Crypto Has Arrived In Hollywood And The Stars Are Loving It!

Crypto has made its way into pretty much every major industry. So it comes as no surprise that it has evidently made its way into Hollywood. Now, the stars are announcing their investments in crypto. The gains that crypto brings cannot be overestimated and even the rich and famous do not want to miss out on it.

Recently, A-list actress Reese Witherspoon took to Twitter to announce her entrance into the crypto world. The two-time Oscar and eight-time Golden Globes award winner revealed that she had made her first-ever purchase, which was Ethereum.

Related Reading | Bitcoin At $100,000, Ethereum At $5,000 Is Path Of Least Resistance, Says Bloomberg Crypto Analyst

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Witherspoon’s revelation opened the floodgates, as replies ranged from people congratulating her on this journey to people downright shilling their coins to her. The actress follower count also saw an uptick after the tweet went live. Crypto Twitter seemed to have come out en masse to welcome the actress.

Related Reading | Venture Capitalist Bill Gurley Takes Personal Position In Ethereum, Here’s Why

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At this point, it is safe to say that Witherspoon has been pitched almost every crypto token worth mentioning in the market. Amid this was Logan Paul who offered to show the actress around the NFT world. Paul had replied to Witherspoon asking for her ETH address so he could gift her first NFT project, World of Women.

Celebrities Jumping Into Crypto

Witherspoon is not the only celebrity that has jumped on the crypto train. Notable names have been world-renowned boxer Mike Tyson showing support for digital assets. 50 Cent, an American hip-hop star, back in 2018, had revealed that he had forgotten he had a stash of bitcoins. The coins were paid to him for his fifth studio album “Wild Ambitions” when the rapper had agreed to accept payments in bitcoin. The bitcoins which he had gotten in 2014 at $662 were worth about $8 million when the rapper rediscovered it in 2018.

Related Reading | Deloitte Survey Shows 76% Of Finance Execs Think Physical Money Is Nearing Its End

Other notable names include Busta Rhymes. Mr. Rhymes had first shown interest in the market back in July. He had asked his followers on Twitter how they felt about crypto, which caught the attention of notable names in the community such as Elon Musk and Michael Saylor. Later on, the rapper had tweeted confirming that he had indeed gotten into crypto after doing his research and now holds bitcoin.

Why Notable Names Are Important

Although most would argue that crypto does not need big names to soar, the opposite is very true. The world which we live in today is completely governed by having information at our fingertips and with so much information coming at us at the same time, people will tune out most things. But people will listen to prominent people.

Crypto going mainstream will be a faster process once people start seeing their favorites getting in on it, which in turn says to their fans that the market is something they should get into.

Ethereum price chart from

Ethereum price chart from

ETH price resting above $3,900 | Source: ETHUSD on

The 24 hours following Witherspoon’s announcement has seen the price of Ethereum test the $4,000 resistance point. Although the asset took a beat down at this point, it has posted an upward recovering which now puts the asset in the $3,900 trading range.

Featured image from Bitcoin News, chart from


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Bitcoin Is Lying In Wait

Headline: Bitcoin Is Lying In Wait

Description: Although the price of bitcoin remains relatively stable, there is reason to believe a major breakout is imminent.

SEO: Bitcoin Is Lying In Wait

By: Dion Guillaume

Last Week In Bitcoin is a series discussing the events of the previous week that occurred in the Bitcoin industry, covering all the important news and analysis.

Summary of the Week

This week was relatively calm. We briefly saw bitcoin surpass $50,000 a few times, however it has struggled to remain above this important threshold over the last few days. This could very well be the calm before the storm, as next week El Salvador will officially adopt bitcoin as legal tender. Not to mention that we’re just two months away from the Taproot soft fork activating. Bitcoin may very well be preparing for a decent run.

There were some intriguing bits of news that hit the stands — Twitter is working on integrating bitcoin payments, El Salvador is finalizing its bitcoin plans, mining takes the spotlight and the SEC’s chairman continues to sing bitcoin’s praises. Here’s this week in bitcoin:

Bullish News

On Monday, the bitcoin network set a new record with over $8 billion in weekly transaction volume recorded, a remarkable milestone as bitcoin approaches the $1 trillion market cap marker again.

On Tuesday, El Salvador’s democratic assembly approved the country’s $150 million bitcoin trust ahead of the nation officially implementing bitcoin as legal tender early next week. The launch will see each citizen receive $30 in bitcoin through the country’s dedicated Chivo wallet with 200 ATMs to be installed across the country.

