Bitcoin Cryptocurrency Price Chart May Show $30,000 as Floor

Bitcoin has been grinding lower in a trading range just above $30,000, prompting cryptocurrency insiders to flag the round number as a potential floor for the virtual coin.

Crypto prognostication is fraught with risk, not least because Bitcoin’s price has roughly halved from a record high three months ago. Even so, some in the industry are coalescing around $30,000 as a support point, citing clues from options activity and recent trading habits.

In options, $30,000 is the most-sold downside strike price for July and August, signaling confidence among such traders that the level will hold, according to Delta Exchange, a crypto derivatives exchange. It “should provide a strong support to the market,” Chief Executive Officer Pankaj Balani said.

Traders are also trying to take advantage of price ranges, including buying between $30,000 and $32,000 and selling in the $34,000 to $36,000 zone, Todd Morakis, co-founder of digital-finance product and service provider JST Capital, said in emailed comments, adding that “the market at the moment seems to paying attention more to bad news than good.”

Bitcoin has been hit by many setbacks of late, including China’s regulatory crackdown — partly over concerns about high energy consumption by crypto miners — and progress in central bank digital-currency projects that could squeeze private coins. The creator of meme-token Dogecoin recently lambasted crypto as basically a sham, and the appetite for speculation is generally in retreat.

Bitcoin traded around $31,600 as of 9:26 a.m. in London and is down about 6% so far this week. It’s still up more than 200% over the past 12 months, despite a rout in calendar 2021.

Konstantin Richter, chief executive officer and founder of Blockdaemon, a blockchain infrastructure provider, holds out hope for institutional demand, arguing Bitcoin would have to drop below $20,000 before institutions start questioning “the validity of the space.”

“If it goes down fast, it can go up fast,” he said in an interview. “That’s just what crypto is.”

— With assistance by Akshay Chinchalkar

Source: Bitcoin (BTC USD) Cryptocurrency Price Chart May Show $30,000 as Floor – Bloomberg

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Critics:

The dramatic pullback in bitcoin and other cryptocurrencies comes as a flurry of negative headlines and catalysts, from Tesla CEO Elon Musk to a new round of regulations by the Chinese government, have hit an asset sector that has been characterized by extreme volatility since it was created.

The flagship cryptocurrency fell to more than three-month lows on Wednesday, dropping to about $30,000 at one point for a pullback of more than 30% and continuing a week of selling in the crypto space. Ether, the main coin for the Ethereum blockchain network, was also down sharply and broke below $2,000 at one point, a more than 40% drop in less than 24 hours.

Part of the reason for bitcoin’s weakness seems to be at least a temporary reversal in the theory of broader acceptance for cryptocurrency.

Earlier this year, Musk announced he was buying more than $1 billion of it for his automaker’s balance sheet. Several payments firms announced they were upgrading their capabilities for more crypto actions, and major Wall Street banks began working on crypto trading teams for their clients. Coinbase, a cryptocurrency exchange company, went public through a direct listing in mid-April.

The weakness is not isolated in crypto, suggesting that the moves could be part of a larger rotation by investors away from more speculative trades.

Tech and growth stocks, many of which outperformed the broader market dramatically during the coronavirus pandemic, have also struggled in recent weeks.

Ethereum Co-Founder Anthony Di Iorio Says Safety Concern Has Him Quitting Crypto

Anthony Di Iorio, a co-founder of the Ethereum network, says he’s done with the cryptocurrency world, partially because of personal safety concerns.

Di Iorio, 48, has had a security team since 2017, with someone traveling with or meeting him wherever he goes. In coming weeks, he plans to sell Decentral Inc., and refocus on philanthropy and other ventures not related to crypto. The Canadian expects to sever ties in time with other startups he is involved with, and doesn’t plan on funding any more blockchain projects.

“It’s got a risk profile that I am not too enthused about,” said Di Iorio, who declined to disclose his cryptocurrency holdings or net worth. “I don’t feel necessarily safe in this space. If I was focused on larger problems, I think I’d be safer.”

Back in 2013, Di Iorio co-founded Ethereum, which has become the home of many of the hottest crypto projects, particularly in decentralized finance — which lets people borrow, lend and trade with each other without intermediaries like banks. Ether, the native token of the network, has a market value of about $225 billion.

He made a splash in 2018 when buying the largest and one of the most expensive condos in Canada, paying for it partly with digital money. Di Iorio purchased the three-story penthouse for C$28 million ($22 million) at the St. Regis Residences Toronto, the former Trump International Hotel & Tower in the downtown business district.

