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Author: StanNordFX   |   Latest post: Wed, 1 Dec 2021, 11:39 AM

 

CryptoNews of the Week

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- Latvian law enforcement officers detained a suspect in creating a fraudulent cryptocurrency project, who disappeared with €500,000 stolen from deceived customers. According to the police, the detainee is the creator of the Hodlife project and the token of the same name and operated from Spain. He promoted the fraudulent platform on social media, promising quick profits, and he made an exit scam last June and disappeared with investors' money. According to preliminary estimates, more than a thousand investors have suffered.
The stolen funds were laundered through mixing services, but Interpol employees were able to establish a link between different wallets and tracked the attacker.

- US Senator Cynthia Lummis criticized Hillary Clinton for concerns about cryptocurrencies. Earlier, during the Bloomberg New Economy Forum, former First Lady, Secretary of State in the Obama administration and participant of the presidential race in 2016, Mrs. Clinton said that cryptocurrencies can undermine the dollar's status as a reserve currency. Digital assets can also destabilize entire countries, she added.
“Great leaders are not afraid of the future. America could be a winner by adopting bitcoin as a hard currency that can be used to stabilize the dollar and reverse the tailspin that began in 1971,” Lammis wrote in response. She did not elaborate on how the first cryptocurrency should stabilize the dollar, but she did mention 1971. US President Richard Nixon completely abolished the gold standard then, transferring control of the money supply to the Fed. It is believed that this has made the economy more prone to inflation, allowing the printing of unsecured money.

- According to research by The Advisor Coach, Dogecoin is the most searched cryptocurrency in 23 US states. Bitcoin and ethereum are on the second (10 states) and third (eight) lines. The fourth place is a clone of Dogecoin, Shiba Inu.
Analysts explained Dogecoin's leadership by Elon Musk's attention to this asset. Tesla CEO invited users to vote for the option of accepting payments in Dogecoin back in May. Prior to this, the billionaire reported that SpaceX will launch the Doge-1 satellite to the moon in 2022. According to him, the mission is fully paid for with this meme cryptocurrency.
Dogecoin was worth $0.001353 on October 1, 2020. The price rose to $0.6311 per coin In May 2021, or 465 times. However, by the time of this writing on November 24, 2021, it has lost more than 65% in price, falling to $0.2172.

- Edward Snowden, a former NSA and CIA officer who asked for asylum in Russia, said that he treats dog-like tokens like Dogecoin or Shiba Inu badly. According to him, many take meme coins seriously and may suffer losses because of this.
Against the background of the growing popularity of such assets, fraudsters have become more active. The team behind Shiba Inu warned users about the spread of fake project groups on social networks.

- Bitcoin creator Satoshi Nakamoto should receive the Nobel Prize in Economics for inventing the first cryptocurrency. This initiative was made by Daniel Leon, co-founder and COO of the Celsius Network crypto platform. "This guy [Nakamoto] has brought hundreds of thousands of people more financial benefits than the bulk of economists in academia," Daniel Leon argued for his position.
He explained that before the advent of cryptocurrencies, people were forced to trust intermediaries, which are centralized institutions like banks and governments. With digital assets, this is no longer necessary. According to Daniel Leon, trusting the "code" rather than the middleman is easier and safer.
“When you lend money to your bank, it pays you 0.1%, but when you borrow, you pay 7.73%. Where is justice? To make matters worse, if a credit institution fails, the government bails it out. In the event of a failure of the government itself, it simply prints money: 30% of all dollars in circulation have been issued in the last 18 months,” COO Celsius Network said indignantly.

- Over a quarter of super-wealthy families around the world have already invested in cryptocurrencies. This is evidenced by the results of a survey of the British consulting company Campden Wealth, conducted among representatives of 385 family offices. The average capital managed by such offices is estimated at $1.6 billion.
31% of wealthy households in North America and 28% in Europe invest in cryptocurrencies, while this share is lower in the Asia-Pacific region, 19%. At the same time, the share of cryptocurrencies in the assets of billionaire families as a whole is still only 1%. Most of the respondents said that they plan to keep the volume of such investments at the current level next year, 28% are going to increase them, and only 4% are going to reduce them.

