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‘Pharma Bro’ Martin Shkreli Traded Crypto Behind Bars – Here Are Some Reactions

Martin Shkreli, the so-called “Pharma Bro” who gained notoriety for jacking up the price of the life-saving medicine Daraprim by more than 5,000 percent, is very optimistic about DeFi. The former hedge fund manager and convicted felon discussed cryptocurrency and the decentralized exchange network Uniswap from a federal jail after his release. Shkreli, affectionately dubbed as […]

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Bitcoin Reclaims $30K Territory After Recent Weeks’ Struggle – Analysts Weigh In

Bitcoin recorded a significant positive divergence early Monday, following seven days of trading below $30,000. The crypto is trading at $30,536.93 at press time, a decrease of 2.5 percent from the previous week, according to Coingecko data. In the preceding 24 hours, the worldwide cryptocurrency market capitalization increased by almost 2 percent, reaching nearly $1.3 trillion. However, the total trading volume of cryptocurrencies was up by more than 28 percent to $62.13 billion. Bitcoin has struggled in recent weeks as the U.S. Federal Reserve has increased interest rates and inflation has remained up, increasing the likelihood of further monetary tightening. Suggested Reading | Cardano (ADA) Grapples At $0.524; Bullish Trajectory Coming Bitcoin No Longer A Hedge Vs. Inflation? In the past, Bitcoin was recommended as a hedge against inflation, but in recent months it has proven to be closely associated with risk assets, such as the Nasdaq 100, which has fallen in response to broader market volatility. Over the past 10 days, Bitcoin’s price has been trading flat, consolidating around $30,000. Bitcoin may find it difficult to recapture its former glory, since investors appear to be avoiding riskier assets in the present inflationary environment. According to Mudrex Co-Founder and CEO Edul Patel: “Despite a nearly 3 percent increase over the past 24 hours, Bitcoin was unable to breach the US$30,000 threshold. Over the last week, Bitcoin’s price remained unchanged, as it struggled to move beyond its support.” The Dow Jones Industrial Average (DJIA) has decreased for nearly eight consecutive weeks, and major indexes have followed suit. As the S&P 500 declined, a strong correlation between it and the crypto markets became clear. BTC ending the week at $30,000 represents its seventh straight weekly closing in the red territory, according to Darshan Bathija, CEO and Co-Founder of Vauld. BTC total market cap at $578 billion on the daily chart | Source: TradingView.com For his part, popular crypto analyst Lark Davis writes: “Bitcoin is exhibiting a massive bullish divergence on a daily scale. The last time something similar occurred was in 2021. Could this portend a massive rally?” Suggested Reading | Cosmos (ATOM) Skyrockets 12% Following Bitcoin And Ethereum Recovery Crucial Next Two Weeks For BTC Genesis Global Trading’s Noelle Acheson and Konrad Laesser said in a Saturday note that the price of Bitcoin will likely fluctuate between $29,000 and $31,000 over the next two weeks. Some economic-data releases, such as U.S. gross domestic product (GDP) or inflation figures, “may alter the narrative,” according to Acheson and Laesser. According to analysts at WazirX Trade Desk, BTC’s monthly trend has broken below the ascending channel pattern. Meanwhile, the next level of resistance for BTC is anticipated to be $40,000, while the nearest level of support is $24,000. Bitcoin’s monthly relative strength index is currently at 47, its lowest level in more than two years. The support level for the RSI is 43, according to analysts. Featured image from Al Bawaba, chart from TradingView.com

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Kiln completes $5 million funding round to grow blockchain staking platform

Kiln, an enterprise-grade staking platform, today announced the completion of a $5 million funding round. The funding round included Third Kind Managing Partner and Andreessen Horowitz board partner Shana Fisher, SV Angel, Blue Yard, Alven, and Kima Ventures. The Kiln team will use the funds to bring on new talent, enhance its technology and build […]

The post Kiln completes $5 million funding round to grow blockchain staking platform appeared first on CryptoNinjas.

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Terra (LUNA) Is a Case of Marketing and Memes Gone Wrong, According to FTX CEO Sam Bankman-Fried

The chief executive of crypto derivatives exchange FTX says that the downfall of Ethereum challenger Terra (LUNA) was due to faulty marketing rather than outright deception. Sam Bankman-Fried says that it’s unfair to compare the collapse of LUNA and its stablecoin TerraUSD (UST) to the disintegration of former healthcare unicorn Theranos. According to Bankman-Fried, Terra founder […]

The post Terra (LUNA) Is a Case of Marketing and Memes Gone Wrong, According to FTX CEO Sam Bankman-Fried appeared first on The Daily Hodl.

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Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On

Ripple (XRP) rallied to $0.439217 Friday from $0.377384 on Thursday in the face of an ongoing Securities and Exchange Commission lawsuit following the comments of William Hinman, former SEC Corporate Finance director. Suggested Reading | Crypto Analyst Predicts 1 Altcoin Will Fall Down Hard – Is It Cardano? Ether are not securities, Hinman said. (Bitrates.com) William Hinman: Ether Not a Security A judge has granted the request of SEC to file a reply concerning the case against Ripple Lab. The case was ignited by the speech of Hinman, stating that Ethereum is not a security. Emails recovered as evidence strengthened claims that Hinman had some conflict of interest connected to those comments. In 2018, Hinman’s speech included this statement: “Based on my understanding of the present state of ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions.” Hinman’s speech stated that Ethereum is not a security which insofar is tagged as an opinion based on his own understanding of Ether and the Ethereum Network. More so, the decentralized nature, and Ether transactions and sales are not secure, according to his personal knowledge and understanding. On the other hand, Hinman attested that there are four criteria barring the rationale rendered by SEC, stating that said communications made in 2018 won’t fall under the attorney-client privilege. XRP total market cap at $20.60 billion on the weekend chart | Source: TradingView.com In addition, communications made by Hinman isn’t confidential information. Further, if in case SEC discovers any other information that can be protected, the only person who can claim that is Hinman. Ripple Violated Securities Act of 1933? Ripple’s defense on this case is that XRP’s purpose can’t classify the coin as a security. SEC has no power or authority over Ripple considering that XRP’s function is as a medium of exchange. Further, Ripple states that the currency is utilized as an intermediary intended for remittance and not a security.  Suggested Reading | NFT Prices Take A Beating After Crypto Market Chaos Ripple also defended that SEC did not clarify the classification of digital assets which failed to provide Ripple Labs timely guidance or warning as to how the current laws apply to XRP. However, SEC contested that Ripple has in fact obtained advice from them in 2012 identifying its product as an investment which requires SEC regulation. Hinman’s speech, however, further strengthens Ripple’s defense as it implied that if Ether or XRP was bought to participate in a decentralized platform and not for earning from trading activity, then it’s definitely not a security. Featured image from CryptoGlobe, chart from TradingView.com

Altcoins

Here’s How Ethereum Rival Algorand (ALGO) Can Definitively Break All-Time Highs, According to Coin Bureau

A widely followed crypto analyst is unveiling what he thinks can push Ethereum challenger Algorand (ALGO) to a fresh all-time high. In a new video, the host of popular YouTube crypto channel Coin Bureau tells his 2.04 million subscribers that smart contract platform Algorand is currently facing a number of fundamental challenges including the exponential […]

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