Blockchain

Mark Cuban Revels as Digital Natives’ Slay Wall Street Giants

Published

8 months ago

February 2, 2021

Mark Cuban is no stranger to the power of the internet, having leveraged it to make billions for himself. With Wall Street currently in what appears to be a battle against online-based investors, the billionaire owner of the Dallas Mavericks has made his allegiances clear.

No Mercy for “Fat, Happy” Wall Street

Like many, Cuban had a front-row seat at last week’s incredible event that saw the shares of electronics retail company GameStop surge by over 600 percent. The event already drew a significant amount of comparisons and reactions. Not one to shy away from trending issues, Cuban shared his excitement.

In a blog post, the billionaire went on the offensive, explaining that Wall Street had become too complacent and was getting a reckoning from investors on digital platforms – members of what he called the “store of vague: generation.

As Cuban explained, millennials have built a deeper understanding of digital assets and their values. This changing of the guard began when most were younger, and they’ve now grown up to appreciate the digital space even more.

Wall Street Gets Its Reckoning

Cuban also discussed technologies like blockchain and its personal favorite—non-fungible tokens, that allow people to ascribe digital values to physical assets. This operation ensures that the assets’ values can be stored, while investors don’t need to face the same downsides of having physical collectibles and assets.

Cuban added that the same paradigm could apply to the stock market. Stocks represent just another digital store of value, and members of the new generation have understood how to take advantage of the legacy system’s inefficiencies. By banding together, they’ve been able to neutralize Wall Street’s powers and hold hedge funds and other powerful players accountable.

In truth, the GameStop saga has been more of a memorandum on Wall Street and the dwindling powers of its players. Melvin Capital, the company that shorted GameStop’s stock and led to Reddit investors’ retaliation, was forced to close its position and had to take additional funding to keep its operations afloat.

Last weekend, the Wall Street Journal reported that the company had only about $8 billion in assets at the end of January. Considering that it began the month with $12.5 billion – and with the $2.75 billion in additional capital in the aftermath of the short squeeze – Melvin Capital lost 53 percent of its assets, thanks to the influence of a band of retail investors on Reddit.

Many of these Reddit investors have now found their groove and have so far been behind significant gains in XRP and DOGE. While this newfound power could age consequences, we could very well be witnessing a shift in consciousness – especially for young investors. Suddenly, Wall Street doesn’t look so powerful anymore.

Source: https://insidebitcoins.com/news/mark-cuban-revels-as-digital-natives-slay-wall-street-giants

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Blockchain

Cardano must remain above this level to revive from current lows or else…

Published

26 mins ago

September 20, 2021

Republished by Plato

Cardano, following the lead of Bitcoin and Ethereum was falling today. In fact, in some ways, the third-generation coin has been following the second-generation coin. ADA’s price movement has been imitating ETH’s price action. It is important to consider what this means for the investors. We know they are hit by losses but how bad is that hit? Can they recover from it?

Cardano following Ethereum?

The coin has seen a consistent price fall in the same 5 day period as Ethereum did, falling by 15.08% at press time. At $2.12, things do not look good for ADA holders.

Cardano’s 15.08% drop | Source: TradingView – AMBCrypto

Those who bought ADA for around $2.41, are presently struggling to sell their holdings. As mentioned due to the price falling to $2.14 these people are dealing in losses. At the moment they represent 67% of all ADA investors.

The addresses in profits did not suffer much, however, but those at break-even did. These addresses went into losses and the total number of addresses in loss rose by 4%.

4% Cardano addresses move into losses | Source: Intotheblock – AMBCrypto

These losses further led to the average balance on every Cardano holders’ address dropping from $40k to $37k.

Cardano addresses’ average balance falls | Source: Intotheblock – AMBCrypto

So are there any hopes of recovery?

Hopes of recovery are alive but for that Cardano will have to maintain its strength somehow. Already its correlation to Bitcoin has dropped to 0.71.

But that hasn’t stopped bullish investors from trying to gain as much profit as possible. The market books show a 16 million ADA worth $34.2 million higher demand for buying even during such a market.

