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| LikeCoin 
| #LIKE
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| LIKE Price: | $0.00183 | | Volume: | $573 | | All Time High: | $0.07 | | Market Cap: | $2.3 M |
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| Circulating Supply: | 1,231,604,927 |
| Exchanges: | 1
| | Total Supply: | 2,000,000,000 |
| Markets: | 2
| | Max Supply: | 2,000,000,000 |
| Pairs: | 2
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The price of #LIKE today is $0.00183 USD.
The lowest LIKE price for this period was $0, the highest was $0.00183, and the current live price for one LIKE coin is $0.00182944.
The all-time high LIKE coin price was $0.07.
Use our custom price calculator to see the hypothetical price of LIKE with market cap of ETH or other crypto coins. |
The code for LikeCoin crypto currency is #LIKE.
LikeCoin is 4.7 years old. |
The current market capitalization for LikeCoin is $2,253,149.
LikeCoin is ranked #1227 out of all coins, by market cap (and other factors). |
There is a weak volume of trading today on #LIKE.
Today's 24-hour trading volume across all exchanges for LikeCoin is $573. |
| The circulating supply of LIKE is 1,231,604,927 coins, which is 62% of the maximum coin supply. |
LIKE has limited pairings with other cryptocurrencies, but has at least 2 pairings and is listed on at least 1 crypto exchange.
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| Note that there are multiple coins that share the code #LIKE, and you can view them on our LIKE disambiguation page. |
Successful Chain Upgrade with the Blessing from Mascots? | LikeCoin Update
Bi-weekly LikeCoin update. 2022.05.24. — Visit the LikeCoin official blog. — 🔎 In Focus: LikeCoin Chain “LaiChiKok” Upgrade - LikeCoin chain was successfully upgraded to the LaiChiKok version on 4th May. The new LikeCoin wallet address has the prefix “like” and it also supports the “cosmos” prefix. Several new features are also added to this latest chain version, including an upgrade to Cosmos-SDK 0.44.8 and ibc-go 2.1.0. Let’s get to know more about the key players of the upgrade — Oursky, validators, and the Liker Land team, and the stories behind this successful upgrade. Read more.credit: www.facebook.com — Reminder for Likers - After the upgrade, Liker Land app users will be automatically assigned a new address with the prefix “like”. Keplr users will need to set it up manually. You can find the FAQ and tutorial here. Liker Land team is following up with other exchanges, and Dapps on the progress of prefix change. If you encounter any problem, please feel free to report on LikeCoin Discord #bug-report, or click “Help” on Liker Land to reach us. — The Next Station is…? - LikeCoin has undergone five upgrades: KaiTak (2019.3.15): As a proof of concept using Tendermint from Cosmos, an Ethereum bridge testnet was built to support deposit and withdrawal on the LikeCoin chain., Taipei (2019.9.12, testnet): This was the first Proof of Stake testnet built on Cosmos-SDK ... 
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LikeCoin chain upgrade, LaiChiKok Overview
LaiChiKok is the second upgrade to the LikeCoin chain. We are upgrading LikeCoin to enhance chain efficiency, including upgrading the Cosmos-SDK version to 0.44.8 and ibc-go to 2.1.0 and supporting “like” wallet prefix. — Validators, please join the Discord #mainnet-validator channel for coordination.. — — What’s included in Lai Chi Kok upgrade? - Migrate to “like” wallet prefix — We are migrating ‘cosmos’ prefix to ‘like’ prefix to allow easier integration and identification of our chain in the ibc ecosystem. All chain store data, except static transaction data, would be migrated to ‘like’ prefix. Signature signed by ‘cosmos’ address will still be supported by ante handler. However, ‘like’ would be the default prefix after the upgrade. DApp and exchanges should note that to check for historical transactions, both prefixes should be queried until we completely deprecate the ‘cosmos’ prefix in the future., Cosmos-SDK 0.44.8 — chain performance improvement, Upgrade ibc-go to 2.1.0 — Catch up on modern ibc lib, and allow us to support interchain accounts in the future, Add authz and feegrant module — allow others to pay tx fee, Deprecation of legacy restful API, — Getting prepared for the upgrade - The system resources required during the upgrade will be higher than normal operation for data migration tasks. — Recommeded:. — 8 ...
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LikeCoin New Wallet Address Format: The Story of “like1”.
Bi-weekly update. 2022.04.01.. — — 🔎 Focus Story - — Migration to like1 wallet prefix. — The LikeCoin wallet address will soon be migrated to like1 from cosmos1, with backward compatibility of cosmos1. The development has been in the final stage. What is the story behind such move, and how Likers can benefit from it? — It Started with Cosmos SDK…. — On 15th November 2019, LikeCoin upgraded from ERC-20 to a chain built on Cosmos SDK, and became one of the first Cosmos-based blockchains. At the outset, the development team decided to use cosmos1, which was the same as Cosmos Hub’s native token ATOM, as LikeCoin’s address prefix. However, Cosmos and IBC blockchains' booming led to different address prefixes, e.g., osmo1 from Osmosis, demos1 from Desmos, and it has become a norm in the Cosmos community. Keeping cosmos1 as its prefix, LikeCoin fell behind its counterparts and faced many difficulties in integrating with other Cosmos-based ecosystems. — Technical Tests. — Since the passing of proposal #33, the dev teams from Liker Land and Oursky have been working on solutions to support both cosmos1 and like1 prefixes to ensure backward compatibility. The chain upgrade may affect LikeCoin’s functionalities on various systems, including Keplr, BigDipper, dao.like.co, Ledger, CLI, validator nodes and Liker Land App, a lot of testing and debugging are needed before the ...
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$LIKE + $OSMO Double Incentives Pool on Osmosis, Launching of Tech and Marketing SubDAO
Bi-weekly update. 2022.03.18. — — 🤖 LikeCoin in Cosmos - — Double Incentives for Osmosis Liquidity Mining Pool 553, 555. — After passing LikeCoin proposal #37, which suggests an external incentive of 15,000,000 LIKE for Pool 553 — LIKE/ATOM and Pool 555 -LIKE/OSMO pools on Osmosis, the Osmosis community has also approved proposal #163, which agrees to match the LikeCoin incentives with OSMO. Starting this week, participants who use pool 553 and 555 for liquidity mining can enjoy up to approx. 197.2% APR with a substantial incentive from both OSMO and LIKE! Earn more with your LIKE today. Click here for the tutorial. — Validator node. — Liker Land has donated 10% of the commission revenue of running validator nodes on Osmosis and Desmos to support the Ukrainians. Another 10% of the validator commission has been used to purchase LIKE for supporting the delegation of Civic Liker. The remaining 80% of income will be used as the operating expenditure of relayers to link with the other Cosmos blockchains. — IBC Relayer. — Many thanks to validator Yasu and his colleague Jack Ho for their development of the IBC relayer for Juno channel-69 and LikeCoin channel-11, which fosters the interactions between LikeCoin and the other chains. — LikeCoin Airdrop. — Since the LikeCoin airdrop took place on 21st February, LikeCoin wallet addresses surged from 29,154 to 53,495 ...