In recent years, Di Iorio jumped into venture-capital investing and startup advising. He was also for a time chief digital officer of the Toronto Stock Exchange. In February 2018, Forbes estimated his net worth was as high as $1 billion. Ether’s price has more than doubled since then.

Decentral is a Toronto-based innovation hub and software development company focused on decentralized technologies, and the maker of Jaxx, a digital asset wallet that garnered about 1 million customers this year.

Di Iorio said he has talked with a couple of potential investors, and believes the startup will be valued at “hundreds of millions.” He expects to sell the company for fiat, or equity in another company — not crypto.

“I want to diversify to not being a crypto guy, but being a guy tackling complex problems,” Di Iorio said. He is involved in Project Arrow, run by a high-school friend that’s building a zero-emission vehicle. He is also consulting a senator from Paraguay.

“I will incorporate crypto when needed, but a lot of times, it’s not,” he said. “It’s really a small percentage of what the world needs.”

Source: Ethereum Co-Founder Anthony Di Iorio Says Safety Concern Has Him Quitting Crypto – Bloomberg

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Critics:

Anthony Di Iorio is a Canadian entrepreneur primarily known as a co-founder of Ethereum and an early investor in Bitcoin. Di Iorio is the founder and CEO of the blockchain company Decentral, and the associated Jaxx wallet. He also served as the first chief digital officer of the Toronto Stock Exchange. In February 2018, Forbes estimated his net worth at $750 million–$1 billion.

Di Iorio grew up with two older siblings in north Toronto, Ontario. He graduated with a degree in marketing from Ryerson University. Di Iorio began developing websites during the early 1990s, and eventually entered the rental housing market as an investor and landlord in Toronto, Ontario. In 2012 he sold his rental properties in order to invest in Bitcoin, and began to organize companies in the field of cryptocurrency.

He first learned about bitcoin from a podcast called Free Talk Live in 2012. According to The Globe and Mail, he “had an anti-authoritarian streak” and  questioned “the fundamentals of mainstream economics.” Di Iorio bought his first bitcoin the same day for $9.73. He created the Toronto Bitcoin Meetup Group which held its first meeting at a pub in the same year.

It was at this first meeting where he met Vitalik Buterin who went on to be the founder of Bitcoin Magazine and one of the original creators of Ethereum. As the Meetups grew from about eight attendees to hundreds, Di Iorio formed the Bitcoin Alliance of Canada.

References:

Ethereum Creator Loses Over $400 Million As Crypto Market Collapses

TechCrunch Disrupt London 2015 - Day 2

Vitalik Buterin, co-creator of the world’s second most-valuable blockchain Ethereum, has taken a major hit to his net worth after the price of ether (ETH) dipped below $2,000 earlier on Monday.

As of 3:15 p.m. ET, ETH is trading at $1,938 according to Messari, down by more than 50 percent just five weeks after reaching its all-time-high of $4,338 on May 12. The decline of the second-largest cryptocurrency falls in line with the rest of the market, as crypto prices have fallen across the board since news broke of a renewed clampdown on bitcoin miners in China.

Buterin’s two main ether addresses currently hold 325,001 and 1,366 ETH worth a collective $632,499,246 as of 3:15 p.m. ET. The current value of his holdings is $457,500,754 less than the $1.09 billion it was worth on May 3 at 1:30 p.m. ET, according to Messari, when Buterin became the world’s youngest crypto billionaire at age 27. When ETH’s value first surpassed the $3,000 price level Buterin held 333,520 ETH worth $1.09 billion. Forbes is unable to account for the 7,153 ETH difference between his holdings now versus on May 3.

Ether’s current market capitalization is $223,752,321,616, second only to the original cryptocurrency, Bitcoin with a market capitalization of $606,843,934,844. Ethereum has gained notoriety this year as the birthplace of decentralized finance (DeFi) applications aiming to create decentralized alternatives to traditional financial services. At the time of writing there is $51 billion locked in the DeFi market, according to data aggregator DeFi Pulse.

Emily Mason

 

By:

 

Source: Ethereum Creator Loses Over $400 Million As Crypto Market Collapses

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Well, it’s not necessarily Ethereum that is a risky investment, it’s cryptocurrencies: They are highly speculative. Even though some experts and crypto supporters believe they could replace fiat currency one day, the answer is much more complicated.

