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In this brief digest, we briefly recap the important events in the crypto world that have occurred in recent days, including this weekend.
The reason for this growth is the launch of the new DRC-20 token standard, which led to an immediate increase in network activity. DRC-20 is modeled after BRC-20 and allows the creation of tokens “on top of” the blockchain.
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Analysts at JPMorgan have taken a pretty original method of calculating the fair price of Bitcoin through the value of gold. Due to the fact that these two assets often move in tandem and are seen as alternative complements to each other, Bitcoin has the same weight in the portfolios of private investors (with adjustments for risk) as the precious metal. Because of this recalculation of the value of the current $2,000 troy ounce of gold, analysts have deemed the equivalent of $45,000 to be the fair price of Bitcoin.
The $45,000 estimate is the upper limit of a possible upward move this year. In addition, JPMorgan also noted that the upcoming halving in 2024 will lead to a rise in the price of BTC to at least $40,000. So the model from JPMorgan defined a corridor of the maximum price for 2023 as well as the minimum price for 2024.
The Stably Company has announced the launch of the first $USD stablecoin based on BRC-20 on the Bitcoin blockchain.
The stablecoin will be fully collateralized and redeemable 1:1 with $USD held by Prime Trust in FDIC-insured banks. Generally speaking, this whole Ordianls/BRC20 thing is getting weirder and weirder as it progresses. Following the release of NFT, a real stablecoin is being released, and as we wrote last week, exotic protocols are being developed to deploy DeFi services.
Despite all these strange things, hashrate Bitcoin has once again set a new historical record — all indicative of the record investment in mining and the profits that are constantly boosting the industry. Something very interesting is clearly looming ahead.
God bless Bitcoin.
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