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Showing posts from June 20, 2021

$135K for December: Stock-to-Flow Creator Lays out Bitcoin’s ‘Worst Case Scenario for 2021’

The pseudonymous creator of the popular stock-to-flow (S2F) bitcoin price model, Plan B, has published his “worst case scenario for 2021” predictions on social media on Sunday. The analyst says there’s also a “more fundamental reason” to why bitcoin prices have been dropping in June and how the month of July may see “weakness” as well. Best Case Scenario: $450K Worst Case Scenario: $135K Five months ago, bitcoin ( BTC ) prices went parabolic and the value of the leading crypto asset seemingly was following the well known stock-to-flow (S2F) model. At the time, the S2F creator said : “bitcoin stock-to-flow model [is] on track… like clockwork.” The price of bitcoin skyrocketed over $64K per unit but has since lost more than half that value. At the end of April, Plan B remarked that the downturn was a “mid-way dip” and stressed that “nothing goes up in a straight line.” This past Saturday, Plan B further discussed the infamous death cross pattern in the BTC /USD chart and remained o...

DOGE dumps as Dogecoin-sponsored NASCAR driver crashes

The Dogecoin-themed race car that crossed the finish line sideways after hitting a wall on Saturday appears to have served as the perfect metaphor for DOGE’s weekend performance. A Dogecoin-donned race car hit a wall in spectacular fashion over the weekend as DOGE fared much the same in the markets. Saturday’s National Association for Stock Car Auto Racing (NASCAR) Xfinity Series Race in Nashville ended in disaster for the Dogecoin sponsored car, with the DOGE-emblazoned Chevrolet Camaro driven by Stefan Parsons smashing into the wall on lap 70. The #dogecar has crashed. TV: NBCSN pic.twitter.com/eCb1PosOI3 — NASCAR on NBC (@NASCARonNBC) June 19, 2021 The faithful fans of the meme cryptocurrency had been revved up for the race, with the #dogecar hashtag trending on Twitter in the lead-up to the June 19 event. Photos of the number 99 race car featuring the iconic Shiba Inu plastered across the vehicle’s hood were shared with gusto. However, as a result of the accident, the D...

Digital euro offers better privacy protections than private stablecoins: ECB official

Unlike private companies, the ECB has “no commercial interest” in monetizing users’ data, the ECB executive board member argued. European Central Bank (ECB) executive board member, Fabio Panetta, has argued that a digital euro offers superior privacy protections than privately issued stablecoins. Panetta criticized the profit motive of private firms, emphasizing it is in their commercial interests to harvest masses of data on their users. “We are not like private companies,” the board member told Financial Times. “We have no commercial interest in storing, managing, or monetizing the data of users.” The ECB official also confirmed that the European Central Bank has carried out pilots testing “offline payments for small amounts, in which no data is recorded outside the wallets of payer and payee.” “If the central bank gets involved in digital payments, privacy is going to be better protected [...] The payment will go through, but nobody in the payment chain would have access to...

Bitcoin is ‘own worst enemy' and will lose to Ethereum: Charles Hoskinson

Bitcoin is too slow when compared to Ethereum and other proof-of-stake networks, argued Cardano founder, Charles Hoskinson. IOHK CEO and Ethereum co-founder, Charles Hoskinson, has argued that Bitcoin sits at a significant competitive disadvantage due to its slow speeds and will be usurped by proof-of-stake networks. In a five-hour Podcast with computer scientist and AI researcher, Lex Fridman, the Cardano founder argued that proof-of-stake networks offering superior speed and functionality over the original cryptocurrency, stating: “The problem with Bitcoin is that it is so slow — it's like the mainframe programming of the past. The only reason it's still around is because there is so much invested in keeping it around.” “You have to upgrade the damn thing!” Hoskinson exclaimed regarding Bitcoin’s underlying Proof-of-Work consensus mechanism, emphasizing that Bitcoin’s programmatic utility lags behind its competitors. Hoskinson also criticized the Bitcoin community fo...

