BTC needs a break

Good morning! Welcome to The Daily Moon. It’s the last day of the week. Now, we’ve been expecting someone to make a film on the FTX saga. It seems the creative folks at Amazon have been reading us and they’ve gotten The Russo Brothers (yep, the guys who made Endgame and Infinity Wars) to make a film on SBF. 

The markets were stable. Bitcoin was at ~$16,550 and Ethereum was close to $1,200. Nasdaq was shut for Thanksgiving. Back home, Sensex and Nifty rallied amidst positive global cues. 

Which Way Is Bitcoin Headed?

It’s up, it’s down. It’s everything in between. BTC is up. Marginally. But enough to finally break the malaise after the constant drop due to the FTX saga. Investors saw another Terra-styled collapse coming and dumped the most valued token on the market. Things seem to have finally changed and there’s light at the end of the tunnel.

Is that daylight, though? It could be. How lucky do you feel? You see, a Mt.Gox wallet is active again. BTC was moved to other wallets and exchanges, so there is a risk of a mass dump. It means things could get worse.

It’s a meltdown A year ago, BTC was loving life. It touched a record high, and the often-used marketing spiel of crypto being an inflation hedge was tweeted ad nauseam. But two events brought a sea-change in 2022: Terra’s de-peg in May and FTX’s collapse in November. Celsius, Three Arrows Capital, BlockFi, and Genesis, the list of impacted firms increases by the day. Now, Bitcoin is down ~64% since the start of the year. 

Miner troublesIt could get worse. BTC has slid, so the actual revenue earned by miners is down too. Simultaneously, mining difficulty has peaked, so making money has gotten more difficult. No wonder miners are in a selloff mode. Add to it, New York has banned coal-based PoW mining. 

So, the pain continues?ARK’s Cathie Wood has stuck to her forecast of BTC at $1 million by 2030. Lol.

ALGO’s FIFA Mania

Algorand found an escape route from the bears. It goes via the FIFA World Cup. The blockchain tied up with FIFA to develop football NFTs. In just over a month, the FIFA+ Collect platform has found “tens of thousands” of users.

But aren’t NFTs dying?Maybe. But football’s different, and ALGO’s timed it well. It’s used FIFA+ Collect to offer iconic NFTs from the FIFA World Cup archives. A caveat here. This fandom hasn’t translated to higher NFT sales for ALGO’s non-football collections. 

So will ALGO spike?There is a tussle between the bulls and the bears. There’s hope that the positive sentiment around the FIFA NFT will help the blockchain’s complete recovery. Some investors have accumulated ALGO. So where does it go? We’ll have to wait until the finals.

Crypto Can Break Monopolies 

No, this isn’t a Twitter rant. Hear us out. There are around 50 Internet of Things (IoT) projects that are using blockchain. And none of these are housed at FAANG. 

Oh yeah?Well, think of the times you have said or heard someone talk about the “control” Google, Apple, or Amazon have over our lives. It’s for a good reason. These companies have a treasure trove of information about our lives. They have been using this information for decades to build and push their products that collect even more data. And make them more money. So the fact that IoT projects exist, and are doing well, outside of these companies is significant. 

Interesting. What next?By 2030, IoT projects are expected to be over $12 trillion in value globally. There is a good chance that the data generated by these projects won’t be owned by FAANG. As we’ve seen with Bitcoin and DeFi, blockchain technology can help generate a proof-of-everything model for new machine-led business models too. 

Alright Jeeves, Show Me A Use Case

What’s the use case for NFTs, they said. What’s the point of owning a JPEG when you can’t own the art, they said. Well, NFTs may have found a use case. IRL. A London-based company has launched a concierge service that can be accessed via NFT. 

Why, though?Because life is hard when you’re rich. Reliable concierge services can cost about £25,000 a year. And you may not get someone who will suggest the right time to play tennis. You may if you pay £400,000 for lifetime access. But, hey, who’s got the bandwidth for that? Now, these NFTs give you access and also, funnily enough, allow you to sell this access when you get, erm, bored with your butler. 

And they said NFTs are dead. Who’s laughing now?

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