ARK Invest Analyst: If Bitcoin’s share of global investment portfolios reaches 1%, its price will rise to $120,000
Analysts at ARK Invest have stated that if Bitcoin's share in global investment portfolios increases to 1%, its price will rise to $120,000, with the optimal price being 19.4%, or $2.3 million. ARK Invest estimates the total value of global investment portfolios to be $250 trillion, and the 19.4% figure is based on optimizing risk-adjusted returns for 2023. The other components of the investment portfolio are gold (40.7%), stocks (30.2%), and commodities (9.6%).
Yesterday, the transaction fee of the entire Bitcoin network was 49.84 BTC
BTC.com data shows that yesterday's Bitcoin network transaction fee was 49.84 BTC, a 3.4% decrease from the previous day's 51.62 BTC.
OKX Ventures and ABCDE held the second quarter of Bitcoin Ecosystem Demo Day
On January 31, 2024, OKX Ventures, in collaboration with ABCDE, held the second season of Bitcoin Ecological Demo Day, covering BTC Layer 2 network, Layer 2 service solutions, Bitcoin collateral, Launchpad, DA and other Bitcoin infrastructure construction projects. It is reported that with the continuous growth of Bitcoin users and Bitcoin blockchain data, there is still huge innovation space in the Bitcoin ecosystem. OKX Ventures is committed to building the BTC ecosystem and has invested in projects such as B^2 Network, Bitmap Tech, Babylon, bitSmiley, alexGo, Portal Defi, etc. OKX Ventures will continue to invest 10 million US dollars and support new and innovative entrepreneurs in the BTC ecosystem to accelerate the improvement of blockchain technology, while providing services and resources to help partners develop together.
UK law enforcement agencies have seized $1.7 billion in Bitcoin suspected of money laundering
UK law enforcement has seized $1.7 billion worth of Bitcoin. Earlier, a former restaurant employee named Jian Wen attempted to use the Bitcoin to purchase a luxury home in London worth about $30 million, but the purchase was unsuccessful due to their inability to explain the source of the encrypted assets. It is reported that Jian Wen became a British citizen in 2018 and is suspected of being recruited to assist Zhimin Qian in money laundering, accused of representing Zhimin Qian in converting Bitcoin into cash, luxury goods, and real estate.
ABCDE BTC Demo Day Season 2: Bitcoin Summer Is Coming
This year, we returned with 8 high-quality projects in the BTC Ecosystem. On January 31st, 2024, ABCDE’s second Demo Day is scheduled, welcoming over 80 investors. These 8 projects, carefully selected from various sectors including Layer 2, Statechain, Staking, DA, Liquidity Layer, Launchpad, etc., showcase the diversity and innovation in our field.
ABCDE BTC Demo Day Season 2, projects including BTC Layer 2, Statechain, BTC Staking, DA, Liquidity Layer, Launchpad.
On January 31st, 2024, ABCDE’s second Demo Day is scheduled, welcoming over 80 investors. These 8 projects, carefully selected from various sectors including Layer 2, Statechain, Staking, DA, Liquidity Layer, Launchpad, etc., showcase the diversity and innovation in our field.
BTC falls below $42,500
The market shows BTC has fallen below $42,500, currently at $42,485.5, with a daily decline of 2.2%. The market is fluctuating greatly, please be prepared for risk control.
Hong Kong Legislative Council Member: Hong Kong’s first Bitcoin Summit is expected to drive HK$200 million in economic benefits
Hong Kong legislator Wu Chi-wai stated that the financial technology summit Bitcoin Forum will be held in Hong Kong in May, marking the conference's first appearance in Asia. The event is expected to generate a consumption economic benefit of HKD 200 million. Wu Chi-wai also suggested that the Hong Kong government should accelerate the development of Web 3.0, as many cities around the world are competing for the central hub position. This year's Bitcoin Forum proves that Hong Kong's Web 3.0 and virtual asset policies have gradually attracted international attention and participation.
Glassnode Founders: $1 Billion in Short Liquidations Could Trigger Bitcoin Rally
According to the co-founders of Glassnode, Bitcoin's recent surge could lead to a short squeeze and trigger a larger rally. The surge in Bitcoin's price has provided liquidity for long positions and is moving to fill the liquidity gap above $42,000, potentially causing volatility. The founders also suggest that Bitcoin may be printing a classic descending wedge pattern, which could indicate a potential bullish reversal. As of writing, Bitcoin is trading at $43,436.
Digesting the GBTC Overhang
The Bitcoin market continues to show resilience, recovering from the initial sell-the-news drawdown following ETF approvals. In particular, the market is working through the significant supply overhead created by investors rebalancing capital out of the GBTC product since its conversion.
