Connect with us

Blockchain

Bitcoin is set to become a replacement for gold, says Anthony Scaramucci.

Investors will need to accept the trajectory and level of volatility in bitcoin as the digital currency becomes more widely adopted globally, SkyBridge Capital’s Anthony Scaramucci said in an interview with CNBC. Following a run to an all-time high above $63,000 in April, bitcoin has swiftly tumbled in a matter of weeks — at one […]

Published

on

Investors will need to accept the trajectory and level of volatility in bitcoin as the digital currency becomes more widely adopted globally, SkyBridge Capital’s Anthony Scaramucci said in an interview with CNBC. Following a run to an all-time high above $63,000 in April, bitcoin has swiftly tumbled in a matter of weeks — at one point even more than halving from those earlier highs. Still, the leading cryptocurrency has gained more than 10% since the start of 2021. 

Skybridge Capital has about $500 million in bitcoin.

At the time of writing, bitcoin is trading above $34,200, 3.16% up in the last 24 hours, according to CoinMarketCap. “I will point out that bitcoin is still up on the year, so it’s actually been a very good performer this year.” Scaramucci told CNBC’s “Capital Connection” on earlier this week. Skybridge Capital has “about $500 million” in bitcoin, according to Scaramucci, founder and co-managing partner at the firm. He further noted that bitcoin is still only in its early adoption stage and is set to become a “replacement” for gold, adding: “We actually like the upside characteristics and are willing to accept the volatility in bitcoin,” Anthony opined. 

Bitcoin adoption will increase massively in the future. 

“If you went back to Amazon’s IPO back in 1997, if you held that stock, $10,000 of that stock on its IPO is now worth $24 million. But you would have subjected yourself to eight periods of time where the stock dropped at least 50% as it was scaling, pursuant to Metcalfe’s law,” SkyBridge Capital’s Anthony Scaramucci said. “I’m very confident that we’ll be sitting here a year or two from now and talking about this volatility, but also being amazed at the upward trajectory of bitcoin over the next 24 months,” Scaramucci further opined. 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinnounce.com/bitcoin-is-set-to-become-a-replacement-for-gold-says-anthony-scaramucci/

Blockchain

Yearn Finance (YFI) and Synthetix (SNX) Technical Analysis: What to Expect?

Synthetix and Yearn Finance are sinking. If $7 falls, SNX/USDT may halve to $4—or worse. Meanwhile, YFI/USDT is on the cusp of falling further to $26k.

Published

on

Table of Contents

Rate this post

Synthetix and Yearn Finance are sinking. If $7 falls, SNX/USDT may halve to $4—or worse. Meanwhile, YFI/USDT is on the cusp of falling further to $26k.

Yearn Finance (YFI)

The automated aggregator allows DeFi investors to draw maximum yields from various protocols. YFI is central to the platform.

Past Performance of YFI

The YFI/USDT is still under the shadow of sellers who dominated in the second half of May 2021.

Bears are in control, and liquidation across the board may flatten out attempts to revive bulls.

Presently, YFI is down nine percent against the USD and ETH on the last trading day.

READ  BaFin Eases Licensing Process For Foreign Crypto Custodians 

Day-Ahead and what to Expect

The path of least resistance is southwards.

Although Ethereum’s fundamentals might rejuvenate YFI/USDT price action, candlestick arrangement, and BTC weakness combine to deflate optimistic bulls.

YFI bear bars are banding along with the lower BB, signaling selling pressure below $40k and the middle BB.

YFI/USDT Technical Analysis

YFI Price Daily Chart for June 22

Losses of June 21 were perpendicular, pointing to sellers’ convictions.

Accordingly, every high may present a selling opportunity for YFI/USDT bears, targeting $26k or May 2021 lows.

Unexpected gains from spot levels, preferably with high trading volumes, reversing June 21 losses may trigger a revival with targets at $40k for YFI.

Conversely, further dumps firmly place YFI/USDT price action to sellers.

Synthetix (SNX)

The decentralized derivatives trading DeFi protocol uses SNX as its token. In addition, the platform plans to adopt Optimism as its Layer-2 scaling option.

READ  COTI and Avalanche (AVAX) Technical Analysis: What to Expect?