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LikeCoin Community Call Minutes #202203
The rising of SubDAO! medium.com — Overall statistic of LikeCoin in the past 30 days - The expected APR after the implementation of Osmosis proposal 163 just passed. Currently there are two pools on Osmosis, one is 533 LIKE/ATOM and the other one is 555 LIKE/OSMO. The next proposal 164 will make adjustments on the pool matching our external incentives. Prepare some $LIKE for liquidity providing if you would like to participate., The staking ratio is 52.06%, it may be due to the fact that people move their funds around to participate in DEX and also delegate to the Civic Liker node., 18,960 IBC Transfer in the past 30 days. There has been much more in total chain tickets transaction in the past 30 days, there is a bit of gap between IBC Data Transfer and the on-chain data, this should be improved in the future., Total address of the LikeCoin chain is 50,631., 8.6M out of 50M Airdrop claimed, 167 days to go. 19,523 are external claimers who is not from the LikeCoin ecosystem e.g. ATOM or OSMO holders and there are 432 Liker claimers., — #marketing-sub-dao - Phoebe will raise a proposal for a marketing fund to start paying off to Irtysh Digital and other service providers in terms of providing marketing services. LikeCoin Twitter marketing provider Irtysh Digital moved all Twitter monthly reports to depub.SPACE for the public to track their progress. The hash tag are #MarketingSubDAO #IrtyshDigital., Irtysh Dig...
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The wait is over. LIKE airdrop is now available to claim.
Unlike any recent airdrop, we intended to design it to be a “fairdrop” for holders that believe in decentralized publishing and our potential in a long run.. — LikeCoin chain first landed and launched on Cosmos in 2019. We have been tackling problems with writers in places that lack press freedom. As of today, there are 2,211,986 registered content by 24,000 active addresses on 8,576 media outlets, in the LikeCoin network. The idea of decentralized publishing is proven to be an important aspect for users and the future of Web 3 infrastructure. Read the original airdrop proposal here. — Here are some quick tips on how you can claim the airdrop.. — Visit the official LikeCoin airdrop website. Complete 4 missions to claim all the airdrop amounts. These missions are designed to help you understand the LikeCoin ecosystem better. Manage LikeCoin. Link your Keplr wallet to receive LIKE at the airdrop page., Decentralize Tweeting. Visit depub.SPACE, and publish a tweet., Stake LikeCoin. Delegate LIKE via dao.like.co., Vote on LikeCoin DAO. Vote on any proposals., The airdrop claim will last for 180 days till August 22, 2022. Since the 91st day, unclaimed fairdrop will decay linearly until it reaches 0 on the 181st day. Unclaimed LIKE will be returned to the Community Pool. If you want to check the transactions during the claiming process, you can always go to block explorers like Big Dipper or dao.like.co t...
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LikeCoin Update | 50 Million $LIKE airdrop starts on 2.21
Starting from February, we will send out a bi-weekly LikeCoin Community Update (replaces the Progress Update on Medium), aiming to deliver an all-rounded community newsletter about LikeCoin DAO. Let’s take a look at what the community is up to! — Airdrop - — LikeCoin Airdrop. — 50 million LIKE fairdrop to Civic Likers and holders of ATOM or OSMO will start on 21 February. You may visit app.like.co to find out how much you are eligible to claim. For any inquiries, please visit LikeCoin Discord #airdrop channel. The author SlothLife has created a series of airdrop meme, which are all licensed under CC0. Welcome to share the joy of getting the airdrops. — Desmos Airdrops. — LikeCoin delegators are eligible for Desmos airdrops and can claim them from now until February 25. If you don’t know how to claim, please refer to Makzan’s tutorial. — DePub - — depub.SPACE. — depub.SPACE is a Web3 decentralized Twitter that requires only a small amount of LIKE to directly “DePub” (decentralized-publish) text and images to blockchain and IPFS. Users can connect their Keplr wallet or the Liker Land app to post messages on depub.SPACE . Chinese New Year campaign is going on, you may participate in the #decentralizehk 好康，團拜領取 88,888 LikeCoin 紅包 activity to receivered pockets — Civic Liker Web3 (beta). — Web3 is here. Civic Liker will evolve into a crypto ...
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LikeCoin Community Call Minutes #202202
The 1st community meeting for the year of Tiger, Happy Chinese New Year! medium.com — depub.SPACE Red Pocket - There are two campaigns ( #decentralizehk 好康，團拜領取 88,888 LikeCoin 紅包 and the Twiter campaign) on depub.SPACE for getting red pocket, get them before running out! — Airdrop - The date of dirdrop claim will happen on Feb 21, the information will outreach to the communities in the next two weeks. — #Marketing - — Airdrop Phrase II promotion — Twitter campaign. — Launched Twitter influencer campaign for those who did not qualify for the airdrop with Twitter handle @CosmosEcosystem, and will also work with other KOLs within the Cosmos Twitter space. The airdrop news can ripple through Twitter, being capitalized and get some more new people coming into LikeCoin. Perhaps they weren’t eligible for the airdrop but could still add value to the community. Bonus will be given to participants if they are converted into depub.SPACE. — Co-Marketing campaign. — Partnership with Starname Starname is a personalized identify in the blockchain world, come and claim your *LIKE domain starting on Feb 8. NFT project with Atogail Forests Atogail Forests is an ecosystem restoration and carbon credit related NFT project, the NFT will be able to generate some carbon credits which means taking carbon dioxide from the air and can sell it as real value to polluting compani...
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Marketer
Liker Land is seeking an innovative marketer/ storyteller to promote the LikeCoin brand. In this role, you will help us drive and test various marketing strategies, to increase LikeCoin brand awareness in the global crypto markets. Liker Land is an award-winning blockchain company building LikeCoin, a decentralized publishing protocol and framework. Build cool things that matter — a work environment where you can stretch your creative muscles, Flexible, hybrid work model — “work from anywhere”, Inspiring, unique opportunities to grow — work with an all-star team. peer learning and mentors sharing from time to time, — Work Scope - Support the team in carrying out overall digital marketing strategies and campaigns, Manage and improve brand communication channels across the marketing funnels, Create easy to understand marketing content to onboard top-funnel audience, Analyze market trends and demand, build strong marketing and user acquisition strategy, Source, structure, negotiate and execute promotional campaigns, — Requirements - Mid-senior marketer, Ability to manage and execute a marketing plan, Strong communication skill, Strong copywriting skill is a plus, Familiar with Twitter and crypto communities is a plus, — Our culture - Quick, and self-learner, able to absorb complex information and present them in a clear way to the user, Eager to learn in the fast-growing crypto...
