Morning Minute | Bitcoin Blasts Past $100k As Powell Comps It to Gold

TylerD's Market Summary

🚀 Bitcoin Mania Has Begun

The road to $100k was supposed to be the hard part.

Well, it wasn't all that hard. It took 4 weeks to the day since Trump was elected for Bitcoin to pass the magical $100k milestone.

And after Jerome Powell's latest comments, it seems more people are waking up to Bitcoin's potential.

What Happened?

At the New York Times DealBook Summit yesterday, Federal Reserve Chairman Jerome Powell described Bitcoin as a rival to gold, not the U.S. dollar.

He likened Bitcoin to "digital gold," stating:

"Bitcoin is not a competitor for the dollar, it’s really a competitor for gold."

Powell did go on to make further comments saying that due to its speculative nature it's not a store of value (up for debate).

But the (good) damage had already been done, as everyone got their market cap calculators out and did the math of what Bitcoin would be worth at Gold's market cap.

The answer? 

$906,000 for 1 Bitcoin 🤯

Why It Matters:

Powell's comments are just the latest signal of Bitcoin's potential.

Many on CT and elsewhere have been calling it "digital gold" for a long time now, and the obvious replacement for the next generations.

But hearing the Chairman of the Federal Reserve say it hits harder.

And whether it was a pure coincidence or not, his comments were the final springboard needed to get Bitcoin past the $100k barrier.

Now that it's past - FOMO kicks in.

The clock is ticking for those on the sidelines to get in, and the Lindy effect is stronger than ever.

Welcome to Bitcoin mania.

🚚 What is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• Ethereum led NFT trading volume with $21.2M on the day; Bitcoin was next with $3.6M and then Solana with $2.2M
• ETH NFT leaders were very green with BAYC & Pudgy leading; Punks +1% at 44.4 ETH, BAYC +10% at 22.2, Pudgy +6% at 15.77 ETH, Azuki +52% at 5.85
• The Currency (+40%) and Imaginary Ones (+30%) led notable top movers
• BTC NFT leaders were mixed; Bitcoin Puppets -5%, NodeMonkes +6%, OMB -4%, Quantum Cats +9%
• The Runes leaders were red; DOG even at $692M mc, PUPS -2% at $262M, BDC +1% at $115M, GIZMO even at $33M, CYPHER -10% at $18M
• Two Opepen Set 1 NFTs sold for 32 ETH and 18.69 ETH

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token, protocol and airdrop news from the day:

🌎 Macro Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are very green with Bitcoin leading; BTC +7% at $103,000, ETH +6% at $3,940, SOL +5% at $244, XRP (-7%) and BNB (-5%)
• Several alts were up double digits including RENDER (+14%), JUP (+11%), STX (+11%), and GALA (+10%)
• Memecoin majors are very green; DOGE +10% at $0.451, SHIBA +7%, PEPE +7%, WIF even, BONK +2%, POPCAT even
• Ethereum ETFs saw $167M in net inflows yesterday and $880M over the last 8 sessions
• Coinbase added GIGA (+40%) and TURBO (+14%) to its roadmap, the 3rd and 4th memes to be added this week
• Metavision announced plans to launch a web3 laptop with a cold wallet built-in, with 3 tiers of functionality 

🚀 Memecoin Movers 

• $VOID (+3700% to $12M market cap, SOL)
• $HOLIDAY (+3700% to $13M market cap, SOL)
• $degenai (+140% to $46M market cap, SOL)
• $SCF (+50% to $60M market cap, SOL)
• $BIAO (+110% to $48M market cap, SOL)

📈 NFT Floor Price Increase (ETH)

• Funkari (85%, 0.95 ETH Floor)
• The Currency (39%, 1.47 ETH Floor)
• The Llamas (35%, 1.34 ETH)
• BAKC (32%, 1.23 ETH)
• Defimons (30%, 0.16 ETH)

🗓 Upcoming Mints and Events

Folks - my source for daily mints and events has shut down operations.

Given the general lack of interest in new mints on a daily basis, I'll be discontinuing this section of the newsletter, at least for now.

If I can find a good source for daily events, I will look at turning it back on.

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