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Bitcoin, Ethereum Rival Cardano Tipped To Hit All-Time Highs In Next Month

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The price of cryptocurrency Cardano will jump to more than $3 in the next month, predicts the CEO of one of the world’s largest independent financial advisory, asset management and fintech organisations.

The prediction from Nigel Green, chief executive of deVere Group, which has $12bn under advisement, comes as little known Cardano (ADA) now rises to become the world’s third-largest digital currency after Bitcoin (BTC) and Ethereum (ETH).

Its price has gone up by more than 36% in the last week and its market capitalization currently stands at $90.60 billion. Year-to-date, it has surged 1,300%. Cardano’s price hit a previous all-time high of $2.41 in May.

He says: “Cardano is now just behind the major headline grabbers Bitcoin and Ethereum.

“People say it has come ‘from nowhere’ and it’s ‘an overnight success’ but this is not true. It was created by Ethereum co-founder Charles Hoskinson and launched in 2017, and experts have been seriously watching it with growing interest for more than 18 months.”

Earlier this year Cardano was added to deVere Crypto, the pioneering cryptocurrency exchange app, to join other major digital currencies including Bitcoin, Ethereum, Dash, Bitcoin Cash, XRP and Dogecoin.

“Cardano is on a clear upward trajectory and there’s no reason to think that this will come to a halt any time soon.

“In fact, momentum is likely to pick up and I believe that the price of Cardano will reach all-time highs in the next month, hitting more than $3,” says Nigel Green.

“There are three main drivers currently fuelling the price of this cryptocurrency.

“First, it’s being pulled by the broader crypto market rally. Total market capitalization is back up to $2 trillion again.

“Second, its upcoming network upgrade in September, putting its blockchain in a strong position to take on Ethereum, the most used blockchain in terms of smart contract functionality.

“There’s no doubt that smart contracts – a transactional protocol that lives on the blockchain and that automatically run when predetermined conditions are met – are going to have a major positive impact for almost every sector in the near future.

“And third, Cardano will keep benefitting from its reputation of being a ‘green’ cryptocurrency compared to the likes of Bitcoin, which is not considered as efficient in energy consumption.”

The deVere CEO concludes: “I’ve been bullish on Cardano for a long time, amongst other cryptocurrencies.

“But there’s a now real sense it is about to break out.”

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Dogecoin

Elon Musk Slammed With Fresh Lawsuit by Investors, Accused of Insider Trading in Dogecoin

Tesla and Twitter CEO Elon Musk has been slammed with a fresh lawsuit by investors, accusing him of insider trading and manipulating the price of Dogecoin which cost them billions of dollars.

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Tesla and Twitter CEO Elon Musk has been slammed with a fresh lawsuit by investors, accusing him of insider trading and manipulating the price of Dogecoin which cost them billions of dollars.

In a filing on Wednesday in Manhattan federal court, Southern District of New York, U.S., investors stated that Musk engaged in a deliberate act of manipulation, which saw him pay influencers as well as other publicity stunts, with the intention to pump Dogecoin’s price at their expense.

Musk’s stunts include his public appearances, a reference to his 2021 appearance on NBC’s “Saturday Night Live” where he told viewers to invest in Dogecoin, and social media activities hyping the cryptocurrency. These stunts reportedly boosted Dogecoin’s price by 36,000% to $0.70+ in May 2021. Today, DOGE trades 90% down from that high. 

Part of the lawsuit filing reads, “Musk’s pretense that promotion of Dogecoin was just well-meaning fun, not meant to be taken seriously is not credible”.  A key part of the lawsuit is the presupposition that Dogecoin is an unregistered security under existing standards from the U.S. Securities and Exchange Commission. 

This amended complaint, which is investors’ third change since the lawsuit started last June, contains a fresh allegation that Musk sold dogecoin worth about $124 million after he switched Twitter’s logo to a Shiba Inu dog in April, that caused the token’s price to surge by 30%.

Specifically, the lawsuit claims to have tracked down a wallet address that allegedly belonged to Musk and became the largest single holder of Dogecoin by February 2021. The wallet is reported to have sold millions of dollars worth of Dogecoin at multiple times throughout April 2021.

These investors accuse Musk of deliberately driving up Dogecoin’s price to more than 36,000% over two years, and eventually letting it crash.

Meanwhile, in response to an earlier iteration of the lawsuit slammed by investors, Musk’s lawyers said his statements were too vague to be considered fraud and called the lawsuit a fantasy. “There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion,” Musk’s lawyers said at the time,

Recall that Dogecoin according to Musk was created as a joke and has no practical use case. In 2021, Musk said that his social media posts about meme cryptocurrency dogecoin are “just meant to be jokes” and his true allegiance lies elsewhere.

