Day: April 18, 2021

Serious Crypto ‘Washout’ Warning As Massive $300 Billion Price Flash Crash Suddenly Tanks Bitcoin, Ethereum, Ripple’s XRP And Cardano

by Forbes

Bitcoin and the wider cryptocurrency market, including ethereum, Ripple’s XRP and cardano, were hit by a sudden flash crash early Sunday morning, tanking prices (though Elon Musk’s “fav” crypto dogecoin is holding steady).

The bitcoin price, which had this week been on a downward trend toward $60,000 per bitcoin, dropped more than 10% to just over $50,000. The bitcoin price has since somewhat rebounded to trade around $55,000 but remains some distance from its recent near-$65,000 highs.

Ahead of the cryptocurrency flash crash, wiping $300 billion from the combined bitcoin, XRP, cardano and broader $2 trillion crypto market, bitcoin bull and CEO of Galaxy Digital Mike Novogratz warned of a “washout” ahead.

MORE FROM FORBESA WEF Exec Made A ‘Dramatic’ Bitcoin Warning Amid Coinbase-Fueled Bitcoin Price ManiaBy Billy Bambrough

“In the next week, certainly we could have some volatility because of the excitement around Coinbase,” Novogratz told MarketWatch this week, pointing to the much-hyped Nasdaq NDAQ debut of bitcoin and crypto exchange Coinbase on Wednesday.

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The bitcoin price climbed to almost $65,000 per bitcoin this week, up around 800% on this time last year, before crashing back early Sunday morning. The long-awaited Coinbase listing also sent the price of major cryptocurrencies ethereum, Ripple’s XRP, binance coin and cardano sharply higher, with dogecoin, a meme-based cryptocurrency created as a “joke,” adding a staggering 400%.

“I’ve seen a lot of weird coins like dogecoin and even XRP have huge retail spikes, which means there’s a lot of frenzy right now,” said Novogratz. “That never ends well, and so we’ll probably have a washout at one point.”

Dogecoin, a memecoin that’s seen its value soar as retail traders spurred on by Tesla TSLA chief executive Elon Musk pile into the cryptocurrency, has surged by around 3,000% since October.

Meanwhile, XRP, a cryptocurrency controlled by the company Ripple, has rocketed 500% over the last six months despite an ongoing lawsuit brought by the U.S. Securities and Exchange Commission (SEC) accusing the company and its senior executives of misleading investors.

MORE FROM FORBESRadical New Bitcoin Price Model Reveals When Shock Bitcoin Rally Could PeakBy Billy Bambrough

The bitcoin price, still up almost double where it started the year, has soared as long-awaited institutional investors finally warm to bitcoin and bitcoin strengthens its reputation as a store of value due to Musk’s Tesla giving bitcoin its surprise backing.

This week’s IPO of San Fransisco-based Coinbase, one of the world’s biggest bitcoin and cryptocurrency exchanges, has been called crypto’s “Netscape moment,” with some bitcoin market watchers predicting the IPO will herald the beginning of a “blockchain boom,” similar to the explosion of internet companies in the late 1990s.

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Bitcoin Only in ‘Halfway Intermission,’ According to On-Chain Data Analyst Willy Woo – Here’s His Updated Price Target

by Dailyhodl

Prominent on-chain data analyst Willy Woo says that Bitcoin is currently resting at a “halfway intermission” before it blasts off into potential gains of as high as 733%.

In a new episode of What Bitcoin Did with Peter McCormack, the widely-followed crypto analyst says he has a moving price target starting at $300,000 BTC for this bull cycle.

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According to his models, Woo says he’s got his eye on the $300,000 level but is ready for an overshoot well past $400,000.

“The longer this bull market runs the higher the target goes, and right now it’s so fast… Right now it’s on track to go above $300,000.” 

Referencing PlanB’s controversial stock-to-flow model (S2F), which places Bitcoin at the $288,000 level this year, Woo believes the target is destined to be blown apart.

“Plan B’s sitting there with his stock-to-flow model which gives a hard number of $288,000, and mine is like ‘I don’t care.’ As more money piles in, this line keeps moving up. It’s a moving target. Even that $288,000 target, you’ll see that it overshoots. It always overshoots… If it’s $288,000, it goes to $300,000, $400,000, even $500,000.” 

The popular trader says that, unlike other tradable assets, Bitcoin has barely penetrated its buyer base or been adopted by the mainstream, giving it unique upside potential.

“Bitcoin of course has been in this hyperbolic curve upwards as people adopt it so we’re currently at something like 50,000 more people that you can see on the blockchain per day coming in to buy for the first time, so that means probably around 150,000 people all told including the exchanges… You’ve got these hordes of people coming in to buy it and every dip you get, they’re buying it so you’ll see this upward movement. Every dip is bought up higher, and that would be explaining this particular triangle with Bitcoin.”

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Why This DAO Bought Snowden’s NFT for $5.4 Million

by Decrypt

In brief

  • PleasrDAO bought the Snowden NFT because its members endorse transparency, just like Snowden.

  • The DAO will continue to buy and commission NFT artworks, invest in decentralized finance, and run an incubator to advance its mission.

  • Pplpleaser, the digital artist whose NFT the DAO bought in March, has joined PleasrDAO as an honorary member.

A disparate band of NFT art collectors are harnessing the power of smart contracts to create a decentralized digital art investment empire. Their latest purchase: $5.4 million on an NFT minted by NSA whistleblower Edward Snowden.

