Categories
News

The FTX Podcast – Joshua Goldbard Founder of Signal Payment Token MobileCoin (www.blockcast.cc)

The FTX Podcast - Joshua Goldbard Founder of Signal Payment Token MobileCoin

MobileCoin recently launched their MVP integration with Signal on April 8th in the UK after several years of diligent work. MobileCoin is a privacy payment solution that integrates seamlessly with Signal to afford users easy payment rails for any purchasing needs. This can scale to many different verticals and makes it quite exciting.

https://www.mobilecoin.foundation/about

●▬▬▬▬▬▬Trade on FTX▬▬▬▬▬▬▬▬●

FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. We strive to develop a platform robust enough for professional trading firms and intuitive enough for first-time users.

https://ftx.com/

●▬▬▬▬▬▬▬▬FTX Socials▬▬▬▬▬▬▬▬▬●

FTX Twitter: https://twitter.com/FTX_Official
FTX Youtube: https://www.youtube.com/c/FTXOfficial/
SBF Twitter: https://twitter.com/SBF_Alameda
LinkedIN: https://www.linkedin.com/company/ftx

●▬▬▬▬▬▬▬▬FTX Customer Support▬▬▬▬▬▬▬▬▬▬▬●

Help Desk: https://help.ftx.com/hc/en-us
FTX.com/support
Support@ftx.com

Telegrams:
FTX Telegram Communities
English – https://t.me/FTX_Official
Chinese – https://t.me/FTX_Chinese_Official
Vietnamese – https://t.me/FTX_Vietnam_Official
Russian – https://t.me/FTX_Russian_Official
Turkish – https://t.me/FTX_Turkey_official
Taiwanese – https://t.me/FTX_Taiwan_Official
French – https://t.me/FTX_France_Officiel
Korea – https://t.me/FTX_Korea_Official
India – https://t.me/FTX_India_Official
Spanish – https://t.me/Ftx_Spanish_Official
Portuguese – https://t.me/Ftx_Portugues_Oficial
Dutch – https://t.me/FTX_Dutch_Official
Africa – https://t.me/FTX_Africa
Indonesian – https://t.me/FTX_Indonesia
Thai – https://t.me/FTX_Thailand

Categories
News

Crypto users demand reinstatement of Pakistani government adviser following sudden resignation (www.blockcast.cc)

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.”

Go to Source

Image Credit: Refer to Source
Author: Refer to Source Cointelegraph By Turner Wright

Categories
News

Dogecoin, CryptoCurrency Reddit communities surge as crypto euphoria heats up (www.blockcast.cc)

With much of the market fixated on Bitcoin’s (BTC) sudden price correction over the weekend, retail interest in digital assets appears to be on the rise, according to the latest statistics from Reddit.

The r/dogecoin community added 145,859 weekly subscribers, according to Subreddit Stats. The gains are hardly surprising given DOGE’s dramatic rally over the past week. The meme-based cryptocurrency skyrocketed 400% during that period, bringing its yearly returns to an eye-watering 5,000%.

DOGE’s parabolic rally moderated over the weekend, with social media sentiment data from The TIE and Cointelegraph indicating more pain in the short term. That’s because price action is often correlated with social media engagement; a decline in the latter is sometimes a precursor to bearish price action in the near term. 

Meanwhile, the r/CryptoCurrency community, which is devoted to all things digital assets, added 86,838 new subscribers during the week. New community members were welcomed by platinum award recipient “mirza1h” on Sunday. In a subreddit post, miraza1h said:

“Past week has been insane in the crypto world, so naturally things here weren’t like they normally are. Your curious posts/comments may have been ignored a bit. In the weekend things are a bit more chill, so feel free to ask us anything you want.

The user also introduced new subreddit followers to Moon, the native token of the r/CryptoCurrency community.

Much like DOGE, the overall cryptocurrency market limped into Sunday’s session, having declined by a cumulative $386 billion, according to CoinMarketCap. The digital-asset market cap briefly fell below $1.9 trillion before recovering to around $2 trillion.

