Bitcoin rises, but some traders warn of a bearish turn, gold ETFs bleed $2.4B in 2024

The next bitcoin price Target is set at $55,500 and why are gold ETFs Hemorrhaging assets under Management 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 the absolute latest Analysis and narratives delivered to you Daily make sure you click that follow Button grab yourself a coffee and let's Get into It there is a familiar structure to this Week's episodes and we are continuing it Today as we're going to start with a Bitcoin recap from the last 24 hours of Analysis and news and then we'll move on To the other stories which today starts With Dn44 another hybrid nft standard that is Rivaling ERC 404 a fake curve finance App makes it onto the Apple App Store And why are gold ETFs hemorrhaging Assets under management but Bitcoin ETFs Are hitting record Volumes when Bitcoin is moving like it Is lately I think starting an episode With a 24-hour update on narratives and Analysis is a great way to begin so may This continue well past this week since Yesterday morning bitcoin's price has Remained reasonably stable and at the Time of recording this 7:00 a.m. eastern

We're still north of $552,000 in fact cointelegraph markets Data shows that in the past 24 hours We've seen a low of$ 51,0 41 and a high Of $ 52,55 so now Bitcoin has established Itself above that threshold of $50,000 What is next the popular Trader Titan of Crypto has shared some analysis on X That sets a Target they wrote as I've Been asked a lot what is next for Bitcoin in the comments here's my Analysis both Target 1 and two have been Hit but $50,900 is a strong level if Bitcoin manages to close a weekly candle Above Target three at $55,500 is next Note that given the extremely bullish Momentum Target 3 has high chance to get Hit even before the end of this week There is no doubt that there is a strong Bullish sentiment at the moment but that Can also lead to Greed and in this case One Trader has cautioned over unhinged Greed the trader and analyst credible Crypto put out a thread with their Analysis on the current situation they Wrote on X at the end of the day for Every major parabolic rise there is a Major crash and vice versa adding that You don't get unhinged greed and Euphoria and the vertical price Appreciation that comes with it without An equal and opposite reaction when that Euphoria Peaks so although we are seeing

A lot of bullish momentum right now a Snap correction is certainly on the Cards this was echoed by others in the Space such as Michael Vander poop Founder and CEO of MN trading who called The market already slightly overheated But look there's no rain on the parade Right now everything is going Beautifully and that bullish momentum is Strong but we just need to stay cautious As there'll likely be some pullback According to some analysts On Friday the 9th of February's episode I explained what ERC 404 is and why it's Garnering rather a lot of attention for A full breakdown of that project that Launched only last week listen to that Episode it's the second story on that Friday but for a quick summary here you Go the ERC 404 token standard aims to Bind ERC 721 nfts to erc20 tokens erc721 Are the oneof one nfts such as board Apes and erc20 tokens are actual tokens Such as usdt this will create what some Call fractionalized nfts that is Multiple wallets can hold a part of a Single nft this concept has been around A while and there's been a few attempts Of it but ERC 404 has shown a lot of Promise however yesterday Jesse cockland Covered a direct rival called DN 404 Which claims to fix the inefficiencies Of ERC 404 so the divisible nft standard Dn44 aims to create a hybrid of erc20

And ERC 721 exactly as the ERC 404 token Standard does however unlike the ERC 404 Project going under the name Pandora Dn44 isn't a project the developer is Releasing the code open source for any Person or project to build hybrid tokens With it you see it appears that the Reason for the creation of this DN 404 Is to improve on the execution of ERC 404 the pseudonymous developer cigar 0x Cy g a a r on X explained the motivation In a post it reads what does dn44 Ultimately achieve our end goal was to Create a token standard that could act As an nft with Native fractionalization Built in this was a unique unlock of ERC 404 that allowed users to trade portions Of nfts without any middleman so on the Question of the distinctions between Dn44 and ERC 44 cigar wrote the premise Of the ERC 404 was to create a single Contract that can act as both fungible And non-fungible token however this Can't be done without introducing Exploits and breaking standards our Approach instead uses two contracts a Bas erc20 with a mirror erc721 look I Want to avoid going too deep down the Techy Rabbit Hole here as this podcast Is 15 minutes or less but one question I Did have about ERC 404 was how it Differs from ERC 1155 which is already a Multi-token standard in fact I decided To brush up on my knowledge and 55