Despite their bustling activity growth, efficiency, and impressive blockchain technology render, many countries are still anxious about cryptos replacing fiat currency. But even though peer-to-peer currency might be the bane of central banking systems around the world, the simple answer would be: no, cryptos won’t replace fiat. Why?

Because their usage is on the rise, their speculative popularity is why they won’t be adopted as mainstream legal tender: they are driven for value storage and speculative trading – rather than for transactional value.

For instance, very few mainstream businesses accept cryptos as legal tender – only 2’300 businesses accept it in the United States, which mostly only accept Bitcoins. When you consider that there are over 30 million businesses in the US, a thin fraction accepts Bitcoins, which puts Ethereum at a disadvantage.

As the past few weeks have proven, their volatility can be a double-edged sword: Between May 12 and May 24, Ethereum has lost nearly 50% of its value. While it has somewhat recovered since it is gut-wrenching to see.

Crypto Exchange And XRP Refuge Bitsane Vanishes, Scamming As Many As 246,000 Users

Exchange for Ripple's XRP scam users.

Ireland-based cryptocurrency exchange Bitsane disappeared without a trace last week, likely taking hundreds of thousands of users’ assets with it.

Account holders told Forbes that attempts to withdraw bitcoin, XRP and other cryptocurrencies began failing in May, with Bitsane’s support team writing in emails that withdrawals were “temporarily disabled due to technical reasons.” By June 17, Bitsane’s website was offline and its Twitter and Facebook accounts were deleted. Emails to multiple Bitsane accounts are now returned as undeliverable.

Victims of the scam are comparing notes in a group chat with more than 100 members on the messaging app Telegram and in a similar Facebook group. Most users in the groups claim to have lost up to $5,000, but Forbes spoke with one person in the U.S. who says he had $150,000 worth of XRP and bitcoin stored in Bitsane.

Bitsane’s disappearance is the latest cautionary tale for a cryptocurrency industry trying to shed its reputation as an unsafe asset class. Several exchanges like GateHub and Binance have been breached by hackers this year, but an exchange completely ceasing to exist with no notice or explanation is far more unusual.

Bitsane had 246,000 registered users according to its website as of May 30, the last time its homepage was saved on the Internet Archive’s Wayback Machine. Its daily trading volume was $7 million on March 31, according to CoinMarketCap.

“I was trying to transfer XRP out to bitcoin or cash or anything, and it kept saying ‘temporarily disabled.’ I knew right away there was some kind of problem,” says the user who claims to have lost $150,000 and asked to remain anonymous. “I went back in to try to look at those tickets to see if they were still pending, and you could no longer access Bitsane.”

At the height of the cryptocurrency craze in late 2017 and early 2018, Bitsane attracted casual investors because it allowed them to buy and sell Ripple’s XRP, which at the time was not listed on Coinbase, the most popular U.S. cryptocurrency exchange. CNBC published a story on January 2, 2018 with the headline “How to buy XRP, one of the hottest bitcoin competitors.” It explained how to buy bitcoin or ethereum on Coinbase, transfer it to Bitsane and then exchange it for XRP.

Three of the five Bitsane users Forbes spoke to found out about the exchange through the CNBC article. Ripple also listed Bitsane as an available exchange for XRP on its website until recently. A Ripple spokesperson did not respond to a request for comment.

Bitsane went live in November 2016 according to a press release, registering in Dublin as Bitsane LP under CEO Aidas Rupsys, and its chief technology officer was Dmitry Prudnikov. Prudnikov’s LinkedIn account has been deleted, and neither he nor Rupsys could be reached for comment.

A separate company, Bitsane Limited, was incorporated in England in August 2017 by Maksim Zmitrovich. He wanted to own the intellectual property rights to part of Bitsane’s code and use it for a trading platform his company, Azbit, was building. Zmitrovich says Bitsane’s developers insisted that their exchange’s name be on the new legal entity he was forming. But Azbit never ended up using any of the code since the partnership did not materialize, and Bitsane Limited did not provide any services to Bitsane LP.

On May 16, Bitsane Limited filed for dissolution because Zmitrovich wasn’t doing anything with it and the company’s registration was up for renewal. Some of the Bitsane exchange’s victims have found the public filing and suspected Zmitrovich as part of the scam, but he insists accusations against him are unfounded.