Massive shakeouts are nothing new for seasoned cryptocurrency investors. Even during bull markets, declines of 20% or more are fairly common, especially after major rallies. Speculation about an abrupt decline in Bitcoin’s hash power and the possibility of U.S. regulatory action against crypto-friendly banks may have contributed to the decline on Sunday.

Even with the latest reversal, the cryptocurrency market is still double the size it was in January when it first crossed the $1 trillion milestone.

Go to Source

Image Credit: Refer to Source
Author: Refer to Source Cointelegraph By Sam Bourgi

Categories
News

April update: should you buy or sell Theta (THETA)? (www.blockcast.cc)

The cryptocurrency market continues to be under pressure, the price of Bitcoin went below $52000 this Sunday, and the risk of further declines is not over yet. Theta (THETA) is also losing its value; in less than two days, this cryptocurrency price has weakened from $16.6 to $8.96, and the current price stands around $11.40.

Fundamental analysis: Theta was awarded a third U.S. Patent last week

Theta is a decentralized peer-to-peer network that was launched in the 2019 year, and according to Steve Chen, Co-Founder of YouTube, this network could improve the video streaming industry. Theta offers better video delivery at lower costs, and it is important to mention that it was awarded last week with a third U.S. Patent for “Methods and Systems for Peer Discovery in a Decentralized Data Streaming and Delivery Network.”

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

“The patented Peer Discovery technology uses advanced algorithms to enhance the robustness and connectivity of the Theta peer-to-peer edge network, resulting in significantly improved video delivery quality. To achieve optimal node peering in a decentralized network, it takes a complex set of decision rules and machine learning to continually match peers that will best deliver video segments in real-time,” Theta reported.

Theta (THETA) liquidity has risen dramatically over the last several weeks, and the price of this cryptocurrency advanced above $16 resistance this April. The cryptocurrency market is losing its value this Sunday, the price of Theta (THETA) can weaken again below the strong support level that stands around $10, and maybe it is not the best moment to buy this cryptocurrency.

Scott Minerd from Guggenheim Partners said that Bitcoin could retest the $30,000 support level, and if this happens, all other cryptocurrencies could be at much lower price levels. UBS bank also warned its clients that buying cryptocurrencies is still a gamble, not an investment.

“With no yield generated, crypto valuation models rely on theoretical future use cases, which cannot be assured,” UBS reported last week.

Tip: looking for an app to invest wisely? Trade safely by signing-up with our preferred choice, eToro: visit & create account

Technical analysis: Theta (THETA) continues to be under pressure

Data source: tradingview.com

Theta (THETA) has extended its correction from the recent highs above $16, but if the price jumps again above $14 resistance, it would be a signal to buy THETA.

The next price target could be around $15 or even $16; still, if the price falls again below $10 support, it would be a strong “sell” signal.

Summary

Theta (THETA) price has extended its correction from the record highs, and the risk of further declines is not over yet. Theta (THETA) can weaken again below the strong support level that stands around $10, and maybe it is not the best moment to buy this cryptocurrency.

Categories
Interviews Original

Interview Session with Albert Kong, Asiawide Franchise “Not using technology is like hiding inside a cave” (www.blockcast.cc)

Blockcast.cc: This is our weekly interview session again. I am Joann Park, Editor for Blockcast.cc in South Korea. I have the honour to speak to Albert Kong, a veteran in the franchising industry. He has brought many brands to us, bridging cultures and tastes. Hi Albert, greetings. Please tell us about yourself; past and present experiences. 

Albert: Thanks Joann, my name is Albert Kong, currently residing in Singapore. I am the Chairman and CEO of Asiawide Franchise Consultants Pte Ltd. I have more than 32 years of franchising experience. My team and I have helped over 1300 companies in over 10 Asian countries in franchising & related consulting work.

I have built a network of over 70 strategic partners in over 50 nations. I am also a board member at many franchise-related bodies including the World Franchise Council, Asia Pacific Franchise Confederation and Franchising & Licensing Association Singapore.