Russian Billionaire Slams Central Bank’s Crypto Policy, Says Even El Salvador Realizes the Need for Bitcoin

Russian billionaire Oleg Deripaska wants the Bank of Russia, the country’s central bank, to embrace cryptocurrency, citing El Salvador’s bitcoin law as an example. El Salvador recently passed a bill making bitcoin legal tender in the country. Billionaire Oleg Deripaska is the founder of Basic Element, a Russian industrial group focusing in areas such as aluminum, energy, construction, and agriculture. In 2018, the U.S. Department of the Treasury’s Office of Foreign Assets Control imposed sanctions against Deripaska and some of his companies. According to Forbes, his net worth is currently $4.7 billion. Deripaska commented about bitcoin and criticized the central bank’s cryptocurrency policy in his Telegram channel last week. He said that even a poor country like El Salvador “realized the need for digital currencies and took a simple path – recognized bitcoin as a means of payment.” According to the World Bank, “El Salvador suffers from persistent low levels of growth and poverty r...

Billionaire Steve Cohen: ‘I’m Doing a Deep Dive Into Crypto, I’m Fully Converted, I’m Not Missing This’

Billionaire investor and CEO of Point 72 Asset Management, Steve Cohen, says he is taking a deep dive into cryptocurrency. Emphasizing that he is “fully converted,” the billionaire said, “I’m not going to miss this. I already feel like I missed the first part of it.” Steve Cohen Gets Into Crypto, Says He Is ‘Fully Converted’ Steve Cohen is the chairman, CEO, and president of Point72, an asset management firm with approximately $22.1 billion in assets under management (AUM) as of April 1. The firm has 12 offices around the globe and more than 1,650 employees. He shared his view on cryptocurrency in an interview last week, emphasizing that he has finally decided that he has got to get into the game. The billionaire CEO said: I’m doing a deep dive into crypto. I’m fully converted. Cohen added: “I have an old saying at the poker table, you got to pay to learn. There’s no way around it. You can talk all you want, but you’ve got to get in the game.” He continued, “I’m hopeful that ...

‘Big Short’ Investor Michael Burry Warns of ‘Mother of All Crashes’ — Says Crypto’s Problem Is Leverage

Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, has warned of “the mother of all crashes.” He further explained that the problem with cryptocurrency is the leverage. Michael Burry Warns of Mother of All Crashes Famous investor and founder of private investment firm Scion Asset Management, Michael Burry, shared his view last week about where he sees the markets heading. Burry is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale. The Scion Asset Management founder tweeted Thursday: All hype/speculation is doing is drawing in retail before the mother of all crashes. #FOMO Parabolas don’t resolve sideways; When crypto falls from trillions, or meme stocks fall from tens of billions, Main Street losses will approach the size of ...

Paraguayan Lawmaker to Present Bitcoin Legislation Next Month — Aims to Make Paraguay Global Crypto Hub

A pro-bitcoin congressman in Paraguay says he will present bitcoin legislation in congress next month with the aim to make Paraguay a hub for cryptocurrency investors worldwide. His efforts follow El Salvador passing a bill making bitcoin legal tender. Paraguay Wants to Be Global Hub for Crypto Investors Following El Salvador passing a bill making bitcoin legal tender, a congressman in Paraguay announced that he is working on bitcoin legislation that will be presented next month. Deputy Carlos Antonio Rejala Helman of the Hagamos Party has called for Paraguay to take similar action to El Salvador regarding bitcoin. The congressman has also changed his Twitter profile picture to include laser eyes, meaning he eyes bitcoin going to $100K. The deputy is preparing a bill that seeks to legalize the use of cryptocurrencies in Paraguay as a means of payment, La Nacion reported Friday. The bill will establish that any transaction within the national territory can be carried out with bit...

