Cryptocurrency

Schiff has been vocal about his views on Bitcoin, often contrasting its value and utility against traditional assets like gold. His latest remarks emphasize his disbelief in the cryptocurrency’s value, likening the enthusiasm around it to being “drunk on the Kool-Aid.” Schiff’s analogy to “the emperor’s new clothes” suggests he sees Bitcoin’s value as largely imaginary, promoted by collective belief rather than intrinsic worth.This perspective is consistent with his previous statements on the dynamics of Bitcoin’s price. He has commented on the launch of Bitcoin ETFs, noting that initial lack of sellers due to overwhelming buyer interest had temporarily buoyed prices.However, he predicted that as more investors hold these ETFs, the increase in potential sellers would outstrip buying demand, leading to price declines. This viewpoint aligns with his broader skepticism about the sustainability of Bitcoin’s market performance.Critics of Schiff often argue that his continual critiques of Bitcoin are part of a personal branding strategy. They speculate that he might secretly own Bitcoin, using his public disparagement as a way to draw attention to himself and his preferred investment, gold. This theory suggests that Schiff’s criticism could be a calculated move to maintain relevance in social channels.Ultimately, whether Schiff’s position is a marketing strategy or a genuine philosophy, his statements are being noticed and analyzed. He has been right on numerous cases when criticizing Bitcoin and the path it has chosen. However, it’s important to note that Schiff predicted Bitcoin’s fall to all-time lows, ahead of mind-blowing rallies toward ATHs.This article was originally published on U.Today More

Bitcoin is known for its extreme volatility, with significant price swings like a roller-coaster ride — plunging over 64% in 2022 and then rallying 160% in 2023. This volatility can be challenging for crypto traders.On the other hand, the S&P 500 offers more stable performance, averaging 9% to 10% annual returns and serving as a benchmark for the U.S. economy. Despite lower returns compared to Bitcoin, the S&P 500’s consistency and reliability make it a favored choice for risk-averse investors seeking predictable investment outcomes.Allocations to cryptocurrency can diversify risk and enhance returns in traditional portfolios, according to Glassnode.For example, adding small allocations to the Coinbase (NASDAQ:COIN) Core Index (COINCORE), a market-cap weighted crypto index primarily composed of Bitcoin (70.9%) and Ether (21.9%), to a 60/40 portfolio (60% MSCI ACWI and 40% U.S. Agg) increased both absolute and risk-adjusted returns over a five-year period ending March 31, 2024.Bitcoin (BTC) had an impressive first quarter in 2024, posting a 69% return and outperforming most traditional asset classes, according to Coinbase and Glassnode joint report.Despite the launch of BTC ETFs, which many thought would lead to a stronger correlation with traditional finance assets, BTC displayed minimal correlation with major asset classes, using data from a recent Glassnode and Coinbase Institutional report. This suggests its potential as a valuable component for diversification within a portfolio.Bitcoin negatively correlated with the DXY index and gold, while its correlation with the S&P 500 was low at 0.11. This suggests that Bitcoin’s price movements are largely independent of traditional markets.However, at the start of Q2, BTC is down 15% from its highs, coinciding with the DXY index rising above 106, further highlighting the negative correlation between the two.The Q2 report also noted a decrease in Bitcoin’s volatility since January 2020, with peaks becoming less pronounced. Although volatility currently sits just under 60%, the report emphasizes a long-term downward trajectory despite occasional spikes above the trendline, mainly during 2020 and 2021.As Bitcoin continues to mature into a major asset class, its volatility is expected to continue to decline over time.According to Tastylive research, generally, there is little correlation between Bitcoin and the S&P 500, except during significant price movements of Bitcoin (+5% or more to the upside, or less than -5% to the downside).When Bitcoin’s price movement exceeds 5%:This created a favorable environment for risk-on trading, leading to bull rallies for both Bitcoin and the S&P 500 index despite the bearish sentiment following the 2022 correction.As Bitcoin’s correlation with traditional equity markets like the S&P 500 and Nasdaq increases while its correlation with gold decreases, it suggests that Bitcoin is behaving more like a risk-on asset rather than a safe haven.When investors are feeling adventurous, they often gravitate toward stocks and digital coins for the potential of higher profits.The increasing involvement of institutional and retail investors in both equity and cryptocurrency markets could lead to simultaneous buy and sell decisions, aligning the price movements of these assets.This article was originally published on U.Today More

Demeester stressed that this timeline was chosen to demonstrate the long-term effects of Ethereum’s (ETH) migration to the proof-of-stake (PoS) consensus.He recalled that Ethereum (ETH) managed to replace PoW with PoS 18 months ago, in mid-September 2022. After this game-changing upgrade was activated, Bitcoin (BTC) became the only major cryptocurrency leveraging the proof-of-work (PoW) consensus.As covered by U.Today previously, Ethereum (ETH) founder Vitalik Buterin called its now-deprecated proof-of-work version too vulnerable to centralization.Buterin recalled that PoW always was nothing but a “temporary stage” before migration to proof of stake, which replaced mining with staking as a way to secure blockchain consensus.As of now, Ethereum’s (ETH) proof-of-stake (PoS) ecosystem features more than 1 million active validators, U.Today reported in April.Followers of Demeester indicated that this metric can be different should we zoom out. For instance, on a 10-year time frame, it would demonstrate 76,000% growth instead of a 36.4% decrease.However, veteran trader Peter Brandt noticed that in three years, ETH/BTC might be 57% down, according to Demeester’s model.This article was originally published on U.Today More