I have received numerous awards by various national franchise associations & other organizations, the latest being Franchise Expert of the Year 2019 by the ASEAN Retail Chains & Franchise Federation.

Looking back, I have spoken in 47 nations on over 300 occasions, co-authored “Developing and Managing a Franchise” and contributed to many publications on franchising. I am also the Editor-in-Chief of the Asia Franchise & Business Opportunities magazine since 1994.

Blockcast.cc: That is amazing. You have done so much for the business space. Given COVID19 changing the business landscape. What to expect in international franchise development for 2021 and beyond?

Albert: What is clear is that because consumers are now more concerned about their health and hygiene, they will prefer healthier food, and if possible, know the origins of the ingredients. Food franchises therefore should do their best to address these concerns, including implementing or increasing ‘contactless’ touchpoints (e.g. delivery people to avoid having physical contact with the consumer; have curbside pick-ups for non-dining-in experiences, etc.). Other trends to watch out for include meatless diets (supposed to help the environment); mood-enhancing drinks; etc.

Blockcast.cc: The most successful franchise brands are the ones with strong business models and supportive franchisors in well-positioned industries. What type of franchise is most likely to succeed?

Albert: Speaking from my 32 years of experience in franchising, not every franchise will succeed in every nation. One has to understand the target market’s needs and wants. For example, a pork dish, no matter how popular, will never sell in a strict Muslim nation like Saudi Arabia. Or a hip cafe selling marijuana-laced drinks in the West would be illegal in Singapore. Many other factors need to be considered. A thorough business plan is essential.

Blockcast.cc: Tech is baked into nearly every part of franchise operations, helping unit owners track trends, train workers, learn, market to customers and make more sales. Can you name a few technologies that are shaping the franchise industry?

Albert: You are right. There’s no getting away from technology nowadays. Global use of technology in franchising includes franchise management software (my company has one named Asiawide Digital Advantage), online delivery apps, social media (Facebook Live), web-based POS systems, mobile payments, and many more.

Blockcast.cc: Franchise is a big space on its own. Do you think technology can help your industry?

Albert: Definitely. Not using technology is like hiding inside a cave and not knowing what is happening to the business in a speedy and efficient way. Used intelligently, technology can help a franchise company become more productive, more profitable and grow more efficiently.

One of the biggest pain points is to ensure consistency and to monitor the performance of franchisees. With technology, we will get better transparency on the process/quality compliance, reduce manpower errors and better data visibility. Also, a common issue is the under-reporting of royalties. Technology helps to give transparency and hence enhance the enforceability of the accurate payment of regular fees like royalties.

Blockcast.cc: Under-reporting of royalties is a pain point? I always thought the current POS system can track everything. Since transparency is an issue, this brought me to blockchain technology that can track and track. Do you think blockchain can help your industry further?

Albert: With the little, I know about blockchain, I will still say YES because it will induce more transparency and it will let all parties involved become more tightly knitted in terms of cooperation, security, and productivity.

Examples of usefulness:
(a) Digital signature using blockchain -> to ensure that the documents are signed by the right person with record trail;

(b) IOT to get data recorded on ledgers;

(c) Use of cryptocurrency

Blockcast.cc: In your view, where is blockchain best suited in the franchise industry? 

Albert: The licensing agreement. The traceability of the origins of the various ingredients and suppliers; the use of digital signatures.

Blockcast.cc: Last but not least, can you share with our readers an inspiring quote?  

Albert: Sure

Ego = 1 divided by Wisdom. The wiser you are, the lesser your ego…

Blockcast.cc: Thanks Albert for your time. You can contact Albert on Linkedin at albert-kong-b145b1. 

