Headlines
▌Analysis: Bitcoin Halving in 2024 Could Push Price to $400,000
An analysis by Blockware Solutions suggests that the highly anticipated Bitcoin halving in 2024 could trigger a surge in prices, potentially pushing its value to an astonishing $400,000. The expected reduction in supply in 2024 could lead to explosive demand for Bitcoin. The report highlights two dynamic factors, a decrease in selling pressure and a rapid increase in buying frenzy, that could lay the foundation for the largest cyclical price surge in Bitcoin’s history.
Market
As of the time of writing, according to coinmarketcap data:
The recent trading price of BTC is $26,098.6, with a daily change of -0.09%;
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The recent trading price of ETH is $1,657.77, with a daily change of +0.14%;
The recent trading price of BNB is $218.34, with a daily change of -0.11%;
The recent trading price of XRP is $0.5240, with a daily change of -0.56%;
The recent trading price of DOGE is $0.0631, with a daily change of -0.03%;
The recent trading price of ADA is $0.2633, with a daily change of –0.09%;
The recent trading price of SOL is $20.793, with a daily change of +0.21%.
Policies
▌Cyberport President: Hoping Hong Kong Can Take a Step Forward in Launching a Cyberport Wallet
Roger Lee, the President of Cyberport, stated that since the government issued a virtual asset policy declaration at the end of October last year, more than 180 Web3 companies have built the entire ecosystem, and the number of companies continues to grow at a healthy pace. Most of the companies focus on application areas such as financial services and entertainment, with over 20 companies engaged in Web3-related technologies like data analysis and over 10 blockchain infrastructure companies.
Lee also mentioned that although most of the newly established companies in Cyberport are from overseas, many of them are Chinese. He expressed that although Hong Kong’s digitalization process is not as advanced as other countries or regions, he hopes Hong Kong can take a step forward, such as launching a Cyberport wallet, which he believes will be a great opportunity. Regarding the metaverse, Lee believes that although it is not as hot as last year, many applications have merged gaming and technology, with many users participating. The ebb and flow also have a lot to do with the current financing environment. However, for him, it is currently more about returning to reality, consolidating the entire market, and investors can use reasonable prices to invest in truly capable startups.
Blockchain Applications
▌DeSo Executive: Decentralized Social Media Applications Still Need to Solve User Acquisition and Retention Issues
Although there has been a lot of hype around Friend.tech recently, some decentralized social networks still struggle to get users to sign up and stay on their social media platforms.
Ed Moss, Growth Lead at Layer-1 blockchain company DeSo, said that the process of moving cryptocurrencies from exchanges to wallets with Chrome extensions and then paying high gas fees to transact on-chain or cross-chain is boring and expensive for first-time users. We found that 99% of mainstream users give up at the first step, so simplifying this process is crucial.
According to Suhail Kakar, the creator of the DeSo app Onboard, the problem starts even before that. Users often avoid taking the first step because they need to familiarize themselves with blockchain, smart contracts, and wallets before registering.
▌Report: Blockchain technology and application innovation are still in a high-speed development phase
The “China Industrial Blockchain Development Report (2023)” and the “2023 China Industrial Blockchain Ecological Map” have been released. The reports show that from the perspective of industry categories, the cultural and intellectual property industry has the highest proportion of industrial blockchain project applications, accounting for 47.3%. In terms of policy support, the important international blockchain policies in 2022 have decreased compared to the past, and industrial blockchain has transitioned from policy-driven to industry-driven. However, the number of blockchain patent applications in 2022 is still at a high level, and technology and application innovation are still in a high-speed development phase.
Cryptocurrency
▌Companies in the cryptocurrency field raised a total of $24 million in the past seven days
In the past seven days, five companies based on cryptocurrency or blockchain raised a total of $24 million, with the most attention and capital attracted by Bitcoin mining and cryptocurrency lending. Nodal Power, a Bitcoin mining company based in Utah, became the focus of attention with $13 million in financing.
▌Report: XRP accounts for more than 3.2% of young Koreans’ investment portfolios, surpassing Bitcoin and Ethereum
Despite facing considerable turbulence due to escalating regulatory challenges, XRP remains resilient among Korean investors. In fact, the asset has become the most favored asset in their investment portfolios, especially among those in their 20s. New survey results show that XRP accounts for 20.7% of their investment, surpassing Bitcoin and Ethereum’s total allocation of 17.5%. Overall, XRP accounts for more than 3.2% of personal investment portfolios of individuals in their twenties, surpassing Bitcoin and Ethereum.
▌Ethereum L2 network TVL drops to $9.65 billion, 7-day decline of 3.27%
According to L2BEAT data, the current total value locked (TVL) in the Ethereum Layer 2 has dropped to $9.65 billion, with a 7-day decline of 3.27%. The top five locked values are: Arbitrum One ($5.35 billion, 7-day decline of 4.91%); OP Mainnet ($2.52 billion, 7-day decline of 3.03%); zkSync Era ($401 million, 7-day decline of 8.03%); dYdX ($334 million, 7-day decline of 1.08%); Base ($246 million, 7-day increase of 5.98%).
Important Economic Trends
▌Probability of the Federal Reserve Maintaining Interest Rates in September at 80.5%
According to CME “Fed Watch”, the probability of the Federal Reserve maintaining interest rates at 5.25%-5.50% in September is 80.5%, while the probability of raising rates by 25 basis points to the range of 5.50%-5.75% is 19.5%; the probability of maintaining interest rates in November is 42.3%, the probability of cumulative rate hikes of 25 basis points is 48.4%, and the probability of cumulative rate hikes of 50 basis points is 9.2%.
LianGuai Encyclopedia
▌Fork
Refers to the situation where two blocks pointing to the same parent block are generated simultaneously, and some miners see one block while other miners see the other block. This leads to the simultaneous growth of two blockchains. Generally, as miners on one chain become lucky and that chain grows, all miners will switch to that chain, and the fork will mathematically resolve itself within about four blocks.
Disclaimer: LianGuai, as a blockchain information platform, publishes articles for information reference only and does not serve as actual investment advice. Please establish the correct investment concept and be sure to enhance risk awareness.
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