Welcome to the February 12, 2024 edition of the Genfinity News Recap! As you navigate through your busy workday, staying informed about the latest developments in the realm of Web3 and finance can be a challenge. However, we are here to provide you with a concise overview of the most significant news you might have overlooked today.
February 12, 2024 Genfinity News Recap
Does Biden have laser eyes?
CoinTelegraph penned an article addressing the question on everyone’s mind: Did Joe Biden endorse Bitcoin with his recent tweet? United States President Joe Biden inadvertently became a Bitcoin ambassador with a laser-eyed social media post after the 2024 Super Bowl. Despite initial speculation among crypto enthusiasts, Biden’s post referencing the Kansas City Chiefs’ victory was actually part of the “Dark Brandon” meme, poking fun at a conspiracy theory regarding the game’s outcome.
Biden has not endorsed any cryptocurrency policies. In contrast, Coinbase’s Stand with Crypto organization lists Biden as being “against crypto,” based on his past statements. The phenomenon of laser eyes, typically associated with a bullish outlook on Bitcoin, originated as a social media movement to drive the BTC price.
Ethereum Gas Fees
The Block reported that from the beginning of February until recently, Ethereum’s transaction volumes have surged. This is leading to the highs in network gas fees that you may be feeling when you trade. Reports indicate that gas fees haven’t surged to this level since mid-December of the previous year.
The recent surge in gas prices coincides with a notable increase in NFT trading volume on Ethereum, as reported by The Block. Also, according to The Block’s Data Dashboard, Ethereum NFT trading volume for the past week hit a multi-month high of $147.29 million, reaching its peak since late February last year.
Bitcoin
According to CryptoQuant, Bitcoin might reach $112,000 this year with sustained ETF inflows. CEO Ki Young Ju suggests a minimum target of $55,000, based on market capitalization metrics. Historically, a ratio indicating overvaluation suggests a potential top at $104,000 to $112,000. Spot Bitcoin ETFs have acquired over 192,000 bitcoins since launch, influencing market dynamics.
Coindesk summarized CryptoQuant’s analysis nicely, also noting that Grayscale deemed that Bitcoin’s technical fundamentals and use cases have strengthened, making it more resilient leading up to its halving event. This event historically precedes bullish trends.
We hope you enjoyed our February 12, 2024 Genfinity News Recap! Come back tomorrow evening for another news summary, and please leave a comment below.
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