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Bitcoin Corrects 10%, Metaverse Tokens on the Rise: This Week’s Recap

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This week we saw the cryptocurrency market tank as Bitcoin dipped with more than 10%. On the other hand, Metaverse-related tokens are popping off.

This week brings both good and bad news, depending on where you look it from. For Metaverse aficionados, the week was quite great, but for the rest of the market – it was downright bleak. So, let’s start with the broader market.

Bitcoin is down over 10% in the past seven days, and there’s no other way of looking at it – it wasn’t pleasant. The cryptocurrency tumbled below $56K for the first time since late October and liquidated millions worth of both long and short positions because of the volatility. The decline started on Monday, and for the first time in a long time, the market sentiment has turned fearful.

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Naturally, this had an impact on the entire cryptocurrency field as most of the coins are also charting double-digit declines. Ethereum is down about 10.7%, BNB, SOL, ADA, and XRP are all down about the same 10%. The total market capitalization has declined to $2699 billion in the past seven days – a substantial drop given that it was above $3 trillion at one point.

However, not all is doom and gloom. Metaverse-related and play-to-earn tokens are popping off. At the time of this writing, Decentraland’s MANA is up 25%, while The Sandbox’s SAND is up 60%. ENJ is also up almost 20%, while WAXP is up almost 60%.

Elsewhere, it appears that the season of high valuations keeps on rolling. Gemini – the cryptocurrency exchange founded by the Winklevoss twins – seems to be planning a $400 million raise, and if successful, that would put the company’s total valuation upwards of $7 billion. DCG also raised $600 million in a debt capital raise. In other words – big money continues to flow in the industry, perhaps giving further notion to the claim that the current downturn might be a good buying opportunity.

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This Week’s Crypto Headlines You Better Not Miss

Solana’s Anatoly Yakovenko Talks NFTs, Scalability and Where Solana is Headed in 5 Years (Exclusive). Solana is one of the fastest-growing ecosystems and undoubtedly amongst the hottest topics in the community. CryptoPotato got the chance to interview the President of the Solana Foundation and Co-Founder of Solana Labs, Anatoly Yakovenko.

Mt. Gox Rehabilitation Plan Now Binding: Crypto Proponents Deny Major Bitcoin Price Impact. The rehabilitation plan for Mt.Gox creditors is now final and binding. We reached out to prominent members of the community, and here’s what they think in regards to any potential implications on Bitcoin’s price.

Bitcoin Dumps Below $56K as Cryptocurrency Correction Worsens. It’s been a bloody week in the cryptocurrency market as the majority of the coins are trading well in the red. Bitcoin dumped below $56K for the first time since late in October.

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Gemini Eyes $400 Million Funding Round аt Potential $7 Billion Valuation. Gemini, the cryptocurrency exchange founded by the Winklevoss twins, plans to raise $400 million. If successful, that would put the company at a total valuation upwards of $7 billion. Gemini would join the ranks of many other crypto-focused companies that have successfully raised millions in the past couple of months.

Acala Wins Polkadot’s First Parachain Auction With $1.3 Billion Secured. The Acala Network became the very first project to win a parachain slot on Polkadot through their auction mechanism. The project received over 32 million DOT from more than 81,000 community members through the crowd loan campaign.

Jordan Peterson Bought More Bitcoin as a Hedge Against Inflation. Jordan Peterson – a renowned clinical psychologist and a professor of psychology, said that he bought more bitcoins as a means of hedging against inflation. He also debated on the anonymous creator of BTC and whether or not this is of any help to the protocol.

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Charts

This week we have a chart analysis of Ethereum, Cardano, Ripple Binance Coin, and Solana – click here for the full price analysis.

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Rich Dad Poor Dad Author Issues Dire Warning on Inflation, Says He’s Buying Bitcoin, Ethereum and Two Additional Assets

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Rich Dad Poor Dad author Robert Kiyosaki is concerned that working-class Americans will be wiped out by rising inflation unless they invest in several key assets.

In a YouTube video on The Rich Dad Channel, the widely known author says that true capitalism has been abandoned, and the government instead intervenes on behalf of banks.

“The reason they’re talking about inflation or deflation is because, way back when, in the 70s, a true capitalist would let a business fail. According to [Austrian political economist Joseph] Schumpeter, capitalism destroys inefficient companies.

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If you look at one example, not too long ago there was Blockbuster Video. Then Netflix came along and they’re toast. They’re just gone. A true capitalist wipes out the inefficient or the obsolete.

But for the last so many years, since 1907 really, they’ve been saving the banks. The banks are so corrupt, and the reason the Federal Reserve had to come in was to protect the rich bankers.

And what they did was, back in 2008 there was quantitative easing, which is a very complex subject, but basically the Fed just prints money and gives it to banks to prevent them from failing. That’s not capitalism, that’s Marxism. That’s socialism, that’s communism. It’s called central banks.”

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Kiyosaki warns that unlimited money printing as part of official government policy will eliminate the working class.

“The reason inflation is going to wipe out people is because the average person is a consumer. Everybody talks about, ‘T-bone steak [costs] this now, and gasoline’s this and toilet paper is that.’