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Business Development
Liker Land is looking for an experienced sales and outgoing person to join the team. This role will help drive LikeCoin growth and identify opportunities in the overall blockchain and crypto communities globally. — Work Scope - Understand and execute the partnership strategy that will drive our trading, token economy and users growth., Build new networks through our database and other sources, Own the partnership lifecycle in our key verticals: finding opportunities, identifying potential partners, framing value, negotiating agreements, implementing, and optimizing, Drive projects from introduction, integration, to managing ongoing relationships, Develop, build, and deploy LikeCoin business development strategy in the Cosmos and blockchain space, Maintain a strategic mentality and provide recommendations in order to identify and run proof-of-concept opportunities with potential partners., Deep understanding of LikeCoin (Decentralize Publishing), Work with our internal and LikeCoin DAO-funded workgroups, in order to inspire growth, excitement and education about LikeCoin, — Experience - Excellent communication skills, Knowledge and connections in the crypto network is a plus, Global & Cultural awareness is a plus, — Our culture - Fast-paced work environment, Use technologies that get the job done, Share knowledge with colleagues and the public, Be open and contribute back to the open-source com...
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 | Like Venezuela, Some Retailers in Argentina Are Now Pricing Items in Dol...
Some retailers in Argentina are already pricing imported items in U.S. dollars, according to reports from local news outlets. The idea behind this would be to keep prices stable and avoid repricing articles each day, a practice that has already been adopted in other Latam countries like Venezuela, which present high levels of inflation.
U.S Dollars Now Used to Price Merchandise in Argentina
The U.S. dollar is starting to make inroads in Argentina as a unit of account. According to reports from local outlets, some Argentine stores and retailers are pricing their goods in dollars, seeking to avoid constant repricing due to the devaluation of the national fiat currency, the Argentine peso.
According to reports from La Nacion, these prices are mostly associated with clothing, including sneakers, and branded t-shirts and caps, that are mostly imported from other countries. However, to purchase these articles, customers can also pay with Argentine pesos, using the informal exchange rate, called 'blue,' as a reference to calculate the final price in local currency.
Alfredo González, President of the Argentine Confederation of SMEs, explains providers are also setting their prices in dollars when dealing with imported articles. On this, he stated:
It is very difficult to survive with these levels of inflation. We have a hard time getting merchandise, the price lists are updated at least every two weeks. It is difficult to obtain the reference values for some particular ...
|  | Charlie Munger Urges US Government to Ban Crypto Like China Has Done
Warren Buffett's right-hand man and the vice chairman of Berkshire Hathaway, Charlie Munger, has urged the U.S. government to ban cryptocurrencies like China has done. 'A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it's a gambling contract with a nearly 100% edge for the house,' he stressed.Berkshire Vice Chair Charlie Munger Wants Cryptocurrencies Banned
Berkshire Hathaway Vice Chairman Charlie Munger has urged the U.S. government to ban crypto in an opinion piece titled 'Why America Should Ban Crypto,' published by the Wall Street Journal Wednesday. The Berkshire executive wrote:
A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it's a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity.
'Obviously the U.S. should now enact a new federal law that prevents this from happening,' Munger stressed.
The Berkshire vice chair proceeded to reference two precedents that may provide insight into how to ban cryptocurrency effectively. The first is China's crypto ban, he said, adding that the Chinese government 'wisely concluded that they [cryptocurrencies] would provide more harm than benefit.'
The second is that from the 1700s, England faced a severe depression after a speculative trading scheme failed. In response, the country banned public trading in new common stocks for 100 years, Munger explai...
|  | Crypto Regulation Is Like a Flimsy Umbrella in a Monsoon
You know what they say, 'when life gives you lemons, make lemonade.' But when it comes to protecting your crypto funds on centralized exchanges (CEXes), the old adage should be 'when life gives you regulations, make a self-custody wallet.' Self-custody is undoubtedly a better solution for protecting the interests of customers in crypto. Regulation alone is not enough.
The following opinion editorial was written by Joseph Collement, General Counsel at Bitcoin.com.
Don't get us wrong, regulation is important. It’s like a flimsy umbrella on a sunny day - better than nothing, but not something you want to rely on during a monsoon. Just ask the folks at Gemini, who despite being the 'most regulated' CEX out there, still managed to lose all of their 'Earn' customer money. Talk about 'earn-ing' a bad reputation! Ouch.
But let's be real here, the crypto world is like the Wild West. And let's be honest, the U.S. Government is like the sheriff who just got to town, trying to make sense of this new frontier. They're like the Dad at a teenage party, trying to understand what's going on, but ultimately just getting in the way.
Working 5+ years full-time in crypto as a lawyer, I’ll dare to say that the problem with CEXes is not regulation (or the lack thereof), it’s the business model itself. When an entity takes control of customers' funds, they're incentivized to trade and gamble with that money, like a stockbroker playing blackjack with your retirement savings. Meanwh...
|  | Snowden to Musk: 'I Take Payment in Bitcoin'; Big Short Investor Says Au...
Ahead of the holidays and new year, the former U.S. National Security Agency (NSA) contractor known to the world as a staunch privacy advocate and whistleblower, Edward Snowden, has offered to step up as the new CEO of Twitter after current 'Chief Twit' Elon Musk has said he is stepping down. In other news from this week, hedge fund manager Michael Burry — of 'The Big Short' fame — said that audits of cryptocurrency exchanges like FTX and Binance are 'meaningless.' Get caught up on these hot stories and much more just below in this latest issue of the Bitcoin.com News Week in Review.
Elon Musk Promises to Step Down as Head of Twitter — Edward Snowden Throws His Name in the Hat for CEO
Tesla CEO and Twitter chief Elon Musk has promised to step down as head of Twitter. As the billionaire seeks a new CEO to run the social media platform, privacy advocate Edward Snowden threw his name in the hat, stating that he takes payment in bitcoin. “The question is not finding a CEO, the question is finding a CEO who can keep Twitter alive,” Musk clarified.
Read More
New FTX CEO Told Members of Congress SBF's Family 'Certainly Received Payments' From the Business
According to multiple reports, FTX co-founder Sam Bankman-Fried’s parents face scrutiny over their reported involvement with their son’s business operations. The two Stanford professors Joseph Bankman and Barbara Fried have not been charged with any wrongdoing, but the current FTX CEO, Jo...
|  | Russia to Ban Banks From Using Messengers Like Telegram to Contact Custo...
Financial institutions in Russia will not be able to communicate with clients through instant messengers based outside the country, local media revealed. A new law passed by the State Duma also prohibits banks from using chats to send personal data and payment documents.Bill Restricts Russian Banks and Brokers From Sending Sensitive Information Through Foreign Messengers
Banks in the Russian Federation will not be allowed to contact their customers on a number of popular messengers, according to new legislation approved by the lower house of parliament. The ban applies to foreign-based platforms.
