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Meme Coins Craze Attracting Money Behind Fall of Bitcoin

From the eyes of crypto-analysts, the ongoing craze for meme coins is the main reason behind the price struggle for Bitcoin.

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From the eyes of crypto-analysts, the ongoing craze for meme coins is the main reason behind the price struggle for Bitcoin. And, meme coins like Dogecoin and its clones are constantly sucking funds out of Bitcoin.

The Money Will Soon Reenter The Market: CEO CryptoQuant

The ongoing massive flows in the fresh funds are statistically massive. However, CryptoQuant’s CEO Ki-Young Ju believes that trends are changing at much higher rates, and tokens with true intrinsic value like BTC will recommence their position in the market. The statement reads,

“Smart money will reenter the market soon and reverse the trend.”

All of this started with Elon Musk who has always favored the meme cryptocurrency DOGE. Supported by names like Mark Cuban and Snoop Dogg that has also attracted the masses of investors in the space, it became arguably the most widely discussed topic in and outside the crypto-sphere.

However, there are crypto-whales in the market who know how to take advantage of the ongoing mania. Coins that seemingly have no value or product, are gaining people’s attention due to advertising services. In this attention-grabbing game, one can observe massive fluctuations and promises for multi-digital return.

The most recent example is a token called Shiba Inu (SHIB) whose exchange value is up tenfold in the past few days alone. This additionally enhances the snowball effect. According to analysts, the massive increase in value is also the result of most searched and viewed digital assets. Apart from the mind-blowing returns, the following data from CoinMarketCap confirms the same.

Smart Money to Go in Bitcoin Soon

CryptoQuant’s CEO argued that,

“The asset’s fundamentals are still “strong,” and on-chain data support this narrative. The market will become smart money soon, and the funds will go to major coins that have intrinsic value. The ongoing craze for meme coin is the primary reason why bitcoin’s price has been struggling.

At the same time, many altcoins see frequent new records, including the aforementioned massive surges by the meme coins. Nevertheless, CryptoQuant’s CEO. believes that this trend is about to change soon.

 As per reports, institutional investors uninterruptedly collecting cryptocurrencies, miners are refusing to sell, and smaller hoDLers are withdrawing their coins from exchanges at the same time. 

READ  Why Litecoin’s Ambitious Surge to Dethrone XRP Was Short-Lived

#‘Dogecoin Killer’ Shiba Inu #Bitcoin #CEO CryptoQuant #CryptoQuant’s CEO Ki Young Ju #SHIB #Shiba-Inu

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Source: https://www.cryptoknowmics.com/news/meme-coins-craze-attracting-money-behind-fall-of-bitcoin

Blockchain

29% of Crypto Investors in the UK Check Their Balance Every day, Study Finds

According to the FCA, every day, more and more people invest in crypto. Still, fewer and fewer people understand what they are investing in.

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People in the UK are more interested in Bitcoin and crypto today than in any other year, including 2017, when the digital asset boom was at its peak.

According to a UK’s Financial Conduct Authority survey, about 78% of adults have now heard of cryptocurrencies, and more than 2.3 million people in the UK hold or have owned cryptocurrencies at some point.

Crypto is a Serious Investment

The way British people think about crypto has changed dramatically. The FCA mentions that investors no longer see cryptocurrencies as a gamble but rather a serious investment or alternative to traditional investments. The gambling option dropped 9% to 38% in popularity.

Also, people are more aware of fluctuations. The number of investors who check their balances daily increased to 29% – more than double from 13% in 2020.

The British are long-term bullish. The survey revealed that about half of cryptocurrency hodlers plan to increase their exposure trusting that “they’ll make money at some point.” However, in the face of all the new options to invest, the FCA warns that the “overall understanding of cryptocurrency has declined.”


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This figure represents an increase in the number of hodlers compared to 1.9 million last year. The FCA data is also consistent with an apparent rise in searches for information related to cryptocurrencies in the country.

Although interest in the keyword “Cryptocurrency” has dropped considerably over the past two weeks, searches for this term reached an all-time high in May, and interest is well above that of 2020 and previous years.

Google Searches for Cryptocurrency in UK. Image: Google
Google Searches for Cryptocurrency in UK. Image: Google

The FCA also found an increase in the average investment, which went from £260 to £300 in one year. That is, in theory, about $1 trillion is in the portfolios of small retail investors in Britain – leaving aside institutional investors.

One thing that remains the same is the typical profile of the cryptocurrency investor: Almost 70% of the respondants were male millennials of around 35 years old.

Bitcoin is Still The King

Bitcoin remains the favorite cryptocurrency investment for Brits, up 3% from last year. Some 66% of respondents said they held Bitcoin, compared to 35% for Ethereum, 21% for Litecoin, 18% for XRP, and 15% for Bitcoin Cash.