For more information on Blockcast.cc, you can reach us at:

 

Website: https://blockcast.cc/

Telegram Channel: https://t.me/Blockcastcommunity

Facebook Public Group: https://www.facebook.com/groups/asiablockchain

Twitter: https://twitter.com/Blockcastcc

 

 

Original Source: https://blockcast.cc/interviews/interview-session-with-albert-kong-asiawide-franchise-not-using-technology-is-like-hiding-inside-a-cave/

Categories
Press Releases

MoneyGram International, Inc. Investors: Last Days to Participate Actively in the Class Action Lawsuit; Portnoy Law Firm (www.blockcast.cc)

Investors with losses are encouraged to contact the firm before April 30, 2021; click here to submit trade information

LOS ANGELES, April 18, 2021 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of MoneyGram International, Inc.. (NASDAQ: MGI) investors that acquired shares between June 17, 2019 and February 22, 2021. Investors have until April 30, 2021 to seek an active role in this litigation.

Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.

It is alleged in this complaint that MoneyGram made misleading and false statements to the market. MoneyGram was utilizing XRP, the cryptocurrency associated with its Ripple partnership, which was considered as an unregistered and therefore unlawful security by the SEC. MoneyGram was likely to lose a significant revenue stream if the SEC took enforcement action against Ripple based on market development fees it received due to the partnership. MoneyGram’s revenues from these development fees was critical to its financial results. MoneyGram’s public statements were false and materially misleading throughout the class period. Investors suffered damages when the market learned the truth about MoneyGram.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 30, 2021.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
http://www.portnoylaw.com

Attorney Advertising

Go to Source

Categories
Press Releases

ROSEN, TOP RANKED GLOBAL COUNSEL, Encourages MoneyGram International, Inc. Investors with Losses to Secure Counsel Before Important Deadline – MGI (www.blockcast.cc)

NEW YORK, April 17, 2021 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of MoneyGram International, Inc. (NASDAQ: MGI) between June 17, 2019 and February 22, 2021, inclusive (the “Class Period”), of the important April 30, 2021 lead plaintiff deadline.

SO WHAT: If you purchased MoneyGram securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the MoneyGram class action, go to http://www.rosenlegal.com/cases-register-2046.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 30, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience or resources. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020 founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) XRP, the cryptocurrency that MoneyGram was utilizing as part of its Ripple partnership, was viewed as an unregistered and therefore unlawful security by the SEC; (2) in the event that the SEC decided to enforce the securities laws against Ripple, MoneyGram would be likely to lose the lucrative stream of market development fees that was critical to its financial results throughout the Class Period; and (3) as a result, defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the MoneyGram class action, go to http://www.rosenlegal.com/cases-register-2046.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————-

Contact Information:

        Laurence Rosen, Esq.
        Phillip Kim, Esq.
        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686-1060
        Toll Free: (866) 767-3653
        Fax: (212) 202-3827
        lrosen@rosenlegal.com
        pkim@rosenlegal.com
        cases@rosenlegal.com
        www.rosenlegal.com

Go to Source

Categories
News

We Should All Expect Repercussions When The Music Stops on Dogecoin (www.blockcast.cc)

Year-to-date gains for Dogecoin come to over +6,000%, making it significantly more profitable than Bitcoin, which is up a comparatively paltry 88% over the same period.

Most view this as generally positive for crypto, not least in the fun and charitable sense. However, given the lack of fundamentals underpinning DOGE’s price, the fallout could be devastating once the music stops, and not just for DOGE holders.

Dogecoin daily chart

Dogecoin daily chart

Source: DOGEUSD on TradingView.com

Dogecoin to The Moon

Dogecoin spiked past $0.45 on Friday, an unthinkable price pre-r/wallstreetbets. Nonetheless, DOGE investors remain staunch in their belief that $1 is coming soon. But without trying to sound disparaging, a $1 DOGE would put it on an equal footing with Sony.

The Japanese tech giant has an 80 year+ history, over 100k+ employees worldwide, and brought to market iconic innovations, including the Walkman and the PlayStation consoles. In contrast, Dogecoin took three hours to make and is best known as a meme to lighten the mood.