He says he hasn’t spoken to Prudnikov—who was in charge of negotiations with Azbit—in at least five months, and Prudnikov has not returned his calls since account holders searching for answers began contacting him. Azbit wrote a blog post about the Bitsane scam on June 13, explaining Bitsane Limited’s lack of involvement.

“I’m sick and tired of these accusations,” Zmitrovich says. “This company didn’t even have a bank account.”

The location of the money and whereabouts of any of Bitsane LP’s employees remain a mystery to the scam victims, who are unsure about what action to take next. Multiple account holders in the U.S. say they have filed complaints with the FBI, but all of them are concerned that their cash is gone for good.

Follow me on Twitter or LinkedIn. Send me a secure tip.

I’m a reporter on Forbes’ wealth team covering billionaires and their fortunes. I was previously an assistant editor reporting on money and markets for Forbes, and I covered stocks as an intern at Bloomberg. I graduated from Duke University in 2019, where I majored in math and was the sports editor for our student newspaper, The Chronicle. Send news tips to htucker@forbes.com.

Source: Crypto Exchange And XRP Refuge Bitsane Vanishes, Scamming As Many As 246,000 Users

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Critics:

Cryptocurrency and crime describes attempts to obtain digital currencies by illegal means, for instance through phishing, scamming, a supply chain attack or hacking, or the measures to prevent unauthorized cryptocurrency transactions, and storage technologies. In extreme cases even a computer which is not connected to any network can be hacked.

In 2018, around US$1.7 billion in cryptocurrency was lost due to scams theft and fraud. In the first quarter 2019, the amount of such losses was US$1.2 billion.

Exchanges

Notable cryptrocurrency exchange hacks, resulting in the theft of cryptocurrencies include:

  • Bitstamp In 2015 cryptocurrencies worth $5 million were stolen
  • Mt. Gox Between 2011 and 2014, $350 million worth of bitcoin were stolen
  • Bitfinex In 2016, $72 million were stolen through exploiting the exchange wallet, users were refunded.
  • NiceHash In 2017 more than $60 million worth of cryptocurrency was stolen.
  • Coincheck NEM tokens worth $400 million were stolen in 2018
  • Zaif $60 million in Bitcoin, Bitcoin Cash and Monacoin stolen in September 2018
  • Binance In 2019 cryptocurrencies worth $40 million were stolen.

Josh Garza, who founded the cryptocurrency startups GAW Miners and ZenMiner in 2014, acknowledged in a plea agreement that the companies were part of a pyramid scheme, and pleaded guilty to wire fraud in 2015. The U.S. Securities and Exchange Commission separately brought a civil enforcement action against Garza, who was eventually ordered to pay a judgment of $9.1 million plus $700,000 in interest. The SEC’s complaint stated that Garza, through his companies, had fraudulently sold “investment contracts representing shares in the profits they claimed would be generated” from mining.

Following its shut-down, in 2018 a class action lawsuit for $771,000 was filed against the cryptocurrency platform known as BitConnect, including the platform promoting YouTube channels. Prior fraud warnings in regards to BitConnect, and cease-and-desist orders by the Texas State Securities Board cited the promise of massive monthly returns.

OneCoin was a massive world-wide multi-level marketing Ponzi scheme promoted as (but not involving) a cryptocurrency, causing losses of $4 billion worldwide. Several people behind the scheme were arrested in 2018 and 2019.