Past Performance of SNX

SNX sellers have reversed over 80 percent of gains made during the steep increase from November 2020 to 2021 peaks of February 2021.

Losses may continue considering the state of price action, favoring sellers.

SNX is down double-digits as of writing, falling 11 percent against the USD on the last trading day.

Meanwhile, trading volumes rose to $78 million, suggesting possible offloading.

Day-Ahead and what to Expect

SNX sellers, based on price action in the daily chart, are motoring ahead.

At spot rates, dips below $7 confirming June 21 draw-down may see another dump down towards $4—visible reaction points of November and December 2021.

SNX/USDT Technical Analysis

SNX Price Daily Chart for June 22

Confirmation of SNX/USDT bear bar of June 21 below $7 could cement sellers’ conviction.

READ  4 Reasons to Scrutinize BuyCrypto.today Before Using the Service

In that case, SNX prices may halve to $4.

Conversely, suppose prices find support at spot rates, reversing June 21 losses despite the intense selling pressure. In that case, SNX could lift off above $8 to $14 in the medium term.

#DeFi #SNX #SNX/USDT #Synthetix #Yearn.finance #YFI #YFI/USDT

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/yearn-finance-yfi-and-synthetix-snx-technical-analysis-what-to-expect

Continue Reading

Blockchain

Dollar Remains Steady as Cryptocurrencies Continue to Decline

The dollar recorded a slight dip, while cryptocurrencies continued their downward slide as traders anticipated more hints from Fed chair Jerome Powell.

Published

on

Table of Contents

Rate this post

The dollar recorded a slight dip and remained largely stable, while cryptocurrencies continued their downward slide as traders anticipated more hints from Fed chair Jerome Powell. Last week, investors across the world were left scrambling after a change in the central bank’s outlook for interest rate hikes.

Dollar Continues Its Steady Run As Cryptocurrencies Stumble After Fed Announcement

The greenback rose sharply in value after the Federal Reserve announced sooner-than-expected twin rate hikes in 2023. However, on Monday, it returned some of those gains when it lost 0.4% against Euro and 0.5% against Yen. 

On Friday, the index which tracks the dollar against six major currencies also fell by 0.2% to reach 92.074 from a peak of 92.405, a level that was last observed on April 13.

According to Imre Speizer, a currency analyst at Westpac, the drop in the greenback could be a temporary repositioning, before the currency is once again headed to the top. He said, “We’ve had a bit of a positioning cleanout – the whole world was mega short the U.S. dollar, and that’s in good part probably been cleaned out already – and now we take a wee breath before the next move up.”

Bitcoin and Ether Record Double-Digit Losses

Meanwhile, cryptocurrencies continued their downward trajectory as Fed expressed concerns over inflation. This development coupled with ominous reports from China relating to crypto mining caused the flagship digital asset to drop by 11%. 

Bitcoin’s rival Ether also fell by 15% and recorded its highest sell-off in a month. While both the digital currencies maintained prices above their May lows, the overall sentiment around them was sluggish.

Many experts were upbeat about a Bitcoin comeback earlier this month when the currency briefly soared above $40,000 — a level considered vital for the asset to stabilize. But BTC prices soon found themselves in the red and the currency has been on a downward trend since June 15.

The Fed announcement had taken both stock and crypto markets by surprise and triggered a wide sell-off that impacted even traditional assets like gold.

READ  Retail Use OF Bitcoin By Merchants Is On Rise: BitPay and Coinbase Data

#Bitcoin falls #Dollar #Federal Reserve Interest Rate #Rate Hike

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/dollar-remains-steady-as-cryptocurrencies-continue-to-decline

Continue Reading

Blockchain

Chainlink (LINK) and AAVE Technical Analysis: What to Expect?

AAVE and Chainlink prices are bleeding. By taking the lead from the June 21 bear bar, AAVE/USDT and LINK/USDT risk crashing to $150 and $10, respectively.

Published

on

Table of Contents

Rate this post

AAVE and Chainlink prices are bleeding as sellers double down. By taking the lead from the June 21 bear bar, AAVE/USDT and LINK/USDT risk crashing to $150 and $10, respectively.