The FCA has been closely following the topic of cryptocurrencies for several years now. In the study, the FCA concludes that this increased interest in digital assets has been strongly influenced by the price volatility and the bullish behavior of Bitcoin over the years. Something that the rest of the cryptocurrencies tend to replicate.

Since 2020, interest in cryptoassets has reached beyond retail consumers, as institutional investors and traditional financial services firms have shown an increased appetite for engaging in the market. (…) This rise is reflected in other cryptoassets. We think this recent momentum influenced consumer responses to our research questions.

But the interest of the FCA goes beyond retail investors. The agency is also studying many aspects related to the impact and potential of CBDCs. It is also involved in the supervision of endeavors oriented to prevent and combat money laundering and terrorism and is also one of the most important public agencies involved in providing guidance to small and institutional investors that get involved with crypto.

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Source: https://cryptopotato.com/29-percent-crypto-investors-check-balances-every-day-fca/

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Blockchain

Beyond the hype: NFTs’ actual value is still to be determined

NFTs present a revolutionary and innovative technology, but their real value has been obscured by hype.

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It’s 2021. Super Bowl champion Tom Brady is starting an NFT company, Christie’s is explaining CryptoPunks to everyone, Saturday Night Live is creating jams about NFTs, Beeple and Mark Cuban are advocating NFTs’ use case — yet, here I am, the CEO of a company that helps users securely store their nonfungible tokens and I still think the actual value of NFTs is to be decided. 

It’s important to back up and remember that, although it seems like we have all always known about NFTs, the opposite is true. Up until this year, NFTs were not only a novelty idea that would never be a story on cable news, but their use case was still being worked out in the blockchain industry. Although the recent hype has been fun, I believe that this current iteration of NFTs is far from the game-changing, revolutionary potential that they can truly unlock for entire industries.

Related: How NFTs, DeFi and Web 3.0 are intertwined

What makes NFTs different from Bitcoin

NFTs are different from all other use cases of cryptocurrencies. Bitcoin (BTC) is considered a fungible store of value, and blockchains like Ethereum, Cardano and Polkadot help developers unlock utility via the blockchain for various DeFi projects. An NFT, on the other hand, is a uniquely generated token that uses the Ethereum blockchain to represent ownership of a digital asset in a way that is unchangeable over time.

Related: DeFi who? NFTs are the new hot stars on the crypto block

With everyone from retired professional wrestler The Undertaker to Lindsay Lohan pushing their own NFTs to take advantage of the trend, this feels far more like Ty Beanie Babies hype than revolutionary tech. Once the trend settles or the bubble bursts, all you are left with is a certificate of ownership that holds no value, which begs the question: Why not just right-click and “save as” to make a copy without spending $69 million?

Related: When dollars meet the hype: The biggest NFT hits from celebrities

This first form should not be the final one

I joke about the current state of NFTs, but I am extremely excited when I think about what NFTs will evolve into in the next decade. The function of having an immutable record of ownership or agreement minted onto a blockchain has such rich potential to impact so many industries. Some of the most exciting use cases beyond the current iteration of NFTs include:

  • Real estate: Imagine a near-future where you go to buy a house, and instead of an arduous process of paperwork and communication back-and-forth with the bank, you can simplify the process by exchanging an ERC-721 (the standard NFT token based on Ethereum) from the original owner to you.
  • Licenses and records: Opening bank accounts, renting an apartment, transferring the title of a car or trying to buy cold medicine at the local drugstore — all of these things require tangible verifications through ID and certified paperwork. What if, instead, you could have your licenses and records verified on the blockchain as NFTs?
  • Tangible goods: Even further out in the future, NFTs could help us claim ownership of tangible goods and give power, through verifiable ownership, back to people who are victims of theft. Imagine someone stealing your bicycle or a priceless piece of jewelry passed down in your family. If you can link ownership of these things with an NFT on a blockchain, there is no deniability to the item’s true owner.

Related: The rise of NFTs must be accompanied by further decentralization

Even this year’s Oscars are getting in on NFTs. That isn’t even half of the use cases, with entertainment copyrights, gaming assets and more also being developed in DeFi right now.

Ultimately, NFTs are fun and a fundamentally good idea. However, when money and status are the two most significant factors in driving something’s value, the industry has to take a deep breath and avoid turning people away from the innovation before the real revolutionary use cases are available. Right now, people are willing to buy a meme for $500,000, and although I think they are missing the real value that NFTs have to offer, I only hope people stick around to see what NFTs can really do.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Kosala Hemachandra is the founder of noncustodial wallet MyEtherWallet (MEW). Since 2015, MEW has been a leading wallet interface for the Ethereum blockchain. Today, MEW provides convenient and secure access to the entire Ethereum ecosystem, including DApps, DeFi and beyond.

