal Inscriptions and the ability to mint content other than transactions on the Bitcoin network have taken the world by storm. But now, a developer has adapted the Ordinals project for rival proof-of-work blockchain Litecoin.
Inscription 2042, a new Ordinal minted onto the Bitcoin blockchain, is here and it’s something the crypto world has never smelled before: a one-second audio clip of a wet fart!
On Feb. 2, a little flavor was added to the blockchain, as one lucky Bitcoin buyer paid 12.3 BTC or roughly $280K for the right to own, and (im)perpetually store, the most iconic audio clip on the blockchain.
Who would have thought that the same technology that made banks obsolete could also usher in, literally, a new form of digital currency–fart money!
Though there’s no centralized market for Bitcoin Ordinals, it looks like some anonymous crypto node operator got the deal of a lifetime. Now the only question is, who was it, who had the guts (?) to drop such a significant chunk of change for a single toot?
Who knows, but this much is certain: when it comes to cryptocurrency, now you can make a stink AND money!
Big Money Bets on the Asian Tiger
It’s looking like Asia is the place to be for crypto investors! With the U.S. on crypto lockdown and Web3 firms facing scrutiny from the Securities and Exchange Commission (SEC), Hong Kong and other Asian countries are eyeing the crypto opportunity of a lifetime. Countries like South Korea are embracing blockchain tech with public metaverses and welcoming Web3 firms, while Hong Kong plans to allow retail investors to trade certain cryptocurrencies starting June 1.
The sky’s the limit and the east is where the future is glowing. Cameron Winklevoss, the co-founder of Gemini exchange, agrees, saying that “the next bull is going to start in the east.”
Hong Kong has released a consultation paper with a March 31 deadline that will explore the framework for retail investors to trade large market-cap cryptocurrencies. If you’re looking for the next big crypto opportunity, the east is where it’s at!
Bankman-Fried Could ‘Conceivably’ Face Jail Time
Breaking News: Sam Bankman-Fried, former CEO of FTX, may have his bail revoked! At a Feb. 16 hearing, Judge Lewis Kaplan ruled there was “probable cause” to believe Bankman-Fried may have engaged in attempted witness tampering. The judge even went as far as saying that this would “conceivably” mean Bankman-Fried could go back to jail until his October trial. Talk about a WHAMMY!
Don’t Get Fooled! Fake ChatGPT Tokens Are Lurking Around
With the hype around artificial intelligence and new technology, scam artists have been cashing in on unsuspecting investors with fake ChatGPT “tokens” that have appeared on numerous blockchain networks. It’s enough to make anyone feel a little scammed out!
So, be warned: “If it sounds too good to be true, it probably is!” Invest wisely, and if something doesn’t seem right, don’t invest. Do your research, test the waters, and don’t let yourself get carried away in all the promise and hype.
Starbucks Polygon NFTs Are Making a ‘Grande’ Splash Amid 20% Staff Lay-Off
Welcome to Starbucks Odyssey, an NFT-driven rewards program, built on Ethereum scaling network Polygon – a closed beta that only a select few are able to join! Already, those crafty early adopters have been flipping NFT ‘Stamps’ for close to $2,000 a piece!
But, wait! that’s not it, Polygon Labs recently went through some challenging times, having to let go of 20% of their team – no small matter. But the co-founder Sandeep Nailwal says that treasury remains healthy, with more than $250 million in the bank and over 1 billion MATIC tokens.
Texas, Here Comes the Bitcoin Embassy!
Recently, Milena Mayorga, Ambassador of El Salvador to the United States, had a fun and informative meeting with Jose A. “Joe” Esparza, the Deputy Secretary of the Government of Texas to discuss the exciting potential of opening a “Bitcoin Embassy” in Texas.
Crypto Knight
It’s been a roller coaster week for crypto – midweek gains quickly erased as Bitcoin and Ethereum dip into the red! Bitcoin reached $25,000, only to finish down 0.60% in the last 7 days, while Ether lost 0.70% to close at $1,670. On the bright side, at least it’s a better finish than last week – no gains, but no losses either!
This week’s gainer award goes to Chinese Polygon, alias Coinflux for a staggering 154% rally – talk about an exciting Chinese bull run! The first runner-up was close behind with a 141% gain from Stacks, amidst the hype of Bitcoin Ordinals. Last but not least, Ankr came in third with an impressive 48% surge thanks to Microsoft and Tencent partnerships – what an exhilarating week! Congratulations to our winners.
Knight Watch
OANDA Market Analyst Edward Moya, in a note said that while Bitcoin edges lower ahead of FOMC minutes – but there’s still hope! Traders are bracing for potentially hawkish Fed minutes, but there’s no need to throw in the towel just yet as Bitcoin bids to break out of its month-long consolidation. With renewed risk appetite at 2pm EST, momentum traders could be enticed to bring Bitcoin up to the psychological $30,000 level. Conversely, if the bears come back, Bitcoin has solid support at the $22,500 region.
Analyst Michaël van de Poppe had some sage advice for Bitcoiners: “We dropped towards the lower part of the area and previous resistance around $23.3K. While it’s no joyride in the park, this could mean good news for those looking at Bitcoin – there’s a chance at a significant bounce from that area! We could see some more consolidation, and then we’ll launch toward $30K.”
Honorable Mentions
It’s time to get excited, people! On Mar. 27, Helium is taking the plunge and migrating to the Solana network, alongside 1 million hotspots worldwide!
But that’s not all – the Ethereum network is ringing in the changes too! The Shanghai-Capella upgrade will finally give validators access to their locked ETH, rewarding them for all their hard work.
This has been an era-defining event, so let’s look into the details of the withdrawal process and see what happens to the ETH supply. Who knows, this exciting new development might even give ETH an extra boost along the way!
It’s an exciting time to be an investor, and let’s make sure we don’t miss out on this opportunity – the countdown starts now!
Nakamoto Facts
Who needs Tesla when you’ve got EGTPRO? That’s right, Elon’s “Goat Token” just became a whole lot more interesting! After raising $600,000 from true-blue Elontrepreneur superfans, they build a one-of-a-kind statue of the entrepreneur: his head atop the body of a beloved Dogecoin Shiba Inu dog riding a rocket. Sadly, the statue failed to capture Musk’s attention, but hey, at least it’s a funny story worth telling!