Chainlink (LINK)

LINK is the token behind the world’s most adopted oracle service provider in crypto.

Past Performance of LINK

The crypto market brutality continues, and LINK is no exception.

June 21 bear candlestick defines price action this week.

As we advance, how prices react at spot levels would either see LINK/USDT dump or reverse sharp losses.

Presently, LINK is down 30 percent week-to-date and losing roughly six percent on the last trading day alone.

READ  Ripple Client TransferGo Hits Over $3 Billion in International Cash Flows

Day-Ahead and what to Expect

Reading from the daily chart, the middle BB is the primary liquidation line.

LINK/USDT prices are down below $20 as sellers double down, unwinding gains of May 24—canceling bullish prospects.

Confirmation of June 21 losses would see LINK chart in a new trajectory, placing sellers firmly in the driving seat.

LINK/USDT Technical Analysis

LINK Price Daily Chart for June 22

LINK prices are trending below the middle BB as bears press lower.

There might have been gains on the tail end of June 21. Still, confirmation of yesterday’s bar is enough to shock the market, forcing more sellers into action.

In that case, LINK/USDT prices may dump to the Q1 2021 lows of around $10.

AAVE

The CertiK-certified borrowing and lending DeFi protocol uses AAVE as its primary token.

READ  Bitcoin Holders Not Buzzed By Bitcoin’s 10000 USD Rally

Past Performance of AAVE

From the daily chart, AAVE is under immense pressure, trading within a bear breakout pattern. The immediate resistance and buy trigger line lie at $300.

At the time of writing, AAVE is down 12 percent against the USD.

Day-Ahead and what to Expect

In a bear breakout pattern, AAVE/USDT is free-falling.

Sellers are stepping up as fear grips the market.

Notably, AAVE bear bars—like June 21, for example—are banding along the lower BB. It, therefore, means the underlying sell momentum is stronger.

As such, every pullback could present a selling opportunity for aggressive traders.

AAVE/USDT Technical Analysis

AAVE Price Daily Chart for June 22

AAVE is free-falling in a sell breakout pattern to confirm the double-bar bear pattern of May 18 and 19.

Following June 21 high-volume sell bar, traders may unload on pullback targeting $150 in the immediate term.

READ  DappRadar Announced $5 million Raise in Series A Funding

Sharp gains unwinding June 21 losses may shift fortunes in favor of bulls. However, risk-averse traders should wait for conclusive gains above $300.

#AAVE #AAVE/USDT #Chainlink #DeFi #LINK #LINK USDT

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/chainlink-link-and-aave-technical-analysis-what-to-expect

Continue Reading

Blockchain

Canadian Securities Regulator Takes Aim at Bybit Crypto Exchange

The Ontario Securities Commission (OSC) published a Statement of Allegations against Bybit for failing to comply with the Ontario securities law.

Published

on

Table of Contents

Rate this post

The Ontario Securities Commission (OSC) published a Statement of Allegations against Bybit Fintech Limited (Bybit), a company incorporated in the British Virgin Islands for failing to comply with the Ontario securities law.

OSC Publishes a Statement of Allegations Against Bybit

Futures trading platform, Bybit was accused of operating an unregistered cryptocurrency trading platform in Ontario, according to a Statement of Allegations by the Ontario Securities Commission.

Bybit Fintech Ltd. is a company incorporated in the British Virgin Islands which operates a cryptocurrency platform.

On June 21, the Canadian securities regulator began proceedings against Bybit Fintech Limited for operating an unregistered crypto asset trading platform and encouraging Canadians to use the platform, and trade crypto asset products that are securities and derivatives.

READ  Ethereum Traders Transfers 1.2M ETH as Price Increases

Earlier this month, the regulator took similar enforcement action against another exchange, KuCoin, and also Poloniex during last month.

Both actions come after the OSC issued a notification on March 29 warning crypto-asset trading platforms that offer to trade in derivatives or securities in Ontario that they must contact OSC into compliance by April 19 or face potential regulatory action with the Ontario securities law.

Bybit Failed to Contact the OSC for Compliance

The commission alleges that Bybit failed to contact the OSC despite the public statement to begin compliance talks with regulators and has now added the platform to its investor warning list and set a hearing date of July 15.