A list of the affected apps is yet to be published by Roskomnadzor, the Federal Service for Supervision of Communications, Information Technology and Mass Media, but Telegram, Whatsapp, Viber, and the like fit the description, the business daily Kommersant reported.
The draft law, passed by the State Duma in the third reading, also restricts the use of this type of messaging service for correspondence containing sensitive information like personal data or documents related to payments and money transfers.
The restrictions concern not only banks but all other financial organizations as well, including brokers, companies operating in the securities market, management firms, investment funds, and private pension funds and depositories, the article details.
Digital Development Ministry to Oversee the Implementation of the New Restrictions
According to Anatoly Aksakov, head of the parlia...
|  | Big Short Investor Michael Burry Says Audits of Crypto Exchanges Like Bi...
Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, says the problem with auditing cryptocurrency exchanges, like Binance and FTX, is the same as when he started using a new kind of credit default swap. 'Our auditors were learning on the job,' he described, adding that it's 'not a good thing.'Michael Burry on Audits of Crypto Firms
Famous investor and founder of investment firm Scion Asset Management, Michael Burry, said Friday that proof-of-reserves (POR) audits of cryptocurrency exchanges, including Binance and the collapsed exchange FTX, are meaningless.
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.
Commenting on accounting firm Mazars Group halting proof-of-reserves audits for crypto companies, Burry tweeted:
This is the problem. In 2005 when I started using a new kind of credit default swap, our auditors were learning on the job. That's not a good thing. Same goes for FTX, Binance, etc. The audit is essentially meaningless.
Burry's tweet references an article by Bloomberg explaining that the French accounting firm suspended work on crypto firms because of concerns over intense media scrutiny and indications that markets have not been reassured by the proof-of-reserves reports it has published so far, incl...
|  | Just Like Bitcoin, Binance US Drops All Ethereum-USD Trading Fees
Binance US – the American branch of the world’s largest crypto exchange – has eliminated all Ether (ETH) spot trading fees just six months after doing the same for Bitcoin (BTC) pairs on the platform.
The zero-fee model will expand free trading to the platform’s ETH/USD, ETH/USDT, ETH/USDC, and ETH/BUSD pairs.
In a press release shared with CryptoPotato, Binance US revealed that it will be consolidating its pricing tiers into a single tier in January 2023. Tier I assets will feature the same pricing as Tier II assets, with the consolidated tier to be known as ‘Tier I’ from then onwards.
Binance US CEO Brian Shroder said the change is one of many at the company focused on “customer experience.” The exchange seeks to distinguish itself as one of the industry’s low-fee leaders, and to “restore trust in the greater ecosystem.”
“Now, more than ever, it is critical that platforms operate with users’ interests first,” stated the firm.
Both Binance and Binance US introduced zero-fee Bitcoin trading on the same USD and stablecoin pairs in June, shortly after industry competitors like Coinbase and Robinhood announced major job cuts.
Likewise, their Ethereum fee removal shortly follows the collapse of of FTX – Binance’s biggest rival from which the exchange seemingly absorbed hundreds of millions of dollars in withdrawal requests following a bank run in early November.&nb...
|  | Andre Cronje on What's it Like to be a Crypto Company
Andre Cronje – the so-called “Vice President of Memes” for the Fantom Foundation – provided an insider’s view into how the company has remained cash-flow positive across the past 4 years.
The developer noted that the foundation would “likely not be operational today” without decentralized finance (DeFi), and suspects the same is true for other firms.
Scaling Over One Cycle
As explained in a blog post from Cronje on Sunday, Fantom ended 2018 with a fairly unprofitable ETH trade. After raising $40,000,000 worth of the cryptocurrency in June, it sold those holding after a major price correction leading up to December. At this point, the firm had less than $5 million remaining.
This forced the company to become extremely frugal over the following year, while periodically selling some of its native FTM tokens to fund unplanned expenses. Its primary costs during this time were related to paying off listing fees to exchanges and sponsorship fees to influencers.
“We decide[d] to never pay for exchange listings or influencers again,” wrote Cronje.
Starting in February 2020, Fantom began “aggressively” participating in DeFi, using its profits to purchase FTM off the market. By March, the company was already earning 20% APY on $3 million in funds, making for $600,000 per year. Combined with yield farming later that year on both Compound (COMP) and Synthetix (SNX), the foundation brought...
|  | 'Cryptocurrencies Like Bitcoin Make Global Commerce Easy'— Founder...
Despite the Central Bank of Nigeria (CBN)'s Feb. 5, 2021 directive that instructed banks to block crypto entities from the financial system, the demand and use of cryptocurrencies have continued to grow. Not even the central bank's subsequent crackdown on crypto entities it accused of defying the directive has succeeded in suffocating demand for cryptocurrencies. Africans Need 'Access to the World of Cryptocurrency'
In contrast, Nigerians appear to have shunned the CBN's digital currency — the e-naira. Despite the central bank's attempts to present the e-naira as an alternative to cryptocurrencies, local residents seemingly still prefer the latter. According to Benjamin Eseoghene, the founder and CEO of a local crypto exchange, the residents' reluctance to use the e-naira could be tied to the CBN's failure to fully sensitize the masses about it.
Eseoghene, whose company Roqqu.com recently received approval to operate in Europe, told Bitcoin.com News that Nigerian residents prefer cryptocurrencies because they are borderless. Meanwhile, Nigeria's continuing shortage of foreign exchange, as well as the local currency's decline, are other factors that push Nigerian residents towards cryptocurrencies.
Nigeria's population of over 200 million people means the country is one of the world's biggest crypto markets and this naturally attracts global crypto giants. However, the presence of such big companies has not deterred local entrepreneurs like Eseoghene. In his written resp...
|  | Gold Bug Peter Schiff Insists This Is 'Not a Crypto Winter,' Economist S...
Since bitcoin started falling from its all-time high last year, the economist and gold bug, Peter Schiff, made sure everyone knows that he wholeheartedly believes the leading crypto asset will fall to zero. Now that FTX has collapsed, Schiff has doubled down on his belief and he's wasted no opportunities to dunk on bitcoin throughout the chaos. On Monday, Schiff said on Twitter that currently, it's 'not a crypto winter' nor a 'crypto ice age,' because that implies a spring thaw is coming. Schiff insists bitcoin's price is not going to bounce back and this time around he thinks we'll see a 'crypto extinction.'Peter Schiff Expects a Crypto Extinction Rather Than a Thawing Crypto Winter
Peter Schiff has been criticizing bitcoin (BTC) a great deal more these days ever since the FTX collapse last week. Schiff detailed on Monday that he was scheduled to deliver a keynote presentation at the Dubai Precious Metals Conference (DPMC) on Nov. 21-22.
