Bitcoin "has surpassed" gold, Nvidia rises more than 3% before opening

Headlines

▌JPMorgan Chase: Bitcoin “has surpassed ” Gold

According to a report released by JPMorgan Chase on Thursday, one indicator shows that Bitcoin has become more and more important in investors’ portfolios. More popular than gold, thanks to its price reaching new highs. As a mainstream cryptocurrency, Bitcoin has long been compared to gold, with some considering it to be a digital version of gold. On the face of it, gold should account for a higher proportion of investment portfolios than Bitcoin, as an estimated $3.3 trillion is invested in gold. JPMorgan said that when comparing the two assets in nominal terms, the allocation to Bitcoin appears to be lower because Bitcoin has a market capitalization of only $1.3 trillion. Therefore, in theory, the value of Bitcoin can still rise by 153% to reach the value level of gold. However, this calculation ignores an important factor, namely risk. Since Bitcoin is approximately 3.7 times more volatile than gold, analysts say they expect Bitcoin to be on par with gold in nominal amounts in investors’ portfolios. Matching is unrealistic.

▌Nvidia rose more than 3% before the market opened, and its market value is quickly approaching Apple

Nvidia Corp (NVDA.O) rose as much as 3.4% in premarket trading on Friday, putting the stock on track for a seventh straight session of gains, its longest winning streak since November. The chipmaker's market value has increased by more than $1 trillion so far this year as demand for artificial intelligence chips shows no signs of abating. Currently, Nvidia's (NVDA.O) total market value is about $2.32 trillion, while Apple's market value has shrunk to $2.61 trillion.

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Quotes

As of press time, according to coinmarketcap The data shows:

BTC's recent transaction price was US$68,237.0, with intraday increases and decreases< strong>+1.58%;

ETH’s latest transaction price was $3912.33, with intraday fluctuations Frame-0.09%;

BNB’s recent transaction price was US$4485.32, with an intraday increase or decrease+2.80% ;

ORDI’s recent transaction price was US$78.08, with intraday gains and losses-0.36%;

DOGE’s latest transaction price was $0.1680 , intraday increase or decrease+5.17%;

< p style="text-align: left;">SOL's recent transaction price was US$146.59, with an intraday increase or decrease+0.33%.

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Policy

< strong>▌Microsoft and Ant Digital will participate in the Hong Kong Monetary Authority’s digital currency project

According to the "South China Morning Post", the Hong Kong Monetary Authority (HKMA) ) announced the launch of the wholesale central bank digital currency (wCBDC) project pilot, which is the world's first platform for tokenized deposits, tokenized assets and central bank digital currency settlement. It will also form an architecture community to develop common standards. According to people familiar with the matter, companies such as Microsoft and Ant Digital will join the community. Public information shows that Ant Digital will launch the Web3 technology brand ZAN for Hong Kong and overseas markets in 2023 to provide Web3 technical services to compliance agencies. Its products can help developers reduce development costs and technical risks.

▌SEC Chairman refused to give any hint on whether to approve a spot Ethereum ETF

In an interview with Yahoo Finance on Friday, U.S. SEC Chairman Gary Gensler was asked about the ten companies that have submitted Ethereum spot ETF applications and whether he believed that Grayscale was involved. The summer court ruling is "precedent." Gensler declined to make any hint about this, saying: "I don't want to prejudge any one application, and as you said, we have 10 applications in front of us, I will not prejudge that. But to your question, we will Consider the facts and circumstances and the circumstances before us."

▌SFC Meeting: Net fund inflows surged to HK$33.5 billion last quarter, and six virtual asset trading platforms applied for licenses

Hong Kong Securities and Futures Supervision The Securities and Futures Commission (CSFC) released its latest "Quarterly Report" today. The financial summary for the quarter ended December 31, 2023 showed that net capital inflows of funds incorporated in Hong Kong surged 179% quarter-on-quarter to HK$33.5 billion. As of December 31, 2023, the value of assets under management of 914 funds incorporated in Hong Kong increased by 4.9% annually. The number of licensed institutions and registered institutions was 48,091. The number of license applications received in the previous period increased by 16% year-on-year. Among the 56 company licenses issued by the Securities and Futures Commission during the quarter, applications for Category 9 (Providing Asset Management) and Category 4 (providing advice on securities) regulated management activities accounted for 88% and 66% respectively. During the quarter, six virtual asset trading platforms submitted applications for institutional licenses.

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Blockchain Application

▌DCG CEO proposed to merge Genesis and Gemini in 2022 and plan to go public

Golden Finance reported that DCG submitted to the judge this week A document shows that during a lunch with Cameron Winklevoss in late 2022, DCG CEO Barry Silbert suggested that his lending company Genesis merge with Winklevoss-owned cryptocurrency exchange Gemini to avoid an impending collapse. "I was interested in the idea of ​​a closer partnership between Genesis/Gemini/DCG, including a potential merger of the companies," according to Silbert's email. "I made it clear to him that the path we were on now could lead to Genesis went bankrupt, which would have exposed Gemini's deposits (and therefore Gemini's business) to significant risk. He has done an unexpectedly good job on this and recognizes that we need to work together to reduce this risk."

▌Web3 application interface service provider Kravata completed US$3.6 million in seed round financing

Kravata, a provider of Web3 application programming interface services, announced the completion of a US$3.6 million seed round of financing, with participation from Volt Capital, Framework Ventures, Circle Ventures, Magma Partners and SIMMA Capital. Kravata, from Web3 accelerator Alliance Dao, is a user-friendly and secure solution for connecting to Web3 and getting a Web2 experience. Through an API, Kravata allows customers to easily integrate the benefits of Web3 into their services, while Eliminate the burden of in-house technology development while receiving compliance and ongoing support every step of the way.

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Cryptocurrency

< p style="text-align: left;">▌Ethereum ranks among the top 20 global assets in terms of market capitalization, currently second only to Walmart

Golden Finance reported that according to companiesmarketcap data, the market value of Ethereum currently reached 474.98 billion U.S. dollars, with an intraday increase of 4.35%. It has surpassed the SPDR S&P 500 ETF Trust and ranked 20th in the global asset market value rankings, second only to Walmart. Currently, Walmart The market value is US$486.06 billion.

▌Boya Interactive: Plans to continue to purchase cryptocurrency of no more than US$100 million

On March 8, Boyaa Interactive issued an announcement on the Hong Kong Stock Exchange. In order to further promote the group’s business development and layout in the Web3 field, the board of directors seeks shareholders to The General Assembly approved further authorization to purchase potential cryptocurrencies, authorizing the Board of Directors to continue to purchase cryptocurrencies in a total amount not exceeding $100 million. As of the date of this announcement, the company has purchased a total of 1,110 Bitcoins at an average price of approximately US$41,790. A total of 14,855 Ethereum coins have been purchased, with an average price of approximately US$2,777. Purchase approximately 8 million Tether coins.

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Important Economic Updates

▌The swap market is fully pricing in the Federal Reserve’s 25 basis point interest rate cut in June

The swap market is fully pricing in the Federal Reserve’s June rate cut Interest rates will be cut by 25 basis points.

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Golden Encyclopedia

▌What determines the price of Bitcoin?

Market forces of supply and demand affect the price of Bitcoin. When there are more sellers, prices usually go down and vice versa. Bitcoin prices are also affected by factors such as media reports, investor sentiment, and regulatory news, leading to rapid price fluctuations. Supply and demand market dynamics that affect the prices of other goods and services also determine the price of Bitcoin.  

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase your risk awareness.