Elon Musk gets hit with ‘ridiculous’ $258B Dogecoin lawsuit

Vector Finance (VTX) TVL hits a record high as the Curve Wars shift to Avalanche

The total value locked on Vector Finance hit a new high after the protocol integrated multiple stablecoins in the Avalanche ecosystem in order to become the network’s largest liquidity hub.

Michael Saylor Says Current Volatility Irrelevant, Predicts Bitcoin At $1 M

Maximalist Bitcoin holder and the Chairman and CEO of the MicroStrategy company, Michael Saylor, is still bullish on the Bitcoin despite the bearish market. While commenting on the new regulatory bill of June 07 in an interview with CNBC on June 08, he predicted Bitcoin’s price to be around $1 million in the future. To back his statement, he highlighted the new crypto bill proposed by Democratic Senator Kirsten Gillibrand and Republican Senator Cynthia Lummis to bring the crypto-friendly rules. Saylor added that Bitcoin is a “real thing that is going to be with us.” Related Reading | Do Kwon Turns Twitter Account To Private After LUNA Slumps The interviewer argued about the possibility of BTC falling down, and his company MicroStrategy, which nearly holds 130,000 BTC, could face more losses. Saylor replied that Bitcoin would not likely plummet to zero. Furthermore, he discussed the current volatility is largely irrelevant. While providing arguments for his belief in Bitcoin growth, he pointed out that both skeptics and deniers, who speculated BTC would crash or governments would shut down the asset class soon as it was not real, proved wrong. Governments instead seek to regulate it, and the price has not dropped to zero yet; he added, “If Bitcoin is not going to zero, then it’s going to a million.”  American tech tycoon further stated that Bitcoin is “obviously better than gold and everything that gold wants to be.” He noted that if the BTC had the same nature as gold, it “would be only five hundred thousand USD per coin.” Saylor Believes People Now Recognizing Virtual Assets  Saylor highlighted that people are now changing their perspectives on cryptocurrency. He mentioned the new crypto-friendly bill, created by senators Kristen Gillibrand and Cynthia Lummis, and Janet Yellen’s speech on April 07 at American University. Yellen, in her speech, recited the vision of Bitcoin creator Satoshi Nakamoto and revealed how Bitcoin could play a crucial role in the United States. Considering these facts, Saylor believes that people have now started to realize that BTC is here to stay with us and will expand the adoption ahead. It was not the first time Saylor speculated BTC’s price at $1 million. A few weeks ago, he expressed his vision of it skyrocketing to the million mark. He added at the time: There’s no price target. I expect we’ll be buying bitcoin at the local top forever. And I expect Bitcoin is going to go into the millions. So we’re very patient. We think it’s the future of money. Related Reading | TA: Bitcoin Stuck In Key Range, Why A Major Breakout Is Possible The cloud-based company MicroStrategy started interacting with Bitcoin in August 2020. In fact, it began accumulating portions of its corporate balance sheet. Since continually gathering BTCs, it currently holds around 130,000 BTC. Per the previous statements of the CEO, he had no intentions to change its possessions. Instead, he thinks about accumulating more BTC. Featured image from Pixabay and chart from TradingView.com  

Bitcoin Dominance Will Continue To Decline In Favor Of Ethereum, Altcoins, FTX US President

Bitcoin has maintained dominance over altcoins like Ethereum and others for the longest time. This dominance, although has declined over time, still helps the digital asset maintain its title as the most valuable cryptocurrency in the space. However, in only a matter of years, bitcoin’s dominance on the market has declined by half, and according to FTX US President Brett Harrison, the encroachment is far from over. Bitcoin To Lose More Market Share To Altcoins In a recent interview on CNBC’s Squawk Box, FTX.US president Brett Harrison shares his thoughts around the market, most notably the market dominance of bitcoin in relation to altcoin. The dominance of the pioneer cryptocurrency has been a slow but steady downtrend that has seen bitcoin’s dominance ridden down to as low as 40% and Harrison expects this to continue. Related Reading | Bitcoin Hashrate Climbs To New High As Price Recovers Above $42,000 The President told Squawk Box that other digital assets like Ethereum and Solana will continue to take up more market share from the asset. And over time, Harrison explained, the percentage of market share that is controlled by a single asset, in this case, BTC, will continue to wane. “Assets like Ether, other alternative proof-of-stake assets like Solana, and these other alternative coins are all picking up in terms of market cap,” said Harrison. “Over time, we are going to see less and less of the total market share come from just one asset, Bitcoin alone.” With this current trend, the market is expected to see more decline in BTC’s dominance over the market. This does not mean that the digital asset becomes less important, but as investors turn to altcoins for better opportunities, BTC will find itself commanding less and less of the market share. BTC’s Dominance Over Time Like anything in the crypto space, bitcoin’s dominance in the market has fluctuated widely. However, one thing remains constant and that is the fact that altcoins continue to eat into this market share. Related Reading | These Two Altcoins Are Ready For Major Pullback, Says Crypto Analyst Only five years ago, before the likes of Ethereum and Cardano grew into their own, Bitcoin maintained the vast majority of the market share. In February 2017, the market share commanded by the digital asset was 96%. Five years later, it has lost half of this dominance to be sitting at 43.08% as of the time of this writing. BTC dominance declines to 43% | Source: Market Cap BTC Dominance on TradingView.com Over the years, the decline has been very obvious. By 2018, only one year after, bitcoin managed to lose more than 50% of its dominance, seeing it touch its lowest point of 35%. It has since recovered more market share since this time, but trends point towards further downside as blockchains like Ethereum and Solana steal more market share with DeFi and NFT capabilities. Featured image from Banking Exchange, chart from TradingView.com