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Coinbase is ready to defend the legitimacy of its staking services in court<\/a>. While all eyes are on the Securities and Exchange Commission (SEC) and its hostility toward staking services, Coinbase maintains that they are not securities. If necessary, the platform says it is ready to defend its convictions in court.<\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n\n\n\n \u2013<\/p>\n\n\n\n <\/p>\n\n\n\n Paxos categorically disagrees with the SEC's choice to classify BUSD as a security<\/a>. Although Paxos will indeed stop issuing Binance's BUSD starting February 21, the company defended itself in a statement, asserting that BUSD could not be classified as a security. Furthermore, Paxos stated that it is prepared to engage in a potential dispute with the SEC if the agency proves closed to dialogue.<\/p>\n\n\n\n <\/p>\n\n\n\n \u2013<\/p>\n\n\n\n <\/p>\n\n\n\n Siemens issues its first digital bond on the Polygon (MATIC) blockchain<\/a> Siemens, the 3rd largest German publicly listed company by market capitalization, has issued its first digital bond worth 60 million euros on the Polygon (MATIC) blockchain. Thanks to the many advantages that digital bonds offer over traditional bonds, the multinational seems ready to repeat the experience.<\/p>\n\n\n\n <\/p>\n\n\n\n \u2013<\/p>\n\n\n\n Mastercard CEO envisions \u00aba world where everything is tokenized\u00bb<\/a>. Mastercard, the world's second-largest payment solutions company, intends to stay ahead of its competitors. After years of using blockchain, its CEO Michael Miebach asserts that \u00abwe are heading toward a world where everything will be tokenized.\u00bb We take a look at the company's positioning in Web3.<\/p>\n\n\n\n <\/p>\n\n\n\n \u2013<\/p>\n\n\n\n <\/p>\n\n\n\n Bitcoin's Lightning Network does not know the bear market<\/a>. The Lightning Network, a second-layer solution on the Bitcoin blockchain, continues its expansion around the world. The highly scalable network has just surpassed one of its records: nearly 5,400 bitcoins (BTC) are now deposited in this solution, proof of the continued enthusiasm for the queen of cryptocurrencies. <\/p>\n\n\n\n \u2013 <\/p>\n\n\n\n The neobank Revolut is launching a staking service for ADA, DOT, XTZ, and ETH<\/a>. The neo-bank Revolut is taking another major step into cryptocurrencies. It is reportedly launching staking services, available as early as this week for users located in the European Union and the United Kingdom.<\/p>\n\n\n\n <\/p>\n\n\n\n It is highly likely that we have finished this bear market which lasted from November 2021 to November 2022. It was the sixth bear cycle in Bitcoin's entire existence and we are beginning the seventh bull cycle. Below is a chart that provides a better visual representation of each of these cycles. There are the major 4-year cycles, and smaller intermediate cycles within these cycles. <\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n\n\n\n Adoption stops when we are close to 80 % or even 100 %. This depends on the relevance and use of the technologies, knowing that this time we are talking about Blockchain technology and not just Bitcoin. Today, Global adoption is estimated at 4 %.<\/a><\/p>\n\n\n\n Below is a graph representing the rates and speeds of technology adoption in the US over the last 150 years. <\/p>\n\n\n\n <\/p>\n\n\n\n We notice that the closer we get to recent years, the faster technologies are adopted. Indeed, some use technologies previously adopted. For example, the computer uses the Internet and access to electricity to be adopted.<\/p>\n\n\n\n <\/p>\n\n\n\n It was at the beginning of this year, following a reinvestment by market participants in digital assets, that the market understood the bear market was over. The largest entities, such as whales and institutional investors, were the ones accumulating during these recent months of the bear market. These entities, which accumulated near the bottom, tended to take profits shortly afterward, and thus distributed their tokens in early February. This is undoubtedly why, after hitting a local high on February 2 at 24,300 $, we experienced a retracement down to 21,400 $.<\/p>\n\n\n\n On the chart below, we can see in yellow the distribution periods (on a 7-day moving average) and in purple the accumulation periods.<\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n\n\n\n As during the end of the previous major bear market in April-June 2019 (red and green circle above), we can expect buyers to regain control in stages with accumulation\/distribution phases. The next step will likely be a phase similar to circle A (in green) in April-June 2019. The accumulation phase has actually already begun since we have already returned toward the highs of this year 2023.<\/p>\n\n\n\n <\/p>\n\n\n\n As we can see in the chart below, which shows the relative share of wealth in dollars that changes hands daily, we are at the beginning of a potential influx of liquidity that is expected to break through the orange 1.5% \u2013 2.5% range. Historically, this has been the case at the start of every major bull market.<\/p>\n\n\n\n <\/p>\n\n\n\n Regarding macroeconomics, inflation is declining in the US and Europe, and the peak of inflation in the US has probably already passed. However, core inflation has become deeply entrenched in our economies, and I believe the market is underestimating this risk. The market thinks that inflation will return to its lows below 2 % within the next two years. I believe this will not happen. Inflation will take much longer to disappear: simply raising interest rates is not enough for inflation to drop immediately afterward.<\/p>\n\n\n\n <\/p>\n\n\n\n Moreover, the magnitude of the increase in real interest rates (nominal interest rate minus inflation) is not very high compared to other historical rate hikes: each time, inflation has not been easily and quickly defeated. I think inflation will remain persistently above 4 %.<\/span><\/span><\/strong><\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n\n\n\n
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\n\n\n\nFundamental Analysis<\/h3>\n\n\n\n
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Source : https:\/\/www.coingecko.com\/fr<\/a><\/figcaption><\/figure>\n\n\n\n
At the time of writing, the price of Bitcoin is 24,600 $ (on 02\/19\/23).<\/p>\n\n\n\n
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Pantera<\/figcaption><\/figure>\n\n\n\n
We can see above, in orange, the bull cycles and in black the bear cycles.\u00a0What is impressive is that the average secular upward trend is 2.3x per year!<\/span><\/span><\/strong>\u00a0Not all assets can boast such high fundamental growth. This depends of course on adoption and it is not infinite.<\/p>\n\n\n\n
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Our World in Data<\/figcaption><\/figure>\n\n\n\n
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Source : https:\/\/tradingeconomics.com<\/a><\/figcaption><\/figure>\n\n\n\n
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