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Weeks After Losing $25K In Bitcoin, Barstool Sports Founder Dave Portnoy Is Ready To Invest In Crypto Again

Weeks After Losing $25K In Bitcoin, Barstool Sports Founder Dave Portnoy Is Ready To Invest In Crypto Again

Day trader extraordinaire Dave Portnoy is ready to get back to cryptocurrency trading only weeks after incurring a $25,000 loss in bitcoin. The founder of Barstool Sports spoke highly of people in the cryptocurrency industry while stating that he would soon return to the crypto market. ‘My Heart Is Crypto’: Dave Portnoy In the latest […]

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Weeks After Losing $25K In Bitcoin, Barstool Sports Founder Dave Portnoy Is Ready To Invest In Crypto Again

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Day trader extraordinaire Dave Portnoy is ready to get back to cryptocurrency trading only weeks after incurring a $25,000 loss in bitcoin. The founder of Barstool Sports spoke highly of people in the cryptocurrency industry while stating that he would soon return to the crypto market.

‘My Heart Is Crypto’: Dave Portnoy

In the latest episode of the Davey Day Trader Global live stream on September 9, Dave Portnoy talked about the people he has had the pleasure of interacting with during his years of working as an internet personality. For him, the crypto people are the “most enjoyable group of people” he has ever met. This is because he feels that most of these people share the same personality as him.

He further indicated that his “heart is in crypto” and he will be back once he figures it out:

The crypto people, just about the most enjoyable group of people I’ve ever met. They are f*cking crazy. They are crazy on social media, they are crazy on Twitter, they have the same f*cking personality I do, they are gamblers at heart, they slant, they laugh at themselves, they just want to make money. I will be in crypto. My heart is crypto. But I just gotta figure it out. Right now, I’m dealing with the stock market.”

For those who are unaware, Dave Portnoy gained popularity in the crypto community after his high-profile investment last month. He got a crypto crash course from the Winklevoss twins on August 13 where they tried to explain bitcoin — and crypto in general — to him as simply as possible.

Portnoy ended up splashing a good amount of money on bitcoin (BTC) and Chainlink (LINK). Much to his chagrin, a brutal crypto market correction ensued and his coins lost value. On August 21, Portnoy indicated that he was done with cryptocurrency trading after seeing a $25,000 loss.

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In the recent segment, Portnoy also reiterated his love for the LINK marines while dissing the legion of Orchid fans.

“I love the Link Marines. I don’t like the Orchid people. The Orchid people are a joke. Get the Orchid people out of here. But other than that, I like it all.” 

Is Portnoy Really Ready For Bitcoin Trading?

Portnoy’s comments about his possible re-entry into the crypto market came after the crypto-assets posted strong relief rallies on Wednesday, with the dominant crypto bouncing back above $10,300.

The bitcoin price has recently dropped from a high of $12,500 to the $10K level it currently hovers around. Despite the high volatility and the lack of bitcoin trading expertise, Portnoy maintained that he loves the asset class.

“I love crypto. When I think crypto, the juices get flowing, I can feel it in my plums… I realized I don’t know what the fuck I’m doing.”

It is just a matter of time before he figures out crypto and makes another massive investment. Whether he sticks around for the long haul the next time it happens remains to be seen. 


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/weeks-after-losing-25k-in-bitcoin-barstool-sports-founder-dave-portnoy-is-ready-to-invest-in-crypto-again/

Blockchain

CoinShares Launches a $75 Million Physically-Backed Ethereum (ETH) ETP

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A month after launching a Bitcoin ETP on Switzerland’s SIX Exchange, CoinShares has released a physically-backed exchange-traded product following the performance of the second-largest cryptocurrency – Ethereum. 

  • Describing itself as “Europe’s largest digital asset investment house,” CoinShares is a cryptocurrency-oriented manager with over $4 billion in AUM. The company, headquartered in London, announced the launch of its latest crypto product – a new physically-backed ETP tracking the performance of Ethereum. 
  • Called CoinShares Physical Ethereum, the product is already listed on the regulated SIX Swiss Exchange under the ticker ETHE and has a base fee of 1.25%. According to the company, the cost is “lower than the industry standard” of 2%. 
  • The statement explained that each unit of ETHE is backed with 0.03 Ether tokens at launch. Thus, it provides investors with “passive exposure to Ethereum’s native asset with the convenience of an ETP.” 
  • “In the early days of 2021, we have seen a continuation of last year’s demand in digital assets from institutions. We have also seen an increase in investor interest in Ethereum. We are encouraged by our client’s trust in our team to guide them in their journey through the digital asset ecosystem, and for many, Ethereum is an important part of that journey.” – commented Chief Revenue Officer Frank Spiteri. 