Crypto-finance company Amber Group valued at $1B following $100M raise

The Series B funding round was led by China Renaissance, with participation from several crypto venture funds, including Tiger Brokers, Tiger Global Management, Arena Holdings, DCM Ventures and Gobi Partners. Cryptocurrency investment platform Amber Group has added $100 million to its coffers following a successful Series B fundraiser, bringing its total pre-money valuation to $1 billion — a major milestone for the firm as it enters its fourth year of operations. The cash injection will be used to “expand global operations to meet client demand and develop market solutions for the world’s leading crypto investors and companies,” co-founder and CEO Michael Wu said. Measures of trade volume and total assets under management showcase Amber Group’s significant growth over the past four years. The company now has over $1 billion in assets under management, with more than $500 billion worth of cumulative trade volumes. “We’ve had record months over the past quarter across both clie...

4 reasons why Paul Tudor Jones' 5% Bitcoin exposure advice is difficult for major funds

Major funds are probably interested in Bitcoin and altcoins, but four significant hurdles are preventing them from investing. In an interview with CNBC on June 14, legendary investor Paul Tudor Jones sounded the alarm over advancing inflation. After last week's consumer price index (CPI) report showed that United States inflation had hit a 13-year high, the founder of Tudor Investment advocated for a 5% Bitcoin ( BTC ) portfolio allocation. Mutual Fund companies ranked by assets under management, USD. Source: MutualFundDirectory.org When combined, the world's 50 largest asset managers oversee $78.9 trillion in funds. A mere 1% investment in cryptocurrencies would amount to $789 billion, which more than Bitcoin's entire $723 billion market capitalization. However, there's a fundamental misunderstanding on how this industry works, and this is what impedes a 1% allocation, let alone a 5% one. Let's investigate a few major hurdles that the traditional financial...

Minneapolis Fed President Neel Kashkari calls DOGE a ponzi

The central banker previously referred to cryptocurrencies as a “giant garbage dumpster.” Federal Reserve Bank of Minneaopolis President Neel Kashkari took a jab at Dogecoin ( DOGE ) last week by referring to the meme coin as a ponzi, upping his rhetoric against cryptocurrencies. Kashkari’s comments were in response to a LinkedIn poll by Paul Grewal, the chief legal officer and corporate secretary at Coinbase, asking his connections about the proper way to pronounce Doge. “The right pronunciation is pon-zi,” Kashkari quipped. Fifty-seven percent of respondents pronounce Doge correctly. Source: LinkedIn. Kashkari's witty attempt gets over 200 interactions. Source: LinkedIn This isn’t the first time Kashkari has taken aim at cryptocurrencies. In February 2020, he said digital assets like Bitcoin ( BTC ) lack the basic tenants of a stable currency and praised the Securities and Exchange Commission for “cracking down” on initial coin offerings. Kashkari is not a member o...

Sichuan Mining Farms Begin to Shut Down — Seven-Day Stats Show Bitcoin’s Hashrate Plummeting

The hashrate of the Bitcoin network has been steadily falling since June 14 and after Sichuan miners were told to prepare operation shutdowns. Sichuan is the second-densest province in China where most miners are located, according to data stemming from the University of Cambridge. Bitcoin’s hashrate is now hovering just above 100 exahash per second (EH/s). Bitcoin Hashrate Keeps Falling as Sichuan Farms Shut Down Operations The hashrate of the Bitcoin network has been steadily falling . The cause of this seems to be the shutdown of several cryptocurrency farms in various provinces including Sichuan. According to the regional publication 8btc news, the Sichuan Development and Reform Commission and Energy Bureau announced it would close the operation of 26 suspected cryptocurrency mining and virtual currency projects on Sunday. Sichuan bitcoin miners leaving to mine elsewhere is a historical event during the leading crypto asset’s 12-year lifespan. Bye 👋 pic.twitter.com/3JrM5qw0E...

Top 5 cryptocurrencies to watch this week: BTC, ADA, THETA, XMR, AMP

If Bitcoin price remains in the current range, ADA, THETA, XMR and AMP could bounce higher over the coming days. The U.S. Federal Reserve’s plans to advance its timeline for rate hikes to 2023 has led to profit-booking in the U.S. stock market, gold, and Bitcoin ( BTC ). The markets received a second jolt on June 18 after James Bullard, the president of the United States Federal Reserve Bank of St. Louis, warned th the first rate hike could come as soon as 2022. Now crypto analysts are divided on the next move from Bitcoin. Josh Rager believes Bitcoin may have hit its cycle top at $64,500 and Robert Kiyosaki, author of "Rich Dad Poor Dad," believes Bitcoin can plummet to $24,000. Crypto market data daily view. Source: Coin360 However, PlanB, the creator of the stock-to-flow Bitcoin price forecasting model, has retained his bullish view on Bitcoin. His best-case scenario for Bitcoin is a massive rally to $450,000 while his “worst-case scenario” also paints a bullish...