See also

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References

Breeden, D. T., & Litzenberger, R. H. (1978). “Prices of state-contingent claims implicit in option prices”. Journal of Business, 621-651. Gatheral, J. (2006). The volatility surface: a practitioner’s guide (Vol. 357). John Wiley & Sons. Binary Option Definition Investopedia. Retrieved 2013-06-30. Tsipori, Tali (15 December 2016). “Binary options worth $1.25b to Israel’s GDP in 2016”. Globes. Retrieved 17 December 2016. “Binary Options Fraud”. Federal Bureau of Investigation. Retrieved 2017-05-30. Weinglass, Simona (February 15, 2017). “FBI says it’s investigating binary options fraud worldwide, invites victims to come forward”. The Times of Israel. Retrieved February 15, 2017. Weinglass, Simona (March 15, 2017). “FBI places public warning against ‘Binary Options Fraud’ at top of its main news”. The Times of Israel. Retrieved March 15, 2017. Appelberg, Shelly (2017-08-03). “In First, Israel Police Admit Crime Syndicates Are Behind Binary Options Industry”. Haaretz. Retrieved 2017-10-24. “ESMA agrees to prohibit binary options and restrict CFDs to protect retail investors”. http://www.esma.europa.eu. Retrieved 2019-03-21. “Binary Options Trading In Australia: How Safe Is It?”. International Business Times AU. 2018-05-14. Retrieved 2018-05-22. Weinglass, Simona (March 4, 2017). “As Israel-based financial fraud soars, police swoop on 20 suspects as part of global, FBI-led sting”. The Times of Israel. Retrieved March 4, 2017. Press Association (18 May 2017). “Richard Branson says scammers are using his name to dupe investors”. The Guardian. Retrieved 18 May 2017. Weinglass, Simona (March 23, 2016). “The wolves of Tel Aviv: Israel’s vast, amoral binary options scam exposed”. The Times of Israel. Retrieved December 8, 2018. Weinglass, Simona & Horovitz, David (April 7, 2016). “Ex-binary options salesman: Here’s how we fleece the clients”. The Times of Israel. Tova Cohen (June 18, 2017), “Israel cabinet approves ban on sale of binary options”, Reuters, retrieved 2017-07-15 Weinglass, Simona (October 23, 2017). “Israel bans binary options industry, finally closing vast, 10-year fraud”. The Times of Israel. Retrieved October 24, 2017. Tomer, Uri (2017-10-24). “Israel Bans Binary Options Industry That Defrauded Millions”. Haaretz. Retrieved 2017-10-24. Frier, Sarah; Verhage, Jules (January 30, 2018). “Facebook Bans Ads Associated With Cryptocurrencies”. Bloomberg. Retrieved February 7, 2018. Cornish, Chloe (January 30, 2018). “Facebook and regulators move to halt cryptocurrency scams”. Financial Times. Retrieved February 7, 2018. Weinglass, Simona (March 28, 2018). “European Union bans binary options, strictly regulates CFDs”. The Times of Israel. Retrieved March 21, 2019. Mitchell, Cory (11 June 2014). “A Guide To Trading Binary Options In The U.S.”Investopedia. Retrieved 4 May 2018. “Broker’s Edge Calculator”. BinaryTrading. Retrieved 4 May 2018. “FMA Focus Binary Options and CFDs” (PDF). Financial Market Authority (Austria). Retrieved 4 May 2018. Pape, Gordon (27 July 2010). “Don’t Gamble On Binary Options”. Forbes.com. Archived from the original on 2013-06-21. Retrieved 4 May 2018. “CFTC Fraud Advisories”. http://www.cftc.gov. U.S. Commodity Futures Trading Commission. Retrieved 4 May 2018. Hull, John C. (2005). Options, Futures and Other Derivatives. Prentice Hall. ISBN0-13-149908-4. Closed-form expressions for perpetual and finite-maturity American binary options[permanent dead link]. parsiad.ca (2015-03-01). Retrieved on 2016-07-18. “Investor Alert Binary Options and Fraud” (PDF). U.S. Securities and Exchange Commission. Retrieved December 8, 2018. “15-024MR ASIC warns of Opteck and other unlicensed binary option providers”. Retrieved 5 September 2016. “16-218MR ASIC crackdown on unlicensed retail OTC derivative providers”. Retrieved 5 September 2016. Weinglass, Simona (August 13, 2016). “In European first, Belgium bans binary options”. The Times of Israel. Shecter, Barbara (April 26, 2017). “Canadian watchdogs move to ban binary options as fraudulent schemes fleece investors, steal identities”. Financial Post. Retrieved April 26, 2017. “Securities regulatory group announces ban on short-term binary options”. CBC News. September 28, 2017. Retrieved September 28, 2017. “regarding the supervision of Binary Options” (PDF). CySEC. 3 May 2012. Archived from the original (PDF) on 2012-07-10. Retrieved 4 June 2012. “Warning” (PDF). Archived from the original (PDF) on 2014-04-07. Retrieved 27 March 2014. “Warning” (PDF). Archived from the original (PDF) on 2014-03-31. Retrieved 27 March 2014. “The projects of the CySEC regulator in terms of binary options in 2014”. Archived from the original on 15 October 2017. Retrieved 27 March 2014. “Banc De Binary Fined €125,000 by Cyprus Watchdog for Soliciting American Clients”, Finance Magnates. “Banc De Binary Settles With CySEC to Pay €350,000”, Finance Magnates “Ban on the advertising of forex products, binary options and some CFDs: AMF launches consultation on changes to its General Regulation”, Autorité des Marchés Financiers (press release), August 1, 2016, archived from the original on June 17, 2019, retrieved January 15, 2017 Andrew Saks-McLeod (9 January 2017). “IG Group officially responds to French FX and CFD advertising ban”. Finance Feeds. Retrieved 18 May 2017. Maria Nikolova (10 January 2017). “AMF toughens its stance on advertising following public consultation”. Finance Feeds. Retrieved 18 May 2017.

