Bitcoin above key resistance
Most US stocks rose on Wednesday after better-than-expected retail sales in January.
Stronger retail sales suggest the Fed has more hawkish views, while the market looks lively with better-than-expected earnings from tech companies. Meanwhile, the cryptocurrency market did the same, with Bitcoin rising 11.13% and 7.86% respectively in the last 24 hours at the time of writing. Bitcoin is at a peak today, where the biggest cryptocurrency has risen to break out of the $24,000 resistance.
Bitcoin above key resistance
The largest cryptocurrency has seen the number of on-chain transactions increase recently. Bitcoin's valuation is mainly due to limited supply compared to native tokens of other Tier 1 blockchains. Bitcoin typically performed better as it neared the halving, when the next halving would occur approximately in March 2024.
However, the utility of Bitcoin has been significantly enhanced recently, with Web2 tech companies choosing to build their Web3 applications on Bitcoin rather than Ethereum. Example includes the power of Cash App on Lightning Network. The recent outstanding performance has come as the Ordinals protocol has registered more than 74,000 NFTs in Bitcoin, leading to increased on-chain activity. Ordinals were made by Taproot, which is probably Bitcoin's most important upgrade in recent years.
Hub71, Abu Dhabi's tech ecosystem, announced a $2 billion initiative in a press release to support Web3 initiatives in the region. Abu Dhabi, the capital of the United Arab Emirates, is known for its friendship with respected crypto exchanges and Web3 companies that have moved their headquarters to the region. The $2 billion initiative aims to increase the number of startups in the Middle East.
