- THE TRIPLE SCOOP
- Posts
- Bitcoin ETFs break records + ETH hits $3k
Bitcoin ETFs break records + ETH hits $3k
The Triple Scoop
February 21, 2024
SCOOPāS TL;DR
š MARKET SENTIMENT
Oooh, a bit of a good old-fashioned market flush today. This last week has been majorly bullish for crypto, with Alts popping off and Eth climbing to yearly highs of $3000, But whatās next..
š„ THE TRENDING NARRATIVE
AI + RWA & Gaming are on their way.
šļø BARBELLāS WEEKLY PICK
$NOIA - Syntropy
šļø TOP STORIES
Ferrari Accepts Crypto
Another Bitcoin Record
Coinbase Commerce
š WEEKLY WINNER
Japan
š” REKT SECTION
Australian Cop
š PREMIUM SCOOP
š„ BREAKING
Crypto Total Market Cap $1.94T - 24/hour change 2.44%-
Crypto 24-hour Total Volume $93.19B - 28.12%+
Majors - 24/Hour change
ETH - $2966 - 2.77%-
Trending Tokens - 24-hour
$STRK - 43%- -Layer2
$CPOOL - 20%- -RWA
Oooh, a bit of a good old-fashioned market flush today. This last week has been majorly bullish for crypto, with Alts popping off and Eth climbing to yearly highs of $3000, But whatās nextā¦
We are seeing record inflows into Bitcoin ETF, and trading volumes surge near 14x, specifically for the VanEck spot ETF āHODLā
But the markets feel a bit spooked, we have had reports of Jeff Bezos selling Amazon shares & Mark Zuckerberg alongside other C-suite executives dumping meta stock. What do they know, are they expecting a market-wide dump across US equities?
When the S&P500 pulls back, it normally also correlates with crypto. A pre-halving dump perhaps on its way?
We will be buying the fear if such a case should happen. Why?
ETF inflows at all-time highs, halving around the corner, 4-year cycle & US election year. Dips are for buying.
Donāt get shaken out. Longer term higher!
Slight retracement in Bitcoin dominance and true Alt season draws ever closer. (ALTS outperforms Bitcoin). ETH is pushing up on BTC too. Not long now folks.
Ethereum
Ethereum hit a yearly high of $3000, a huge milestone, unfortunately, whilst you read now, itās taken a retrace to $2884. Such is life. But there is no doubt ETH is now showing strength, we just need that BTC dominance down, and Alts will fly.
ALTs
As mentioned above, whilst alts look like they have been tearing, the fun hasnāt begun just yet. Today is a great day to buy the shake out in the markets. Remember, buy red & sell green folks. Letās not complicate this.
š® NARRATIVES TO FOCUS ON IN 2024
- AI Infrastructure / Autonomous agents
- Gaming / Game-fi
- DEPIN (Decentralised Infrastructure)
- RWA - Real-World Asset tokens
- Memes - (youāre not too good for them)
- Eigen Layer
- BTC Defi / BRC20
- New Layer 1ās
- Parallelization EVM / Modular Blockchains
- Solana Killers
Be the envy of friendsā¦
š„ THE TRENDING NARRATIVE
Crypto is a narrative & trend-driven game, where attention goes, the money flows. So whatās hot?
AI is still showing ultimate strength as one of the top narratives this cycle, with $TAO the poster boy hitting highs of $650 dollars, the AI crypto giant now sits at a 4 Billion market cap. Thatās 20x for our premium subscribers, and will likely be 100x from when we first shared by the time the cycle top comes around. Probably the best $10 you could ever spend.
But attention in crypto lands shifts, and whilst AI will likely lead the bull market given the coverage it is receiving in the real world, it is only time before the market looks at the next shiny sector to spend its gains.
Our biggest bets are Gaming, & RWA to be next up.
We think RWA is quite boring as most of the protocols facilitate the tokenization of properties, loans, etc, but itās big business, and Larry Fink just a couple of months back was touting on TV how everything will be tokenized. Blackrock is no joke, they control a lot of financial narratives, and this in itself will likely lead to a self-perpetuating crypto narrative.
And Gaming, well, we have said it for a while, but crypto, NFTs & gaming just go hand in hand. People already spend billions of dollars a year on in-game assets, so it makes sense for currency spent to be crypto & assets to be NFTs. Gamers can own the assets within a game & trade them on the open market, rather than the value being locked in the walled garden of a game.
Plus Gaming is a huge market, bigger than the movie industry, itās something the masses can relate to, itās something the masses can get excited about.
Below are a few picks to consider looking into.
RWA
$CPOOL
$NXRA
ONDO
Gaming
$NAKA
$PYR
$PRIME
$BEAM
šļø BARBELLāS WEEKLY PICK
In each issue, our Founder āJack Barbellā delivers a hot rising star crypto asset that is yet to explode.
You can Follow Jack Barbell on X - @thebarbell_
As always, Premium subs get the gold first, $NOIA is up 70% since we shared a few weeks back. But we canāt keep this gem from the Scoop family much longer.
Marketcap - $170M
Narrative - Data availability / Oracles
Potential - 20X
Trade idea: With Strong tokenomics near fully diluted & sound fundamentals, this token is a buy & hold option for the remainder of the bull.
Scoopās Take
Syntropy is revolutionizing the internet infrastructure with its innovative Data Layer solution, aimed at enhancing performance, security, and decentralization for Web3 applications and blockchains. At its core lies the $NOIA token, meticulously designed to fuel and govern the entire ecosystem.