Bitcoin Price Prediction 2021: Where Is The Top?

JP Morgan is my friend, not the bank, but the Victorian banker. He said, “I’ve made a fortune selling too early” and as a bitcoin seller at $32,000 I invoke him as justification. Having said that, and I have stated this tactic in previous columns, I have done at least as well with about half the VAR (value at risk) by playing with the fire that is DeFi.

If you are using decentralized exchanges or keeping  tokens or passing them through your wallet, it is often hard to keep track of it all. It is even easy to forget what you have and where. However, there is a great app to keep tags on your ethereum and DeFi positions and it’s called Zerion. It is a tremendous tool for keeping a tally of what you have in the wild game of token trading and it’s free and you can log in using your wallet so there is no painful registration process. I am finding it indispensable.

Meanwhile I am now back in the same position as I was before I sold the bitcoin, of hanging onto my positions by my cuticles with a wildly undiversified and unbalanced portfolio that morphs by the day into a gloriously profitable but unmanageable series of extremely volatile positions. Leaving good investing and/or trading practice at the door is an extremely hazardous approach but it seems unavoidable to capture this rapture.

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In a matter of days I’ve gone from “buying all the things” to wanting to flee but that is purely because pretty much all DeFi, credible or otherwise, has gone on a massive vertical that dwarfs the performance of bitcoin and ethereum.

Here is one of my favorites that I hold and you can see why an old school equity guy, a value investor to boot, gets a nose bleed from this kind of price ascent:

One of my favorite DeFi tokesns, Matic, has gone vwertical
One of my favorite DeFi tokesns, matic, has gone vwertical Credit: ADVFN

MORE FOR YOUAs Bitcoin Soars Toward $50,000, Data Reveals Tesla Billionaire Elon Musk Triggered A $1.2 Billion Price Short-SqueezeLawyers Warn Tesla Billionaire Elon Musk Over Bitcoin Boosting TweetsData Reveals Bitcoin Could Be About To Become The New GameStop After Huge Price Spike

Matic, previously called polygon, is not a one-off, it is just a good example. The “why” of it is simple: Matic is a solution to many of the difficulties facing ethereum and its congestion: it is a seasoned project, it is linked to a lot of major players in Silicon Valley by investment, and it has a market cap of about $1 billion, 10% of a Bumble. In the current hepped up investment environment this is chump change and the winners in DeFi will go on to be worth $10-$100 billion, even without the printing press shifting the decimal point with inflation. Chainlink, the leader of the gang, is already nearing a $10 billion valuation. So this is not a ridiculous valuation if you grok that DeFi really is a revolutionary tech that will change everything, it’s just the price performance that makes an old investor’s nerve endings start shorting out.

All that aside, the key question once again is, is the market going up or down? Bitcoin down, all crypto down; bitcoin up, all crypto up. To me, I believe these price levels are the upper faces of this mountainous cycle, but many still consider them the foothills.

So what can help us know where we are? The all-seeing eye of Google can help. Here is a chart from Google Trends:

Google Trends shows interest in bitcoin, ethereum, DeFi and stocks
Google Trends shows interest in bitcoin, ethereum, DeFi and stocks Credit: Google

You can see how diagnostic Google trends is when you see the progress in search of the crypto hero of the day, doge, and can judge the rise and fall of the stock hoard of Reddit’s WallStreetBets.

Google Trends highlights the spike in interest in dogecoin when wallstreetbets got involved
Google Trends highlights the spike in interest in dogecoin when wallstreetbets got involved Credit: Google

Bitcoin is the leader and definer of this cycle and its performance will direct the performance of all the other cryptos. Musk’s bitcoin tweets are in the data for all to see.

Whether you are a BTC $1 million by Christmas prophet or a doubter expecting an imminent correction, this is a chart to watch because the price of bitcoin and ethereum is FOMO-driven and when that impulse passes, that will be the top for this cycle. FOMO, and we are now seeing corporate FOMO, is a powerful force but it is a acute one not a chronic one, so crypto will not ride the FOMO wave indefinitely.

