Bitcoin faces ‘brick wall,’ Ledger teams up with Coinbase, Chainlink price and users surge

Bitcoin's pric has continued surging Upwards but why might a price of $552,000 represent a brick Wall good morning you're listening to The ryzen crypto podcast by coin Telegraph with me Robert bags steering You through the crypto Cosmos with daily Dispatches from the digital Frontier if You want to be that go-to person for all Crypto questions you better click that Follow button okay grab yourself a Coffee and let's get into It happy valentine day everybody it's Very nice of you to spend 10 minutes of It with me and that might be because our True Valentine Bitcoin has been treating Us very nicely this week and that will Take up a good portion of this episode As there are three different stories I Want to catch you up on then we have the Brilliant partnership between Ledger and Coinbase we'll look at why chain link is Surging in both price and users and Finally what the real outcome of the Spot Bitcoin ETF Fe War has Been I'm going to continue this week's Trend and start with Bitcoin as rather a Has happened in the past 24 hours Firstly and it's already almost Forgotten but Bitcoin took a sizable hit At one point yesterday with a price Dropping by $1600 in just a few hours Although some of this might have been Due to people taking profits remember at

$5,000 it's estimated that 95% of Bitcoin's Supply is in profit but it Seems that a good reason for the Correction was something we discussed Earlier this week in Monday's episode I Warned about the big week we have for The US macro economic data with several Important reports scheduled for release The first of these was yesterday and It's the January Consumer Price Index The CPI William suberg wrote month- on Monon CPI came in at 0.3% with the Year-on-year figure at 3.1% 0.1% and 0.3% higher than predicted respectively William added that markets immediately Began reassessing the likelihood of the Federal Reserve cutting interest rates Shifting their timing from March to Later in the year so as a result the Likes of the trading resource the kesi Letter said that a March rate cut is Likely gone that is it's highly unlikely That the Federal Reserve will cut Interest rates in March interest rate Cuts are generally good for risk assets Like crypto and so this isn't the news We were hoping for as a consequence the Bitcoin Market reacted poorly to the Data though it rebounded pretty damn Quickly before Wall Street opens today On the 14th of February Bitcoin has been Around the $52,000 mark but one analyst On X Cole Garner has shown that we might Be looking at a brick wall around the

$52,000 mark Garner wrote brick wall of Asks on bitfinex densely packed all the Way up to 52,600 ETF flows could eat through it But bitfinex is replenishing the wall Much faster than demand can swallow it All price can do is bounce off that so What this means is that there are so Many sell orders between $52,000 and $52,500 that the price of Bitcoin can't Get past it even though know as we Discussed yesterday the spot Bitcoin ETFs are gobbling up over 10 times the Amount of mined Bitcoin every day and Finally I want to plant a quick flag in One last Bitcoin story as Bitcoin Surpassed $51,000 the circulating Supply of1 196 Million Bitcoin had a total market cap Of over $1 trillion the last time Bitcoin hit a $1 trillion market cap you Guessed it November 2021 as it climbed To its brief all-time high I think this Is particular impressive as there's Debate over whether the bull market has Even started yet an announcement Happened yesterday that told of a Partnership between two giants in the Space the crypto exchange coinbase and The hardware wallet provide a ledger I'm Going to go out on a limb and say that For the space this is the best Announcement of 2024 so far no it's not A line goes up moment that's going to

Send the market to the moon and if You'll forgive me I'd say it's better Than that it's a major Improvement to The foundations of interacting with cryp Crypto particularly as a newbie to it to Those of you that have listened to my Other podcasts you have undoubtedly Heard me preach about my Benchmark for Crypto onboarding and use that is I want My mother to be able to buy sell and Hold crypto without giving me a stress Induced ulca now compared to say 5 years Ago We've Come Along Leaps and Bounds I'm quite sure that my mother could do All three of those with the coinbase app And I'd only get sporadic stress induced Headaches but moving her fictional Holdings to a hardware wallet no chance And there's no way I'd let her keep These madeup bags of tokens on an Exchange even one I'm as confident in as Coinbase the partnership that ledger and Coinbase have struck addresses exactly This and in a few ways The Ledger team Announced that coinbase's on-ramp Solution coinbase pay will be integrated Into The Ledger Live app this provides a Few different functions but the one that I particularly like is that users can Receive crypto purchases directly onto Their Ledger Hardware wallet Ian Rogers The chief experienced officer at Ledger Told coin Telegraph that before the Collaboration buying crypto and