Actually combines erc20 and 721 exactly As DN 44 and ERC 44 does luckily seagar Has spoken on this topic and he said Some may argue that these hybrid tokens Are nothing more than ERC 1155 with Extra flare I argue that having nfts That can trade on nft exchanges as well As dexes is a new unlock and we haven't Seen it before native fractionalization Adds more liquidity to nft projects so I Guess the question of whether ERC 4 4 Has a rival or not depends on what Happens next with the dn44 code and that Is if it is indeed Superior and Comparing the code of the two is beyond My paygrade in theory if dn44 is open Source ERC 44 could utilize it Themselves whatever the case I'll Echo Something I've said in previous episodes And that is I don't think nfts will look The same this bull market as they did in The last one I think hybrid token Standards are going to be one to watch As nfts continue to evolve You'll know by now that when there is a New scam or hack I like to flag it to You as I think that's an important part Of these daily debriefs and this story Is as much of a quick warning as it is News there is a fake app that is Impersonating the decentralized finance Protocol curve and has been listed on The official Apple App Store developers Warned of this scam yesterday and is

Listed on the app store by MK technology Co-limited and currently has 4.6 stars Out of five it says it is a powerful app For managing your borrowers and their Loans and it might indeed be powerful But not at all in the way you want curve Does not currently have an app so if you Use curve do not be Fooled in a couple of recent episodes I've discussed the comparison of the Spot Bitcoin ETFs with gold ETFs I Covered the comments from the CEO of Core scientific Darren Feinstein who Really convinced me of just how much More the spot Bitcoin ETFs have to offer Over gold ETFs then this stance was Doubled down on by Kathy Wood W the CEO Of Arc invest who pointed out that Bitcoin is acting as a substitute to Gold as a riskof asset gold and Bitcoin Have had an unusual relationship over The years they have been inversely Correlated where one goes up and the Other goes down and then analysis from The last year by Fidelity showed that Bitcoin's correlation with gold has Increased however it's only since January that the average American Investor could choose between a gold ETF And a spot Bitcoin ETF and this is fast Becoming a fascinating narrative Yesterday Bloomberg's ETF analyst and Regular of this show Eric balinas posted On X to show that the 14 leading gold

ETFs are absolutely gushing assets under Management so far in 2024 the top 14 Gold ETFs have seen $2.4 billion in Outflows and the biggest outflows came From black Rock's ishares gold trust Micro and I shares gold trust with 23.4 Million and 423.15 covered ground on this podcast at This point the spot Bitcoin ETFs have Been seeing the opposite situation with Aggregate inflows of $ 3.89 billion Since the 11th of January the portfolio Manager Bitcoin manga wrote on X not Only is Bitcoin sucking up funds but Gold is hemorrhaging assets under Management at an alarming rate across Many ETFs although it's easy to chalk up The correlation between the exits from Gold ETFs and the entry into spot Bitcoin ETFs as causation it isn't the Whole story about has said that it's not Necessarily the mass migration from one To the other but rather the US Equity Fomo nevertheless the Divergence in Performance between Bitcoin and gold is Striking the price of gold has been Falling so far in 2024 losing 3.4% in a Month and a half meanwhile Bitcoin has Seen an increase of 23.5% in the same Period it is a slightly gerrymandered Timeline but as it stands Kathy Wood's Statement that Bitcoin is being Substituted for gold and it's a trend That is going to continue looks to be a

Pretty strong Prediction right that is you mostly Caught up there was only one other story I wanted to mention but it didn't really Have enough meat on the bones to Warrant An entire segment a bankruptcy judge has Given the green light for Genesis to Liquidate roughly 1.3 billion dollars Worth of grayscale bitcoin trust shares That is the beginning middle and end of That story but it could mean we see more Grayscale outflows okay that really 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 have a great day let's do this Again [Music] Tomorrow

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