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• Bitcoin briefly surged to a nine-month high late on Tuesday, as prices moved above the $26,000 mark.
• Ethereum also moved higher in the last 24-hours, hitting a seven-month high in the process.
• Consumer prices fell to 6% last month, with ethereum climbing above $1,700 as a result.

Bitcoin and Ethereum Technical Analysis

Bitcoin

Bitcoin (BTC) fell from a nine-month high on Wednesday, following yesterday’s post-U.S.-inflation-report rally. BTC/USD is trading at $24,858.50 at the time of writing, hours after prices surged to a peak of $26,514.72. Tuesday’s peak saw the world’s largest cryptocurrency hit its strongest point since June 13, when BTC was above $26,600.

The 14-day relative strength index (RSI) is currently tracking at 63.07 and overall momentum remains higher with the 10-day (red) moving average trending upwards. Should the ceiling of 65.00 be eventually broken, bulls will likely push BTC to a higher resistance level at $28,000.

Ethereum

Ethereum (ETH) also moved higher in the last 24-hours, hitting a seven-month high in the process. Following a high of $1

• XRP and Polygon (MATIC) rose in Tuesday’s session, recovering from recent lows.
• XRP/USD moved away from a long-term support point, while MATIC/USD bounced off a price floor of $1.10.
• The 14-day relative strength index (RSI) could be a key indicator to watch for further bullish sentiment in both tokens.

Overview

The cryptocurrency market was largely bearish on Tuesday, with the global market cap down 0.34% as of writing. Despite this, XRP and Polygon (MATIC) managed to rise higher in the day’s session, recovering from recent lows and showing signs of bullish sentiment.

XRP Moves Away From Long-Term Support Point

XRP rose higher in Tuesday’s session, as prices continued to move away from a long-term support point at $0.3650 following a four-day losing streak. The move resulted in an intraday high of $0.3751 as the 14-day relative strength index (RSI) broke out of its own ceiling at 43.00, currently tracking at 43.97 with the next visible resistance point at 45.00 should this ceiling be hit again.

Polygon Rebounds Off Price Floor

Polygon also saw strong gains on Tuesday after bulls rejected a breakout at the key price level of $1.12 the day prior and moved to an intraday peak of $1.17 – pushing prices further away from its recent floor of $1.10 and indicating bullish sentiment throughout the token’s market performance as well as RSI moving away from a recent floor at 39.00 now tracking 41

• Neal Stephenson, the creator of the term “metaverse”, believes that building experiences that millions of people consider worth having in virtual worlds is quite difficult and this is hindering the adoption process of metaverse tech.
• Stephenson stated that blockchain and metaverse have a natural relationship, enabling interconnection between the various worlds as part of a bigger world.
•The author also mentioned that to build a metaverse, there needs to be a decentralised network of interactions and financial transactions which can be accomplished through blockchain-based tools.

Overview

Neal Stephenson, the creator of the term ‚Metaverse‘, has shared his opinion about the future adoption of virtual worlds. He believes that building experiences for millions to consider worth having in virtual worlds is difficult, hampering its adoption process. He also highlighted how blockchain can help interconnect these various virtual worlds into one big world.

The Future Of Metaverse Adoption

Neal Stephenson believes that mainstream adoption of this tech might be very far away because creating experiences that millions find worth having is quite difficult. According to him, „the games industry is the economic engine and the technological engine“ behind any future metaverse – citing Doom as one example among many other games which kickstarted this era.

Blockchain And The Metaverse Relationship

Stephenson explained how blockchain and metaverse have a natural relationship where it enables interconnection between different virtual worlds as part of a bigger world. He went on to say that Lamina1 was created with an intention to lay down foundational layer for creation digital worlds which can be done in centralized way but data movement from one metaverse to another requires blockchains based tools for decentralization purposes.

Key Takeaways
– Neal Stephenson believes building experiences for millions worth having in virtual worlds is difficult hence hindering its adoption process
– The games industry has been identified as economic & technological engine behind any future metaverse development – Blockchain helps connect different virtual world into one via its decentralized network capabilities

Conclusion
Neal Stephenson’s insights into metaverse technology suggest it will take some time before it gains mainstream acceptance due to difficulty in creating such meaningful experiences for users. However, blockchain could potentially provide opportunities for interconnecting different virtual realms and enable smoother data movement from one world to another through its decentralized features.

• Ordinal inscription collections on Bitcoin blockchain are growing as creators monetize their artworks.
• These collections include Ordinal Punks, Ordinal Penguins, Bitcoin Shrooms, Inscribed Pepe, Planetary Ordinals and more.
• Some of these NFTs have become “blue-chip” and have maintained significant value in the open market for several years.