'Last year the keynote was delivered by [Microstrategy's Michael Saylor],' Schiff tweeted. 'He told the audience to sell all their gold and buy bitcoin. On the day he spoke Bitcoin traded above $60K, while gold was trading near $1,850. Since then gold is down 4% and Bitcoin is down 73%.'
The DPMC schedule says that the 'financial expert and author will discuss the end of dollar hegemony, the demise of bitcoin, and the global remonetisation of gold.' Prior to revealing he was attending the DPMC, Schiff criticized the Super Bow...
|  | Why Coinbase Won't End Up Like FTX: Brian Armstrong
Coinbase CEO Brian Armstrong argued on Tuesday that his exchange isn’t vulnerable to the sort of fallout suffered by FTX this week.
He said the “event” surrounding FTX appears to stem from risky business practices that Coinbase does not engage in.
Coinbase’s Business Model
Armstrong began by expressing sympathy for everyone involved in the FTX situation – particularly those customers who have potentially lost funds. Early on Tuesday, FTX appeared to have stopped processing withdrawals for hours, and on-chain data shows that is still the case.
FTX and its CEO, Sam Bankman-Fried maintained on Twitter beforehand that the company’s assets were “fine,” and that its withdrawal queue was returning to more “reasonable levels.” However, the CEO confirmed the following day that FTX was caught in a “liquidity crunch” from overwhelming withdrawal requests, and needed Binance’s support to navigate it to protect customer funds.
“This event appears to be the result of risky business practices, including conflicts of interest between deeply intertwined entities, and mis-use of customer funds (lending user assets)” explained Armstrong.
By contrast, the CEO said Coinbase doesn’t touch customer funds once deposited unless directed to do so by the customer.
The exchange has clarified this in previous statements, including after the fallout of Celsius, Voyager, and T...
|  | Current Bitcoin Bear Market Exactly Like Previous Ones But There's a Cat...
In its ‘week on-chain’ report on Oct. 31, analytics provider Glassnode made a number of comparisons between the current Bitcoin market cycle bottom and those from previous bear markets.
Last week’s relief rally appears to have fizzled out with a double-top rejection, as reported by CryptoPotato yesterday. Glassnode stated that the market was “hammering out a Bitcoin bottom, with almost textbook resemblance to prior cycle lows.”
It reported that, as in previous cycles, the Bitcoin bear market has inflicted severe financial loss on investors and hodlers. The last thing that remains is a component of time and investor apathy, it added.
#Bitcoin has rallied back above the key $20k psychological level after many months of low volatility.
In this edition, we analyze how Bitcoin may be hammering out a near-textbook bear market floor and what risks may lay on the road ahead.
Read it here https://t.co/WrsifLhxHC
— glassnode (@glassnode) October 31, 2022
Hammering Out a Bottom
Glassnode used a number of metrics, such as Realized Price and Mayer Multiples, to determine cycle lows and a bottom discovery phase.
Realized price, or the average acquisition price per coin for the wider market, is currently at $21,105, according to Woo Charts. When spot prices trade below the realized price, “the aggregate market can be considered to be in unrealized loss,” noted Glassnode. This has been the case for the best part of the past four months.
The M...
|  | Mango Markets Exploiter Says Profitable Traders Like Him Attract Jealous...
Avraham Eisenberg, the software coder and crypto trader behind Mango Markets' $100 million exploit, believes 'profitable traders' like himself attract a lot of jealousy and hate from other crypto traders.
Eisenberg shared his belief with Laura Shin during an interview on the Unchained Podcast on Friday. He argued that the public is bound to hate and criticize people who execute profitable arbitrages.
Hate for Profitable Traders
Recall that the Mango Markets exploit, which happened two weeks ago, drained the platform of its liquidity, leaving users unable to withdraw their assets. For Eisenberg, the incident was a 'highly profitable trading strategy,' but the crypto community thinks otherwise.
Eisenberg and his team executed a self-funded economic attack by manipulating the oracle price of MNGO, the native token of Mango Markets. The trader believes his team's actions were legal since they used the protocol as designed. Likewise, the affected project has been unable to press charges because the exploit could not be categorized as a hack.
During the interview, Eisenberg referred to profitable traders like him, who identify exploitable bugs in codes, alerted the protocols in question, and have earned billions from their discovery.
'I think that when there's any profitable trader, it's gonna attract some jealousy and some hate, and like you look at some of the stuff people say about Sam, and he's obviously made billions of dollars with various other profitable trades. He gets lo...
|  | Shiba Inu Gains 15% As Price Breaks Out Of Range; Will Price Perform Lik...
SHIB's price shows strength as it bounces from a downtrend range price rallied to a high of $0.0000122 with eyes set on $0.0000135.
SHIB could rally more as the price creates more bullish bias breaking out of its range channel with good volume as SHIB army could push the price to $0.0000135.
SHIB's price remains strong on the daily timeframe above the 50 Exponential Moving Average (EMA) as the price aims for more rallies. The price of Shiba Inu (SHIB)has had a tough time dealing with this current bear market, with the price suffering so much decline in the past six months. The crypto market is looking increasingly welcoming as many altcoins continue producing over 30% gains. The likes of DOGE have seen some great runs in recent times rallying from a low of $0.055 to a high of $0.1 after the news broke out of Elon Musk taking over Twitter, considering he is referred to as DOGE father. This has affected DOGE positively, with many speculating if Shiba Inu (SHIB) can follow in the footstep of DOGE. (Data from Binance)
Shiba Inu (SHIB) Price Analysis On The Weekly Chart.
|  | Massive Bitcoin Volatility Incoming, Crypto Market Like a Coiled Spring ...
The cryptocurrency market is calm in the past few weeks, with no considerable movements happening in any direction.
The major exceptions to the lack of volatility seem to be event-driven occasions like on October 14th, when the United States Bureau of Labor Statistics announced the inflation numbers for September. The Bitcoin price went on a rollercoaster, plunging and then skyrocketing within the hour.
Apart from this, though, the market has been rather static. Now, Glassnode - a popular analytics resource - argues that it's like a coiled spring due for a burst of volatility.
Bitcoin Price Consolidation Continues
Reiterating the above, Glassnode points out that the Bitcoin market continues to consolidate within a fairly tight range and that almost 'all of the extreme prices of the weekly range' were reached during a window of just 24 hours.
In response to US inflation data coming in slightly hotter than expectations, BTC prices traded down to $18,338, followed by a quick rally to a high of $19,855, before completing a round trip to the weekly open price.
At the time of this writing, the BTC price sits at around $19,594, up 2% on the day and attempting another shot at the critical resistance at $20K.
