Crypto & Blockchain Daily Brief Saturday, February 17, 2024

Investors are increasingly turning to Bitcoin instead of gold as a hedge against inflation and economic uncertainty, according to a recent report. The report, published by Bloomberg, highlights the growing interest in Bitcoin among institutional investors, particularly as a potential alternative to gold. The report cites the recent surge in institutional investment in Bitcoin, with major companies such as MicroStrategy and Square allocating significant portions of their cash reserves to the cryptocurrency. This trend has been driven by concerns about the long-term effects of government stimulus measures and the potential for inflation. Gold has traditionally been seen as a safe haven asset and a hedge against inflation, but Bitcoin is increasingly being seen as a more attractive alternative. The report notes that Bitcoin's limited supply and decentralized nature make it an attractive option for investors looking to protect their wealth. In addition to concerns about inflation, the report also highlights the growing interest in Bitcoin as a digital store of value. The report notes that Bitcoin's decentralized nature and its ability to be easily transferred and stored make it an attractive option for investors looking for a digital alternative to gold. The report also highlights the increasing interest in Bitcoin among younger investors, who are more likely to view the cryptocurrency as a legitimate asset class. This shift in perception is driving more institutional investors to consider Bitcoin as part of their investment strategies. Overall, the report suggests that Bitcoin is becoming an increasingly popular choice for investors looking to hedge against inflation and economic uncertainty. While gold has long been seen as the go-to safe haven asset, the rise of Bitcoin is challenging this notion and attracting more institutional investors to the cryptocurrency.

Uniswap v4, the latest upgrade to the popular decentralized exchange (DEX) Uniswap, has caused a 10% rally in the price of its native token, UNI. The upgrade introduces several new features that aim to enhance the trading experience and improve capital efficiency. One of the key features of Uniswap v4 is the introduction of concentrated liquidity. This allows liquidity providers to have more control over their positions by specifying price ranges where their capital will be allocated. This feature enables more efficient use of capital and reduces the risk of impermanent loss, which is a common concern for liquidity providers in DEXs. Another notable feature of Uniswap v4 is the introduction of multiple fee tiers. Previously, Uniswap had a fixed fee of 0.30%. With the new upgrade, liquidity providers can choose between different fee tiers, ranging from 0.05% to 1%, depending on their risk appetite and desired returns. This flexibility gives liquidity providers more options to optimize their returns and attract more capital to the platform. The upgrade also includes improvements to the Uniswap v3 oracle, which provides price data for various assets. The new oracle design aims to reduce the risk of manipulation and improve the accuracy and timeliness of price updates. The introduction of Uniswap v4 has been well-received by the market, with the price of UNI rallying by 10% following the announcement. The upgrade is expected to attract more liquidity providers and traders to the platform, further solidifying Uniswap's position as the leading DEX in the cryptocurrency market. Overall, Uniswap v4 brings several important improvements to the Uniswap ecosystem, including concentrated liquidity, multiple fee tiers, and enhanced oracle functionality. These upgrades are expected to enhance the trading experience, improve capital efficiency, and attract more users to the platform.

Cardano (ADA) has been on a steady uptrend since the beginning of the year, and its price has more than doubled in value. The cryptocurrency is currently ranked as the eighth largest by market capitalization, and it has been gaining popularity among investors and traders. According to a recent prediction by WalletInvestor, Cardano's price is expected to continue its upward trajectory in the coming days. The prediction suggests that the price could reach a high of $0.65 by the end of February, which would represent a significant increase from its current price of around $0.38. Another prediction by Coinpedia also expects Cardano's price to continue rising in the near future. The prediction suggests that the price could reach a high of $0.6 by the end of February, and it could even reach $1 by the end of the year. The positive price predictions for Cardano are based on several factors. Firstly, the cryptocurrency has been gaining traction as a platform for decentralized applications (dApps). It has a strong team of developers and a growing community of supporters. Additionally, Cardano has been making progress in its partnerships and collaborations, which could further boost its adoption and value. Furthermore, Cardano's price is also influenced by the overall market sentiment and the performance of Bitcoin. If Bitcoin continues to rally, it could provide a bullish momentum for other cryptocurrencies, including Cardano. However, it's important to note that cryptocurrency markets are highly volatile and unpredictable. The price predictions should be taken with caution, and investors should always do their own research and consider multiple factors before making any investment decisions.

Yuga Labs, the creators of the popular NFT collection Bored Ape Yacht Club (BAYC), has acquired MoonBirds, another NFT collection, for an undisclosed amount. MoonBirds is a collection of 10,000 unique bird-themed NFTs that was created in collaboration with acclaimed artist and designer Fabin Rasheed. The acquisition will see Yuga Labs take ownership of the MoonBirds collection and all associated intellectual property. MoonBirds was launched in mid-August and quickly gained popularity among the NFT community. The collection sold out within minutes, and the floor price for a MoonBird NFT has since risen to around 8 ETH. The acquisition by Yuga Labs is expected to further boost the value and visibility of the MoonBirds collection. Yuga Labs, the creators of Bored Ape Yacht Club, is known for its highly coveted and valuable NFT collection. Bored Ape Yacht Club is a collection of 10,000 unique NFTs featuring cartoon apes with different traits and accessories. The collection has become one of the most valuable and sought-after NFT collections in the market, with individual Bored Ape NFTs selling for millions of dollars. The acquisition of MoonBirds by Yuga Labs is part of a broader trend in the NFT space, where established NFT projects are acquiring smaller collections to expand their offerings and increase their market share. This trend reflects the growing competition in the NFT market and the desire of established projects to maintain their dominance. Yuga Labs has not yet announced its plans for the MoonBirds collection, but it is expected that the acquisition will lead to collaborations and cross-promotions between the Bored Ape Yacht Club and MoonBirds communities. The acquisition is also likely to drive up the value of the MoonBirds NFTs as collectors and investors anticipate further integration and development of the collection.