At that hearing, the commission will consider Bybit to cease securities trading and be prohibited from acquiring securities “permanently or for such period as is specified by the Commission.”

READ  Tiger Global Management Invested $25M in CoinSwitch Kuber

This includes an administrative penalty of up to $1 million for breaching Ontario securities law and cover the costs of the commission’s investigation.

Alongside these enforcements, the commission has added 12 crypto trading platforms to its investor alert list since September.

The OSC took similar action in recent months against Polo Digital Assets, Ltd., operating as Poloniex, and Mek Global Limited, and PhoenixFin Pte Ltd., which are associated with KuCoin.

#Bybit #Canadian securities regulator #Crypto Exchange #Ontario Securities Commission #OSC

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/canadian-securities-regulator-takes-aim-at-bybit-crypto-exchange

Continue Reading
Cleantech10 mins ago

Debunking Myths About Tesla’s Regulatory Credits, Profits, And Jerome Guillen’s Departure

CNBC22 mins ago

Roland’s new mobile mixer has better support for Android and headset mics

Techcrunch24 mins ago

If you love voice messaging, you’ll love Squad

Techcrunch38 mins ago

Inspired by founder’s childhood asthma, NuvoAir raises $12M to tackle respiratory illnesses

Blockchain39 mins ago

Yearn Finance (YFI) and Synthetix (SNX) Technical Analysis: What to Expect?

Energy40 mins ago

Daqo New Energy’s subsidiary Xinjiang Daqo completes its IPO Registration with China Securities Regulatory Commission

Energy40 mins ago

Global Talc Markets Report 2021-2026 – Increasing Use of Talc In The Automotive Industry, Superior Properties of Talc, Rapid Industrialization In Emerging Economies, Growing Middle-Class Population

Gaming45 mins ago

SCCG Management and Kinectify bring Simplified KYC / AML Solution to US Gaming Industry

Energy50 mins ago

Flex Releases its 2021 Sustainability Report

CNBC54 mins ago

Epic Games will let developers use its voice and anti-cheat services for free

Esports55 mins ago

Here are the VALORANT Patch 3.0 notes

Energy55 mins ago

Gold Prices Rebound After Banks Reiterate their Stance

Energy55 mins ago

Norfolk Southern applauds 43 chemical customers for shipping safely by rail

Energy55 mins ago

Buffalo Sewer Authority Issues Largest-Ever U.S. Environmental Impact Bond

Energy55 mins ago

Primo Water Corporation Reaffirms Second Quarter and Full Year 2021 Outlook

Energy55 mins ago

Electric Options Begin to Permeate Through the Construction Machinery Industry

Energy55 mins ago

Angold Updates Drilling At Dorado Indicating New Gold Zones

Energy55 mins ago

Gold Royalty and Ely Gold Announce Town Hall Meeting – June 25, 2021

Energy55 mins ago

China Makes Policy Changes to Curtail Crude Steel Production: Beroe Inc.

Energy55 mins ago

Aerospace Coatings Market Surging at 6% CAGR; Increasing Demand for Aircrafts in Military Applications Drives Market Growth: Fact MR Study

AR/VR56 mins ago

ENGAGE Oasis to Be VR Education’s Corporate Metaverse

Energy58 mins ago

JetClub letí vstříc udržitelné budoucnosti s elektrickým letadlem eFlyer 800 od společnosti Bye Aerospace

Energy59 mins ago

Firmenich Launches Dynarome® TR for Natural Heat-induced Aroma in Plant-based Meat Analogs

Energy60 mins ago

Anova Installation Services Accelerate Remote Tank Monitoring Returns

Esports1 hour ago

Stockholm reportedly remains a priority for the CS:GO Major

Startups1 hour ago

G2 raises $157M for its software review service

Startups1 hour ago

[H1] How Does Hiring a Chartered Accountant Promote Your Startup?

HRTech1 hour ago

Deloitte lets staff in UK work from anywhere forever

Esports1 hour ago

HLTV Confirmed with guest nafany: joining Youngsters, becoming IGL, climbing to #1

Artificial Intelligence1 hour ago

Memory.ai, the startup behind time-tracking app Timely, raises $14M to build more AI-based productivity apps

Trending