The project addresses the pressing need for reliable and efficient data streaming by introducing an on-chain streaming oracle. This decentralized and scalable solution enables seamless access to real-time blockchain data, empowering developers to build applications dependent on accurate and timely information.
Syntropy's recent Amber Chain launch marks a significant milestone toward the full release of the Syntropy Blockchain. This development paves the way for validators to onboard, smart contract integration, and eventual transition to a fully operational blockchain network.
With a focus on user adoption, Syntropy is set to expand its user base into the millions. Collaborations with enterprise clients, including 15+ Fortune Global 500 companies, show the project's potential to become a cornerstone of the internet infrastructure.
Onto the tokenā¦
The $NOIA token plays a pivotal role in incentivizing network participants and facilitating seamless data transactions. Validators can expect to reclaim rewards soon, while staking mechanisms will further reduce selling pressure, fostering a bullish market outlook.
Investors and analysts alike are recognizing the growth potential of $NOIA, drawing parallels to successful projects competitors like Chainlink ($LINK). With similar tokenomics and an expanding array of real-world use cases, $NOIA is positioned for substantial growth, potentially reaching $2-5+ in the coming years, right now, it sits at just 13 cents.
Recently āSyntropyā welcomed Daniel Haudenschild as its new CEO, and anticipation mounts for the project's trajectory under his leadership. His experience and vision promise to elevate the Data Layer to new heights, reinforcing Syntropy's position as an indispensable component of Web3 infrastructure.
Overall the project has a lot going for it, we have seen the success of Celestia & Link in the data & oracle space, so Syntropy could very well be up next to steal the limelight.
š TOP STORIES
Ferrari Accepts Crypto - The Possibility Has Become A Reality
At a glance š
Ferrari floated the idea of accepting Crypto as a payment method for cars in the United States back in October 2023.
The idea is now real, with the company accepting Dogecoin as a payment method for cars (only in the United States for now)
Other Cryptocurrency payment methods have not been confirmed, but Dogecoin payments are to be rolled out in Europe imminently.
šµļø Scoops take:
How pleasing when a company follows through with its bold plans.
This is just another step towards global acceptance of Crypto and despite only one currency being accepted so far, you can bet your holdings that more companies are going to get involved.
So be prepared to see your favorite vehicles start to be available via Crypto. Maybe this can be an extra incentive to get the bags pumping - in the end, there is a car waiting for you that might just pay for itself!
The price of Doge has moved up 6% in the last week, so cash it in and get that Portofino.
Another Bitcoin Record - It Never Stops
At a glance š
Bitcoin has smashed another record - we could just copy and paste this every week with the way things are going.
It has become the fastest asset to reach a $ 1 trillion market cap beating the likes of Apple, Amazon, and Google.
The price continues to soar, surpassing the $52k level.
šµļø Scoops take:
If you arenāt fully in then why are you still here?
Bitcoin has grabbed the whole financial world by the horns and led the charge to the top.
Every single week a new record is smashed, and this week it puts to the sword the likes of Amazon, Google, Microsoft, and Apple.
Roll on the halving and generational wealth.
Coinbase Commerce - Bitcoin And Others Dropped.
At a glance š
Coinbase has ended support for Bitcoin and other UTXO coins on its merchant payment service, Coinbase Commerce.
The reason is that there are challenges in attempting to integrate recent updates into its EVM payment protocol for Bitcoin.
Users will still be able to use Coinbase Commerce if they have an account with the exchange.
šµļø Scoops take:
A bump in the road but for the long-term vision it is to be expected.
For global mass adoption of crypto payments online, CEO Brian Armstrong believes there needs to be a shift away from the base layer of Blockchain to reduce transaction fees and confirmation times.
The focus now turns to who will be able to provide the best service in rolling out the best method of crypto payments for the masses.
Donāt be worried, it will come - it is just a case of ensuring the right system makes its way.
Patience is a virtue that you must possess.
1/ Hey folks, Iām the product lead for Coinbase Commerce and want to share some thoughts on how the product is evolving, why weāve made these changes, and clarify what it means for our asset support strategy moving forward. š
ā Lauren Dowling (@Lauren_Dowling_)
10:44 PM ā¢ Feb 17, 2024
š WEEKLY WINNERš
Japan
A massive concern for the global mass adoption was the reluctance of highly-populated countries to give Crypto a chance.
Well, one country has changed its tune and that is Japan.
A proposal (that is likely to pass) is set to allow venture firms to own Crypto assets.
This new law is huge in the sense that it again legitimizes the use of Crypto.
By having one of the largest economies in the world, Japan needed to be on board with accepting Crypto and we are delighted they have finally accepted the digital era as the era to adopt.
This should have a solid domino effect.
š” THE REKT SECTION š”
Australian Cop
An Australian Policeman is accused of stealing 81 Bitcoin during a raid.
The accusation arises from the wiping of a Trezor hardware wallet containing 81.62 Bitcoin at a crime scene.
The authorities relied on tracing software before the allegations were made that the Bitcoin was transferred into personal possession.
At the time of the raid in 2019, the value of the 81 Bitcoin stood at $309,000. Today it is worth $4.2m
The cop is currently denying the charges but with the software tracking available this situation could turn rather sticky.
Feast your eyes on the delights, surprises & Alpha below.
Subscribe to Triple Scoop Premium to read the rest.
Become a paying subscriber of Triple Scoop Premium to get access to this post and other subscriber-only content.
Already a paying subscriber? Sign In