It’s been an eventful week, with the global markets reacting to some seismic shifts in the AI space while crypto held its ground in parts but faltered in others. Let’s break it down.
The convergence of artificial intelligence (AI) and blockchain, alongside the continued expansion of decentralised physical infrastructure network (DePIN), blockchain gaming, tokenisation of real-world assets (RWA), and the rise of utility tokens, is shaping the industry's future.
US inflation meets expectations boosting crypto markets with US$163 billion daily surge. Bitcoin ETF shatters records. MicroStrategy's likely addition to Nasdaq 100. ETH ETFs see US$1.3 billion inflows as ETH hits US$4k. The RBA holds rates steady.
The crypto market has recorded its fifth consecutive week of growth, as the total market capitalisation climbed by 6.76% to reach US$3.62 trillion. Bitcoin spearheaded this surge, breaking past the significant US$100,000 mark for the first time.
An Australian MP emphasises the rising significance of digital assets and blockchain, while crypto markets prepare for Bitcoin's $100,000 milestone. Analysts predict Bitcoin's $93K dip may be the final drop before a surge, as Australia lags in crypto innovation.
In my last report, I highlighted a liquidity-driven price forecast for Bitcoin, which is ascending to global reserve asset status as the best hedge against monetary debasement. This link with currency debasement has held up fairly well over Bitcoin’s short history.