  • It’s worth noting that this is the company’s second similar product tracking the performance of a crypto asset launched this year. Somewhat expectedly, the first one, released in mid-January, follows the largest digital asset by market cap – Bitcoin. 
  • CryptoPotato reported upon its launch that it started with AUM of $200 million, and each unit is backed by 0.001 BTC. 
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Source: https://cryptopotato.com/coinshares-launches-a-75-million-physically-backed-ethereum-etp/

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Blockchain

Chainlink Price Analysis: 27 February

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

Bearish sentiment has been the norm over the past few days, with the same being the case at press time for altcoins such as Chainlink. LINK has seen its price hike by around 164 percent since the start of the year. Over the last 7 days, however, with sellers dominating the market, LINK lost close to 28 percent of its value. While there have been some signs of recovery on the price charts, traders cannot discount the possibility of a further dip soon.

At the time of writing, LINK was trading at $25.5 with a market cap of close to $10.5 billion, making it the ninth-largest cryptocurrency according to CoinMarketCap’s list.

Chainlink 1-day Chart

Source: LINK/USD, TradingView

Chainlink’s price surged within an ascending channel formation over the last two months and as expected, the breakout was bearish for the coin. Additionally, Bitcoin also fell over the past week, adding to LINK’s price woes.

At press time, while LINK had strong resistance around the $35.1-price range, it was testing the support at $23.9, just like it has over the past few days. If this support level fails, it is quite likely that LINK will head towards the next support at $19, creating an opportunity for traders to open short positions.

Rationale

The technical indicators for LINK were quite bearish at press time and one can expect a further price drop for the coin in the coming days. At the time, the RSI indicator was quite far away from the overbought zone and was close to the oversold zone, indicating the absence of a buyer-dominated market.

If the RSI drops even further, LINK’s downtrend will continue. The MACD indicator also painted a similar picture after having seen the Signal line go past the MACD line, resulting in a bearish crossover.

Important levels to watch out for 

Resistance: $35.1

Support: $23.9, $19

Entry: $24.7

Take Profit: $19.4

Stop Loss: $34.4

Risk/Reward: 0.56

Conclusion

Chainlink saw its price surge on the charts over the past two months. However, the sentiment has since changed quite significantly and the coin seemed to be firmly in the grip of the bears. The altcoin may see a further price drop in the coming week if the press time support level fails. Such a scenario will result in LINK’s price going below the $20-mark, presenting an opportunity for short positions in the market.


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Source: https://ambcrypto.com/chainlink-price-analysis-27-february

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Blockchain

Bitcoin Cash, Huobi Token, Zcash Price Analysis: 27 February

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Bitcoin Cash retained the 10th spot on the crypto-rankings, despite being severely impacted by the recent correction in the broader market. Huobi Token flashed bullish signals, but a break above its press time resistance was unlikely. Finally, Zcash was projected to trade within a fixed channel since volatility was low in the market.

Bitcoin Cash [BCH]

Source: BCH/USD, TradingView

Weekly losses on Bitcoin Cash‘s charts amounted to 34% as a correction in the broader market had a negative effect on the crypto-asset. This period also saw $3 billion erode from BCH’s total value as it held on to the number 10th spot in the crypto-rankings by a bare margin, with a market cap of $9.18 billion. At the time of writing, BCH’s price was floating just above its $464-support, while the indicators gave mixed signals on BCH’s future trajectory.

The RSI pointed lower from under the 40-mark and reflected the weakness in price. On the other hand, the MACD moved above the Signal line while the histogram registered rising bullish momentum. With the crypto-market awaiting strong cues, we can expect BCH to remain above its press time support level. If the aforementioned level fails, the next line of defense would be at $421.5.

Huobi Token [HT]

Source: HT/USD, TradingView

The ADX indicator showed that Huobi Token’s uptrend was weakening after the price snapped an all-time high exactly a week ago. In fact, the losses amounted to over 30% following the broader sell-off in the crypto-market. At the time of writing, the altcoin’s price had bounced back from the $15.4-support after the bulls stepped in.

The MACD closed in on a bullish crossover, while the red bars on the histogram moved towards the half-line on the histogram. Either way, its gains would be capped at the immediate resistance and a hike to record levels seemed unlikely over the coming trading sessions.

Zcash [ZEC]

Source: ZEC/USD, TradingView

The Bollinger Bands on Zcash’s hourly charts were compressed as volatility remained low after the price bounced back from its $114.7-support. Weak trading volumes and buying pressure worked against a bullish outcome even though the price looked to breach the $124.75-resistance.

The Awesome Oscillator switched to red from green as momentum moved back and forth over the last few sessions. Moving forward, expect Zcash to remain within its current channel as it awaits stronger signals from the broader market for a definitive move on the charts.


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Source: https://ambcrypto.com/bitcoin-cash-huobi-token-zcash-price-analysis-27-february

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