According to Glassnode, it is very uncommon for the BTC market to reach a period of such low realized volatility. Most of the prior instances of the kind were also preceding a highly volatile move.
For example, in the following 1-week realized volatility chart, we can see that wh...
|  | Phemex Launching New Copy Trading – Trade Like an Expert with a Si...
[PRESS RELEASE - Please Read Disclaimer]
Copy trading is a trading strategy that enables investors on various financial markets to automatically open positions and execute trades in accordance with the portfolio of another trader. It can be automatic or manual, depending on how the user prefers to manage copy trading. A successful and profitable trader with a track record can be imitated by traders using the copy trading methodology.
The popularity of copy trading among new traders has recently increased. Without spending a lot of time and effort developing a profitable trading strategy, novice traders who don't have a deep understanding of a certain market might profit from the expertise of top traders. As we all know, testing and trying out a trading strategy can take a lot of time and work for novice traders. So, instead of playing around with the markets, copy trading may be a secure option. Simply said, copy trading enables newcomers to trade like professionals with only one click.
Phemex Launches Industry-Leading Copy Trading
Phemex, the Singaporean cryptocurrency exchange, continues to take the crypto world by storm this season. Users can now instantly copy the trading methods of top traders thanks to the exchange's recently enhanced copy trading features. Through Phemex's copy trading, users can quickly search, follow, and select their preferred traders. Users can now begin their copy trading journey and learn from the pros with just a single click of a button. Additi...
|  | Is A Spike In Bitcoin Open Interest Forecasting A 2021 Like Bullrun To $...
Bitcoin is losing steam on low timeframes as the price is rejected from the $20,000 and seems poised to re-test previous support levels. The cryptocurrency enjoys a short-lived bullish price action, but buyers have been unable to push further.
At the time of writing, Bitcoin (BTC) trades at $20,000 moving sideways in the last 24 hours and with a 5% profit in the last 7 days. Other cryptocurrencies in the top 10 by market cap record negative performance and steeper losses than BTC’s price except for Dogecoin and XRP.
BTC's price moving sideways on the daily chart. Source: BTCUSDT Tradingview
Open Interest Follows Bitcoin Price, What Are The Implication? As NewsBTC reported based on data from Arcane Research, the Bitcoin price bullish momentum has been followed by participants in the derivatives sector. In Late September and early October, as BTC’s price breached resistance at $20,500, the Open Interest (OI) for future contracts trended to the upside.
Quickly, this OI plummeted as the bulls were unable to follow through on their assault. Something similar happened over the past week with OI spiking, led by the price action. The metric is generally perceived as bearish if the price is moving up, as it indicates traders taking leverage long positions to chase the momentum.
Larger players often used the liquidity served by these leverage positions, pushing the price in the opposite direction, as Bitcoin has seen in the last 24 hours. However, a longer-term incre...
|  | 'Trading Like a Lehman Moment' — Credit Suisse, Deutsche Bank Suff...
It's been more than a decade since the financial crisis in 2007-2008 when Lehman Brothers, the fourth largest investment bank in the U.S., collapsed and filed bankruptcy. Close to 14 years later, Credit Suisse and Deutsche Bank, two of the world's largest banks, are suffering from distressed valuations and the banks' credit default insurance levels are approaching degrees not seen since 2008.Credit Suisse and Deutsche Bank Valuations Have Dive-Bombed - Investors Discuss the Systemic Risk to the Global Economy
During the first week of October, the world economy continues to look bleak as energy and gas prices have reached record highs, inflation in many countries is the highest in 40 years, supply chains are fractured, equity markets have shed significant value, and the tensions between the West and Russia has elevated.
Amid this nasty economy, two of the largest investment banks are floundering from distressed valuations. Market data shows that Credit Suisse Group AG (NYSE: CS) and Deutsche Bank AG (NYSE: DB) are trading at extremely low values not seen since the 2008 financial crisis.
At the end of August, Deutsche Bank analyzed the issues tethered to Credit Suisse, and the bank's analysts noted that there was a $4.1 billion gap that needs to be filled in order to combat the financial institution's financial well-being. Furthermore, Credit Suisse's credit default insurance (CDS) levels resemble the same CDS levels Lehman Brothers had just before the bank's bankruptcy.
Credi...
|  | California Takes Action Against 11 Crypto Firms Allegedly Operating Like...
California's regulator has targeted 11 crypto-related entities which allegedly violated the state's securities laws.
The watchdog also claimed that their business model was in the manner of a Ponzi or pyramid scheme.
The Department of Financial Protection and Innovation (DFPI), in an announcement on Tuesday, stated that while all the accused companies offered unregistered securities to customers, most sought funds from investors to conduct crypto trading on their behalf.
Also, one of the platforms allegedly asked for cryptocurrencies to build metaverse software. Consequently, the DFPI issued a desist and refrain order to the 11 entities.
An excerpt from the announcement reads:
'The entities are all alleged to have used investor funds to pay purported profits to other investors, in the manner of a Ponzi scheme. Furthermore, each of the entities had a referral program that operated in the manner of a pyramid scheme. The entities promised to pay investors commissions if they recruited new investors, and additional commissions if the investors that they recruited, in turn, recruited new investors.'
Some of the companies involved in the case, which, according to the California regulator, purportedly operate crypto trading services, include Pegasus, Elevate Pass, Remabit, and World Over the Counter Limited.
The latest action comes on the heels of an earlier desist and refrain order against cryptocurrency lender Nexo. The DFPI claimed that the company offered its Earn Interest ...
|  | Three Reasons Bitcoin Is Oversold Like Crazy Right Now (Opinion)
Bitcoin price retested the $18K support level Friday. That's the third time in a week, with the crypto failing to pass resistance at $19.5K twice on the 5-day chart.
The crypto exchange price for a piece of the world's original blockchain currency continues to consolidate at around $19K. That has been the trend for Bitcoin (BTC) over the month of September.
Over the six-month chart, year-to-date, and one-year view, bitcoin is deeply in the red. It's the third prolonged capitulation in the crypto's history, called a 'crypto winter' by longtime traders.
Yet despite the deep freeze on prices, here are three reasons why Bitcoin is oversold like crazy right now.
The Bitcoin Hash Rate Hit All-Time High in September
Bearing in mind that exchange market prices are ultimately seeking to evaluate fundamentals, the network's fundamentals are strong. In fact, the Bitcoin network's hash rate marked a new all-time high in September.
On Sept 17, the hash rate rose to 234m TH/s (terahashes per second). Furthermore, that represents an increase of 55% over Bitcoin's July hash rate.
A fundamental analysis of the bitcoin price might take into account the price of the amount of network infrastructure at work. The hash rate is a trusty and handy measure of that. With the price down so far for the year as the hash rate hits new records, BTC looks very oversold.