Also on Tuesday, Genesis Digital Assets was offered an option from Canaan to purchase 200,000 bitcoin mining rigs. The firm acquired 20,000 rigs from Canaan, with the option to purchase an additional 180,000. Genesis currently accounts for 2.4% of the global bitcoin hashrate, and that portion could increase nearly tenfold by 2023.

On Wednesday, Belarusian president, Alexander Lukashenko, urged citizens to mine bitcoin with the country’s excess electricity instead of seeking low-earning jobs abroad. As more counties and countries push forward incentives to welcome miners to their shores, Belarus may end up doing the same, to the benefit of the Eastern European nation’s economy.

Also on Wednesday, leading bitcoin rewards app, Fold, announced that it has partnered with OpenNode to operate fully on the Lightning Network by 2022, paving the way for fast and affordable payments in bitcoin.

Wednesday also saw bitcoin superfan and U.S. SEC Chairman, Gary Gensler, speak to the European Parliament about bitcoin, noting how the network operates 24 hours a day, seven days a week, and across borders. He said that “this innovation has been and could continue to be a catalyst for change in the fields of finance and money,” and “I think the transformation we’re living through right now could be every bit as big as the internet in the 1990s.”

Rounding off Wednesday’s busy day in bitcoin, some leaks were shared of Twitter beta testing a bitcoin tipping service in partnership with lightning payment app, Strike, which would later be confirmed by the company’s product lead. This follows on remarks from CEO, Jack Dorsey, in July that bitcoin would be implemented for tipping, Super Follows, commerce and subscriptions.

On Thursday, Vast Bank became the first chartered bank in the U.S. to offer bitcoin services. Customers will be able to buy and sell bitcoin directly from an FDIC-insured checking account, while its bitcoin custody solutions include a mobile trading platform with instant settlement to its accounts.

Also on Thursday, Franklin Templeton, an investment manager with over $1.5 trillion in assets under management and operating in 34 countries across the globe, published a job listing on LinkedIn looking for a ‘Research Analyst – Crypto Currency.’ Bullish much?

Late on Thursday, U.S.-based ecommerce platform became the latest retailer to accept bitcoin payments courtesy of a partnership with crypto payments platform, BitPay.

Bearish News

This week saw several small protests across El Salvador against next week’s official rollout of bitcoin as legal tender across the country. Although the $30 each citizen will receive in bitcoin is a drop in the bucket compared to the global market’s daily volume, if the majority decide to sell their new holdings, it may end up dissuading other countries from pursuing plans to adopt bitcoin as legal tender.


Twitter and bitcoin? Yes please! This week has been relatively quiet news-wise, but it could be said that no news is good news. Bitcoin has managed to hover between $47,000 and $50,000 for most of the week, but has struggled to breach $51,000 and head on a runner.

Next week will be a crucial week for bitcoin, historic maybe. El Salvador will officially embrace bitcoin as legal tender as they roll out 200 bitcoin ATMs and 20 bitcoin kiosks across the country. Each citizen will receive $30 worth of bitcoin through the country’s dedicated Chivo bitcoin wallet. A country is adopting bitcoin as legal tender and giving every citizen bitcoin.

What happens in El Salvador next week will either be hyperbullish or somewhat bearish. A smooth rollout isn’t necessarily a must, but ensuring citizens don’t just dump their new holdings and continue to use filthy fiat will be key. If their adoption of bitcoin proves successful over the next few weeks, or even months, then we could very well see more countries push through plans to do the same.

I believe we find ourselves inside the calm before the storm. Bitcoin is bracing for a breakout. El Salvador could be a catalyst, or the market could just turn out to be ready to rumble. Whatever happens, I’m stacking some sats and grabbing the popcorn.

This is a guest post by Dion Guillaume. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.


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Binance Tells South Africa Regulator It Doesn’t Have Jurisdiction Over Crypto

In brief

  • Binance has taken heat from national regulators this year.
  • South Africa is the latest country to warn investors about the exchange.

South Africa’s Financial Sector Conduct Authority (FSCA) on Friday issued a public warning that Binance Group, the owner of the world’s largest cryptocurrency exchange, is “not authorised to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act.”

To which Binance quickly responded: We don’t recognize your authority anyway. 

In a statement shared with Decrypt, the exchange said it does not provide financial advice or intermediary services. It went on to point out something outlined in the FSCA’s own letter: the FSCA does not regulate cryptocurrencies or crypto exchanges.

For that reason, it hasn’t worked with the FSCA but has been “continuously collaborating with the FIC (Financial Intelligence Centre).”

