Author: StanNordFX   |   Latest post: Thu, 1 Jun 2023, 5:15 AM


CryptoNews of the Week

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- The PayPal payment company has opened the option of transferring bitcoin and other cryptocurrencies (Ethereum, Bitcoin Cash and Litecoin) between client accounts, as well as their withdrawal to third-party wallets. This option will be supported for all US customers in the coming weeks. PayPal Vice President Richard Nash said earlier that the company is making every effort to integrate blockchain and cryptocurrencies into its services.

- 202 new Bitcoin ATMs were installed globally in May according to Coin ATM Radar. The last time the indicator was at such low values was in 2019. The slowdown in device installations began in January 2022. However, in June, the trend changed to positive: 863 crypto-ATMs were already available in the first days of the month. Currently, there are 37,836 such devices in the world. The United States holds the leading position: 87.9% of the total number of cryptocurrency ATMs are concentrated there.

- Bitcoin’s short-term volatility doesn’t matter as long as there is an understanding of the fundamentals of the leading cryptocurrency and how difficult it is to create something better. This opinion was expressed by the head of MicroStrategy Michael Saylor in an interview with The Block. “Bitcoin is the most reliable thing in a very volatile world. It is more reliable than other 19,000 cryptocurrencies, than any shares, than owning property anywhere in the world,” the top manager emphasized.
Commenting on the collapse of Terra and the subsequent market correction, the head of MicroStrategy doubted that what was happening was evidence of a bearish phase. “I don’t know if this is a bear market or not, but if it is, we have had three of them in the last 24 months,” he stressed.
Saylor added that he prefers not to get carried away by short-term prices. According to him, people who pay too much attention to the charts, "guess on coffee grounds." “If you don’t plan to hold it [bitcoin] for four years, you are not an investor at all, you are a trader, and my advice to traders is: don’t trade it, invest in it,” the businessman concluded.

- Consumers lost more than $1 billion in digital asset fraud from January 2021 to March 2022. This is stated in the report of the US Federal Trade Commission (FTC). The agency cited 46,000 people who reported the hoax. “Nearly half of the consumers who reported cryptocurrency fraud said it started with an ad, a post, or a social media message,” the FTC said.
According to the press release, victims of fictitious investment schemes have lost more than others: $ 575 million since January last year. Scams related to dating and romantic relationships are in the second place. The third are fake representatives of companies or of the government. The average amount lost was $2,600. Most often, victims transferred bitcoins (70%), USDT (10%) and Ethereum (9%) to scammers.

- Katie Wood, founder and CEO of ARK Invest with assets of $60 billion, predicts a significant growth in bitcoin. According to her, network indicators hint that BTC is forming a bottom. “According to our data, short-term holders have capitulated, and this is great news in terms of hitting the bottom. The share of long-term holders is at an all-time high: 65.7% (they hold BTC for at least a year). Although there is still a possibility of capitulation of some of them to mark the bottom.
In addition to network indicators, Wood is watching the bitcoin futures market, hinting at a period of increased volatility for the asset. “It is still difficult to say exactly which direction it will go, but we believe that there is a high probability of the next burst of volatility in the upward direction.”
Despite some optimism, one has to exercise caution after the collapse of Terra (LUNA). “At the same time, we are on the alert,” says the CEO of ARK Invest. “Terra’s collapse was a fiasco for cryptocurrencies, and regulators have more reason to impose tighter restrictions than anticipated.”

- Crypto analyst Justin Bennett, giving a forecast for the coming weeks, hinted at a repetition of the June 2021 chart. According to him, the immediate line of defense for the bulls is $28,600. If the asset goes below this level, it risks revisiting the May lows at $26,580-26,910.
According to the analyst, if bitcoin follows the June 2021 scenario, it will form new lows for the current year: “In the event of a sell-off, the downward movement could go to the $24,000-25,000 range. But I do not think that this will be the minimum of the current cycle.”
After the formation of a new annual low, Bennett predicts some growth for bitcoin. “Most likely it will be a short-term rally to a lower macro high.” According to his calculations, the BTC price in July could rise to $35,000 during this short-term growth.

- Jurrien Timmer, macro analyst and director of investment company Fidelity, has updated his long-term forecast for the BTC rate. He refers to the once popular Stock-to-Flow (S2F) model of an analyst with the nickname PlanB, according to which the price of BTC was predicted based on supply shocks caused by asset halvings. However, he added to the S2F model two more models that track the rate of adoption of the Internet and mobile phones.
According to Timmer, based on the mobile phone adoption model, the price of bitcoin could rise sharply to $144,753 by 2025 (about a year after the next halving). But if BTC follows the pace of Internet adoption, then it turns out that the asset has already peaked and can trade at only $47,702 in 3 years. The average value derived from Timmer's modified supply model was $63,778.

- American economist and Nobel Prize winner Paul Krugman called cryptocurrencies a scam, comparing them to the real estate crisis in 2008. In an interview with Fox News, he mentioned the movie The Big Short, which tells the story of the financial crisis of the 2000s, which resulted from the collapse of the real estate market. Real estate prices were extremely high, but this did not stop people. The same situation is happening in the cryptocurrency market, Krugman explained.
The economist criticized people who claim that crypto assets are the future of finance. According to Krugman, bitcoin, which appeared in 2009, has not yet found significant practical use over the years, except for use in illegal activities.
“Cryptocurrencies have become a large asset class, and their supporters are increasing their political influence. Therefore, it sounds implausible to many that cryptocurrencies have no real value. But this is only a house built on sand. I remember the housing bubble and the mortgage crisis, so I can say that we have gone from a big short game to a big scam,” said the Nobel laureate.

- According to Reuters, Binance, the world's largest cryptocurrency exchange, has laundered $2.35 billion of illegal funds in 5 years. The transactions involved hacks, investment fraud, and illegal drug sales. So, the crypto exchange has been processing transactions of the world's largest drug market, the Hydra darknet website, during all these years. Reuters relied on court records, law enforcement statements and blockchain data in its statement.

- American investment strategist Lyn Alden said that bitcoin is now one of the most reliable assets, along with gold and real estate. The macroeconomist added that she does not expect inflation to fall anytime soon as the US continues to print money to meet its financial obligations.
“Most of my holdings are in long-term hard assets such as shares of pipeline energy companies, profitable producers of real products, bitcoin, some gold, various types of exchange-traded instruments and real estate,” explained Lynn Alden and added that such a diversified set of real assets not only has the necessary liquidity, but also allows her to rebalance the portfolio at any time if there are problems in the global market.

- Bloomberg expert Mike McGlone believes that the highest in the last 40 years inflation is starting, which will cause the largest economic crisis, after which assets such as cryptocurrencies, US bonds and gold will show unprecedented growth. He stated in an interview to Kitco News that "this may be reminiscent of the consequences of 1929. Although I am more inclined to the version that it will be more like the consequences of the 2008 crisis or maybe the consequences of the 1987 crash.

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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