$71B in crypto has reportedly passed through ‘blockchain island’ Malta since 2017

The Financial Action Task Force, a membership body of 37 jurisdictions and two regional organizations, has flagged Malta’s initial push to attract cryptocurrency business as “problematic.” Malta ’s strategy to become a global enclave for digital assets appears to be working, though lax regulatory oversight has raised concerns over money laundering and other financial crime. Roughly $71 billion, or 60 billion euros, worth of cryptocurrencies have passed through Malta since the tiny Mediterranean state first adopted its “blockchain island” strategy in 2017, the Times of Malta reported Sunday. Although Malta has upgraded its crypto-focused regulations in recent years, financial watchdogs are concerned about whether the nation’s anti-money laundering regime has been robust enough. The Financial Action Task Force, or FATF, met in Paris last week to discuss whether Malta should be put on a list of countries that have fallen short of their obligations to stop financial crime. Speci...

Economist Steve Hanke Warns Salvadoran Bitcoin Adoption Could ‘Completely Collapse the Economy’

The professor of applied economics at Johns Hopkins University, Steve Hanke, has recently been criticizing bitcoin adoption taking place in El Salvador. Hanke doesn’t think it’s a good idea for the Latin American country to use bitcoin as legal tender and says it could “completely collapse the economy.” Steve Hanke Wants Countries to Adopt Currency Boards Instead of Gravitating Toward Bitcoin Adoption The American economist Steve Hanke knows a lot about currencies, as he is the Cato Institute’s senior fellow and director of the Troubled Currencies Project. Hanke also was the senior economist during the Reagan administration from 1981 to 1982. The economist is critical of central banking and noted in 2018 that the world could use less of them. At the time, Hanke highlighted ten countries that are suffering from hyperinflation and the economist proposed that the countries either adopt the U.S. dollar or create a currency board. “Countries that employed currency boards have delivered...

How smart regulation can improve the future of blockchain

Regulatory bodies must evolve with the markets they regulate, and when it comes to the crypto market, it becomes especially important. With extreme positions on both sides, some would have us believe that decentralized technology and regulation are mutually exclusive. As pervasive as that narrative has become, a more evolved view is that both decentralization and regulation are inevitable , so the best results will flow with regulators and innovators coming together. But what will that cooperation look like? At the Stellar Development Foundation, our view is that regulators and innovators will (and should) influence each other, and that means both sides should be prepared to compromise. Let’s start with some honest self-reflection: There is no inherent quality of blockchain or cryptocurrency that deserves to be wholly unregulated, but on the other hand, neither does the technology deserve to be banned or unfairly regulated simply because it is new or different. The Financial Action...

Bearish or Bullish? Bitcoin Traders Argue Over Death Cross Outcome

On Saturday, cryptocurrency analysts and traders have been discussing bitcoin’s recent chart patterns and the infamous death cross pattern has been a topical conversation. A number of traders believe when bitcoin’s short-term moving average (MA) dips below the long-term MA, the crypto asset could be bracing for a major sell-off. Meanwhile, others are sure the death cross technical pattern means the price is due to rebound and possibly double-top to higher values than the previous all-time high. The Return of the Infamous Death Cross On June 19, a number of Twitter conversations, forum posts, and even headlines discussed the technical pattern called the death cross in regard to bitcoin’s ( BTC ) chart. Bloomberg published an article concerning the death cross on Saturday and the publication featured a few statements from billionaire investor Mark Cuban . The definition of a death cross stemming from Investopedia notes the pattern suggests “the potential for a major sell-off.” The w...