The FSCA regulates financial institutions such as banks and insurers in Africa’s second-largest economy, with the twin goals of maintaining fairness in the markets and protecting consumers, akin to the Securities and Exchange Commission in the U.S. By contrast, the FIC cracks down on financial crime such as the financing of terrorism and money laundering. Its closest corollary in the U.S. is FinCEN, the Financial Crimes Enforcement Network.

Binance also picked nits in the FSCA’s statement, which referred to Binance Group as “an international company situated in the Seychelles.” According to Binance, there is no “associated entity named ‘Binance Group’ in Seychelles.” A February 2020 report by Decrypt found that Binance was registered in the Cayman Islands and the Seychelles, though Binance has been reticent to name a headquarters, preferring instead to present itself publicly as a global company.

That doesn’t sit well with country regulators. The U.S. Commodity Futures Trading Commission was investigating the exchange over whether it allowed American residents to use its service, which is not registered in the country. The Department of Justice and Internal Revenue Service have also reportedly opened an investigation into Binance’s activity. 

Binance has not been charged with any wrongdoing, but it’s felt the consequences. In August it announced tightened KYC requirements for users to verify their identity. Brian Brooks, CEO of Binance US, also reportedly left the exchange over differences of opinion on how his affiliated company should handle U.S. regulators.

The exchange has also taken heat from central banks and securities regulators in recent months. Just two days ago, the Monetary Authority of Singapore (MAS) placed on its Investor Alert List, notifying the country’s residents that the global exchange is not regulated or licensed by MAS. The notice did not mention the Singapore-specific platform. MAS had previously told Decrypt that Binance Asia Services, which is registered in Singapore, was not licensed.

The U.K., Italy, Netherlands, Japan, and Malaysia all have issued similar warnings about Binance—or existing or proposed arms of the conglomerate—in recent months. None of which has dented its stranglehold on trading. In the last 24 hours, Binance has processed $30.2 billion in transaction volume. Its closest competitor, Coinbase, managed just $5.5 billion.


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Is Bitcoin Losing Its Position As The Crypto Market’s Leader?

Bitcoin prices have been doing well lately, following a steady, upward trend for the last several weeks as they climb toward the record high they set earlier this year.

The world’s largest cryptocurrency by market capitalization reached $51,037.01 today, its highest since May 14, CoinDesk figures show. At this point, it had risen more than 75% since hitting a local low on June 22.

While this might sound impressive, other prominent digital currencies have been outshining bitcoin lately with their superior performance.

Ether, the second-largest digital asset by market value, more than doubled in recent months, and Cardano’s ada token tripled in the same time, according to CoinDesk price data.

Ether reached $4,026.93 earlier today, having climbed more than 130% after falling to a recent low of $1,711.23 on June 22, additional CoinDesk figures show. At this recent high, ether was up more than 400% year-to-date.

Cardano’s ada token has been benefiting from even more compelling gains, rising to an all-time high of $3.10 yesterday, at which point it had climbed more than 200% after reaching a local low of $1.00 June 22.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Amid these latest developments, some market observers might wonder whether bitcoin is still the market leader it was for years.


“For most of its history, Bitcoin has acted as the reserve currency of the crypto ecosystem, leading the direction up or down for everything else,” said Jesse Proudman, cofounder and CTO of crypto hedge fund Strix Leviathan.

“Over the past few months, we’ve witnessed a marked change in that status and over the last week, we’re seeing the beginning of a clean break where Bitcoin is now following moves of other currencies like Ethereum,” he stated.

Jeff Dorman, chief investment officer of asset manager Arca, put things a bit more bluntly.

“Bitcoin does not lead markets anymore,” he stated. “It has exhibited both poor upcapture and poor downcapture all year, meaning it doesn’t keep pace with rallies AND sells off more than other assets in downturns.”

“More importantly, everyone (other than the individuals and businesses that rely solely on Bitcoin’s success) are beginning to understand that Bitcoin shouldn’t be tied to the success or failures of other assets. They are completely different.”

“Unlike the early days of digital assets where Bitcoin was the only game in town, this asset class has now evolved far beyond cryptocurrencies,” he noted.

“There are new sectors that have much faster growth trajectories, like DeFi (decentralized finance), gaming, sports, NFTs and web 3.0, all of which have completely different factors and token attributes that contribute to their returns.”

Bitcoin’s ‘Maturation’

Blockstream VP of financial products Jesse Knutson offered a more optimistic take, weighing in on how the world’s most prominent digital currency continues to develop.