That’s because… Everything’s to protect the bankers. And that’s why I feel for the working-class people. I think it’s criminal that our school system is part of Marxism. There’s no financial education in the schools and it’s not a mistake.

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To the people who are complaining about inflation, just know it’s because the Federal Reserve Bank, the U.S. Treasury… they’re as corrupt as they come.”

The author tells his 1.8 million followers on Twitter that the recent 25% price increase at discount retail chain Dollar General is a bellwether event signaling that investors should protect themselves by picking up some cryptos like Bitcoin (BTC) and Ethereum (ETH), as well as gold and silver.

“Dollar Tree becomes $1.25 Tree. Inflation is a tax on the poor and middle class. Inflation makes the rich richer.

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Get smart. Get richer. I am buying more gold, silver, Bitcoin, Ethereum, rental real estate, and oil. What are you buying?”

CNN Business reported this week that Dollar Tree cited rising inflation and the ongoing supply chain crisis as reasons why it planned to permanently abandon its longstanding $1 price point on all products.

At time of writing, Bitcoin is valued at $55,190, Ethereum is exchanging hands for $4,367, gold is going for $1,781, and silver is worth $22.44. Kiyosaki also issued a warning in September that a major stock market crash would occur in October of this year.

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Top 3 Price Prediction Bitcoin, Ethereum, XRP: Crypto markets may hit the brakes

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  • Bitcoin price congestion and indecision continue, but opportunities on both sides develop.
  • Ethereum price fails a bullish breakout above its bear flag, threatening continuation moves south.
  • XRP price is positioned at a make-or-break point, hovering above final support that could thrust Ripple below $0.80

Bitcoin price remains inside the Cloud within the Ichimoku Kinko Hyo system, indicating continued volatility and uncertainty. Ethereum price failed to close above the bear flag on Tuesday, but the bullish structure remains. XRP price barely holding support, could drop lower.

Bitcoin price develops opportunities on its Point and Figure charts

Bitcoin price remains stuck inside the Cloud on the daily Ichimoku chart, providing little opportunity or guidance when viewed from that chart style. However, Point and Figure charting reduces the ‘noise’ associated with Japanese candlestick charts and focuses only on price action, giving a clearer picture of Bitcoin’s behavior and what kind of trading opportunities exist.

A theoretical long trade setup exists with a buy stop order at $60,000, a stop loss at $58,000, and a profit target at $66,000. This hypothetical entry is exceptionally bullish for two reasons. First, the entry is a breakout above a triple-top, and second, the entry confirms a powerful bullish reversal pattern in Point and Figure known as a Bearish Fakeout.

BTC/USD $500/3-box Reversal Point and Figure Chart

The theoretical long idea is invalidated if the current O-column moves below $55,000.

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On the short side of the trade, a hypothetical short idea is a sell stop order at $53,000, a stop loss at $56,000 and a profit target at $44,000. The entry confirms one of the most sought-after short entry patterns in Point and Figure, a Bearish Catapult. In addition, a trailing stop of one to two boxes to protect any implied profits would help mitigate any whipsaws in price action that may occur.

BTC/USD $1,000/3-box Reversal Point and Figure Chart

The hypothetical short setup is invalidated if the long idea above is triggered.

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Mercado Pago: it will not be possible to transfer Bitcoin purchased on the platform

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Mercado Pago announced the launch of a service that will allow Brazilians to buy, reserve and sell cryptocurrencies.

As announced by the payments arm of Mercado Livre, this is an initiative in partnership with Paxos.

The collaboration will allow integration with the Mercado Pago account and the management of operations, with blockchain technology.

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Thus, without leaving the app, users will be able to track the price, as well as buy and sell Bitcoin, Ethereum and USDP; stablecoin from Paxos.

“This is an important milestone for Mercado Pago, which continues its trajectory by democratizing and massifying operations with cryptocurrencies. From the account, we want to accompany our users as they enter the crypto paradigm, which is gaining more and more relevance in the financial world. Based on the experience of quick and secure use of our platform, we will offer simplified access to these assets”, says Osvaldo Giménez, CEO of Mercado Pago.

Transactions with Bitcoin, Ethereum and USDP can be carried out with money available in the Mercado Pago account. The minimum purchase price is R$1.

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However, at this first moment, users who buy cryptocurrencies will not be able to transfer them to external wallets.

Cryptocurrencies in the Paid Market

According to Tulio Oliveira, vice president of Mercado Pago in Brazil, with this first step towards the crypto universe, the company wants to contribute to a great leap in education and financial inclusion of the Brazilian population.

“We will monitor our users closely. Let’s help them improve their cryptocurrency trading experience. In addition, we will offer all educational support for them to make the best decisions”, he said.

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Walter Hessert, head of Strategy at Paxos, said that this is a transformative moment for Latin America.

“Mercado Pago is offering a perfect experience in crypto and stablecoins, reaching millions of Brazilians. This will accelerate the conventional adoption of cryptocurrencies and stablecoins across the continent. We are excited to partner with Mercado Pago to make this possible”, he concluded.

Also Read: Adidas’ First Metaverse Partnership Includes NFTs

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Also read: Meta reviews policy and enables cryptocurrency ads on Facebook and Instagram

Also read: After quitting Twitter, Jack Dorsey changes Square’s name to Block

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