- A new report from analyst firm Glassnode showed that the market is not showing massive profit-taking. Analysts pointed out that the total supply of short-term bitcoin holders is at a multi-year low below 3 million BTC, which in turn means that the amount held by long-term holders is at a multi-year high. At the same time, they are only building up their positions. The total number of wallets with a non-zero BTC balance in the second half of November also reached an all-time high of 38.76 million.
The data obtained by Glassnode indicates that there are no signs of serious surrender, and that the flagship cryptocurrency may still have a rather long upward rally.

- CryptoQuant CEO Ki Young Ju also expressed a similar opinion to Glassnode. Despite the fact that bitcoin has been getting cheaper since the middle of last week, holders are in no rush to sell it. In parallel, there is a steady trend towards the withdrawal of cryptocurrency for autonomous storage. According to CryptoQuant, trading floors currently have the lowest amount of bitcoins since mid-2018.
Moreover, investors are withdrawing not only BTC, but also ethereum, which reduces the supply of the asset and eases the pressure on the market. In the long term, according to Ki Young Ju, this trend will drive the value of leading digital currencies upward.

- The International Monetary Fund (IMF) has once again criticized the decision of the El Salvadorian authorities to recognize bitcoin as the official currency. “Given the high volatility of the bitcoin price,” the Fund said in a statement, “its use as legal tender carries risks for consumers and also threatens financial integrity and stability. Its use also gives rise to contingent fiscal liabilities,” the review says.
The IMF came to this opinion following the visit of its staff to El Salvador. Experts who visited the country recommended that the government of El Salvador "narrow the scope of the bitcoin law and strengthen the regulation and supervision of the new payment system."

- A well-known trader and analyst known as Credible argues that the current correction of bitcoin is a necessity to continue the bullish trend and rise above $70,000. According to the expert, the first cryptocurrency is in the phase of a healthy correction at the moment.
The bitcoin price may fall to $52,000-53,000 in the near future, where the “bottom” of the current correction is located, Credible predicts. According to him, the $69,000 mark that bitcoin reached on November 10 cannot be the top of the current bull market, as historically each subsequent cycle of growth has lasted longer than the previous one.

- Chief commodity strategist at Bloomberg Intelligence Mike McGlone believes that, despite the temporary correction in prices, BTC will grow in 2022. He said on his Twitter account that the asset is likely to face resistance at $100,000 and the $50,000 mark will act as a support level. “The level of adoption of this young technology/asset is increasing, and the supply volume is less and less, which indicates signs of maturation,” the expert explained his forecast.

- The CEO of the American investment management company ARK Invest Katie Wood confirmed her previous forecast for the price of bitcoin at $500,000, saying that this will be facilitated by the growth of institutional investments. Such a price will be achieved if institutional investors allocate 5% of their portfolios for bitcoin.

- Mike Novogratz, CEO of investment firm Galaxy Digital Holdings, said last week that gold "was just crushed by bitcoin." “I think gold was probably the best asset to own,” he added. "But bitcoin is simply the best version of storing value..."
Anthony Scaramucci, founder of another investment firm, Skybridge Capital, also expects bitcoin to "ultimately outshine gold." The price of this cryptocurrency, in his opinion, will easily reach $500,000, so one should invest in BTC right now. “I think bitcoin is likely to be ten times better than gold... I would not be surprised if bitcoin grows exponentially and gold grows in line," said Anthony Scaramucci.
Paul Tudor Jones, a legendary trader with a personal fortune of $4.6 billion and fund manager of the Tudor Investment Corporation, has also admitted recently that he prefers bitcoin over gold. In his opinion, BTC is an excellent alternative as a hedge against inflation in the current economic situation. “It is obvious that there is room for cryptocurrency,” the billionaire said. “At the moment, it is winning the race against gold... And I would prefer it.”


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