Author: StanNordFX   |   Latest post: Wed, 29 Jun 2022, 9:46 AM


CryptoNews of the Week

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- Bitcoin remains hyper volatile, but its turnover is inferior to other assets, which does not allow us to talk about the high “speculativeness” of the first cryptocurrency. This, according to Financial News, was stated by Tom Lee, co-founder of the analytical firm Fundstrat. According to Lee's calculations, the turnover of bitcoins is 2:1, while that of the US dollar is 96:1, and that of a barrel of oil is 31:1. “Today, with […] penetration rates so low, one would expect bitcoin to be hyper volatile. But as 9 out of 10 households invest in the first cryptocurrency, its price fluctuations will weaken,” the specialist explained.

- David Rubenstein, co-founder of the investment fund Carlyle Group, admitted that he had been skeptical about cryptocurrencies, but his opinion changed over time. He emphasized that he did not buy cryptocurrencies, but “invested in companies that serve the industry.” "The genie is out of the bottle, and I don't think the industry is going to disappear anytime soon," the billionaire said.
He also pointed to the crisis in Ukraine as an additional reason for his current optimism. “If you are in Ukraine or Russia and the country is in a lot of trouble, having some crypto will probably make you feel better as you have something out of government control,” Rubenstein noted.

- The cryptocurrency industry will become the twelfth sector of the S&P 500 index in the next decade. This was stated by investor and star of the television show Shark Tank Kevin O'Leary.
Currently, the S&P 500 benchmark includes 11 sectors of the economy, and most experts advise investing no more than 20% of the portfolio in any of them. According to O'Leary, he adheres to this strategy when investing in cryptocurrencies. The millionaire said that he holds 32 positions in the digital asset sector, and none of them takes more than 5% of the prescribed 20%.
O'Leary stressed that investment diversification is one of the founding principles because "you have no idea what might work." In his opinion, even two successful bets out of ten can recoup unprofitable investments.

- According to Bloomberg analysts, the value of the flagship cryptocurrency may soon fall to $26,000. The experts emphasized that if the technical analysis pattern called “bear flag” works, then such a scenario will be inevitable.
In their opinion, the BTC rate is now on its way to testing a key support level around $37,500. If it does not hold above this mark, the market is in for a disaster.
Bloomberg specialists also noted that they took into account the Coinglass report. According to this company, about $439 million worth of crypto positions were liquidated on April 12. At the same time, more than 88% of closed orders accounted for long positions. Bitcoin futures contracts for $160 million were also closed.

- Philosopher and professor of psychology at the University of Toronto Jordan Peterson spoke at at the Bitcoin-2022 conference in Miami and called the first cryptocurrency revolutionary but causing concern. As a sociologist, Peterson worries about getting money out of the control of the political system. According to him, new ideas can bring unforeseen consequences, and not only positive ones.
“I am not suggesting that you do anything as a result of this warning. I'm just saying that the unbridled enthusiasm is based on the assumption that the new system will only do good. It's unreasonable," Peterson said.

- Group-IB specialists identified 36 fraudulent YouTube streams dedicated to investing in cryptocurrencies in the period from February 16 to February 18. They brought the scammers about $1.7 million during these three days.
The attackers edited videos from old speeches by famous representatives of the crypto community and entrepreneurs. More often than others, the images of Vitalik Buterin, Elon Musk, Michael Saylor, Changpeng Zhao and Cathy Wood were used. On average, the audience of one such stream ranged from 3,000 to 18,000 people. And the fake stream with Buterin gathered more than 165,000 viewers. During the broadcast, users were offered to transfer cryptocurrencies to the specified wallet and allegedly receive them back in double. To receive an “additional bonus”, the attackers offered the investor to provide the seed phrase of their crypto wallet. If the victim agreed, the scammers withdrew all the funds on it.
In total, the deceived viewers made 281 transactions. Ethereum turned out to be the most popular among scammers. Most of the domains involved in the broadcasts appeared through the Russian registrar Reg.ru.