During the height of the r/wallstreetbets saga, co-creator Billy Markus re-surfaced to say he cannot believe the extent to which his creation has taken off. On a $1 Dogecoin, Markus said:

“People are talking about Dogecoin going to $1 – that would make the “market cap” larger than actual companies that provide services to millions, such as Boeing, Starbucks, American Express, IBM. Does Dogecoin deserve that? That is not something I can comprehend, let alone answer.”

He added that Dogecoin is perhaps a measure of how far from reality things can get. In terms of being far from reality, 6,000% gains in 18-odd weeks is already up there as highly unusual.

Market Manipulation Explains DOGE Performance

Given Dogecoin’s lack of fundamentals, its ascent to the moon has raised more than a few eyebrows. IOG CEO Charles Hoskinson attributes its run primarily to Elon Musk and clever market manipulation by whales.

Musk has put on a pro-Dogecoin front for the longest time, even earning himself the title Dogecoin CEO. But this year has seen an uptick in his efforts to promote the project.

However, Hoskinson warned that when the Dogecoin bubble pops, retail investors will be the ones left picking up the pieces.

“Let’s be very clear, this is a bubble. The price of DOGE is not sustainable, it’s going to collapse and massive amounts of retail money is going to be lost very quickly.”

More concerning, Hoskinson predicts this will trigger regulators and lawmakers to come down even harder on the cryptocurrency industry.

Illustrating his point, Hoskinson said major third-generation blockchains, of the likes of Algorand, Tezos, Cardano, and F2, all have large teams, capital behind them, and most of all accountability. But Dogecoin has none of these things.

“DOGE does not have a stable development team. There is no original technology to DOGE, it’s a copy of Bitcoin. If at two o’clock in the morning a major flaw is discovered, there will be no one who’s up late at night trying to find a way to fix it. Maybe a volunteer, but there’s no guarantee. It is a pet rock, it’s not real.”

The last thing crypto needs is further scrutiny from regulators. But the DOGE situation seems like this will be an inevitable outcome.

Let’s block ads! (Why?)

Categories
News

VeChain Mentioned in 2021 Forbes Blockchain 50, Parabolic Move In Sight? (www.blockcast.cc)

Up 150.3% over the past 14 days, VeChain (VET) trades at $0,23 with 15.6% and 84.4% profits in the daily and weekly chart, respectively. In addition to the rally, the company celebrated a major milestone that could give a new impulse to its corporate adoption.

VeChain VET VETUSDTVeChain VET VETUSDT
VET with strong gains in the daily chart. Source: VETUSDT Tradingview

Via its Twitter handle, the VeChain Foundation announced VeChain was mentioned in 2021 Forbes Blockchain 50. Celebrated for its third year, this event was created to offer a “definitive accounting” of those companies using blockchain technology and cryptocurrencies.

Forbes declares that Bitcoin and blockchain have gone mainstream in 2020. With a growing interest and use in many sectors, this technology has a real impact in the corporate world. Forbes said:

Bitcoin and blockchain have gone mainstream. Bitcoin’s 2020 surge grabbed the attention of C-suite executives worldwide; not only are companies employing the technology underlying Bitcoin to perform tasks such as reconciling invoices and verifying product provenance, but dozens are now holding Bitcoin as a treasury asset.

The list includes software company MicroStrategy, led by Michael Saylor; Ant Group, founded by the former executive chairman of Alibaba Group; Binance, Coinbase, PayPal, Samsung, Square, and others. The VeChain Foundation said:

Blockchain is transforming the supply chain & traceability industries, eliminating inefficiencies. Thank you, Archana Sristy, for mentioning #VeChain in the 2021 Forbes Blockchain 50! We’re proud to power Walmart China’s Food Traceability Platform.

VeChain’s (VET) recent price action manipulated?

Trader Justin Bennet has been bullish on VeChain’s native token VET. However, he believes the 24-hour rally could have been caused by a “large Discord group”. Bennet classified the token’s rally as inorganic and said there was manipulation in yesterday’s price action. He added:

Stating that there was a coordinated VET pump on Friday takes nothing away from the fundamentals behind VeChain. Does VET deserve to be where it is?  Hell yes. I’ve said multiple times I think it’s going to $1 to $3 this year.