Cardano continues to be bought | Source: Intotheblock – AMBCrypto

At present, $2 is the immediate and critical support. To minimize losses Cardano must remain above it as a fall from it could lead to further downfall.

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Source: https://ambcrypto.com/cardano-must-remain-above-this-level-to-revive-from-current-lows-or-else

Blockchain

Webcams Site, BongaCams, Becomes Next Major Player to Accept Dogecoin

Published

46 mins ago

September 20, 2021

Republished by Plato

The success and popularity of the cryptocurrency asset, Dogecoin, continues to trend upward as BongaCams has just become the next on a growing list of market-leading companies announcing their adoption of the digital currency as a payment option. Dogecoin, now the world’s 8th largest digital asset, is surging once again and continues to enjoy support from investors and celebrities alike, including Tesla CEO Elon Musk, who has tweeted favorable comments about the currency on multiple occasions, even calling Dogecoin the “future currency of Earth.”

BongaCams, the biggest webcam site on the web, and recipient of multiple industry awards, has formally announced that they will be the next major name to begin accepting Dogecoin. BongaCams has built a reputation for being closely aligned to the needs of their customers and the company has made extensive efforts to provide an accessibility experience that is fast, easy, and comfortable. When it came to offering payment options that customers wanted BongaCams couldn’t ignore all that DogeCoin had to offer in terms of fast and anonymous payment options for their customers, and broad market acceptance.

And what’s not to love about Dogecoin? After soaring 15,000% in value and reaching a market cap of $88 billion, the cryptocurrency has built one of the largest and most active communities in the cryptocurrency world and is now considered a great alternative for payment options. Dogecoin’s popularity along with the abundant praise from research analysts who expect the ascent to continue have helped Dogecoin succeed where other cryptocurrency coins have struggled.

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Source: https://www.livebitcoinnews.com/webcams-site-bongacams-becomes-next-major-player-to-accept-dogecoin/>

Blockchain

XRP, EOS, Chainlink Price Analysis: 20 September

Published

56 mins ago

September 20, 2021

Republished by Plato

Broader crypto market sentiments remained quite bearish over the last 24 hours. The likes of XRP, EOS and Chainlink registered substantial losses.

XRP was trading below a dollar’s mark after over a month’s time. EOS lost 15.4% of its valuation and inched closer to its immediate support level. Lastly, Chainlink declined by 13.5% and was oversold after a gap of multiple months in between.

XRP

XRP, EOS and Chainlink Price Analysis: 20 September

XRP/USD, TradingView

XRP depreciated 14.6% over the last 24 hours and was trading at $0.90. Immediate support level for the coin was at $0.77.

Technical outlook suggested negative price action. MACD displayed red bars on the histograms. The Relative Strength Index was near the 20-mark indicating that XRP was oversold. Bollinger Bands diverged, suggesting that price volatility might be on the rise.

Conversely, if XRP’s buying pressure finds its way back, then the first resistance point stands at $1.06. Other price ceilings awaited the alt at $1.20 and $1.31 respectively.

EOS

EOS/USD, TradingView

EOS recorded a 15.4% fall over the last 24 hours and was trading at $4.26. The token had last traded around this price level over a month ago. A dip below the current price level could push EOS to trade at $3.90 support line.

On the four-hour chart, the price of EOS was below the 20-SMA line. This reading meant that momentum belonged with the sellers. The Relative Strength Index was positioned inside the oversold territory.

Chaikin Money Flow was below the half-line as capital inflows also declined. MACD displayed red bars on the histogram. On the flipside, the first resistance mark for the coin was at $4.54. Additional price ceilings were at $5.10 and $5.48.

Chainlink (LINK)

LINK/USD, TradingView

Chainlink was priced at $24.07 after it plunged by 13.5% over the last 24 hours. Immediate support line was at $22.50, a price level it last touched on 11 August. The price of LINK was seen below the four-hour 20-SMA, indicating that price momentum belonged to the sellers.

The Relative Strength Index was on a multi-month low. It was parked near the 20-mark signifying an oversold state. Awesome Oscillator displayed red signal bars. MACD flashed red bars on the histogram.

In the event of a price reversal, LINK’s immediate resistance was at $27.78. Other resistance lines awaited LINK at $32.37 and $35.83.