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Cryptocurrency: Dogecoin Out of Bear Market; Says Veteran Trader Peter Brandt

Following the recent surge in the value of Dogecoin by more than 87 percent, Veteran Trader, Peter Brandt has stated that the cryptocurrency asset has exited the bear market that started in May 2021. 

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Dogecoin - Investors King

Following the recent surge in the value of Dogecoin by more than 87 percent, Veteran Trader, Peter Brandt has stated that the cryptocurrency asset has exited the bear market that started in May 2021. 

Investors King earlier reported that Dogecoin has been on the rise since the news of Elon Musk’s acquisition of Twitter filtered in. 

The meme coin first rose by 17 percent on Friday before adding another 70 percent on Saturday.

While narrating a breakout chart that he shared on Twitter, Peter Brandt noted that although Dogecoin is out of the woods, it is nonetheless not a sign of a bull market. 

He cautioned beginner traders not to confuse the end of a bear phase as the beginning of a bull market. 

Peter said, ” A common mistake made by novice and wanna-be traders is assuming that an end to a bear phase of a market is automatically a signal that a bull market has begun. This assumption is most often wrong”. 

However, some of his followers have expressed fear that the chart could be a breakout that will only deceive beginning traders and later go back into another phase of downward movement. 

A Twitter user pointed out that a period of consolidation will help to determine the next movement of Dogecoin. 

It would be recalled that the Dogecoin community has gone into a frenzy following its nearly 100 percent upward movement in just three days. 

The recent movement of Dogecoin has been associated with the acquisition of Twitter which many cryptocurrency enthusiasts have interpreted as a good sign for Dogecoin and the entire cryptocurrency industry.

Similarly, Elon Musk has never hidden his love for cryptocurrency, particularly Dogecoin. He is often referred to as Doge-Father and his automobile company, Tesla accepts Dogecoin for the payment of some of its merchandise. 

It is understood that the acquisition of Twitter by Elon Musk will create a friendlier social media industry for cryptocurrency. 

Recently, Twitter has allowed users to attach their bitcoin wallet address to their profile while the social media giant is expected to adopt a more crypto-friendly policy to boost adoption. 

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Cryptocurrency

Binance CEO, Zhao to Create $1bn for Purchase of Distressed Assets

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Binance CEO

According to an interview with Chief Executive Officer Changpeng Zhao, cryptocurrency exchange Binance wants to create a fund of about $1 billion for the potential purchase of distressed digital assets.

In an interview with Bloomberg, Zhao made a suggestion about possible funding increases. He said, “If that’s not enough, we can allocate more.”

The recovery fund Zhao’s business plans to set up to help cryptocurrency projects experiencing a liquidity crisis as a result of the failure of rival FTX has drawn a lot of interest from industry players, Zhao said last week while addressing a conference in Abu Dhabi.

Zhao stated he doesn’t have a precise number in mind for the size of the recovery fund while speaking at a conference in Abu Dhabi.

He declined to name other exchanges or institutions at this time, but said that there were “players that have strong financials and we should band together; we’ve got significant interest so far.”

Zhao stated that Binance has strong reserves, but he did not specify how much the business would contribute to the fund.

Zhao remarked that Crypto didn’t require saving. “Crypto will be fine.”

Zhao stated that more information about the fund will be made available over the following two weeks.

Investors King learned that earlier today, Binance’s Twitter account posted information about the launch of a new project and token sale by Binance Launchpad. Similarly to this, Binance has released information about the upcoming token sale for HOOK, the Hooked Protocol’s native cryptocurrency.

In the same manner, as with earlier projects that Binance has launched on its platform, the token sale will be conducted as a lottery.  Participants’ BNB balances will be recorded starting at 0:00 UTC today and continuing until 0:00 UTC on December 1.

Snapshots of balances will be made on an hourly basis during that period of seven days.