There are a lot of extremely strong technical charts out there, so for now I’m hanging tough, but as we have seen before, as bitcoin gyrated between $30,000 and $40,000, these markets are fragile.

Volatility is liable to shake me out soon, but it could be days or weeks, perhaps even months before it does – but a week is now a long time in crypto and that in itself is a signal which one can choose to pay attention to.

The final indicator is transaction fees. These are now exorbitant. When they start to fall it will be a signal that the FOMO is falling and for now the only way transaction fees are going is skywards.

While I have to rise at 6:00 a.m. to get reasonable transaction fees before the rest of the world wakes up, I’m going to be holding on.

Good luck everyone. Enjoy the vertical.

—-

Clem Chambers is the CEO of private investors website ADVFN.com and author of 101 Ways to Pick Stock Market Winners and Trading Cryptocurrencies: A Beginner’s Guide.

Chambers won Journalist of the Year in the Business Market Commentary category in the State Street U.K. Institutional Press Awards in 2018. Follow me on Twitter or LinkedIn. Check out my website.

Clem Chambers

 Clem Chambers

I am the CEO of stocks and investment website ADVFN . As well as running Europe and South America’s leading financial market website I am a prolific financial writer. I wrote a stock column for WIRED – which described me as a ‘Market Maven’ – and am a regular columnist for numerous financial publications around the world. I have written for titles including: Working Money, Active Trader, SFO and Technical Analysis of Stocks & Commodities in the US and have written for pretty much every UK national newspaper. In the last few years I have become a financial thriller writer and have just had my first non-fiction title published: 101 ways to pick stock market winners. Find me here on US Amazon. You’ll also see me regularly on CNBC, CNN, SKY, Business News Network and the BBC giving my take on the markets.

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BitBoy Crypto

The Winklevoss Twins have doubled down on their $500,000 dollar Bitcoin prediction. Banking giant, Citi, has said they believe the Bitcoin price is heading toward $318,000 by the end of this year. JP Morgan says $650k is possible. The stock to flow chart for Bitcoin shows a $290,000 dollar Bitcoin. There are a ton of predictions out there and it’s hard to make sense of these numbers. It’s hard to know who is talking about the price a year from now and who is talking about a price 10 years from now.

But one thing is almost guaranteed. We are very far away from the peak of this bull run. In today’s video, I’m going to give you my new Bitcoin prediction and why I’ve had to upgrade this Bitcoin rally from bullish to ULTRA bullish. After HOURS of examining charts and cycles, I’ve come up with this brand new prediction. I’ll go over my original Bitcoin prediction and evaluate how it worked out.

At the end of this video, I’ll tell you EXACTLY where I think the Bitcoin price will settle. 0:00​- Intro 1:52​- Original Prediction 3:51​- 2017 vs Now 8:36​- Stock to Flow 8:49​- My New Prediction Trade with ByBit ➡️ https://ByBit.BitBoy.Live​ Connect with Me & the BitSquad! Join the BitSquad ➡️ http://t.me/BitSquad​ Join the BitBoy Lab ➡️ http://discord.BitBoy.Live​ Join BitSquad Traders ➡️ http://t.me/BitSquadTraders​ Join Me on Twitter ➡️ https://twitter.com/Bitboy_Crypto​ Join Me on Instagram ➡️ https://www.instagram.com/bitboy_crypto​ Join Me on TikTok ➡️ https://www.tiktok.com/@factsceo​ ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● Best Crypto Products Buy My BitBoy Collectibles ➡️ https://app.rarible.com/bitboy​ Get $25 for Free with a CRO Card ➡️ http://CROcard.BitBoy.Live​ Best Hardware Wallet ➡️ http://Ledger.BitBoy.Live​ Deep Coin Research ➡️ TM.BitBoy.Live ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● All of our videos are strictly personal opinions. Please make sure to do your own research. Never take one person’s opinion for financial guidance. There are multiple strategies and not all strategies fit all people. Our videos ARE NOT financial advice.

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A Stark Prediction For The Future Of Bitcoin, ETH, XRP, And LTC

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Bitcoin, ETH, XRP, and LTC prices, will be on a roller coaster for a long time. Traders and investors will make and lose fortunes in record time, betting on them. In the end, say some analysts, these cryptocurrencies will either die on their own, or be killed by the ‘establishment’ — big governments and big banks around the world that defend sovereign currencies.

Take the case for Bitcoin.

