Daily Top Mover — Bitcoin (BTC)
Most U.S. stocks climbed on Wednesday following better-than-expected January retail sales. While stronger retail sales suggested more hawkish views from the Fed, the market was seemingly buoyed by better-than-expected earnings from tech firms. Meanwhile, the broader cryptocurrency market followed suit, with Bitcoin up by 11.13% and 7.86%, respectively in the past 24 hours as of the time of writing. Bitcoin is a top mover today, where the largest cryptocurrency surged to break out from its $24k resistance.
The largest cryptocurrency has seen its on-chain transaction count spiking of late. Hailed digital gold, the valuation of Bitcoin is mainly due to limited supply compared to the native tokens of other Layer 1 blockchains. Bitcoin outperformed typically when it gets closer to halving, where the next halving will happen approximately in March 2024.
However, Bitcoin’s utility has been significantly enhanced recently, with web2 tech companies’ preference for building their web3 applications on Bitcoin instead of Ethereum. The example includes Cash App’s leverage of the Lightning Network. The recent outperformance comes as the Ordinals protocol has inscribed over 74k NFT into Bitcoin, leading to soaring on-chain activities. Ordinals were made possibly by Taproot, Bitcoin’s most prominent upgrade in recent years.
Check Out the Latest Prices, Charts, and Data for BTC/USDT!
Talk of the Town
Hub71, Abu Dhabi's tech ecosystem, has announced a $2 billion initiative in a press release to support Web3 startups in the region. As the capital of the United Arab Emirates, Abu Dhabi has been known for its friendliness towards Web3 companies, with reputable crypto exchanges moving headquarters to the region. The $2 billion initiative aims to boost the number of startups in the Middle East.
Check out what else is buzzing in the crypto scene today:
Circle squashes rumors of planned SEC enforcement action. (Link)
Arbitrum Surges Ahead as Ethereum’s Layer 2 Landscape Takes Shape. (Link)
Over 100K Ordinals Minted on Bitcoin, Bringing Cheers and Network Congestion. (Link)
EU Banks Told by Regulator to Apply Bitcoin Caps Even Before They Become Law. (Link)
Source: Bybit Blog | Bitcoin Stays Above Key Resistance; Abu Dhabi Starts $2 Billion Web3 Initiative
