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Crypto services provider Matrixport anticipates Bitcoin could rally to $125,000 by the end of 2024. This forecast is based on data indicating a bull market typically follows the end of a bear market, marked by setting a 12-month high for the first time in at least a year. Such a signal was observed last month when Bitcoin prices topped $31,000, the highest since June 2022. Markus Thielen, head of research and strategy at Matrixport, suggests that based on historical patterns, Bitcoin prices could increase by +123% over twelve months and by +310% over eighteen months, reaching $65,539 in twelve months and $125,731 over eighteen months. Matrixport's prediction aligns with Bitcoin's trend of experiencing sharp uptrends in the 12-18 months following the halving of the mining reward. The next halving, reducing the new coins per block from 6.5 BTC to 3.25 BTC, is slated for March/April next year.
Artificial intelligence applications such as OpenAI’s GPT series can now send, receive, and hold Bitcoin (BTC) using a suite of new tools unveiled by Lightning Labs. The announcement follows the significant growth of the AI industry and the popularity of AI models like ChatGPT. Lightning Labs aims to address the absence of a native Internet-based payment system in large language models (LLMs), which currently rely on traditional methods like credit cards. The company has developed tools that incorporate Bitcoin micropayments via Lightning with popular AI software libraries like LangChain. This integration is expected to reduce software deployment costs and broaden the range of AI use cases. One potential use case is creating software that charges for API access, allowing AI software or agents to pay for access based on the quality of responses received. Despite the success of chatbots, Lightning Labs predicts that the majority of use cases will be discovered in enterprise and software-as-a-service applications.
NFT Inspect, a tool for analyzing and monitoring non-fungible tokens (NFTs), is collaborating with Web3 company MoonPay to allow Twitter users to buy NFTs and cryptocurrencies via its Chrome browser extension. The extension, launched last month, provides real-time data on NFT collections frequently used as Twitter profile pictures and allows users to analyze how an NFT is used on the platform. The new partnership will enable users to buy various cryptocurrencies through MoonPay's payment infrastructure, which supports methods like debit cards, Apple Pay, Google Pay, and local bank transfers, to then purchase NFTs. The collaboration aims to promote crypto adoption and create an inclusive digital payments ecosystem. NFT Inspect, revived under new ownership in March, continues to develop its tools to help NFT traders track market trends. Meanwhile, MoonPay, which recently partnered with Mastercard, enables customers to buy NFTs on various platforms without the need to first buy cryptocurrency.
Bitcoin (BTC) rallied to a new 13-month high of over $31,500 before pulling back to around $31,100, a more than 2% increase for the day. However, the top performer among large-cap cryptocurrencies on Thursday was Bitcoin Cash (BCH), which rose by over 12%, following its listing on EDX Markets, backed by Fidelity, Charles Schwab, and Citadel Securities. TradingView data suggests this upward trend could continue in July, historically a good month for cryptos. BlackRock CEO Larry Fink indicated his belief that Bitcoin and other cryptos could revolutionize the financial system, potentially replacing gold as an international hedge asset. In other news, payment services company Circle is considering issuing a stablecoin in Japan, following new legislation governing stablecoins that came into effect on June 1. Despite BCH's recent gains, the BCH/Korean won trading volume has seen a significant decline from $557 million to $303 million in the past week, indicating that Korean investors have reduced their BCH purchases.
Data analytics platform CryptoQuant's parent company, Team Blackbird, has successfully raised $6.5 million in a Series A funding round, led by South Korean firm Atinum Investment. The CEO of Team Blackbird, Joo Gi-Young, emphasized the importance of reliable information and data analysis for speculative investments in digital assets, which are often viewed as risky. He asserted that CryptoQuant’s primary value lies in its ability to establish new investment methodologies and evaluation criteria for digital assets based on accurate data. The funds secured from this round will be allocated towards recruiting for both the company's South Korean and international operations. This latest funding round elevates the total capital raised by the company to $9 million, with past contributions coming from Galaxy Interactive and Mirae Asset Capital.