In a recent analysis, McGlone highlighted the slumping Bitcoin/gold cross, particularly to the S&P 500 and its broader implications for risk assets. The analysis also reflects on Bitcoin’s rally post-SEC approval of spot Bitcoin ETFs.According to McGlone, the January U.S. ETF launches boosted inflows, strengthening Bitcoin’s status as a leading indicator. It was a near-perfect storm as Bitcoin attained all-time highs in Q1, but it did not make new all-time highs versus gold and S&P 500, failing to surpass peaks set in 2021.Given that the inflows into the Bitcoin ETFs have relatively slowed, the hangover may have implications for risk assets, including cryptocurrencies.McGlone explained that Bitcoin was climbing against gold the last time the S&P 500 e-mini future crossed above its 50-week moving average in November, but now the Bitcoin/gold cross is falling.The slumping Bitcoin/gold cross, in contrast to the S&P 500’s performance, might indicate a potential reversal in risk assets that could have far-reaching consequences.In late April, Bitcoin experienced its halving event, which has historically been a chopping sell-the-news event in the immediate term. The fourth halving was no exception, with the Bitcoin price falling shortly after and trading near $57,000. This is the lowest price in the past two months, and the market has been flat since the halving date.Measured from the above $73,000 all-time high reached in mid-March, Bitcoin prices fell by nearly 20%, which is the deepest correction on a closing basis since the FTX lows in November 2022. Howbeit, Glassnode deduces that this macro uptrend might be one of the most resilient in history, with comparatively shallow corrections thus far.This article was originally published on U.Today More

Analysts at UBS say that central banks’ aggressive measures to combat inflation with higher interest rates severely dented growth expectations and investment appetites, particularly affecting sectors like cryptocurrencies, which are closely tied to high-beta technology stocks. They also noted “a significant increase in the correlation between Bitcoin and these stocks throughout the year.”The report highlights how the crypto industry faced additional turmoil from specific events, such as the collapse of the Terra Luna stablecoin, which triggered a chain reaction of bankruptcies within the sector. This included major platforms like Celsius and hedge funds such as Three Arrows Capital. Moreover, November 2022 saw the dramatic failure of FTX, once the world’s second largest crypto exchange, along with its sister trading firm Alameda. “FTX’s bankruptcy was particularly damaging, given its widespread influence across the crypto ecosystem and previous role in aiding other struggling firms,” it added.FTX and Alameda’s downfall not only impacted their direct operations but also sent shockwaves through related companies and investment vehicles, including a $175 million exposure by Genesis.The UBS research report also provides a detailed analysis of the dramatic downturn following the FTX collapse, focusing particularly on the severe impact on Solana (SOL) and the broader venture capital landscape.According to the report, “Through Alameda, Bankman-Fried invested directly in selected crypto projects, one being Solana. At the beginning of November, Alameda revealed a SOL position valued at more than USD 1bn, representing an estimated 10% of total SOL market capitalization.” This investment became problematic as FTX/Alameda’s downfall unfolded, severely affecting Solana’s market position and investor confidence.The report also touches on concerns related to “wrapped” Bitcoin and Ether within the Solana ecosystem, highlighting the complexities and risks of cryptocurrencies backed by other tokens, especially when the custodian faces solvency issues.On the venture capital side, the analysis by UBS points out that while the crypto market downturn caused disruptions, the overall exposure of the venture capital industry to digital assets remains relatively low. However, the report notes, “Select venture capitalists (VCs) and growth-focused private equity managers have been prominent investors in digital assets, and the collapse of Terra Luna and FTX raised questions about potential losses and manager survival.”Finally, the report advises that each crypto boom-and-bust cycle, while challenging, is a necessary step toward the industry’s maturation. UBS concludes that “with less competition for capital, more realistic valuations, and greater transparency and regulation, we think digital assets will offer a better, investable environment in the future.” More

Saylor is a vocal Bitcoin evangelist who stood behind the idea of MicroStrategy implementing regular BTC purchases over the past four years. Now, he is promoting the world’s paramount cryptocurrency daily on the X platform.Being a Bitcoin maximalist, Saylor hints that he believes BTC to be the only crypto in the market. Unlike Max Keiser, he does not openly (and not so frequently) criticize altcoins and does not use the “s-coin” word when talking about them. However, in a recent public statement, Saylor said outright that he believes XRP, SOL, ADA, ETH and other altcoins to be unregistered securities, thus agreeing with the SEC stance.Saylor said that he expects quite soon all altcoins to become officially labeled as securities, and then only those holding Bitcoin will win. BTC so far is the only cryptocurrency that has been qualified by the SEC and the CFTC as a commodity. Ethereum has this status as well, however, recently it seems to have become questioned by the SEC leader Gary Gensler. The latter has initiated a real witch-hunt on altcoins and U.S. cryptocurrency exchanges recently for trading them.By now, the price has made a marginal rebound of over 1%, and BTC is changing hands near the $60,920 level.Prominent crypto analyst and trader Michael van de Poppe tweeted yesterday that he expects Bitcoin to follow a scenario that may take BTC to a low of $55,000-$52,000. This is likely to happen, he specified, if Bitcoin loses the range where it is trading at the moment — $61,000-$60,000.This article was originally published on U.Today More

