Connect with us

Blockchain

Dogecoin (DOGE) is Not Worth $37 Billion, Says Barry Silbert

Republished by Plato

Published

on

Barry Silbert, the Founder and CEO of Digital Currency Group, believes Dogecoin is not worth $37 billion and predicted a significant drop in its value to below $1 billion. Nevertheless, the former Grayscale CEO added that DOGE will “certainly” not go away due to its passionate community.

DOGE is Not Worth $37B

Despite seeing the light of day in late 2013, the Shiba Inu-inspired meme coin became a real star eight years later following constant social support from Tesla’s Elon Musk, mimicked by multiple other celebrities.

The rapidly appreciating price led to numerous copycats but also garnered the attention of retail investors and even mass media. People rushed to cover the next hot topic coming out of the cryptocurrency world.

However, quite a few argued that the skyrocketing price and coming just $0.25 away from reaching $1 is a clear sign of a bubble state. Barry Silbert, the man behind Digital Currency Group, seems to be among those.

In a recent Twitter chat, the executive said he’s “truly excited to see what DOGE can become over time” and predicted that it’s not going away. However, he added, “it is not worth $37 billion,” which is the meme coin’s total market cap at the time of this writing.


ADVERTISEMENT

It’s worth noting that Silber also predicted a violent crash for DOGE by indicating, “it’s going back to sub $1 billion.” If his words indeed come to life, Dogecoin’s price would plummet well below $0,01.

The Ultimate Gamble Trade

After highlighting his adverse future price views about the meme coin, Silbert broached his reasons. He called Dogecoin the “ultimate momentum, gamble trade.”

Consequently, he believes that once this momentum is gone, which could be closer than most people expect, the current holders will move from DOGE to other hot coins. By doing so, they will “learn there are many other/better ways to make 10x” returns.

“If the entire value of something comes from a collective belief – and not usefulness or utility – then that thing is overvalued. There’s another name for that, but I’m not going there as I know it wasn’t created for that purpose or why most people loved it early on (like me).” – Silbert concluded.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/dogecoin-doge-is-not-worth-37-billion-says-barry-silbert/

Blockchain

Bitcoin Cash: Is another drawdown likely?

Republished by Plato

Published

on

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Bitcoin Cash suffered a major setback after its price declined by 80% from its 12 May swing high of $1,642. An additional 50% drop dragged it below its 19 May swing low of $470, but BCH finally cushioned its losses at $390. Broader market relief over the last couple of days pushed BCH north of $470 once again, but the price was still in a sensitive position, at the time of writing.

Bitcoin Cash 4-hour chart

Source: BCH/USD, TradingView

A fall below BCH’s 19 May swing low of $470 had pushed the price towards $390 – A level last seen in late January. Having recovered from monthly lows on the back of broader market recovery, the 4-hour 20-SMA flipped bullish once again but the formation of an up-channel meant that bulls must be wary of another breakdown.

Reasoning

While BCH did break below the key level of $470, the region stole the spotlight once again. The 20-SMA and lower trendline of BCH’s down-channel both clashed with the aforementioned support level. Moreover, the Visible Range’s Point of Control lay at this very mark as interest for BCH was at its peak at $470 over the stated timeframe.

However, a look at BCH’s indicators pointed to some downside over the coming sessions. The Relative Strength Index failed to breach 50 as weakness persisted in the market. The MACD line closed in on the Signal line while its histogram noted receding bullish momentum.

The Stochastic RSI even indicated overbought conditions and headed back towards the neutral zone. If bulls fail to hold on to the press time-support, the price could drop towards its 28 February swing low of $430, where some stability can be expected.

Levels to watch out for 

Entry: $468

Take-profit: $430

Stop-loss: $500

Risk/reward: 1.19x

Conclusion 

Bitcoin Cash’s indicators noted some bearishness in the market and the price can move south from its press time value. This might open up a short opportunity for traders. Entry can be set just below Visible Range’s POC at $469, and take profit at its 28 February swing low of $430.


Subscribe to our Newsletter


PlatoAi. Web3 Reimagined. Data Inteligence Amplifed.
Click here for Free Trial.

Source: https://ambcrypto.com/bitcoin-cash-is-another-drawdown-likely

Continue Reading

Blockchain

Japan: FSA reportedly warns Binance against operating without a license

Republished by Plato

Published

on

Japan is considered by some to be the home of Bitcoin’s founder Satoshi Nakamoto, thanks to the famous pseudonym. Ergo, it is not a surprise that Japan is among the few nations worldwide to accept cryptos with open arms. That being said, regulatory norms in the country, especially those governing crypto-exchanges have been strict, especially on the back of episodes like Mt. Gox.

Now, according to reports, Japan’s financial watchdog has issued Binance a warning for operating in Japan without complying with its regulatory norms. Chinese journalist Colin Wu confirmed the aforementioned development by sharing a copy of the notice the crypto-exchange has allegedly been issued.  

According to the same, Japan’s Financial Services Agency (FSA) has warned the world’s largest crypto-exchange about the license that is mandatory for it to operate in the crypto-space in Japan.