“I think what we’re seeing here is the maturation of Bitcoin,” he stated.

“Over the past 12 months, there’s been an incredible amount of institutional and even sovereign interest in the space,” said Knutson.

“The largest asset managers in the world, firms like Capital, Fidelity, Blackrock, and Tudor are trying to build Bitcoin exposure, but are still largely limited to listed proxies and derivative products,” he noted.

“Morgan Stanley and JPM are rolling out dedicated Bitcoin products to private wealth clients, and countries like El Salvador are looking to Bitcoin not only as a growth driver but to also actually solve financial infrastructure challenges.”

“Given the massive change in market participants this year, I think it makes sense to see some price divergence between Bitcoin and more speculative digital assets from time to time,” Knutson stated.

“The macro backdrop is extremely supportive of the Bitcoin investment thesis and there is a wave of money building that I think will probably struggle to fit into what is still a relatively small asset class by institutional and sovereign standards.”

Continued Market Evolution

Other analysts offered differing perspectives, speaking to how they think the broader digital asset markets will mature over time.

“The crypto asset class is viewed by many as a monolith driven by Bitcoin,” claimed Amber Ghaddar, cofounder of decentralized capital marketplace AllianceBlock.

“Our thesis has always been that even if Bitcoin is the poster child of crypto, bifurcation and a decrease in correlation is to be expected in the long run.”

As time goes on, she expects individual digital assets to derive their values less from speculation and more based on their own specific characteristics.

“Prices are made of two components: a fundamental component and a speculative component. The speculative part is usually the largest and is driven by sentiment, future expected uses and scalability,” Ghaddar noted.

“We expect the fundamental component – easily calculated by looking at network data – to take a larger proportion of price as new layer 1 blockchains start maturing and/or go live.”

Jalak Jobanputra, founder and managing partner of Future Perfect Ventures, also spoke to the growing divergence between bitcoin and other digital assets.

“We have firmly believed in a multi-crypto world and that each currency will eventually be valued according to its particular use case,” she stated.

“Bitcoin has emerged as a store of value and inflation hedge while Ethereum has become the currency for DeFi and NFT applications, and thus in many ways the reserve currency for Web 3.0. I expect Bitcoin will follow more macroeconomic trends as it is doing right now.”

“This is an exciting transition as we are seeing some of these more blue-chip cryptos come into their own beyond being used as tools for speculators.”

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.


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Time To Be Cautious on Cardano? Analyst Michaël Van De Poppe Looks at What’s Next for the Explosive Altcoin

Crypto analyst Michaël van de Poppe is looking at Cardano, which has surged a staggering 116% over the past 30 days and 2,400% in one year, according to CoinGecko.

Van de Poppe says there’s now a “massive” chance that Cardano will retrace significantly after its epic breakout.



If you want to buy Cardano right now, the chances of a significant drop and drawdown on your entry based on the daily time frame is massive. This means that it can easily correct 25-30% and still be bullish. But you have been going down 25%, while potentially a better entry is granted on those lower levels.”

At the time of writing, Cardano is trading at slightly below $3.00 and Van de Poppe says he would prefer buying at or below $2.45 since such an entry point offers a better risk-reward ratio.

“The actual pain is on the downside. Doesn’t mean that Cardano can’t keep on running. It can. But you have to wait or look for levels that are interesting to watch in order to actually take the entry…

I would be looking around $2.45 and second, I would be looking around the area that we have around $2.”

Van de Poppe says that the target zones for profit taking are at or above $4.40.

“What is the next target zone for Cardano based on the impulse waves? Well, obviously you can use the Fibonacci extension based on the previous impulse wave, through which you can target $4.75 and $6.80. You can also do it based on the recent run, and then you get to $4.40 and $6.50.”



The analyst says that signs of a retracement for the third-largest cryptocurrency by market cap are also evident on the Cardano/Bitcoin (ADA/BTC) chart.

“Is Cardano done with running at this point? I don’t believe that it is. But it shows that we might be getting such a corrective move at this point, given the fact that also the daily [time frame] on the Bitcoin pair [ADA/BTC] is not really granting any strength at all. So the scenario that we have here is showing us a potential corrective move.”

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Altcoin Roundup: Time to rotate! Data suggests traders are shifting from NFTs to DeFi

An important part of preserving investing profits is knowing when an asset or sector is showing signs of exhaustion and when a sector rotation is underway. 

This is especially important in the rapidly moving cryptocurrency markets, which can change direction in a heartbeat and turn crypto millionaires into depressed bag holders.

