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The Bitcoin halvening is in a few weeks. Will BTC go up or down? Only you can decide.

April 04, 2024

Right when you think the lights are about to go out on BTC, it changes its tune. BTC rallied 2.5% this morning, back above $67K, while majors followed suit. ENA continued to outperform over the past 24 hours, but another strong contender is JTO. Charts have a funny way of communicating insider news, and by the looks of JTO’s chart you would think they’re planning to launch their own restaking product wink wink. 

After a never ending storm of “what does the token even do?” Bittensor seems to have found its footing once again, with TAO rallying 20% off of its lows. Every time someone mentions TAO, it is a topic met with criticism and denial. The best explanation one could give for this rally is that the technology at its core has not changed from when it was $700 a few weeks ago. As said in this tweet, “Bittensor makes it much easier and quicker to do lots of computer tasks together, unlike other computers that try to do everything but might not be as fast.” Crypto’s AI darlings had a rough couple of weeks. I went on vacation to Amsterdam last week and every Uber driver was asking me to “check out their decks” for their decentralized AI projects. Maybe we start seeing some fruit from the vigorous AI fundraising soon.

With prices running up and down, up and down, now is a good time to recenter. The Bitcoin halvening is in a few weeks. If you’re devoting enough attention to crypto to read this newsletter, it would be wise to reevaluate why you are here. Do you think BTC will go up or down after the halvening? That is for you to decide.

— Pibblez (X: 0xPibblez)

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NFT platform Zora continues to set new records on daily usage. Developers on the network recently created ENJOY, their own version of Farcaster’s DEGEN token. ENJOY can be used as payment to mint NFTs as well as to tip creators. This is having a similar effect for Zora that DEGEN did for Farcaster, with ENJOY rallying 10,000% over the past few weeks.

While the NFT trends from the last cycle have cooled off and struggled to reignite this year, Zora has contributed to the rise of a new type of NFT experience, where creators all over the world can mint their own NFTs and share them on a sleek social feed. If creators elect to make their NFTs free, the Zora platform shares a portion of minting fees, where even just 200 mints yields a creator around 0.05 ETH in protocol rewards. While Zora does not have its own official token at the moment, speculators seem to have designated ENJOY as the de-facto Zora token. 

Hivemapper’s token model catalyzes both a cost and product advantage via unmatched map freshness and near real-time accuracy, which is its wedge into a market characterized by stale data and high data collection costs.

Parallel Colony is the first major implementation of AI agents in gaming in crypto. The incorporation of AI distinguishes it from other crypto games that have historically been more focused on farming simulators and derivatives of existing games.

Paradigm is taking advantage of the bull market to raise a new fund, Bloomberg reported.

Other Frax Finance tokens, including the Frax Price Index (FPI) and FraxEther (frxETH), are expected to be available at a later date.

The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm’s Financial Disclosures.