Morning Minute | Bloomberg Calls for $500,000 Bitcoin in Supercycle

Morning Minute | Bloomberg Calls for $500,000 Bitcoin in Supercycle

TylerD's Market Summary

Crypto is pumping and hype is starting to build - is retail ready to come back? Plus catch up on the latest airdrop news.

๐Ÿ’ธ A Crypto Supercycle?

You might think you're bullish crypto.

You're probably not as bullish as the analysts Bloomberg interviewed for their latest report.

They found Bitcoin enthusiasts calling for the beginning of a new supercycle that pushes Bitcoin upwards of $530,000.

What's Happening?

Bloomberg published an article on Monday describing some euphoria in the crypto markets and listing some hyped predictions for Bitcoin.

The near-term driver seems to be tied to the ETF approvals many are expecting to come in Q1 2024.

While others have more fundamental beliefs tied to Bitcoin as a long-term inflation hedge, a new monetary order and breaking out of traditional systems (thanks Coinbase, for your latest ad).

This all comes while some big names are showing profits on their balance sheets from this latest Bitcoin run.

Michael Saylor is now up more than $2B on this massive BTC bet.

And the President of El Salvador touted his country's gains yesterday, now up $3.6M after being loudly mocked for their "top" Bitcoin buys from 2021 (apparently they've been buying the dip).

The Bloomberg article does go on to mention how many are skeptical of this run and Bitcoin as an investment vehicle overall.

It doesn't seem like mainstream/retail is ready to re-enter...yet.

Perhaps they will be at a new ATH...

๐ŸŽ Airdrop SZN Continues

Are NFT social degens about to get a new airdrop?

It looks that way.

Yesterday, published its 2023 recap yesterday along with new details around its upcoming $INSP token launch.

The Details

The Inspect update first focused on its accomplishments in building what they describe as the "leading Web3 Social Intelligence platform."

Some highlights include:

  • Expansion beyond NFTs to include analytics for over 20,000 tokens
  • Chain integration with Ethereum, Solana, Polygon, and Avalanche networks
  • Partnership with Moonpay, simplifying crypto transactions on Twitter
  • Wallet Analytics offering real-time insights into complex wallet data

Inspect's user base has seen 40% growth in the past two months, with over 300,000 users, including more than 50,000 weekly active users on its browser extension.

They've also lined up a serious team of advisors and investors including big names such as 0xCygaar, 0xQuit, 9gag, Alex Becker, Dingaling and more.

That's some major momentum into their upcoming token drop, coming December 6th at 10am UTC.

As for that $INSP token, we got a glimpse of the tokenomics.

1B tokens overall, with the following breakdown:

  • 17.5% for Liquidity
  • 16% for Community Foundation
  • 15% for Core Contributors
  • 12.5% for Marketing & Growth
  • 12.5% for Strategic Sale
  • 12% for Private Sale
  • 8% for Advisors
  • 5% for Staking
  • 1.5% for Public Sale

With their growth numbers, a serious team of investors and advisors and a nice market environment, this token launch could be a surprise success.

Make sure to check your wallets...

๐Ÿšš What else is happening in NFTs?

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

  • Trading volume jumped again on Monday to $37.7M, a new local high; the leaderboard saw a mix of red and green
  • Art projects led top movers, with Colorglyphs (+200%), Sabotage (+187%) and Deep Black (+63%) leading the way
  • Blend added support for Lil Pudgy's, briefly sending the floor up to 0.9 ETH (now 0.81)
  • Jack Butcher's Signature collection ran to a 7.3 ETH floor on Monday on a wave of buys, ahead of his Signature #0 auction at Art Basel
  • FlamingoDAO went on another epic 270 ETH buying spree, spanning CrypToadz, Azuki Elementals and Beanz, Views, byteGans, podGans, other art collections and 1/1s from Grant Yun and Alotta Money
  • Rektguy announced that it took a snapshot of holders on Oct 26 with more details expected "in due course"
  • Parallel is hosting a major tournament with a $25,000 prize pool later this week, with several notable participants
  • and Coinbase partnered with prominent artists like Sare Phillips and Annika Rose for the first-ever web3 music quest, offering $OP rewards for participants
  • CyberKongz is launching a validator node on the Ronin Network aiming to expand its revenue, encouraging the community to stake $RON and offering rare Axie giveaways
  • Michael Jackson's first-ever recording with the Jackson 5 "Big Boy" will be available on Dec 7 as an NFT via anotherblock, priced at $25 with Limited Editions on sale for $100

๐ŸŒŽ Around Crypto and Web3

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

  • Crypto majors saw slight red on the day; BTC even at $41,777; ETH -1.5% at $2,210; SOL -2.2% at $60.34
  • $MEME popped 35% overnight to $0.0415 and a new ATH
  • SuperRare's $RARE token went up 40% in the last 24 hours and 187% in the last 30 days, now at $0.16
  • Endless Clouds secured $2.5M more in funding to power the future of Treeverse and Capsule Heroes, with investors like Animoca Brands, Sky Mavis and Faze Clan
  • Jito shared new details for its upcoming airdrop on Solana, which seems to be heavily favoring small wallets over whales
  • RARI Foundation, a non-profit acting on behalf of RARI (Rarible) DAO, unveiled "RARI Chain," an EVM equivalent blockchain embedding royalties at the node level, powered by Arbitrum

๐Ÿš€ NFT Total Volume

  • BAYC (4,047 ETH, 29.9 ETH Floor)
  • Pudgy Penguins (2,025 ETH, 9.37 ETH)
  • MAYC (1,086 ETH, 5.82 ETH)
  • Azuki (629 ETH, 6.49 ETH)
  • Lil Pudgys (674 ETH, 0.81 ETH)

๐Ÿ“ˆ NFT Floor Price Increase

  • Colorglyphs (207%, 3 ETH Floor)
  • Sabotage by Kim Asendorf (167%, 4 ETH)
  • Grails III (91%, 0.82 ETH)
  • DeepBlack (63%, 1.5 ETH)
  • Sofa Vision (45%, 0.1 ETH)

๐Ÿ—“ Upcoming NFT Mints and Reveals

Today is a slower day of new drops, once again focused in the art sector.

FIAT is doing their Cinquecento, providing priority access to buy the FIAT 500e, unique gen art from Stefan Contiero, credits and more. It's priced at 0.067 ETH with 10k supply.

Plus artist Summer Wagner is back for her Midamerican Fever Dream mint, featuring a 1/1 piece and a 250-piece Doppelganger-style edition.

See the full list and dive in for more details with Swizzy's daily mint monitor

  • Bitman - Tesserace (11:00 a.m. ET)
  • Fiat Pass - Cinquecento (12:00 p.m. ET)
  • Summer Wagner - Midamerican Fever Dream (12:00 p.m. ET)
  • Transient Labs x Makersplace (3:00 p.m. ET)

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