2023-02-20

📫 Bitcoin flexes her muscles 💪

February 20, 2023

Good morning DailyCoiners,

What will this week bring us? 🤔

Fields of green or deserts of red?

Fret not though troops, I'll continue to bring you the news...all wrapped up with my semi-twisted sense of humor!

Let's kick things off with these 3 hot ones:

  • Bitcoin Flexes Her Biceps; Visa, Cowers in Defeat!

  • FTX Aftershocks Continue

  • San Francisco; Not so Chilled Anymore

Bitcoin Flexes Its Muscles!

We'll start with some bullish news. 

The Bitcoin march continues.

According to data from

 Bitcoin's market cap (the total value of a company's shares or tokens) has just flipped Visa for the 3rd time.

Despite having $100 billion shredded off its value when doomed exchange, FTX folded like a house of cards back in November 2022, Bitcoin has clawed its way back up the rankings, regaining the FTX era losses and adding a further $65 billion to its market cap.

 That's a hell of a reversal!

What's the reason for the strength Bitcoin has seen in the last few months?

A combination of the FED seemingly slowing down their interest rate hikes, China reopening for business finally, and the explosion of Ordinals; "Bitcoin NFTs" are probably the main driving factors.

Will Bitcoin continue to climb the market cap ranks?

If the markets continue in the "risk on" pattern that has developed since the beginning of the year...I don't see why not. (Not financial advice...obvs!)

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    Galois Gone... More FTX Aftershocks

    While Bitcoin has bounced back after the FTX collapse, others continue to die off.

    Crypto hedge fund, Galois Capital announced today announced it was shutting up shop, citing the $40 million losses as the final nail in the coffin.

    Galois Capital co-founder, Kevin Zhou stated:

    “

    This entire tragic saga starting from the luna collapse to the 3AC [Three Arrows Capital] credit crisis to the FTX/Alameda failure has certainly set the crypto space back significantly,

    ” 

    He went on to say:

    “However, I, even now, remain hopeful for crypto’s long-term future.”

    Whilst this is another aftershock of the LUNA/3AC/FTX earthquake saga, I think the worst is behind us.

    With Bitcoin firmly showing "Greed", the market looks strong at best; at worst, hopeful!

    Fingers crossed for the next few months.

    San Francisco Wants in on the CBDC Band Wagon!

    Whilst burrowing deep in a

    rabbit hole, we found a job ad from The Federal Reserve Bank of San Francisco.

    They are actively recruiting a "

    Senior Application Architect - Digital Currency

    ".

    Whilst the title could imply anything in crypto, once I delved into the

    , I found soundbites like this:

    "a unique opportunity to be part of a team on the leading edge of technology research and development in central bank digital currency."

    Described with beautiful allegory in the

    as "

    Hip, happy and uninhibited, San Francisco is where America comes to let down its hair"

    , the Golden Gate city is usually linked to a carefree attitude, rather than the possibility of employing dystopian overseer technologies.

    Whilst many central banks are looking into CBDCs, many people in the crypto-sphere understand just how far removed they are from the ethos that crypto was built on.

    CBDCs would give governments a scary amount of power over and above what they already have.

    DailyCoin Daily Meme

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    The monkey business was detected by digital artist J Colombo, as he posted the two identical pictures, pointing out that the drawing guide was...

    OKX Boasts $8.6 Billion in ‘Clean Reserves’ – Reserve Report

    OKX has more than enough Bitcoin, Ethereum, and Tether to cover withdrawals, the latest reserve report says. The exchange claims to have...

      Thanks for joining me on this fun Monday.

      See you all back here tomorrow.

      For now, there's always more on 

      .

      See you on Monday!