Growing Demand for Blockchain Technology

With more than 150,000 Ordinal inscriptions on the Bitcoin blockchain, there is now a growing demand for blockchain technology from creators and artists who are finding new ways to monetize their artworks. This emerging market has seen the establishment of various collections such as Ordinal Punks, Ordinal Penguins, Bitcoin Shrooms, Inscribed Pepe, Planetary Ordinals, Based Apes , Satoshi Punks, Ordinals Eggs, Block Munchers and many more over the past month.

Blue-Chip Digital Collectibles

Ethereum has established various collections such as Bored Ape Yacht Club (BAYC), Cryptopunks , Azuki , Moon Birds , Doodles , Mutant Ape Yacht Club (MAYC) and others that have become known as “blue-chip” NFTs due to their consistent value in the open market over several years. For instance BAYC and Cryptopunks hold some of the highest floor values among all the collections. Furthermore recent trades indicate a high demand for specific editions such as when someone traded Cryptopunk #4155 for Ordinal Punk 16 .

Ordinals Collections

Newly minted ordinals inscription collections are similar to ideas stemming from popular Ethereum collections such as the 100 limited edition pixelated punk characters of Ordinal Punks in contrast to 10 000 Cryptopunks available . Other punk character related editions include Punks on Bitcoin , Satoshi Punks , DOS Punk 256 and Yeti Bit Club . Additionally there are numerous dedicated Pepe The Frog editions including Inscribed Pepes and Immortal Pepes . Other well known collections include but not limited to :  Ordinal Rocks , Block Munchers , Ordinal Penguins , Bitcoin Toadz , XC Pinata ,Ordial Eggs , Planetary Oridnals  Ordial Smokes and Based Apes .

Monetizing Artworks with Blockchain Technology

Creators are turning towards blockchain technology as it provides an effective way to monetize their artworks by establishing digital collectible assets that can be bought or sold without an intermediary service provider between two parties allowing them to trade directly with one another while also ensuring secure transactions through cryptography encryption protocols.

Conclusion

The trend of using blockchain technology to create digital collectibles is still young but it shows great potential in terms of providing creators with new ways to monetize their artworks while also providing investors with unique assets that have proven value over time.

• Luxor mining pool recently mined a record-setting 3.96 MB block (#774,628) on the Bitcoin blockchain, which has caused an increase in demand for Ordinal inscriptions and fees for BTC transactions.
• Blocks larger than 3 MB are now common on the Bitcoin blockchain and there have been over 66,000 inscriptions recorded as of Sunday afternoon on Feb. 12.
• Data from Dune Analytics indicates a high number of block sizes exceeding 3 MB after Feb. 5, 2023 and metrics from mempool.space also reflect this trend.

Record-Setting Block Size on Bitcoin Blockchain

Since Luxor, a bitcoin mining pool, mined a record-setting 3.96 MB block (#774,628) on the Bitcoin blockchain, block sizes have been larger than they were prior to that block height in the past 12 days.

Demand for Ordinal Inscriptions

Statistics show that blocks larger than 3 MB are now quite common, and demand for Ordinal inscriptions has risen as they have surpassed 65,000 this weekend.

Rising Transaction Fees

As a side effect of the ordinal inscriptions trend on the Bitcoin blockchain, fees for sending a BTC transaction have risen. On that day, the average fee for a transaction was $1.704 and today it is 0.000079 BTC or $1.74 per transfer.

Sustained Use of Blocks Larger Than 3 MB Continues

Data from Dune Analytics indicates a high number of block sizes exceeding 3 MB after Feb 5th 2023 and metrics from mempool space also reflect this trend with numerous instances of blocks greater than or equal to size of 3MB being confirmed by miners each day with smaller number of transactions per block compared to other blocks with smaller size..

Conclusion

The use of large blocks is becoming more common as demand increases but this has come at cost with increased transaction fees due to rise in competition among miners to confirm transactions faster while ensuring their rewards remain competitive in order to incentivize them enough to stay in game which ultimately leads higher fees charged by miners from users who want their transactions confirmed quickly .

• Billionaire Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, believes that Bitcoin is not an effective money, store of value or medium of exchange.
• He noted that bitcoin’s market value is less than a third of Microsoft’s stock and that it receives disproportionate attention compared to other industries like biotech.
• Dalio believes the best form of digital currency would be an inflation-linked coin that would secure individual buying power.

Billionaire Ray Dalio on Bitcoin:

Billionaire investor and hedge fund manager Ray Dalio recently spoke about bitcoin in an interview with CNBC Thursday. He stated that while he found its success over the last 12 years „amazing“, he does not believe it is suitable for a money, storevalue or medium of exchange.

Bitcoin’s Market Value Compared to Other Industries:

Dalio pointed out that bitcoin’s total market value is less than a third of Microsoft’s stock and received disproportionate attention compared to other industries like biotech. He argued this proves it is not going to be effective money in any way.