Most investors know that the nonfungible token (NFT) sector has been on fire since July, and as CryptoPunks, Mutant Ape Yacht Club and pet EtherRock NFTs fetched six- and seven-figure sums, while top NFT marketplace OpenSea surpassed $4 billion in total sales. While the frenzy has been exciting, many new projects have launched across a variety of blockchain networks, and the recent decline in transaction volumes could be a signal that investors are looking to move to different pastures.

In the first quarter of 2021, decentralized finance (DeFi) protocols and their related tokens were the focal points for investors, but this sector cooled off in March as the NFT market underwent its first bull market. Now it appears that the tide has begun to change, and the profits made from NFT trading could be making their way back into altcoins and DeFi markets.

Here are five signs that a capital rotation might be underway from NFTs into the DeFi sector.

Large- and small-cap DeFi tokens rally

DeFi Perp is an index token on the FTX cryptocurrency exchange that comprises a basket of 25 of the top DeFi-related cryptocurrencies, including Maker (MKR), Polkadot’s DOT, Solana (SOL), Curve DAO Token (CRV), Uniswap (UNI) and SushiSwap (SUSHI).

Data from TradingView shows that the price of DeFi Perp has been on the rise since bottoming out at $5,331 on July 20, and it has since rallied 138% to a daily high at $12,771 on Sept. 2.

DEFIPERP 1-day chart. Source: TradingView

The surging price of DeFi Perp back to the $12,500 support and resistance level, which is shown to be an important level during the rally between February and May in 2021, is a sign that funds are beginning to flow back into the DeFi ecosystem just as the daily trading volumes and price floors for NFTs are on the decline.

NFT prices are cooling off

Since rapidly rising NFT prices have been the main feature catching the public’s attention, it is also a red flag and a good metric for judging the overall health of the sector. As shown in the chart below, which tracks the daily average price floor of NFTs sold in the market, the average price floor reached a high of 1.02 Ether (ETH) on Aug. 29 and has since pulled back to 0.5 ETH.

NFT price floor tracker. Source: Dune Analytics

The fact that NFTs are selling for less or that new high-volume projects are selling at lower prices could be a sign that the market may be becoming saturated and that the momentum is beginning to wane.

Active users and transactions on DeFi platforms surge

Another sign that the DeFi ecosystem continues to grow is the steadily increasing number of DeFi users over time, as shown below in data from Dune Analytics.

Total DeFi users over time. Source: Dune Analytics

New users interacting with protocols are likely attracted to the steady yields and no-hassle token staking, and Cointelegraph has reported that investors from traditional finance are also deeply interested in what DeFi has to offer.

While this metric tracks the number of unique wallet addresses that interact with DeFi protocols and it’s possible that some users have multiple addresses, the situation has become more complicated in recent times. The longer-term nature of earning a yield in DeFi via staking, providing liquidity or locking tokens on protocols has arguably led to a decline in users switching between multiple wallets and paying high gas fees to constantly move assets.

The continued entrance of new users into the DeFi space could signal that some who have made profits in NFTs are now looking to lock in profits and earn a yield, while newcomers to the market are attracted to its lower-risk opportunities.

$4,000 ETH signals a rotation in play

Another development that could signal a sector rotation toward DeFi is the rising price of Ether.

ETH/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView shows that the price of Ether has rallied 125% since reaching a low of $1,706 on July 20, with its most recent surge of 23% pushing its price from $3,134 on Aug. 30 to a high at $4,029 on Sept. 3.

With most of the top DeFi protocols located on Ethereum, the top altcoin is one of the main assets in the DeFi ecosystem and is widely used to stake and purchase other tokens.

Related: Is Ethereum’s rally signaling the next bull market phase for Bitcoin above $50K?

DeFi TVL hits a new all-time high

A final metric that indicates that a sector rotation into DeFi is underway is the total value locked (TVL) on all DeFi protocols. On Sept. 2, the figure reached a new record high of $171.5 billion.

Total value locked in DeFi. Source: Defi Llama

Previous surges in TVL were in large part due to increases in Bitcoin and Ether prices, but the current push comes as both tokens trade well below their 2021 highs, indicating that the rise in TVL has more to do with the rising value of DeFi tokens and the increased use of stablecoins.

While the NFT boom might not be over, multiple data points suggest that the bullish momentum has reached an exhaustion point, and the current run-up in altcoin and DeFi prices is a signal that a rotation is in its early stages.

Want more information about trading and investing in crypto markets?

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.