Key Takeaways:
- AI & TON Integration: Telegram’s Pavel Durov launched Cocoon, a decentralized AI network built on The Open Network (TON), allowing users to earn TON by renting out computing power.
- Tether Under Fire: Tether CEO criticized S&P following a downgrade of USDt’s peg maintenance ability, citing concerns over Bitcoin and gold reserves.
- Ethereum Valuation: Most valuation models suggest ETH is undervalued, projecting prices above $4,000. Santiment indicates ETH may reach $3,200 soon due to low stablecoin yields.
- Bitcoin’s Price Stagnation: Bitcoin price remained near $91,000 amid weak ETF flows and cautious derivatives trading, even as rate-cut bets surged and stocks/gold rallied. BTC price action may be copying the 2022 bear market despite positive risk-asset inflows.
- MicroStrategy’s Bitcoin Strategy: MicroStrategy will sell Bitcoin as a ‘last resort’ if its stock falls below net asset value (mNAV) and other funding options are unavailable.
- Nasdaq & Tokenization: Nasdaq is ready to proceed with tokenized stocks, awaiting SEC feedback on its proposal.
Analysis:
- AI and Crypto Convergence: The launch of Cocoon highlights the growing intersection of AI and blockchain, potentially unlocking new utility for cryptocurrencies like TON.
- Market Sentiment Divergence: While some indicators suggest undervaluation for ETH and potential upside for BTC, ETF flows and stablecoin yields paint a more cautious picture.
- mNAV Importance: The discussion around MicroStrategy’s mNAV strategy underscores the importance of net asset value for Bitcoin treasury companies and its impact on financial decision-making.