Legendary investors and “Shark Tank” investors Mark Cuban recently gave an interview sharing his views on Bitcoin, Ethereum, Dogecoin, Cardano, and other projects in the space. Cuban is a controversial figure in some crypto communities due to his heated opinions on the projects that should receive investors’ attention and those that might be poised to […]
Despite the ongoing crisis, which includes high-profile bankruptcies, problems with crypto lenders, and worries about inflation and rising interest rates, Bitcoin, the leading cryptocurrency, rebounded from its 2022 June lows. It finished July with an impressive recovery to the $24,000 threshold. The months of June and July 2022 on the cryptocurrency market were heated downtrends. Some investors lost their faith in these months due to a painful deleveraging process brought on by a liquidity problem in the crypto lending industry in 2022. Related Reading : TA: Ethereum Consolidate Gains, Why This Support Is The Key Several lenders, including Celsius, Vauld, and Zepmix, banned withdrawals due to the severe market sell-off of significant cryptocurrencies, resulting in job losses throughout the cryptocurrency sector. However, the crypto winter was partially over for investors in July, but a slew of high-profile bankruptcies indicates that things aren’t quite back to normal for them just yet. Like, crypto lender Voyager Digital was compelled to seek Chapter 11 bankruptcy protection on July 6 following the collapse of the $10 billion cryptocurrency hedge fund Three Arrows Capital (3AC) in June. Nevertheless, with Bitcoin rebounding, crypto investors feel a slight sparkle after coping with all of these catastrophes. Moreover, the cryptocurrency market bounced back in July following its disappointing result in June. In addition, the Federal Open Market Committee (FOMC) increased its federal fund’s rate goal by 75 basis points (bps) in order to counter 40-year high inflation, which is one of the factors that helped boost cryptocurrency prices in the last week of July. Recovery Of Bitcoin From June’s Low Price Analysis In July, the cost of BTC increased by about 20%. That represents the best gain since October. As we entered August, the price of Bitcoin was almost around $24,000. BTC is currently trading at $23,045.40 and has had an 11.78% increase in trading volume over the past 24 hours to $46.89 billion, as shown in Nomics data. Bitcoin’s price dropped steadily from January to May 2022, hitting a closing price of $47,445 at the end of March before further dropping to $28,305 on May 11. Bitcoin has not closed below $30,000 since July 2021 up to that point. But on June 13, bitcoin’s price abruptly dropped below $22,000 for the first time since December 2020. Nomics statistics show that on June 17, the monthly low was around $17,675. Related Reading | Despite Polygon’s Bullish Run, Buyers Struggle Near Resistance Of $1.0 Therefore, the biggest significant monthly decline in the price of BTC since 2011 happened in June, when its market value fell by more than 37.3%, finishing the month at $19,279. Furthermore, BTC started trading at $19,265 on July 1, then gradually and steadily regained its value. The price fluctuated between $20,000 and $22,000 throughout the first two weeks. But in recent weeks, BTC has seen a stunning rebound, breaking beyond the $24,000 barrier on July 19 for the first time this month. Featured image from Flickr, chart from Tradingview.com
Billionaire Mark Cuban warned on Twitter that he faltering sector, whose prices have already been hammered by rising interest rates and recession fears, might face a “nightmare” as a result of tighter SEC oversight. Mark Cuban Throws Jab At SEC Mark Cuban, Shark Tank star and investor, has cautioned that the Security and Exchange Commission’s […]
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The inventor of Ethereum Vitalik Buterin took aim at the controversial Bitcoin price model Stock-To-Flow (S2F). Buterin believes the model is “not looking good” and openly criticized it because it gives crypto investors a “false sense of certainty”. Related Reading | Bitcoin Back At $21K After 75% Drop, Where Does It Go From Here? This creates the illusion, according to Buterin, that Bitcoin will constantly trend to the upside. As the recent price action has proven, this could lead to many people losing their initial investment and more. Buterin said via his Twitter account while presenting the following chart: I know it’s impolite to gloat and all that, but I think financial models that give people a false sense of certainty and predestination that number-will-go-up are harmful and deserve all the mockery they get. Created by pseudonym analyst Plan B, as seen in the chart, this model predicted that BTC’s price was going to reach $100,000 by the end of 2021. The model deviated as Bitcoin trended to the downside later that year, and many consider it a failure. Detractors, like Vitalik Buterin, believe the model fails to take other key variables into consideration and only projects BTC’s price to the upside for the coming future. For example, it failed to predict what would happen to Bitcoin under the current economic conditions, with a reduction in global liquidity and a U.S. Federal Reserve (Fed) raising interest rates. In response to Buterin’s comment, the inventor of the S2F Model, Plan B said: After a crash some people are looking for scapegoats for their failed projects or wrong investment decisions. Not only newbies but also “leaders” fall victim to blaming others and playing the victim. Remember those who blame others and those who stand strong after a crash. It Is Possible To Predict The Price Of Bitcoin? Plan B has made changes to its S2F model and now refers to the 2019 original version and the new S2F version. As seen below, both versions predict a BTC’s price trending to the upside in 2022 and the foreseeable future. If BTC stays on its current levels, around or below $20,000, in the coming months the analyst said the S2F model “will be less useful”. The other scenario is that BTC is “extremely undervalued and will bounce back soon”. On the effectiveness of the S2F and any other model used to predict financial performance, Plan B said: Prediction is hard, especially the future. EMH even says predicting financial markets is impossible. Related Reading | Cardano Vasil Hard Fork Launch Date Set, Time To Buy The News? Later, as the conversation around the S2F model got heated, Plan B added: So I share my analysis and charts FOR FREE. Never told anybody to buy or what/when/how/howmuch to buy. Now covid, China ban, Russia war and inflation tank all assets including bitcoin … and somehow some weeners blame their investment decisions on me? Lame.
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Binance has been among the most successful crypto exchanges in recent years, with its competition grabbing headlines on a daily basis. The latest news about them is that they’ve joined forces to invest in Elon Musk’s Twitter acquisition alongside firms like Sequoia Capital Fund and Fidelity. As per United States Security and Exchange Commission information, […]