Bitcoin reaches $47K as S&P 500 hits historic highs, Morpheus AI attracts $50M rapidly, and Polygon advances Ethereum with ZK Layer 2 technology.
Bitcoin Surpasses $47K Following New Highs in The S&P 500

Bitcoin Surpasses $47K Following New Highs in The S&P 500

Feb 10, 2024
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Welcome to the final edition of Datawallet Daily for the week. As always, we’ve curated the must-know crypto stories from the last 24 hours just for you:

Bitcoin Surpasses $47K Following Historic Highs in The S&P 500

Bitcoin’s price surged past $47,000, closely following the S&P 500’s historic peak, hitting 5,000 points for the first time. This rise in Bitcoin’s value comes amid increasing investor optimism, supported by continuous net inflows into Bitcoin exchange-traded funds (ETFs) and a robust performance in U.S. stocks.

Analysts predict sustained demand for both Bitcoin and stocks, buoyed by the potential of the upcoming Bitcoin halving and the prospect of an Ethereum spot ETF. Despite facing sell-side pressure, Bitcoin maintains its bullish trajectory, aiming to breach the upper limits of its current trading range, set by January’s highs post-ETF launch. Market watchers emphasize the importance of Bitcoin holding above key support levels to sustain this upward momentum.

Morpheus AI Debut Draws $50M in Hours

The Morpheus AI project has garnered over $50 million in deposits within hours of its launch. It introduces “Smart Agents,” AI entities capable of engaging with smart contracts autonomously. These agents aim to democratize Web3 by providing an accessible ChatGPT-like interface for users to conduct crypto transactions, access DeFi protocols, and interact with smart contracts. 

Morpheus incentivizes participation through its MOR token, distributed based on stETH deposits. Users stake stETH in Morpheus AI to earn MOR tokens, leveraging rewards from the protocol’s liquidity pool. After a seven-day lock-in period, stakers can withdraw funds. The token launch is expected after 90 days to foster network development and ensure fair distribution. 

Polygon’s New Prover Turns Ethereum Chains into ZK Layer 2s

Polygon has launched a zkEVM Type 1 prover, enabling Ethereum rollups to become zero-knowledge Layer 2s, enhancing scalability and cost-efficiency. Developed with Toposware, this open-source technology allows for ZK-proof generation at a minimal cost, facilitating seamless integration with Ethereum and Polygon’s ecosystems. 

This innovation, aimed at reducing transaction costs and simplifying blockchain interactions, is expected to significantly benefit the Ethereum community by making Layer 2 solutions more accessible and efficient. Polygon’s move to open-source this technology aligns with Ethereum’s ethos of community-driven development and innovation.

Montenegro Court Revokes Do Kwon Extradition

The Montenegro Appellate Court has overturned the decision to extradite Terraform Labs co-founder Do Kwon to either the United States or South Korea, granting an appeal by his defense. This ruling, announced on February 7, nullifies a prior High Court decision from December 29, 2023, and mandates a retrial. The appellate court cited significant procedural violations and unclear reasoning in the previous extradition decision. 

This development adds another layer to the ongoing saga following Terra’s collapse in May 2022, which involved massive investor losses attributed to alleged fraudulent activities by Terraform Labs and Kwon. Kwon, arrested in March 2023 for using falsified travel documents, has been the subject of international legal attention, with both South Korea and the United States seeking his extradition.

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