Daily News | Estimated BTC Price Cycle Top $180K; Google Supports Searching for Multiple Network Wallet Addresses; Filecoin Liquidity Staking Protocol Glif Initiates Points Program

2024-03-29, 03:39

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## Crypto Daily Digest: New BTC Price Forecast Cycle Top $180,000; Google supports searching for multiple network wallet addresses such as BTC; Filecoin Liquidity Staking Protocol Glif Initiates Points Program
First, let's examine the trading activity of <a href="/pt/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on March 28, Grayscale's Bitcoin spot ETF GBTC outflow was $104.9 million; Meanwhile, Fidelity Bitcoin spot ETF (FBTC) inflow was $68.1 million, Bitwise Bitcoin spot ETF (BITB) inflow was $67 million, and ARK 21Shares Bitcoin spot ETF (ARKB) inflow was $27.6 million.

The BTC price has broken through $71,000 again but has slightly fallen back to $70,382.9, indicating an overall sideways adjustment. Laurent Benayoun, CEO and quantitative trading strategy expert at Acheron Trading, said that Bitcoin prices may rise by another 150% in the current bull market cycle. He believes that based on various factors, including spot Bitcoin Exchange Traded Funds (ETFs) and the upcoming halving of Bitcoin, which will decrease new supply. BTC prices may reach a cyclical peak of $180,000.

"If we look at historical performance, we will find that the historical multiples of each cycle are decreasing. Therefore, if we apply this reasoning, it may be 2 to 3 times what we saw in previous cycles, so we can say that each unit is approximately $120,000 to $180,000."

Benayoun also believes that improving financial policies in the United States will help Bitcoin prices appreciate: "The market has digested the impact of declining interest rates, as interest rates have remained stable, so it is reasonable to expect interest rates to decrease in the near future."

Google has recently launched a new feature to search for blockchain data on Bitcoin, Arbitrum, <a href="/pt/price/avalanche-avax" target="_blank" class="blog_inner_link">Avalanche</a>, Optimism, <a href="/pt/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a>, and <a href="/pt/price/fantom-ftm" target="_blank" class="blog_inner_link">Fantom</a> networks. The search results, when entering the wallet address, will display the remaining token balance in each network wallet and the last update time of the balance.

Google pointed out in its search results: "The balance only shows the local tokens of each network. The timestamp of the last update shows the balance up to the last external transaction. The update is not immediate."

This month, Google began displaying search results for wallet balances to users searching for the <a href="/pt/price/ethereum-name-service-ens" target="_blank" class="blog_inner_link">Ethereum Name Service</a> (ENS) domain. ENS provides a readable domain name for <a href="/pt/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> wallet addresses, such as Ethereum creator Vitalik Buterin, vitalik.eth.

<a href="/pt/price/filecoin-fil" target="_blank" class="blog_inner_link">Filecoin</a>'s liquidity staking protocol, Glif, has launched a points program that will allocate 75 million points. Glif is the largest liquidity staking protocol in the Filecoin ecosystem. According to Filfox's data, Glif has locked in a total value of over $372 million and initiated a points program before the token was released.

GLIF stated on Thursday that points are the first step in decentralized protocol decision-making, and both parties in the system - Filecoin storage provider (SP) and liquidity provider (LP) - are eligible to receive points, adding that points will be awarded to historical and future SPs and LPs.

As a liquidity lease protocol, Glif allows Filecoin (FIL) token holders to deposit FIL into a liquidity pool in return for Glif's native liquidity lease token, iFIL. SP rents out the deposited FIL and pays rent to LP and the protocol.

## Market Trends: BTC is trading horizontally at a high level, is the Altcoin season approaching?
As Bitcoin stabilizes above $70,000, the overall crypto market shows an upward trend. Regarding macroeconomics, the US stock market is volatile, and investors are waiting to release PCE inflation data.
### Market Hotspots
The cryptocurrencies of the Meme concept, such as DOGE, FLOKI, WIF, BOME, etc., have seen significant increases. Especially with WIF approaching $4 at one point, its current market value has reached $3.8 billion, equivalent to 4.5% of SOL's market value. It is worth noting that, generally speaking, the total market cap of a single Meme coin accounts for up to 5% of the public chain in which the token is located.

Wormhole announced that it will open the collection of airdropped W tokens at 19:30 Beijing time on April 3rd, and Gate.io will continue to monitor. Meanwhile, Parcl, the RWA concept protocol on the <a href="/pt/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> chain, announced its airdrop plan. Parcl is a real estate index investment platform that has previously completed a seed round financing of $4.1 million with investment institutions, including Dragonfly and Solana Ventures.

The public chain REI increased by more than twice on the same day, and it is rumored that it has partnered with OpenTaskAI to transform into an AI public chain.

This measure is similar to the previous transformation from Near public chain to AI public chain. REI has increased by more than ten times this year, breaking through the price peak of 2022 and setting a new historical high.
![](https://gimg2.gateimg.com/image/article/17116835011.png)
Source: Gate.io

In summary, the crypto market is showing an upward trend, and the concepts of Meme and AI continue to receive market attention. Investors need to grasp the market situation to make wise investment decisions carefully.

## Macro: The first quarter is coming to an end, and the three major indexes have shown excellent quarterly growth performance; Most markets are closed for Easter
Reuters reported that on Thursday, all three major US indices recorded strong quarterly gains, with the S&P 500 index up 10.16%, marking the strongest performance in five years in the first quarter. This was due to <a href="/pt/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> about AI-related stocks and expectations that the Federal Reserve will begin cutting interest rates this year. At this point, investors are digesting the latest batch of economic data.

Data shows that the US economy grew faster than expected in the fourth quarter, partly due to strong consumer spending. Another report pointed out that the number of first-time applicants for unemployment benefits was low, indicating that the labor market remains on a solid foundation.

Overnight, Federal Reserve Governor Christopher Waller stated that the recent inflation data did not meet the expected decrease, confirming the reason for the central bank to delay cutting short-term interest rate targets but not ruling out the possibility of lowering interest rates later this year. According to CME's FedWatch tool, the market expects a probability of the Federal Reserve cutting interest rates by at least 25 basis points (bps) in June to be approximately 64%.

Most of the 11 major sectors performed well this quarter, including communication services, energy, technology, etc., with only the real estate sector declining.

The highlight of the world market on Friday is the US Personal Consumption Expenditure (PCE) inflation data, which will be released after the end of Asian trading days, while most European and US stock and bond markets are closed for Easter. The first quarter is ending, and the revised US growth and inflation data for the fourth quarter on Thursday has pushed for a "soft landing" or even "no landing" scenario, causing global sentiment to rise.

In the Asian market, investors are paying attention to a series of Japanese indicators, including unemployment rate, retail sales, industrial production, and Tokyo inflation. Japanese stocks are expected to rebound from Thursday's 1.5% decline, but they may fall into trouble if the yen further strengthens.

The Japanese yen exchange rate remains the focus, and Japanese Prime Minister Fumio Kishida intervened in the debate on Thursday, saying, "We will monitor the exchange rate trend with a high degree of urgency and make appropriate responses, without ruling out any options to deal with excessive exchange rate fluctuations."

Regarding commodities, US crude oil rose 2.04% to $83.01 per barrel, while Brent crude oil rose to $87.5 per barrel, up 1.64% on the same day.

<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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