🚀 Crypto markets ready to fly?

All Things Flooz newsletter is for innovators, creators and traders.

Flooz

5 min read Jul 20, 2023


Talking points

  • 🔥 BNB burn ig-nitiated

  • 🤖 Meta and Microsoft partner for AI

  • 🐳 Ethereum whale set to sell?

🔥 BNB burn ig-nitiated

Crypto markets are starting to look stronger, and it is a good time for some positive token news. That’s where BNB comes into play with it recently setting alight to its 24th quarterly burn event!

This involved over 1.99 million BNB tokens being sacrificed to the "auto-burn" mechanism, rendering them out of circulation, and a whopping $484 million worth of tokens vanished into thin air never to be seen again. Like…ever.

For those not familiar with the mystical practice of token burn, it's like watching coins vanish into the abyss, never to return. It's a bold move that permanently deletes coins from their circulating supply, and BNB Chain has been nailing this for a while.

Now, let's unravel the mystery behind the BNB token. It's the native coin of the BNB Smart Chain and the powerful BNB Chain-based networks. This magical coin was brought to life by the crypto wizards at Binance through a captivating initial coin offering back in 2017.

But we’re not done yet.

BNB has a captivating auto-burn system in place that aims to reduce its total supply to 100 million BNB from the original 200 million BNB over time. The auto-burn mechanism adjusts the amount of BNB to be burned based on its price and the number of blocks generated on the BNB Smart Chain (BSC) throughout the quarter. Which means it is never a set amount.

What does this mean for the markets?

While the skies lit up with tokens, the demand for BNB among traders remained steady over the past 24 hours. But fear not, crypto adventurers, as the market is always full of surprises!

As we saw recently with XRP and XLM among the top gainers, the markets seem to be looking stronger and perhaps the time for accumulating your beloved tokens at low prices is running out?

There is one thing that remains questionable… and that is why BNB did not shoot up? Perhaps it is because of the FUD surrounding Binance? The real reason is unknown but a token burn usually results in a surge in price but it didn’t seem the case for BNB this time.

Either way, this is more positive news for the markets and BNB, and hopefully, we can see this continue as we edge closer to the Bitcoin halving next year in which there is a chance we see a big rise in the markets.

🤖 Meta and Microsoft partner for AI

Meta and Microsoft have joined forces to unleash the magnificent Llama 2 which is a dazzling open-source large language model.

On July 18, the news broke about Llama 2, the brainchild of Meta, and guess what? It's completely free for research and commercial use. Oh yes, you read that right… it's open-source and optimized for the users and is integrated within Windows.

But what sets Llama 2 apart from its predecessor, Llama 1? Prepare to be amazed, as this new wonder was trained on a whopping 40% more publicly available online data sources!

ChatGPT who?

It's like giving the Llama a turbo boost… processing twice as much context and leaving its older version in the dust, which for AI competitors, is certainly a scary advancement as two powerhouses in Meta and Microsoft are at the helm also, which could become interesting for the AI space.

Meta proudly proclaimed that Llama 2 outshines many rival open-source large language models when it comes to coding, proficiency, reasoning, and acing those knowledge tests. But hey, even champions have their Achilles' heel. Llama 2 may not be as efficient as some closed-source competitors, like OpenAI's renowned GPT-4. No worries, though… Llama 2 is still a force to be reckoned with!

In a spectacular Instagram post, Meta's visionary CEO, Mark Zuckerberg, couldn't contain his excitement. He celebrated Llama 2 as the foundation for researchers and businesses to build upon, revolutionizing the AI landscape.

Llama 1 made waves earlier this year, capturing hearts and minds, with over 100,000 requests for access. But it seems Llama 2 is ready to steal the show! With Meta's strategic partnership with Microsoft, the future of AI is brighter than ever.

Microsoft, known for its relentless pursuit of innovation, now backs two AI juggernauts… It is estimated that an impressive cumulative investment of $13 million went in OpenAI alone this year, Microsoft is leaving no stone unturned in its quest for AI supremacy!

As with any great adventure, there are challenges to face. Meta's decision to open-source Llama was met with criticism from two United States senators in June. Concerns were raised about potential security loopholes in the initial version of Llama. Fear not, though friends…Meta is looking to make sure this isn't the case.

The next few years could be interesting for AI as bigger names and more money are getting involved, which can only mean bigger and faster advancements. Will AI eventually run the world? Well… we certainly can’t rule it out.

🐳 Ethereum whale set to sell?

An Ethereum address holding over 60k ETH has made a transfer after 8 years, sparking sell rumors which could disrupt the market temporarily.

In a stunning twist of fate, a long-dormant wallet that received a whopping 61,000 ether (ETH) during an ancient Initial Coin Offering (ICO) eight years ago has sprung back to life! Rumors whisper that this enchanted wallet belongs to none other than the renowned crypto exchange Kraken!

Oh, but that's not all!

These ancient holdings now boast a staggering value of over $116 million! Imagine that—61,000 ether, once mere cents with the estimated buy price being around $0.31, is now worth a fortune with Ethereum sitting at roughly $1900.

The magical spectacle unfolded on a fateful Wednesday when Wallet 0x8b, as it's known in the scrolls of the blockchain, performed a daring act. It moved the entire treasure trove of ether to another wallet before finally resting in the Kraken-tagged wallet. The owner's identity remains a riddle yet to be unraveled.

In the ever-changing tides of crypto, such grand movements from early participants are a rarity. Experts ponder the significance of this enchanting journey. Could it be that the holder prepares to sell tokens, stake on an exchange, or perhaps diversify their magical holdings with other tokens? Only time will reveal the secrets hidden within this mystical wallet!

But wait, as this could have significance on the markets.

Within the financial world, more commonly in crypto… there is a term called "whales," these magnificent beings hold vast amounts of tokens within their digital lairs. Their actions can sway the price and sentiment of tokens far and wide resulting in some unnerving movements.

In the month of April, four such majestic wallets moved millions worth of bitcoin and ether, leaving the crypto world in awe of their might.

So, as much as this is likely not to be a worry if there is a sell-off for such a big amount, it could send Ethereum into free fall and that could also have a negative correlation to the performance of the rest of the market.

At a time when market sentiment is improving and more positivity is occurring, a sell-off like this could reverse some of the good that we have been seeing. Although with inflation seemingly cooling down and economic conditions improving, this may also be one of the few opportunities to buy your desired tokens at low prices before a potential bull run.

When this could happen is unknown, but investors can certainly feel it coming and with the Ripple lawsuit, the Bitcoin ETF, and then followed by the LTC and Bitcoin halvings coming up, it seems a good time to be within crypto.

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