- Geoffrey Halley of Oanda stated that the flagship cryptocurrency continues to trade within the established range, the lower limit of which is at $36,500. If BTC falls even more, it can lead to serious losses for traders and investors. However, if the price of bitcoin soars in the near future above the upper limit of the range of $47,500, this will be a prerequisite for reaching a new record high.

- Crypto trader known as Cheds told their 45,100 YouTube followers that the bears are now in control and any bounce is an opportunity to go short on BTC. Cheds also believes that the next rally is likely to be a bear trap rather than a trend reversal.

- One of the by-products of bitcoin mining is the excess heat from the operation of crypto farms, which Jonathan Yuan took advantage of. He has kids who love swimming in the pool. However, they almost did not do this because the water was too cold. Yuan himself is actively involved in mining, and drew attention to the fact that his equipment generates too much heat. He purchased a heat exchanger and used it to install a system for heating water. According to him, thanks to this invention, the temperature in the pool can be maintained at approximately 32° C.
At the same time, the Yuan crypto farm thus received a water-cooling system. However, when the inventor pushed his ASIC miners to the limit, the temperature in the pool rose above 43°C, which also did not please his children.
Jonathan Yuan notes that almost everything can be heated according to this principle: living premises, garages and so on. It is assumed that the heating temperature can reach a maximum threshold of 60°C.

- Well-known writer and investor Robert Kiyosaki fully agrees with the opinion of analysts who believe that the US dollar and other markets are on the verge of collapse due to rising food, oil and energy prices, as well as widespread inflation. The author of the bestselling book Rich Dad Poor Dad assured that what is happening in the world of finance is a sign of a coming crisis, and this process will simply destroy half the US population. He noted that cryptocurrencies in this situation are a good tool to reduce risks, but not all people resort to using this asset class.
Kiyosaki emphasized that now 40% of Americans do not even have $1,000 in their savings. The inflation rate is rising, and this figure will soon exceed 50%. Then, according to the investor, a revolution will begin.

- Michael Saylor, CEO of Microstrategy, a company known for investing in bitcoin, and Cathie Wood, CEO of investment firm Arch Invest, contacted at the Bitcoin 2022 conference in Miami. Both participants of the panel discussion still believe in bitcoin and are waiting for its growth, and the current situation in the market does not upset them at all. In their opinion, the Fed's monetary policy will continue to be inflationary, pushing prices up. In such a situation, according to Cathie Wood, bitcoin, as a means of hedging, has great potential for growth and its price could reach a record $1 million per coin. “It takes quite a bit of effort to do this,” the head of Arch Invest said. "We don't need much. All we need is for 2.5% of all assets to be converted to bitcoin.”
Both panellists believe that regulators are getting better at the flagship cryptocurrency. Treasury Secretary Janet Yellen spoke mostly negatively about bitcoin a year ago, referring to “money laundering, criminals, environmental damage” and so on. However, a lot has changed since then. “Someone whispered in her ear: if you want to lose, and if you want the US to lose, keep saying that. And she changed the record,” Wood shared an "inside info".

- As part of the Bitcoin-2022 conference, Miami Mayor Francis Suarez presented a statue of a “crypto bull”. According to him, the installation symbolizes the transformation of the city into the “world capital of the crypto industry”.
In contrast to its Wall Street's famous Charging Bull sibling, the Miami bull is cybernetically inspired and has the now-famous "laser eyes." The crypto community seems to like the new statue. Morgan Creek Digital co-founder Anthony Pompliano wrote that “the bulls are in control,” while Binance CEO Changpeng Zhao called the installation “pretty cool.”

- Morningstar analysts posted a report claiming that cryptocurrencies are no match for the stock and bond markets in terms of returns. At the same time, they note that bitcoin “is still too risky to be compared to gold.” The authors of the report argue that, despite the prospect of significant profits that the cryptocurrency market can offer its participants, one must be very careful with it.
“Every breathtaking rally has led to an equally brutal crash at the end. Cryptocurrencies lack a fundamental anchor, such as the face value of bonds or the discounted cash flows of stocks,” Morningstar notes.

Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

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