AI cryptos get a boost, Bitcoin liquidity strong, and Peter Schiff makes positive BTC prediction

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Fri, Feb 23, 9:35 AM (1 day ago)

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Hello Hodler! Welcome to #HODLhero - your weekly fix of exciting crypto developments!

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Nvidia Earnings Fuels Stock Market & AI Cryptos, Bitcoin Dips

Chipmaker Nvidia exceeded expectations in its Q4 earnings, boosting both the stock market and AI-related cryptocurrencies like SingularityNet and FetchAI. While other cryptos dipped, Nvidia's success suggests AI technology is reaching a tipping point, pushing the company's value above tech giants and fueling optimism for its future.

US Bitcoin ETFs Boost Order Book Liquidity

US-based spot Bitcoin ETFs launched in January are contributing to improved order book liquidity, with the combined value of buy and sell orders near $540 million, a 30% increase since their debut. This facilitates smoother trading with less price impact. However, liquidity remains below pre-FTX crash levels, highlighting the ongoing impact of that event. US exchanges now account for nearly half of global Bitcoin market depth, reflecting their crucial role in the evolving landscape.

Turkey Balances Crypto Regulation for Consumer Protection and Innovation

Turkey's AK Party official, Ömer İleri, assures both consumer protection and support for innovation in their upcoming crypto regulations. He met with industry experts to gather feedback on the draft law, emphasizing their commitment to a framework that safeguards users while encouraging blockchain advancements. Initiatives like Blockchain Istanbul and Forum Metaverse showcase the government's broader interest in the technology. The planned legislation, currently undergoing final technical studies, aims to strike a balance between protecting investments and fostering new developments in the Turkish crypto space.

Story of the week!

Bitcoin Skeptic Peter Schiff Admits Possible $100k Value

Long-time Bitcoin critic Peter Schiff, known for predicting the 2007 mortgage crisis, acknowledged the possibility of Bitcoin reaching $100,000 during an interview. However, he still sees it as a gamble and favors assets like gold and stocks for their intrinsic value.

Schiff argues that Bitcoin's success relies on constant buying, stating, "If you own it, you need to get many of your friends or colleagues to buy it because that's the only way its prices go up." He believes Bitcoin has been stagnant for years and lacks a compelling catalyst for significant future growth.

Despite predicting a potential doubling in value, Schiff doesn't consider Bitcoin a safe haven and warns against comparing hypothetical high prices to situations like hyperinflation where the currency itself holds little value.