Now, to some, the intensified regulatory scrutiny now poses a concern about a likely fall in demand on the exchange. However, it should be noted that Binance is not a very popular exchange in Japan. Bitbank and bitFlyer are the largest exchanges in terms of users, average daily volume, and investment capital. Accordingly, this development should not impact the crypto-community in Japan much.

In fact, the FSA had already warned Binance once back in 2018. At the time, post the 2018 warning, Bitcoin’s price subjected itself to a fall on the price charts. Again, earlier in February last year, the Malta Financial Services Authority (MFSA) also issued a warning to the exchange with the same allegation that it was not authorized to operate in its country’s crypto-sphere.

At that time, Binance’s execs had made it clear that they intend to closely work with regulatory bodies and comply with rules and regulations in all the places they operate in. That being said, at press time, Binance was yet to issue a statement in response to the aforementioned reports.   

The FSA was also in the news recently for issuing a warning to Bybit a couple of days back.


Subscribe to our Newsletter


PlatoAi. Web3 Reimagined. Data Inteligence Amplifed.
Click here for Free Trial.

Source: https://ambcrypto.com/japan-fsa-reportedly-warns-binance-against-operating-without-a-license

Continue Reading

Blockchain

Elon Musk Agrees to Have the Bitcoin Talk With Jack Dorsey

Republished by Plato

Published

on

After laughing at Jack Dorsey’s proposition for a Bitcoin conference earlier, Elon Musk has actually agreed to a BTC conversation with the CEO of Twitter at the event.

  • As reported earlier, Elon Musk likes to have fun with the cryptocurrency community. Perhaps that’s why he initially laughed at Jack Dorsey’s most recent Bitcoin endeavor.
  • The CEO of Twitter announced plans to hold a designated BTC event aiming to “help protect and spread what makes bitcoin open development so perfect.”
  • After the initial laughter from Tesla’s CEO, though, Dorsey asked Musk to have a conversation at the event where the latter could share all of his “curiosities.”
  • Later on, Musk indeed agreed to have “THE talk” at the event, which should take place on the 21st of July this year.
  • Apart from Dorsey, some of the other popular names that will speak at the conference include the CEO and CIO of ARK Invest, Cathie Wood, and the CEO of Blockstream, Adam Back.
  • With this event, Twitter’s CEO continues to reaffirm his support for the primary cryptocurrency.
  • During the 2021 Bitcoin Conference in Miami, he called the asset the most important work of his lifetime. Furthermore, he said he would leave Twitter and Square if BTC needed him.
  • His personal Twitter account continues to display only one word – bitcoin. Additionally, he partnered with the legendary rapper Jay-Z to donate 500 BTC to fund developers working on the network.
SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


PlatoAi. Web3 Reimagined. Data Inteligence Amplifed.
Click here for Free Trial.

Source: https://cryptopotato.com/elon-musk-agrees-to-have-the-bitcoin-talk-with-jack-dorsey/

Continue Reading
Blockchain4 days ago

Legends: The premium NFT minting platform

Uncategorized4 days ago

Origin Protocol Price Prediction 2021 – Will OGN Hit $5 Soon?

Assets2 days ago

Hedge fund that shorted GameStop closes as $1.13B GME stock offer completes

Blockchain1 day ago

Active Bitcoin Addresses Reach the Lowest Level in 12 Months

Blockchain1 day ago

7 Altcoins That Make You a Billionaire in 2022

Blockchain3 days ago

PayPal and Visa Lead $300M Funding for Blockchain Capital

News4 days ago

New Bill Aims To Make Paraguay a Global Crypto Hub

News3 days ago

Crypto Trader’s $20 Investment Explodes to $1,184,154,683,482 on Coinbase – But He’s Not Cashing Out

Uncategorized5 days ago

Is $SHIB Better Than $DOGE? And Other Crypto ($BTC, $ETH, $CHZ) News From Paraguay

News5 days ago

Battlegrounds Mobile India sending your data to a Chinese Server: Report

Blockchain4 days ago

3 Tons of Bitcoin Mining Rigs Will Reportedly Relocate From Guangzhou to Maryland

Blockchain3 days ago

Cardano Founder: Ethereum Will Overtake Bitcoin

Blockchain5 days ago

Every quad witching, this Chainlink price trend can be observed

Blockchain3 days ago

Terra Virtua’s Mechagodzilla NFT sold for $33,700 by Blockmuse

Blockchain2 days ago

MATIC, USDT, BAL, WBTC + 3 more cryptocurrencies now available for trading on CoinJar

Blockchain2 days ago

Despite the Bounce: Bitcoin Might Still Retest $24K as Final Leg Down

Blockchain1 day ago

John McAfee’s Strange Suicide Leads To Even Stranger Conspiracy Theories

Blockchain3 days ago

‘Bitcoin’s six-week run of outflows has been driven’ by these factors

3 days ago

Nemestice event may bring new Spectre arcana, Void Spirit lore

News5 days ago

Polkadot, Solana and Chainlink Price Analysis: June 20

Trending