“If people haven’t started paying attention, they should,” digital artist pplpleaser told Decrypt from her home in Taiwan. She’s responsible for the decentralized autonomous organization (DAO) behind the sales. It’s called PleasrDAO, and formed last month when a group of anonymous buyers used smart contracts to pool money to buy her NFT for $525,000.

Since then, the DAO has ventured beyond her artwork and is an experiment in decentralized art collecting.

And two weeks ago, pplpleasr joined the DAO as an “honorary member.” For the Snowden auction, she stayed up all night and tapped a DeFi contact to help the DAO reach the $5.4 million figure they needed to secure the exclusive NFT.

Coordinated action

Even though most of its members have never met, and some of them remain anonymous, PleasrDAO has a philosophy. The DAO’s passionate about decentralization and using the DAO to benefit society—not just profit, pplpleasr said.

“There are many NFT sellers who are just in for the capital; they just want to cash in on the NFT craze and sell back into fiat,” she said. “That’s not constructive for cryptocurrency as a whole.”

PleasrDAO bought the Snowden NFT because Snowden, who blew the whistle on the NSA’s surveillance program back in 2013, changed the rules of the game for transparency, according to the DAO—an ideal its members staunchly support.

“Snowden represents the cypherpunk ethos that I identify with—transparency for all,” Mario Conti, a member of PleasrDAO, told Decrypt. “Blockchains also give you that.”

The proceeds from the Snowden NFT sale will go to a charity, the Freedom of the Press Foundation. “And it makes sense: Ethereum is also all about freedom—it’s freedom from banks,” Conti told Decrypt.

How PleasrDAO works

PleasrDAO distributes the ownership of the DAO in the form of tokens. That gives every member a fraction of its assets—the two NFTs and any funds in the treasury. Each member participates in the DAO’s governance through a group chat.

And if someone were to exit the DAO, their token would be up for grabs internally. “A lot of members would be thrilled to buy it,” Jamis Johnson, the chief pleasing officer of PleasrDAO told Decrypt. He coordinates and manages the strategy of PleasrDAO; his tongue-in-cheek title is “pretty much the CEO role, but more fun.”

“I’m kind of herding cats—all of these extremely successful people, the superheroes of DeFi, are particularly difficult to wrangle.”

A plan for the future

After buying the Snowden NFT, PleasrDAO’s future direction is still “amorphous,” said Johnson. But “the three spokes of the wheel” will be art collection, angel investment, and incubation.

The DAO might spend some of the treasury funds on building a smart contract, “something novel that can be a full-blown protocol,” Johnson said. It could be a one-off project like Mad Dog Jones’s NFT replicator, he explained, referring to NFT artwork of machine that produces copies of NFTs “prints.”

But the bulk of the market could collapse, he cautioned, estimating that only 1% of NFTs will return “handsome profits” to their owners.

PleasrDAO’s betting—and bidding—on that 1%. But it’s the relentless passion that drives it, and any future monetary returns would be a sweet side-effect.

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Crypto users demand reinstatement of Pakistani government adviser following sudden resignation

by Cointelegraph

Many users on social media have started an online campaign for Pakistan Prime Minister Imran Khan to bring back pro-crypto adviser Zia Ullah Bangash.

On Saturday, Bangash, the science, technology, and information technology adviser to Mahmood Khan, the chief minister of the Khyber Pakhtunkhwa province, announced he would resign his position. Bangash cited “unavoidable circumstances” in his decision to leave his advisory role in addition to responsibilities in his constituency — he previously served as a member of the provincial assembly of Khyber Pakhtunkhwa, or KP. Khan reportedly has not yet officially accepted his resignation.

The sudden departure of a figure many crypto users in Pakistan seemingly considered a proponent for blockchain and digital currency projects prompted a swift backlash from Twitter users. Within hours of Bangash’s announcement, many had gotten the hashtag “WeWantZiaBangashBack” trending in the country with more than 23,900 tweets. Some threatened to withhold votes from PM Imran Khan in the next election, expected in 2023.

“He is the only one in politics who understands the crypto and technology,” said Asad Shah, tagging the PM’s Twitter account.

“[Zia Bangash was the] only person who helped getting [sic] crypto back to our country,” said Yasen Ali. “We want Zia Bangash back. @ImranKhanPTI Bring him or we won’t vote you next time.”

Others speculated on the reasons for the sudden resignation, with many alleging local mafia groups may have pressured Bangash to leave in an attempt to stymie the country promoting innovative technology. Among them was crypto advocate and influencer Waqar Zaka, who previously helped set up a federal committee to create cryptocurrency policy in the region.

“The person who got crypto in [KP] and working [sic] hard to get Facebook Monetization on in PAK, resigned, do you know why?” said Zaka. “Cuz there are stupids in Govt who don’t want to do anything and will stop anyone like Zia too. We want him back @ImranKhanPTI.”

As a technology adviser and crypto advocate, Bangash regularly tweeted about government actions in Pakistan that could potentially affect the regulatory environment for crypto. One of his last posts before announcing his resignation was on State Bank of Pakistan governor Reza Baqir saying on CNN the country was carefully studying the issuance of central bank digital currencies. In addition, he reported on the efforts of KP province to “take action to legalize cryptocurrency and crypto mining in Pakistan.”

“For nation progress, Pakistan needs digital revolution, and digital revolution needs @ZiaBangashPTI,” said Mohammad Khan, who claimed to be a member of the social media team behind the country’s centrist political party, Pakistan Tehreek-e-Insaf, of which both Bangash and the PM are members. “@ImranKhanPTI @IMMahmoodKhan keep politics aside, don’t shatter our dreams and let Pakistan grow.”