Money as We Know It Is In Jeopardy:

The billionaire investor asserted that we are living in a time where money as we know it is in jeopardy due to too much printing and problems with reserve currencies such as the euro and yen. He suggested that China’s renminbi or digital renminbi could replace current forms of money if people want a digital currency option instead.

Stablecoins Not Suitable:

Dalio did not think stablecoins were suitable because they are essentially just another fiat currency again. He proposed the best form of digital currency would be an inflation-linked coin which would secure individual buying power – something similar to an inflation index bond.

Conclusion:

In conclusion, while Dalio found bitcoin’s success amazing over the past 12 years, he does not believe it can effectively function as money, storevalue or medium of exchange – suggesting instead China’s renminbi or digital renminbi could replace current forms of money if people want a digital currency option instead. The best form of digital currency proposed by him was an inflation-linked coin which would secure individual buying power similar to an inflation index bond.

• The United States Federal Reserve Board issued a policy statement that states both insured and uninsured banks will be subjected to limits on certain activities, including crypto assets.
• The policy statement seeks to promote a level playing field and limit regulatory arbitrage by imposing limits on the activities of financial institutions.
• The policy statement does not preclude state member banks or prospective applicants from providing crypto-assets safekeeping services.

The United States Federal Reserve Board has issued a policy statement that affects the activities of both insured and uninsured banks under its jurisdiction. The statement, which becomes effective upon publication in the Federal Register, makes it clear that financial institutions will be subjected to the same limitations on activities, including those related to crypto assets. This action is taken in an effort to promote a level playing field and limit regulatory arbitrage.

The policy statement states that banks should ensure their activities are conducted in a safe and sound manner by having risk management processes in place, as well as internal controls and information systems. The statement also clarifies that state member banks or prospective applicants are not precluded from providing crypto-assets safekeeping services.

The Federal Reserve Board said it had seen an increase in the number of inquiries or proposals from financial institutions that wish to engage in non-traditional activities, including those related to crypto assets. This prompted the board to take action and impose limits on certain activities to ensure the safety and soundness of banking operations.

The Federal Reserve Board’s action is part of a larger effort to protect consumers and promote financial stability. The board also noted that it will continue to closely monitor developments in the industry and will take further action as necessary.

The policy statement comes after the United States Office of the Comptroller of the Currency (OCC) issued a statement in July 2020 that allows national banks and federal savings associations to provide crypto-related services. In the statement, the OCC stated that banks must have an effective risk management program in place before engaging in any crypto-related activities.

Overall, the Federal Reserve Board’s policy statement is an important step towards establishing more stringent regulations for banks that deal with crypto assets. This action is seen as a way to protect consumers and ensure the safety and soundness of banking operations. Furthermore, the statement does not preclude state member banks or prospective applicants from providing crypto-assets safekeeping services.

• The hashrate of Litecoin’s blockchain network reached an all-time high (ATH) on Wednesday, Jan. 25, 2023, at block height 2,411,048, reaching 798.43 TH/s.
• Litecoin’s difficulty also reached an all-time high this week, hitting 23,505,031 on Jan. 26, 2023.
• Viabtc is the top Litecoin mining pool with 192 TH/s, or 27% of the total Litecoin hashrate.

Litecoin’s blockchain network has reached a new milestone this week as its computational power, or hashrate, reached an all-time high (ATH) on Wednesday, Jan. 25, 2023, at block height 2,411,048, reaching 798.43 terahash per second (TH/s). This marks a significant increase of 38% in the last 30 days from 576 TH/s on Dec. 28, 2022. Furthermore, the difficulty of the Litecoin (LTC) network also reached an all-time high this week, hitting 23,505,031 the following day.

The increased hashrate of the Litecoin network is seen as a positive sign, further demonstrating the network’s security and growth in mining activity. The increase in hashrate is also likely linked to the recent uptick in the price of Litecoin, which has increased by 34% against the U.S. dollar in the past 30 days.

Leading the charge in the Litecoin mining pool is Viabtc, which currently holds 192 TH/s, or 27% of the total Litecoin hashrate. Viabtc is followed by F2pool (121 TH/s), Antpool (104 TH/s), Litecoinpool.org (77 TH/s), and Binance (69 TH/s), respectively. All five Litecoin mining pools also participate in dogecoin (DOGE) merge mining through a process called auxiliary proof-of-work (AuxPoW).

Over the last week, Litecoin’s difficulty jumped 3.28%, and in the past 30 days it has increased 14.80%. Over the last three months, the difficulty of the network has increased 32.41%. The fact that the network difficulty is increasing is a sign of the growing amount of miners and the amount of resources they are dedicating to the network.

As Litecoin’s hashrate continues to climb and its difficulty follows suit, it is likely that the network will continue to become more secure and reliable. The increased hashrate is a positive sign for the future of the cryptocurrency and will likely bring more users to the network. With an all-time high of 798 TH/s, the network is now just 202 TH/s away from a single petahash per second (PH/s), equating to 0.798 PH/s.