Bitcoin Miners Keep Adding ASIC Units and Mining Facilities
Meanwhile, even with the hash rate sky high, miners keep building and building ...
|  | JPMorgan CEO Jamie Dimon Tells Congress Crypto Tokens Like Bitcoin Are '...
JPMorgan Chase CEO Jamie Dimon said in a U.S. congressional hearing that crypto tokens, like bitcoin, are 'decentralized Ponzi schemes.' He told lawmakers: 'I'm a major skeptic on crypto tokens which you call currency.'JPMorgan CEO Jamie Dimon Calls Crypto Ponzi Schemes
Jamie Dimon, the CEO of JPMorgan Chase & Co., shared his view about cryptocurrencies, naming bitcoin in particular, in a congressional hearing Wednesday.
Responding to a question by Representative Josh Gottheimer (D-NJ) about the rapid development of digital assets, Dimon emphasized the importance of separating cryptocurrencies from other innovations that he said are 'real,' like blockchain, decentralized finance (defi), and 'tokens that do something.'
The executive opined:
I'm a major skeptic on crypto tokens which you call currency, like bitcoin. They are decentralized Ponzi schemes.
'And the notion that it's good for anybody is unbelievable,' he continued. The JPMorgan boss proceeded to reference that billions of dollars are lost each year through crypto, linking cryptocurrencies to crimes such as ransomware payments, money laundering, sex-trafficking, and theft. He emphasized that crypto is 'dangerous.'
The JPMorgan executive also talked about stablecoins, which he said would not be problematic with proper regulation. 'There'd be nothing wrong with a stablecoin, which is like a money market fund, properly regulated,' Dimon stated. Regarding blockchain, he affirmed that JPMorgan is 'a big user of blockchain...
|  | Vitalik Believes Crypto Volatility Will Stabilize Like Gold
Ethereum co-founder Vitalik Buterin was recently interviewed on the state of the crypto markets, and the future of blockchain technology. He predicted that crypto market volatility will slow to that of gold and stocks in the medium-term – though he doesn’t know at what price.
The developer also spoke about proof of work, proof of stake, and the reluctance of Bitcoiners to embrace the latter.
Where Will Crypto Settle Down?
In an interview with blogger Noah Smith, Vitalik said he was surprised that the current crypto bear market hadn’t taken effect sooner than it did. While prices were high, he was sure they’d eventually drop – he just didn’t exactly know when.
“It feels like people are reading too much into what is ultimately cyclical dynamics that crypto has always had and probably will continue to have for a long time,” he said.
Crypto has historically experienced four-year market cycles, in line with the roughly four-year halving of Bitcoin’s supply issuance rate. While Bitcoin’s price floor has risen steadily across each cycle, so too has the asset’s percentage return in each boom.
As such, Smith asked Vitalik if this means Bitcoin is following an adoption curve, where the market eventually saturates and mimics the price stability of gold. The developer agreed.
“I definitely think that in the medium-term future cryptocurrencies will settle down and be only about as volatile as gold or...
|  | Mad Money Jim Cramer Says the Fed Will Take Down Speculative Assets Like...
Jim Crame is back at it again with yet another U-turn in terms of his cryptocurrency stance. He called bitcoin and altcoins speculative assets and warned individuals to refrain from investing in them.
In the past few years, Cramer has displayed a somewhat controversial view of the crypto sector. In 2021, he insisted on receiving his salary in bitcoin. Following the major price correction, though, he abandoned those plans, selling almost all of his BTC holdings.
'Don't get Crypto'd'
In yet another change of heart, the host of CNBC's 'Mad Money' – Jim Cramer - sounded a note of caution to investors to avoid diversifying their portfolios with cryptocurrencies. In his view, the US Federal Reserve is committed to bringing down speculative assets, claiming that digital currencies fit that bill:
'Look, Fed chief Jay Powell told us that we need to stop doing stupid things with our money... What matters is that we just have to get through it intact. Don't get memed. Don't get SPAC'd. Don't get crypto'd. And you'll get through this thicket and find yourself in a much better time when we are sufficiently oversold for a huge bounce.'
Jim Cramer, Source: CNBC
Cramer believes that the Fed has the capability to wash out all projects that could be described as 'gambling.' However, the institution might harm some meaningful ones in the process, too, the American added.
Earlier this week, Bitfury's CEO - Brian Brooks - also touched upon the Fed and how its approach to tackling inflation ...
|  | The Merge Will Rally Ethereum Like a Bitcoin Halving: Arthur Hayes
In his latest blog post, former BitMEX CEO Arthur Hayes broke down how he expects Ethereum traders to react before and after the merge.
Based on the technicals of the upgrade, he suspects that Ethereum will rally after a successful transition in September, similarly to how Bitcoin rallies during its periodic halving cycles.
The Theory of Reflexivity
In an article titled “ETH-flexive,” Hayes centers his bullish thesis around George Soros’s “theory of reflexivity.” The theory posits that there is a feedback loop between market prices, and the expectations held by market participants for a given market situation.
In the context of the merge, Hayes believes this phenomenon can rally Ethereum’s price due to the reflexive relationship between its price, and its deflationary properties.
“If the merge is successful… traders will buy ETH today, knowing that the higher the price goes, the more the network will be used and the more deflationary it will become, driving the price higher, causing the network to be used more, and so on and so forth,” he explained. “This is a virtuous circle for bulls.”
The merge will usher in two major changes for Ethereum: it will shift its consensus mechanism from proof of work to proof of stake, and also reduce ETH’s supply issuance rate by roughly 90%. This has led some to nickname the event the 'triple halving.'
Combined with EIP-1559 – which burns ETH out ...
|  | SEC v. Ripple: Is XRP the loser in what seems like an unending brawl?
The SEC vs Ripple case has taken a new turn now after the Amici Curiae brawl. The SEC’s latest move was to file for an omnibus motion to exclude or limit expert testimony. As per court documents, the Ripple team has accepted this motion under a condition.
A 120-pager plea
The regulatory watchdog SEC filed this motion on 6 July as reported by acclaimed lawyer James K. Filan in a thread. The SEC intends to file motions to exclude or limit the testimony of 10 experts who were retained by Ripple Labs. This may also include independent experts such as Christian A. Larsen and Bradley Garlinghouse.
#XRPCommunity #SECGov v. #Ripple #XRP The SEC has sought permission to file one omnibus (big) motion to exclude or limit expert testimony, up to 120 pages long. Ripple Defendants do not object provided that they be allowed the same page limit for their response in opposition. pic.twitter.com/haa4Mr7XU1
— James K. Filan 104k+ (beware of imposters) (@FilanLaw) July 6, 2022
Cited as an attempt to conserve “Judicial and SEC resources”, Ripple has accepted the motion on a condition. The condition allows them to have a similar page limit in their response to the motion. It has since been accepted by the SEC and has now been approved by Judge Torres.