The Discord group Bennet referred has approximately 200,000 members and their alleged move converge with a high trading volume for VET in South Korea’s exchanges.

On the other hand, trader VeChain Justin said VET is poised for a “parabolic move”. According to the chart he shared, VET has formed a “massive bullish Cup & Handle Pattern”. In addition to an increase in trading volume, this could send VET to a 377% rally. He added:

This aligns closely with 4.618 Fib extension. Expect consolidation in handle before liftoff. $VET target: $0.5008.

VeChain VET VETUSDTVeChain VET VETUSDT
Source: VeChain Justin

Let’s block ads! (Why?)

Categories
News

How r/WallStreetBets Triggered DOGE Rally – Reasons for Bitcoin Sell-off (www.blockcast.cc)

The crypto market seems to be astonished by yesterday’s season. Dogecoin (DOGE) threw every fundamental out of the window and smashed its way to the 5th position in the crypto top 10 by market cap. DOGE is trading at $0,27 with 20.6% losses in the daily chart.

Bitcoin BTC BTCUSD Dogecoin DOGEBitcoin BTC BTCUSD Dogecoin DOGE
DOGE with heavy losses in the 24-hour chart. Source: DOGEUSDT Tradingview

DOGE reached an all-time high of $0,50 after a 500% pump. Chief Strategy Officer at CoinShares, Meltem Demiros, linked Dogecoin surge to the controversial subreddit r/WallStreetBets.

This group decided to lift its ban on crypto discussions. These were still limited to only Bitcoin, Ethereum, and DOGE.

However, the group decides to reinstate their ban in less than a day due to an article published by Bloomberg, as announced on their subreddit. With the title “WallStreetBets Bows to Crypto”, the article and moderator’s decision caused discomfort in that community.

As a sort of “revenge pump”, WallStreetBets might have caused DOGE’s rally. As evidence, Demiros pointed at the cryptocurrency’s traded volume. At its peaked DOGE, daily trading volume stood at $70.772.770.653, as shown by CoinGecko, with a $48B market cap.

In comparison, State Street Global Advisors’ SPY ETF, one of the “most widely held and traded”, registered around $25B in this metric during the April 17th session, according to Demiros. Also pointing at Dogecoin’s repository in GitHub, with many contributions over the past year, CoinShares CSO said:

the people have spoken, and the people want DOGE. The power of memes is moving markets. You absolutely love to see it. It’s gonna break people’s brains, and we’re just getting started. To all the @TikTokInvestors who are now $DOGE millionaires, cheers.

Coinbase Effect and Bitcoin’s price

After a bullish momentum leading up to Coinbase’s debut on the stock market, Bitcoin’s price seems to be trending downwards. At the time of writing, BTC is trading at $60,174 with 1.9% losses in the 24-hour chart and 3.6% over the past week.

Bitcoin BTC BTCUSD Dogecoin DOGEBitcoin BTC BTCUSD Dogecoin DOGE
BTC with moderate losses in the 24-hour chart. Source: BTCUSD Tradingview

During this period, many investors were positive Coinbase’s direct offering was going to support a pump across the crypto market. The opposite happened. As Demiros stated, this is due to the high level of leveraged positions in the derivatives market.

When Bitcoin was unable to pump due to Coinbase debut, leverage traders “dip” and closed their positions. Demiros said the following on this crypto market dynamic:

One – bitcoin markets are very much driven by derivatives. funding rates, implied vol, and open interest are important to monitor. spot follows futures -> tail wags dog. Two – there isn’t enough leverage, and cost of capital limits capacity!

Data from Glassnode still points to a bullish outlook for BTC. The metric Realized Cap HOLD Waves indicates the first peak in the number of short-term holders moved to the market by retail mania.

In previous bull runs, there have been at least 3 peaks for the same metric. This could indicate that the rally is still early and BTC’s price could rise a lot more if it follows a previous pattern, as shown below.

Let’s block ads! (Why?)