Musk had conceded in the Clubhouse interview that he doesn’t have a strong opinion about tokens outside of Bitcoin, the world’s dominant crypto.

Meanwhile, Investors King understands that the billionaire CEO’s favorite crypto was never clear, but had repeatedly appeared to endorse dogecoin launched in 2013 using the branding of a Shiba Inu dog from a then-popular internet meme to his millions of Twitter followers.

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Cryptocurrency

Tether Recovers All $20 Billion Lost in 2022, Market Capitalization Hits A New Record High

Tether has recovered all of the $20 billion it lost in 2022 after TerraUSD collapsed as it hits a new record-breaking market capitalization of $83.2 billion.

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Largest stablecoin issuer in the market Tether has recovered all of the $20 billion it lost in 2022, after TerraUSD collapsed as it hits a new record-breaking market capitalization of $83.2 billion.

Tether’s proven resilience and unwavering commitment to industry-leading transparency practices, and its ability to weather market volatility have solidified its reputation as a trustworthy platform.

Speaking on its recovery and record-high market capitalization, CTO of Tether Paolo Ardoino said,

“Today’s numbers demonstrate that people want access to financial freedom, and when given that access, they will make use of it. Between our battle-tested resilience in the face of market volatility and our industry-leading transparency practices, Tether has proven that it can be trusted, and customers are responding in kind.

“Tether tokens offer a safe harbor for the unbanked and allow people in emerging markets to keep their buying power, even when their national currency is being devalued”.

Analysts at digital asset research Conor Ryder said that Tether’s rise suggests peg stability is far more important for most stablecoin holders than issuer transparency.

The company’s recent surge in market capitalization and its successful recovery from last year’s setback signify a pivotal moment for stablecoins and the overall crypto landscape. It also reinforces Tether’s position as a trusted and resilient player, instilling confidence in investors and further solidifying stablecoins as a crucial component of the cryptocurrency ecosystem.

Tether’s judicious management of its assets has been instrumental in this recovery. With approximately 85% of its holdings in cash, cash equivalents, and short-term deposits, it exhibits a robust asset base.

Recall that the instability that shook the crypto market last year saw Tether as well as other stable coins lose a huge part of their market cap which saw investors exit the market in drove.

Meanwhile, Investors King understands that while Tether has managed to recover its market value other stablecoins such as USD Coin (USDC), have struggled to regain their previous market capitalization levels.  Analysts suggest that it implies that investors’ confidence may not be fully restored in the stablecoin sector yet.

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Cryptocurrency

Central African Republic Passes Law That Allows Foreign Investment in Cryptocurrencies

The Central African Republic, a landlocked country in Central Africa has recently passed a law that allows foreign investment in cryptocurrencies after it adopted Bitcoin as a legal tender last year.

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The Central African Republic, a landlocked country in Central Africa has recently passed a law that allows foreign investment in cryptocurrencies after it adopted Bitcoin as a legal tender last year.

Announcing the passage of this law, the CAR government said,

“The new law for the tokenization of natural resources sets down the framework for using Bitcoin and the country’s virtual currency, Sango, in the investment process. This includes foreign nationals wishing to invest in mining, agricultural, and forestry assets.

“Investors have the right to transfer abroad all annual profits accruing to them after payment of taxes, duties, and other obligations”.

Investors King understands that CAR is the first country in Africa to adopt Bitcoin as a legal tender, and the second in the world after El Salvador.

This decision has however put the country at odds with the Bank of Central African States (BEAC), the regional central bank that serves the Economic and Monetary Community of Central Africa (CEMAC), which the Central African Republic is a member of and violates the CEMAC Treaty.

President of Central African Republic Faustin-Archange Touadéra disclosed that the country’s crypto coin ‘Sango Coin’, which was launched in July last year, will be the next-generation currency for the country and will be a gateway to the country’s natural resources.

He said that Sango Coin is part of the CAR’s vision to have an integrated capital market that could stimulate commerce and sustain growth. He talked about the need for financial inclusion and the need for the country’s citizens to easily have access to cryptocurrencies via smartphones.

Explaining the project’s benefits, he stated that the citizens will gain at every level, as they will live in a country in full economic development, which means employment and prosperity.

Moreover, they will benefit from virtual transactions, which in contrast to traditional banking, have the advantage of rapid access, fast execution, lack of bureaucracy, and low cost. For us, a formal economy is no longer an option.”

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