The “people’s currency” holds a great promise: to become the first true global currency, free of the control of central banks that print money and big banks that generate credit.  But to do that, Bitcoin must gain the trust of the “general public.“ This means it must be adopted as a medium of exchange, standard of value, and store of value, replacing national currencies.That isn’t easy, given the many obstacles Bitcoin has to overcome. Like lack of awareness, familiarity, and stability, etc. And that makes some experts bearish about the future of Bitcoin.

Bitcoin Price YTD

Bitcoin Price YTD

Lars Seier Christensen, Chairman of Concordium, the next-generation decentralized world computer, is one of them. “In the longer term, I am bearish on bitcoin as I believe it does not have the necessary characteristics of a longer-term valuable asset and, eventually, that reality will catch up” says Christensen.“But in the short term, price movements will likely be random as Bitcoin is affected by low liquidity and unpredictable bigger trades.”

Unpredictability will make it hard for Bitcoin to gain broad adoption as a medium of exchange. And without broad adoption, Bitcoin will remain a play for speculators and true believers, and eventually die on its own.

But even if Bitcoin overcomes all these obstacles and gains broad adoption by the general public, and was in a position to replace national currencies — ie, become the new currency — what would happen then?

Bears argue that the “establishment” cannot afford to let that happen.

For a couple of reasons, including  the loss of Seigniorage” — simply put, the profit made by the national governments by printing currency. Then there’s the profit made by banks helping circulate that money and create credit.

The establishment will do whatever it takes to defend these profits from Bitcoin and any other cryptocurrency that seeks to replace it.

Recent Congressional hearings on Libra attests to the determination of the establishment to protect the dollar from competing cryptocurrencies. In a rare display of unity, Democrats and Republicans opposed Libra, and had many unkind words for Bitcoin.

“Cryptocurrencies that are ONLY there as a currency substitute, however, have no real long-term future,” says Christensen.“They will be outlawed by governments wanting to control the money supply and taxation, and in any case, cryptocurrencies have no intrinsic long-term value of significance. Hence, Bitcoin will only survive as a fringe activity.”

Not everyone agrees with this gloomy assessment, however. Dave Hodgson, Director and Co-Founder of NEM Ventures, is one of them.

“In my opinion, Bitcoin will never die nor be killed by the establishment, despite some people’s efforts to the contrary,” says Hodgson. “The recent drop we have seen in Bitcoin is within the boundaries of what our analysts were expecting from technical analysis. However, the timescale has been slightly skewed in light of recent announcements, primarily from US government representatives.”

 Corentin Denoeud, CEO and Co-founder of Blockchain Studio, is another .

“The fact that governments around the world are even talking about crypto is a sign of progress for the blockchain industry in general,” says Denoeud. “While countries such as India have called for the outlawing of cryptocurrencies, representatives from Germany’s Central Bank have responded favourably and advanced the view that cryptocurrencies are not a threat to global monetary stability. Even China, who has previously banned ICOs and cryptocurrency trading, has called bitcoin a ‘safe-haven asset’ (via its state-run media agency) and is now reportedly stepping up its own efforts to create its own cryptocurrency, following Facebook’s unveiling of Libra.”

 While it’s still unclear which side is right, one thing is clear: Bitcoin (and ETH, XRP, LTC, etc) true believers who think that cryptocurrency will eventually replace national currencies, need a 101 lesson in Money and Banking.

Follow me on Twitter.

I’m Professor and Chair of the Department of Economics at LIU Post in New York. I also teach at Columbia University. I’ve published several articles in professional journals and magazines, including Barron’s, The New York Times, Japan Times, Newsday, Plain Dealer, Edge Singapore, European Management Review, Management International Review, and Journal of Risk and Insurance. I’ve have also published several books, including Collective Entrepreneurship, The Ten Golden Rules, WOM and Buzz Marketing, Business Strategy in a Semiglobal Economy, China’s Challenge: Imitation or Innovation in International Business, and New Emerging Japanese Economy: Opportunity and Strategy for World Business. I’ve traveled extensively throughout the world giving lectures and seminars for private and government organizations, including Beijing Academy of Social Science, Nagoya University, Tokyo Science University, Keimung University, University of Adelaide, Saint Gallen University, Duisburg University, University of Edinburgh, and Athens University of Economics and Business. Interests: Global markets, business, investment strategy, personal success.

Source: A Stark Prediction For The Future Of Bitcoin, ETH, XRP, And LTC

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