The self-custody wallet NGRAVE has received a strategic investment from Binance, and the company will manage its Series A round. The largest exchange by volume has decided to capitalize on the growing demand for hardware wallets. After the recent failure of the important cryptocurrency exchange FTX, a rise has been noted.

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FTX Confirms Owing its 50 Top Creditors $3.1 Billion

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FTX Crypto Exchange

Foremost cryptocurrency exchange company, FTX, which filed for the United States (U.S) bankruptcy court protection, has revealed it owes its 50 biggest creditors nearly $3.1 billion.

FTX is a Bahamas-based cryptocurrency exchange. The exchange was founded in 2019 and, at its peak in 2021, had over one million users and was the third-largest crypto exchange across the globe by volume.

In the court filing made on Saturday 19th of November, 2022, the exchange corporation confirmed it owes its top ten creditors alone, around $1.45 billion – declining to mention their names.

Since 11 November 2022, FTX has been in bankruptcy proceedings in the US court system following a liquidity crisis.

FTX and its affiliates filed for bankruptcy in Delaware on November 11, in one of the highest-profile crypto deals, rendering almost 1 million customers, including other investors to face total losses in the billions of dollars.

FTX on Saturday assured it has launched a strategic review of its global assets; preparing the sale of some assets; and reorganization of some sister businesses. A hearing on FTX’s so-called first-day motions commenced on Tuesday 22nd of November 2022, before a U.S. bankruptcy judge in a separate court filing.

Investors King learnt the collapse of FTX impacted negatively on the cryptocurrency industry, by extension reducing the paper fortune of its 30-year-old founder, Sam Bankman-Fried, from more than $15 billion to almost nothing within days.

The sudden implosion of FTX prompted financial experts to clamour for a mechanism capable of bringing crypto within the regulatory framework.

Investment analyst, Jon Cunliffe, at an event organized by Warwick Business School said “While the crypto world is not at present large enough or interconnected enough with mainstream finance to threaten the stability of the financial system, its links with mainstream finance have been developing rapidly.”

Cunliffe warned “We should not wait until it is large and connected to develop the regulatory frameworks necessary to prevent a crypto shock that could have a much greater destabilising impact.”

FTX recently gained the support of top-notch investors such as Sequoia Capital; the world’s largest asset manager BlackRock; and a handful of known hedge fund managers. It also enjoyed celebrity endorsements American football star, Tom Brady, and comedian Larry David.

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Cryptocurrency

Binance to Launch Recovery Fund for Viable But Low Liquidity Cryptocurrency Projects

Key cryptocurrency players to start co-investing in strong but liquidity-challenged cryptocurrency projects.

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Binance CEO

Following a series of crises rocking the cryptocurrency space, Binance has announced plans to partner with other industry players with cash to provide liquidity support for strong cryptocurrency projects in a liquidity crisis.

Other industry players, Tron, Huobi Global and Poloniex have said they will support Binance through co-investment in this initiative.

Earlier this year, Luna with a $40 billion market value plunged to zero with cryptocurrency investors and other people familiar with the situation accusing the founder of transferring millions of dollars from the project prior to the collapse.

Similarly, the FTX exchange platform collapsed with billions of investors’ funds, sending the entire cryptocurrency market into panic with the CEO of Binance predicting more collapse from poorly managed fraudulent companies. This led to aggressive withdrawals from both viable and questionable cryptocurrency projects and subsequently, the stoppage of withdrawal by most cryptocurrency platforms and the eventual decline of Bitcoin below $18,000 a coin to $16,000, down from about $66,000 it traded in 2021.

To avoid more viable cryptocurrency project filing for bankruptcy because of low liquidity caused by the activities of fraudulent projects, Binance and other key players in the industry will start co-investing in them during a crisis like this.

“To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify,” Binance CEO stated.

“Also, welcome other industry players with cash who wants to co-invest. Crypto is not going away. We are still here. Let’s rebuild.”

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