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Source: https://cointelegraph.com/news/beyond-the-hype-nfts-actual-value-is-still-to-be-determined

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This Little-Known Altcoin Could Be Next To Debut on Coinbase, According to Crypto Trader Tyler Swope

Popular cryptocurrency trader and influencer Tyler Swope is tracking the launch of new coins on the US-based crypto exchange Coinbase. Swope is praising Coinbase for recently listing privacy layer Keep Network (KEEP), after the top crypto exchange abruptly added support for four crypto assets. “With Coinbase’s last Pro additions, including Shiba Inu, there was one […]

The post This Little-Known Altcoin Could Be Next To Debut on Coinbase, According to Crypto Trader Tyler Swope appeared first on The Daily Hodl.

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Popular cryptocurrency trader and influencer Tyler Swope is tracking the launch of new coins on the US-based crypto exchange Coinbase.

Swope is praising Coinbase for recently listing privacy layer Keep Network (KEEP), after the top crypto exchange abruptly added support for four crypto assets.

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“With Coinbase’s last Pro additions, including Shiba Inu, there was one which held true to the core of crypto and that is the Keep Network!”

Swope notes that the KEEP listing on Coinbase Pro coincides with the approval of the Keanu proposal which will see the Keep Network and decentralized cryptography network NuCypher (NU) merge.

The crypto trader adds that this merger could allow Coinbase to support tBTC – an open-source project which allows the use of Bitcoin on Ethereum’s decentralized finance (DeFi) applications.

“Coinbase Pro has added the Keep Network, just after the Keanu proposal passed. Coinbase has mentioned they are looking to add tBTC for some time. Last October, they said they were looking at it for custody and then in December, it was actually added to custody, along with NuCypher.

So by combining the two networks, NuCypher and Keep, the tBTC v2 node network will be robust and big enough, AKA decentralized enough, for Coinbase to move tBTC to the pro exchange and finally to their regular application.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/somchaij

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Source: https://dailyhodl.com/2021/06/19/this-new-coinbase-addition-could-catalyze-listing-of-little-known-altcoin-according-to-tyler-swope/

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Chinese Authorities Order Sichuan-based Crypto Miners to Shut Down Operations

On Friday, June 18, Chinese authorities intensified their crackdown on crypto mining activities in the Southwestern Sichuan province. The authorities issued the notice to local miners to shut down their operations on an immediate basis. As reported by Reuters, the joint notice came from The Sichuan Provincial Development and Reform Commission, and the Sichuan Energy

The post Chinese Authorities Order Sichuan-based Crypto Miners to Shut Down Operations appeared first on Coingape.

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On Friday, June 18, Chinese authorities intensified their crackdown on crypto mining activities in the Southwestern Sichuan province. The authorities issued the notice to local miners to shut down their operations on an immediate basis.

As reported by Reuters, the joint notice came from The Sichuan Provincial Development and Reform Commission, and the Sichuan Energy Bureau. The authorities have asked nearly 26 suspected Sichuan-based crypto mining projects to shut down their operations by Sunday, June 20.

Sichuan is the second-biggest Bitcoin mining province in the world. Miners usually move their operations in Sichuan during the rainy season to benefit from the region’s abundant and cheap hydroelectric power.

The notice from regulators also asks state electricity companies in Sichuan to conduct due inspections and report it to the authorities at the earliest possible time. The authorities have asked to immediately stop the electricity supply to crypto mining projects. Besides, they have also asked the local government of Sichuan to initiate strict measures to shut down the existing operations and ban the new ones.

China’s countrywide Crackdown Gains Momentum

Just within few weeks of passing the law banning crypto mining activities, China has intensified its crackdown on key crypto mining provinces. Apart from Sichuan, authorities have initiated similar measures in other mining regions like the Inner Mongolia Autonomous Region, the Xinjiang Uygur Autonomous Region, and the Qinghai province.

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Reportedly, Chinese authorities have cited that crypto mining projects used electricity generated from highly polluting resources like coal. However, the Sichuan region largely uses hydroelectric power which indicates that the Chinese crackdown on crypto mining extends beyond the reasons of carbon footprint. Speaking to Reuters, Winston Ma, NYU Law School adjunct professor and author of the book “the Digital War” said:

“Renewable power does not help. The four largest mining regions – Inner Mongolia, Xinjiang, Yunnan and Sichuan – have implemented similar crackdown measures, even though mining in the latter two are mostly based on hydropower, whereas the first two are on coal”.

Considering that China accounts for more than 50% of the global crypto mining activities, the latest regulatory action has crashed the Bitcoin hashrate by more than 30% over the last months. This happens as several miners have turned offline unplugging their mining rigs.

Most of the Chinese miners are relocating their operations to overseas markets like North America. The U.S. State of Texas and Florida’s Miami city are currently wooing these miners by offering low-cost electricity incentives. Simultaneously, these states are also working out ways to move towards renewable mining solutions by tapping the region’s natural energy resources.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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Source: https://coingape.com/chinese-authorities-order-sichuan-based-crypto-miners-to-shut-down-operations/

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