Bitcoin Price Movement:

• Bitcoin (BTC) recently peaked at $50,368 and is currently trading slightly below this level, indicating buyer interest despite rapid sales.
• The long tail in the daily candle suggests that buyers are stepping in at lower levels, potentially supporting further price stability amidst selling pressure.

Market Outlook:

• The recent market fluctuations can be attributed to US economic data that has cast doubt on the overall optimism surrounding macroeconomic conditions.
• There are expectations of a 75 basis point reduction by the Federal Reserve by 2024, supported by recent data and statements. Initially, there was widespread confidence that the first rate cut would occur in March, with expectations of a total reduction of 150 basis points by year-end. However, this anticipated optimism in the market is now being moderated, a familiar trend observed over the past two years, leading to increased volatility in risk markets.

Glassnode Insights:

• Glassnode data indicates a preparation for an upward transition phase in the market, with long-term Bitcoin holders spending 300,000 BTC since November.
• The UTXO ratio reaching 96.62% suggests that profitable investors constitute a large group, potentially intensifying profit-taking sales during the transition period as they capitalize on gains.

Market Dynamics:

• Historical data suggests that as the price of Bitcoin continues to rise, more investors, including those who have previously ignored cryptocurrencies, are likely to enter the market.
• Spot Bitcoin ETF inflows have exceeded $3 billion, laying the foundation for a narrative of rising prices supported by ETFs, halving, and interest rate cuts.

Strong demand from the US, reflected in rising Coinbase premiums and insignificant GBTC (Grayscale Bitcoin Trust, one of the first Spot Bitcoin ETF) sales, adds to the bullish narrative and indicates growing investor confidence in cryptocurrencies.

Conclusion:

• Despite fluctuations, the demand for Bitcoin appears to be sustained, supported by factors such as ETF inflows, US demand, and market dynamics such as the cut by Federal Reserve.
• The market anticipates further price rises, driven by supportive factors and increased investor participation, both from existing and new entrants, as cryptocurrencies continue to gain mainstream attention and acceptance.

NVIDIA Launches ChatGPT Killer, Chat With RTX

NVIDIA Launches Chat with RTX:

• NVIDIA has introduced "Chat with RTX," a new application available on its PCs, aiming to compete with OpenAI's ChatGPT.
• Designed for GeForce RTX 30 Series and 40 Series card owners, Chat with RTX allows users to run AI-powered chatbots offline on Windows PCs.
• The application enables customization of a GenAI model similar to ChatGPT by connecting to documents, files, and notes for queries.
• NVIDIA advises users that downloading all files may require significant storage, potentially up to 50-100 GB, depending on the model used.

Features and Functionality:

• Chat with RTX scans local files specified by users to provide answers with context, eliminating the need to search through notes or saved content manually.
• It supports various text-based Large Language Models (LLM), including Meta's Llama 2, and can handle formats such as text, PDF, .doc, .docx, and .xml.
• The application can load transcriptions of YouTube videos via their URLs for querying contents but does not recall context for follow-up questions.
• Factors affecting its performance include the selected model's performance, the size of the fine-tuning dataset, and question rephrasing, known as prompt engineering.

NVIDIA's Recent Milestones:

• NVIDIA's launch of Chat with RTX adds to its recent achievements, including surpassing Amazon to become the fourth-largest US company by market capitalization.
• Chinese military entities, state-owned AI research centers, and universities have recognized NVIDIA chips, contributing to its growth.
• NVIDIA's expansion into the chatbot development space, dominated by ChatGPT and Google's Gemini AI, showcases its continued diversification and innovation efforts.

Tron Founder Accumulated Nearly 520 Bitcoin Pre-Price Rally

Tron Founder, Justin Sun's Bitcoin Accumulation:

• Justin Sun, founder of Tron, has reportedly acquired 519 BTC, valued at $24 million, before Bitcoin's recent rally.
• These acquisitions were made through Binance, with Sun accumulating over 1,677 BTC in the past two months, totaling $75 million.
• Sun's current Bitcoin holdings stand at 1,853 BTC, worth approximately $92.64 million, according to Arkham Intelligence.
• Sun's publicly accessible cryptocurrency wallets reveal holdings totaling $1.17 billion, with significant investments in TRON (TRX) and the USDD stablecoin.

Founders Fund's Crypto Investments:

• Billionaire Peter Thiel's venture capital firm, Founders Fund, has reportedly invested around $200 million in Bitcoin and Ethereum.
• These investments were made between late summer and early fall last year, indicating renewed interest from institutional investors in cryptocurrencies.
• Founders Fund allocated half of the investment to Bitcoin and the other half to Ethereum, highlighting confidence in the two largest cryptocurrencies.

Market Overview:

• Bitcoin is currently trading at $49,935, showing resilience after recent market fluctuations.

• Justin Sun's significant BTC acquisitions and Founders Fund's crypto investments reflect growing confidence and interest in the cryptocurrency market among institutional players.