The proposed 120-page limit is lesser than the proposed 15-page limit per expert. The SEC believes this limit will be sufficient for the SEC to provide their facts and fur...
|  | TA: Ethereum Breakdown Looks like the Real Deal, $1K Is The Key
Ethereum gained pace and traded below $1,150 against the US Dollar. ETH could decline heavily if there is a close below $1,000.
Ethereum started a fresh decline below the $1,200 and $1,150 levels. The price is now trading below $1,150 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $1,145 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to decline if there is a close below the $1,085 level. Ethereum Price Drops Further
Ethereum failed to stay above the $1,200 level and moved into a bearish zone. ETH followed a bearish path and declined below the $1,150 support zone.
There was a clear move below the 61.8% Fib retracement level of the last key increase from the $1,076 swing low to $1,275 swing high. The price is now trading below $1,150 and the 100 hourly simple moving average.
It is also trading below the 76.4% Fib retracement level of the last key increase from the $1,076 swing low to $1,275 swing high. However, there is a key support near the $1,085 level. If ether price stays above $1,085, it could correct higher.
An immediate resistance on the upside is near the $1,130 level. The next major resistance is near the $1,150 zone. Besides, there is a key bearish trend line forming with resistance near $1,145 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The next key barrier is near the $1,200 level, above which the price could gain strength. In the stated case, the price...
|  | Can Xchange Monster (MXCH) Become Crypto Giants Like Binance Coin (BNB) ...
PRESS RELEASE. The cryptocurrency industry has certainly become oversaturated with hundreds of crypto projects being established everyday with many of them failing before ever reaching any significant milestone.
The mass success of the industry has led to many believing they can achieve that very same amount of success despite not putting in as much work or providing as many solutions for users in the crypto space.
The likes of Binance Coin (BNB) and Cardano (ADA) has long been established as two of the most influential cryptocurrencies and have both reigned as top 10 cryptocurrencies, measured by market cap, according to data from CoinMarketCap, for a number of years.
Offering different solutions in the crypto space, their dominance has inspired many new projects including Xchange Monster (MXCH) who aim to make a similar impact in its respective sector, which is the GameFi sphere.
What does Xchange Monster (MXCH) have to do to reach the pinnacle of crypto?
The most important aspect of becoming an influential cryptocurrency and one that has value is providing solutions to legitimate issues within the industry.
The good thing for Xchange Monster (MXCH) is that their whole project is based around solving issues within the GameFi space and making the experience better for its users.
This project is primarily driven by the urge to provide a unique crypto gaming platform that provides numerous solutions to the gaming community and providers.
Specifically, Xchange Monster will serv...
|  | Is Bitcoin Like Buying Google Early? Check Out The Shocking Comparison
Before the recent selloff, Bitcoin was positioned as the next big thing. Investing and trading legends like billionaire philanthropist Paul Tudor Jones say it is like investing in Steve Jobs' Apple early, or like getting in on the ground floor on Google.
A new comparison suggests that even the latest price action is very much like if you had bought Google early. Here is a closer look at the shocking comparison along with the happy ending that should give crypto holders feeling uneasy some comfort.
Bitcoin Versus Google Comparison Predicts Bull Finale Ahead Of Recession
Bitcoin is a hard subject for many to wrap their head around. It has also been compared to investing in Apple or Google early. However, a new comparison inspired by technical analyst Gert van Lagen shows just how accurate that statement might be.
BTCUSD compared to Google during prior to The Great Recession | Source: BTCUSD on TradingView.com
On the left, is the last decade plus of Bitcoin price action. On the right is Google just ahead of The Great Recession. With a recession possibly ahead of us, the comparison isn't without merit.
The Happy Ending For Google: A Search Engine Giant Emerges
The above comparison has been changed from the analyst's initial interpretation, but the comparison remains just as jarring. The example suggests that Bitcoin is nowhere near done with the current cycle. Many believe the recession is already here, which is why the recent crypto selloff has been so severe. If it isn't...
|  | SBF: Big Players Like FTX Should Step in and Help Crypto Recover
The Founder and CEO of the crypto exchange FTX - Sam Bankman-Fried - thinks large companies like his should use their expertise and 'stem contagion' in the digital asset market. As such, they could aid the ecosystem to thrive again, he added.
In addition, the American argued that the Federal Reserve and its controversial approach to tackling high inflation is the main reason financial markets (including crypto) have plummeted recently.
The Big Players Should Not Stand Aside
One of the most influential people in the crypto space - Sam Bankman-Fried - opined that crises in the sector like the ongoing situation could be solved with the help of the leading companies. In fact, he believes they need to dive into the issue even if it leads to short-term losses:
'I do feel like we have a responsibility to seriously consider stepping in, even if it is at a loss to ourselves, to stem contagion. Even if we weren't the ones who caused it or weren't involved in it. I think that's what's healthy for the ecosystem, and I want to do what can help it grow and thrive.'
Bankman-Fried reminded that FTX has already provided help on similar occasions. Last year, wrongdoers hacked the Japanese exchange Liquid and stole around $100 million worth of digital assets. Shortly after, FTX provided a $120 million in financing so the company could get back on its feet:
'We, I think about 24 hours later, stepped in and gave them a pretty broad line of credit to be able to cover all of their demands, to make ...
|  | Will Bitcoin Fall to $13,800? — What an 80% Drawdown Will Look Lik...
On Monday, June 15, 2022, the price of bitcoin tapped a low not seen since mid-December 2020 as the price hit $20,080 per unit. A large number of crypto supporters are debating whether or not the drop is the market's bottom or if the fall could lead to deeper losses. At the time of writing, bitcoin is 70% down from the $69K all-time high (ATH) but traditionally, bitcoin is known to drop around 80% or more from ATHs recorded in the past.Will Bitcoin Slide More Than 80% Down This Time Around?
The crypto economy has had a rough couple of weeks as the leading crypto asset bitcoin (BTC) shed 35% over the last 14 days. Speculators have gone from guessing whether or not it might be a bear market to saying it definitely is a bear market.
During the past few days, there's been a lot of capitulation and on Monday, hundreds of thousands of crypto traders were liquidated for close to $1.30 billion. Two days later, bitcoin dropped to a low of $20,080 per BTC and the last time BTC traded at this price was 17 months ago in mid-December 2020.
At current USD values, bitcoin is down 70% from the $69K ATH it hit on November 10, 2021. During the bull runs in 2013 and 2017, bitcoin (BTC) dropped more than 80% lower than its previous price peaks. Coingecko.com's founder, Bobby Ong, tweeted about bitcoin's falls from the past bull runs and he included ethereum (ETH) in the 2017 runup.
For instance, after BTC's price high in 2013 of around $1,127 per unit, by 2015 BTC was down 82% at $200 per coin....
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