Match System’s CEO Andrei Kutin Announces Full Recovery of $68 mln Stolen Crypto Assets from Cryptex. Summary: $68 million from the incident occurred on May 3, 2024 related to the “dust” attack were fully returned to the victim today with the participation of the cybersecurity agency Match Systems and the Cryptex cryptocurrency exchange. At the moment, the victim has no complaints against the attacker.On May 3, 2024, one of the crypto whales became a victim of a classic dust attack (or “dandruff attack”) resulting in the theft of 1,155.28 WBTC, worth over $68 million.The stolen tokens were received by an unknown scammer to the address 0xd9A1C3788D81257612E2581A6ea0aDa244853a91, from which the funds were moved to the address 0xfB5bcA56A3824E58A2c77217fb667AE67000b7A6. After which the stolen funds began to be distributed in parts to several scammer’s addresses. The victim immediately sought assistance from Match Systems. As a result of promptly conducted work, the assets were found and returned to the crypto whale in full in just a week. This incident perfectly demonstrates that promptly contacting specialists in case of theft of crypto assets significantly increases the chances of the crypto fraud victim to get them back. Moreover, the earlier the victim seeks help, the higher the probability of getting the stolen funds back in full. More detailed information about this type of theft is contained in the article:About Match Systems:Match Systems, is a leading company specializing in AML services, blockchain investigations, and implementation of compliance procedures for cryptocurrency projects around the world. By leveraging advanced technology and expertise in financial crime detection, the company is poised to help organizations to navigate the complex regulatory landscape as well as minimize the risks associated with digital currencies. Media contacts:Name: Joseph AndersonWebsite: https://matchsystems.com/ Email: mediacoverage@matchsystems.comAddress: Dubai, UAEContactJosephmediacoverage@matchsystems.comThis article was originally published on Chainwire More

Penguiana, the latest penguin-themed Solana meme coin, has successfully raised over 800 SOL during the initial week of its presale. The Penguiana team views the growing interest in this new meme coin, spurred by this remarkable achievement, as a testament to its potential within the Solana ecosystem.What is Penguiana?Inspired by the communal and fun-loving nature of penguins, Penguiana is not just another meme coin. It is setting the stage to be a major player in the Solana ecosystem, leveraging the blockchain’s fast processing and low fees to attract both crypto enthusiasts and meme coin investors.$PENGU TokenThe $PENGU token is at the core of this ecosystem, with a total supply of just 100 Million and 60% of this is allocated to the presale.It’s worthy to note that almost 30% of this presale allocation has been filled with more than 21 days to the end of the presale. Interested early adopters looking to acquire $PENGU tokens early can do so by joining the presale here. There’s also a guide on how to acquire $PENGU tokens.$PENGU UtilityThe $Pengu token is designed to be used within the game for various utilities such as minting exclusive NFTs, purchasing in-game items, and participating in special game events.Penguiana Presale DetailsTotal Supply: 100 Million $PENGU TokensPresale Allocation: 60 Million $PENGU TokensPresale Duration: 31 DaysPresale Caps: Minimum 0.5 SOL, Maximum 100 SOLHow To Join The Penguiana PresaleWallet Preparation: Setting up a Solana-compatible wallet such as Phantom or Solflare. It is crucial to use a private wallet for this transaction, as transfers from centralized exchanges are not eligible for the airdrop.Acquisition of $SOL: Participants can purchase SOL tokens from a major exchange and transfer them to their private wallets.Sending $SOL to the Presale Address: Participants can navigate to the Penguiana presale page https://penguiana.com/, where they can Buy $Pengu and copy the presale address, and send their SOL contribution.Allocation Check: The $PENGU token allocation can be checked in the designated section.Receipt of $PENGU Tokens: Following the conclusion of the presale, $PENGU tokens will be airdropped to participants’ wallets, proportional to their contributions.About PenguianaPenguiana is more than just a meme coin; it’s a pioneering project on the Solana blockchain designed to integrate the fun of meme culture with the profitability and engagement of a play-to-earn blockchain game. By utilizing Solana’s high throughput and low transaction costs, Penguiana aims to provide a seamless and immersive gaming experience that also rewards its players.Keep In Touch With PenguianaWebsite: https://penguiana.com/Telegram: https://t.me/penguianaDiscord: https://discord.com/invite/y7M3yDFjUtTwitter: https://twitter.com/penguianaonsolContactTeam LeadZan KowalskiPenguianacontact@penguiana.comThis article was originally published on Chainwire More