Feb 14, 2024

Bitcoin Breaks $1T 🚀🔥🎁


Bitcoin Breaks $1T 🚀🔥🎁 Valko

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#Bitcoin market cap reclaims $1 trillion.

⌐◪-◪ → Bitcoin’s market cap just reclaimed $1 trillion, and things are feeling mega bullish (Exhibit A - a BTC drone swarm).

$1 trillion is a pretty big number, so here are some market cap figures to help you understand how far Bitcoin has come and how much room it has to grow:

Telsa is the #10 largest company at $586BNvidia overtook Amazon for #5 at $1.78TMicrosoft is the #1 largest company at $3TGold’s market cap is $13.25TS&P 500 market cap is over $41.5T

$1T is massive. There are only 7 publically traded companies over $1T, and they are goliaths like Microsoft, Apple, and Saudi Aramco.

If crypto simply displaces gold, it still has another 13.25x in it, but I believe it will do far more than displace gold. After all, it’s the world’s first public digital payments infrastructure.

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#Bitcoin ETFs had the biggest day of inflows since launch day, with $631m in new money flows yesterday!

⌐◪-◪ → Usually when the price of an asset increases, demand for it goes down — this is the simple premise of supply & demand.

However, the exact opposite happens in some instances — as price increases, so does demand. We call this the Veblen good effect, and we’re seeing it in full force with Bitcoin this week.

The increased demand is most easily observed in the spot BTC ETF net inflows, which just crossed $631M in new money, despite Bitcoin breaking $51k (a price we haven’t seen since 2021).

Some more context for you, crypto fund inflows:
- 2023 → $2.2bn
- Last 4 days → $1.6bn

BlackRock alone saw $493.1M in net inflows. If this doesn’t have you bullish, then I don’t know what will. Or as my fellow CryptoPunk Foobar said, “how are people not losing their minds over this, half a billion via blackrock alone. ATH in Q1 if continues”.

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Starknet unveils STRK token distribution plan to nearly 1.3 million wallets

The Starknet Foundation revealed a distribution plan for its STRK token with nearly 1.3 million wallets eligible for rewards.

⌐◪-◪ → Airdrop season is so back. The Starknet Foundation just revealed airdrop details for its native token $STRK, with nearly 1.3M eligible wallets.

Recipients include past users of starknet dapps, etherum solo stakers, open-source developers, and more. For a full breakdown of who can claim, check out this breakdown by Bankless.

Most notably, 22% will go to Ethereum stakers, which makes sense.

Or as abdel.stark.eth put it:

Ethereum is nothing without its stakers.
Starknet is nothing without Ethereum.
Starknet is nothing without Ethereum Stakers.

This might make Starknet the most Ethereum-aligned L2.

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Everything Else

⛓️ Crypto & DeFi

  • Sushi to launch derivatives exchange Susa on Layer N

  • KSI is back on crypto Twitter

  • Ledger integrates with Coinbase Pay for easier crypto buying/selling

  • Chainalysis, Fireblocks, Gauntlet make Forbes’ Fintech list

  • Phantom Wallet’s active users 3x over last year

  • BTC Magazine partners with Unchained on crypto custody education

  • Bankless Media highlights top 5 projects on Blast

🏦 Wallstreet & VC

  • BlackRock ETF now holds over $5B in Bitcoin

  • Ripple acquires digital asset platform Standard Custody

  • Fordefi raises $10M to expand self-custody MPC wallet

🏛️ Legal & Regulatory

  • FinCEN report says BTC favored in human trafficking

  • Fairshake Super PAC deploys millions against anto-crypto politicians

  • Craig Wright blasts experts who 'cannot verify' he is Satoshi

  • ENS community mulls $300k settlement with Manifold over

  • Celsius begins returning funds to creditors

🌎 Rest of the World

🖼️ NFTs & Metaverse

  • Gaming projects set to unlock $175M through the end of Feb

  • Glenlivet distillery launches NFT collection for 200th anniversary

  • PlayDapp gaming platform loses $290M in two exploits

  • BTC betting site Thunderpick reveals $1M Counterstrike competition

  • TRUMP meme-coin pumps 30% as election nears

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