Transferring it to a self- custody Wallet was a tedious process The Ledger Team also called it a cumbersome process That left users vulnerable to potential Errors this is absolutely the case every Time I do it I'm struck by how absurdly Manual the task is and how easily I Could lose every Satoshi I transfer all Processes need to be built to protect Society's most vulnerable and the Current status quo isn't in the same Galaxy as that Benchmark so I think this Is an important step for crypto even if It's a quiet piece of news that won't Fire up the cogs of excitement on crypto Twitter or spawn a 6ot green candle my Only real remaining question is whether The Advent of coinbase pay on Ledger Live brings with it any new potential Security risks if you know the answer to That let me know on RC bags on X yesterday Nancy lual wrote a piece on Chain Link's native token link which has Been on quite the upward trend of late Between the 9th and the 12th of February Link rallied 16% and yesterday hitting a High of $22.71 at the time of recording this Around 7:00 a.m. eastern link is up 32.2% on the month and it is flitting in And out of the top 10 largest Cryptocurrencies by market cap okay First up why why is link performing so Well the driving force appears to be

Mostly due to an increase in network Activity and trading volume Nancy looked At data from into the block that showed Ch links network activity hit a 22-month Peak and saw an increase in active and New addresses data from santaman shows a Surge in daily active addresses which Has just missed doubling from 281 on the 25th of January to 5,560 on the 12th of February marking a 97% increase there have been a number of Chain link Integrations that might help Explain the new faces in the ecosystem Including paas's adoption of chain Link's new PayPal USD price feed among Some others there is another interesting Narrative here though and involves a Single whale who is getting rather Active data from spot on chain shows That a while with a wallet labeled 0x2 A1 transferred 245,000 link worth about 4.9 million to binance that same wallet Has also bought [Music] $495,500 average price of $15.13 so as it stands the W 0x2 A1 has Cleared a rather tidy profit and Although they still hold 250,000 link Who knows if they're about to offload The rest or double down and start Scooping up More you might remember that around the Time of the spot Bitcoin etf's nearing Approval there began a fee War every day

The fees for the spot Bitcoin ETFs were Changing depending on the issuer and Eventually most had 0% for the first 6 Months or $1 to5 billion into the fund Whatever came first an interesting Outcome of this battle According to some Analysts is that many of the funds will Likely go under as a result the nine Bitcoin ETFs excluding grayscale have Attracted $10 billion in assets under Management in under 30 trading days but The Lion Share of that is held by Black Rock and Fidelity with roughly $4 Billion and $3.5 billion respectively Hector mcneel the co-ceo and founder of The white label ETF provider Han ETF Told coin Telegraph most of the current ETFs launched will never even break even As costs will only work if they get to Billions of assets under management Which they won't he added that four or Five will get to break even I even think That some that have launched will Probably close the Bloomberg ETF analyst Henry Jim said of the smaller issuers That if they match fees they won't have Enough Revenue to survive and if they Don't lower the fees they won't be able To gather enough critical mass assets to Survive this isn't great news for the ETFs of of course and particularly those That aren't black rock or Fidelity or to Be Fair perhaps Arc 21 shares too as Their ETF is now north of $1 billion in

Assets under management however every Analyst made more or less the same Points about who wins from this Situation the ETF buyers and investors As Henry Jim said investors will pay Less to access a relatively difficult to Access market and market makers Revel in The liquidity in the Bitcoin markets as Well as the ETF shares so while the nine Spot Bitcoin ETFs have been success Overall it might become the case that Only a few Survive well that felt like a very Information dense debrief maybe to Unwind you could sell some of your Bitcoin and take your significant other Out for dinner who am I kidding we're All hodling that is it for today Consider yourself informed thank you for Listening to the ryzen crypto podcast by Coin Telegraph if you're enjoying these Daily updates please make sure you let Us know by following subscribing or Leaving a review and if you know anybody Who you think would enjoy this podcast Please share it with them and as always If you have any thoughts on today's Episode share them with @ cointelegraph And RK bags on X have a great day let's Do this again [Music] Tomorrow

Coinbase
OUR TAKE

Coinbase is a popular cryptocurrency exchange. It makes it easy to buy, sell, and exchange cryptocurrencies like Bitcoin. Coinbase also has a brokerage service that makes it easy to buy Bitcoin as easily as buying stocks through an online broker. However, Coinbase can be expensive due to the fees it charges and its poor customer service.

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