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Bitcoin Passes $44k, Up 16% on the Week

The price of Bitcoin rose above $44k for the first time since April '22. Here are the top news, stats, and reports from this week in digital assets.

Author

Ryan Allis
December 06, 2023

Issue Summary: Welcome back to Coinstack, the weekly newsletter for institutional crypto investors and industry insiders. We review the top news, stats, and reports in the digital asset ecosystem for our 180k weekly subscribers. This week, we cover the Bitcoin price going up to to $44k, Coinbase rolling out money transfers via links, Bitwise filing updated applications for a spot Bitcoin ETF, the intersection of AI and crypto, and big new venture rounds for Blast ($20M) and Privy ($18M).

The countdown to one of the key historical catalysts for the the start of each four-year bull market cycle

Price performance since we began writing Coinstack in January 2021

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💵 Weekly Crypto Fundraises & Deals

Here are all the crypto fundraises we heard about this week, ranked by size…

🗞️ Crypto News Recap: The Top 5 Stories

Welcome back to This Week in Crypto… everything you need to know in one scannable format. Here are the top 5 stories of the week… 

  1. ⚖️ Bitcoin Rockets To $44,000: A year after The Economist wrote crypto off as dead after FTX collapsed, Bitcoin is trading above $44,000 for the first time since April 2022, with ETH briefly crossing $2,300.

  1. ⚖️ Coinbase rolls out money transfers via links sent on WhatsApp, TikTok and Instagram: U.S.-based crypto exchange Coinbase is introducing a new service that allow customers to send money to each other through the world's most popular modes of communication at no cost.

  1. ⚖️ BlackRock, Bitwise File Updated Applications for Spot Bitcoin ETF: BlackRock’s amended filing included clarifications on topics such as the Trust’s structure and potential regulatory impacts on it.

  1. ⚖️ Pyth Oracle Network Brings Industry Heavyweights Into Governance Post-Airdrop: The low-latency oracle network's new "strategic partners" include Castle Island Ventures, Multicoin Capital and Wintermute Ventures. They could play a major role in shaping how the platform evolves.

  1. ⚖️ Bukele Announces El Salvador's Bitcoin Gamble is Now Profitable: El Salvador's President Nayib Bukele was very happy to prove nay-sayers wrong, announcing that the country's Bitcoin investments are now profitable.

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💬 Tweet of the Week

Source: @_Checkmatey_

📊 Key Stats of the Week

Here are the most important and interesting stats in crypto this week...

1. Have you stacked enough Bitcoin? 50% of funding disclosed in November was allocated to the #Bitcoin ecosystem

Source: @fursigh

2. Over the past year, total value locked (TVL) across chains has increased 30% and now stands at nearly $50B

Source: @DavidShuttleworth

3. Fundraising amounts have finally picked up, reaching $2.15B in November.

Source: @DefiIgnas

4. So far, we peaked at ~$800k being spent inscripting on EVM chains with last few days much lower

Source: @hildobby_

5. DePINs have successfully built the supply side but are struggling to attract the demand side.

Source: @Old_Samster

6. Top Moving Coins From the Top 100

📝 Highlights from the Top Crypto Reports

Here are the top highlights from the best crypto research reports this week…

About the Author: Paul Veradittakit, is a Managing Partner at Pantera Capital, one of the oldest and largest institutional investors focused on investing into blockchain companies and cryptocurrencies. This is an excerpt from the full article, which you can find here.

Introduction

As the digital revolution continues to transform our world, I believe two technologies, in particular, stand out for their disruptive potential: artificial intelligence (AI) and cryptocurrency. AI, with its ability to mimic human cognitive functions and learn from data, has recently surged to the forefront of technological innovation. Its applications, spanning from healthcare to entertainment, are vast and transformative. Cryptocurrencies, underpinned by the robust blockchain technology, promise a decentralized financial future, empowering individuals and streamlining processes. Together, AI and cryptocurrency present a powerful convergence, marking the dawn of a new era in technological symbiosis.

Issues in Crypto that AI Can Address

While cryptocurrencies have emerged as a revolutionary means of transaction and investment, they are not without challenges. Market volatility is a pressing concern for investors. AI's prowess in data analysis can sift through vast amounts of historical data, predicting price fluctuations with enhanced accuracy.

Moreover, with the increasing mainstream adoption of cryptocurrencies, security has become paramount. The decentralized nature of these digital currencies makes them susceptible to fraud and hacking attempts. Here, machine learning models can be trained to detect unusual transaction patterns, strengthening the bulwark against potential security breaches.

Scalability and transaction speed are other significant challenges in the crypto world. As more people join blockchain networks, ensuring swift and seamless transactions becomes vital. Advanced AI algorithms can optimize network traffic, ensuring efficient data flow and faster transaction times.

Lastly, the energy consumption associated with crypto mining is a global concern. AI can play a pivotal role in optimizing mining processes, reducing the energy footprint and paving the way for a more sustainable crypto ecosystem.

Use-cases of the Intersection of Crypto and AI

Decentralized AI Marketplaces: The Crypto Advantage

In the realm of AI, platforms like Hugging Face have garnered considerable attention for their role in democratizing access to pre-trained AI models. However, the emergence of decentralized AI marketplaces within the crypto space introduces a novel dimension of democratization and decentralization, even beyond what traditional platforms like GitHub offer for open-source code, including web3 code and smart contracts.

🎧 Top Crypto Podcasts of The Week

Here are the crypto podcasts that are worth listening to this week...

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📚 How To Get Started With Crypto Learning

📰 The Coinstack Newsletter:

Tracking the most important blockchain stories of the 2020s, including a decentralized internet and the creation of a new open global monetary system that works for everyone. As always, published for informational purposes only. Please do your own research. Just our opinions. Not intended as financial advice as we are not financial advisors. We may own some of the digital assets we write about as we believe strongly in the sector. Please do your own research. Published and written weekly by Ryan Allis and Mike Gavela. 

Coinstack is a news and analysis newsletter for the digital asset industry. None of the information here is a recommendation to invest in any securities or other types of investments. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All investments involve risk and may result in loss.

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