Category: Cryptocurrency News

In a bold and contentious statement, Caitlin Long has asserted that 99% of the crypto industry should be eliminated to decrease leverage buildup and improve the industry’s future advancement. Industry Overhaul Demanded For Sustainability Caitlin Long, Founder and CEO of Custodia Bank, a crypto asset banking company, has called for a seismic change in the crypto industry and its practices. The CEO emphatically suggested that only 1% of the crypto industry should be allowed to operate while 99% of the industry should be destroyed and the majority of crypto firms in the industry “flushed out.” Related Reading: How An ‘Inconsequential’ Mistake Saw Bitcoin Crash To $8,000 In a heated interview with Bezinga, Long was adamant about her controversial views of the crypto industry, stating that the industry had enormous potential but was being set back significantly by crypto firms operating using highly leveraged trading activities.  Long stated that she had an active discussion with a distinguished individual who shared her views and supported the notion that the majority of the industry needs to be purged for it to thrive. “I had a debate with a prominent person. I said, ‘Look, 90% of this industry still needs to go away, and he said it’s 99%, and I think that’s right. I mean whether it’s 90% or 99%, you see the point, there’s still a bunch of crap that needs to be flushed out,” Long said. Total market cap still holding above $1.03 trillion | Source: Crypto Total Market Cap on Tradingview.com Long Compares Crypto Industry To 1999 Tech Stock Bubble Caitlin Long has likened the current crypto industry to the tech stock bubble in 1999. Notably, the tech stock bubble which coincided with the growth of internet adoption, rose 800% in investments, attracting investors from prominent companies all over the world. After reaching its peak, the stock market crashed by 740%, leaving the majority of investors and companies bankrupt and shut down.  Long compares this stock market crash to the crypto market crash in 2022 which saw Bitcoin falling by about 70% and major altcoins by 80% to 90%, resulting in the bankruptcy of major firms and investors.  She also stated that the crypto industry would not succeed if it continues to amplify trading activities through leverage while allowing unregulated exchanges to operate.  “It is in some ways a repeat of the tech stock bubble of 1999, just so much crap. And it will not succeed, and it needs to be flushed, but markets are flushing it,” Long stated.  Related Reading: Bankrupt FTX Exchange Turns Its Attention To Employees, Here’s How Much It Wants Long suggested that a lack of proper regulations on crypto exchanges is exacerbating the risks and challenges in the crypto space. Additionally, she revealed that she was in support of the US Securities and Exchange Commission’s (SEC) recent crackdown on crypto exchanges in the industry. Nevertheless, the CEO has not proposed a total annihilation of the crypto industry, just a major portion of it. When asked about her views on the Bitcoin cryptocurrency, Long stated, “I don’t really care about the price. It is the least interesting aspect of this technology. I’m more interested in it as a technology.” Featured image from CNBC, chart from Tradingview.com

All of us who went to school at some point of time have probably seen all those graphs on coordinate grids, where the y variable somehow depends on x. Consider, for example, the trivial case of y = x: ​ https://preview.redd.it/7khb102hq0qb1.png?width=984&format=png&auto=webp&s=c0e5d78c9d175372e0486d2bd6636eb11b375bb0 Easy right?? Now with all the mumbo-jumbo of cryptography, the equation for an elliptic…
Read more

Bitcoin (BTC) has experienced little price movement this week and is up by only 0.25% in seven days, according to data from CoinMarketCap. Following the announcement on Wednesday that federal interest rates will remain at their current level, the premier cryptocurrency showed the expected reaction, maintaining its price above $27,000.  However, over the last two days, Bitcoin has witnessed a slight price decline of 2%. As the most-priced blockchain asset now hovers around $26,500, crypto analyst Captain Faibik has predicted an incoming bullish run, which may see BTC close out 2023 with impressive gains.  Related Reading: Coinbase Holds $25 Billion Worth Of Bitcoin, Becomes Largest Holder With 1M BTC Analyst Says Bitcoin Is Poised For 30% Gain Soon On Saturday, Captain Faibik shared on X (formerly Twitter) with his 65,000 followers a Bitcoin price forecast. Using data from Tradingview, the analyst stated that Bitcoin is currently experiencing a consolidation in a falling wedge stretching as far back as March 2023. According to Faibik, the asset is also likely to remain in this wedge all through October, reaching as low as $23,000. Upon testing this price level, Faibik predicts Bitcoin could experience a price breakout and embark on a strong bullish run. To explain, a falling wedge pattern is generally interpreted as a bullish signal. It usually suggests that a bearish trend is losing momentum, and a price reversal could soon occur.  If this pattern holds true in the present Bitcoin market, Captain Faibik predicts Bitcoin could start rising in November, attaining a price of $34,500 in January 2024. Such price gain would mark a 30% increase in Bitcoin’s current price.  As usual, there are no guarantees no this prediction as the crypto market is subject to various factors. Investors are advised to conduct proper personal research before making investment decisions. Related Reading: Ethereum Path To $1,700 – Predictions For The Week Ahead Bitcoin Non-Whales Attain New Levels Of Market Supply In other news, Bitcoin non-whales, defined generally as addresses holding under 100 BTC, have increased their total holdings in the BTC market.  According to data from Santiment, these wallet addresses have acquired 2.4% of BTC’s supply from October 2022 and now account for an all-time high value of 41.1% of Bitcoin’s available supply.  On the other hand, BTC whales, defined as addresses holding 100-100,000 BTC, have dumped 0.9% of BTC since early June and now account for 55.5% of BTC’s available supply, their lowest level of market dominance since May.  At the time of writing, BTC now trades at around $26,574, with a 0.07% decline in the last day. The token’s daily trading volume is also down by 29.95% and is valued at $9.17 billion. With a market cap of $517.19 billion, Bitcoin retains its spot as the largest cryptocurrency in the market. BTC trading at $26,569 on the hourly chart | Source: BTCUSDT chart on Tradingview.com Featured image from Investing News Network, chart from Tradingview

submitted by /u/ImaFreemason [link] [comments]

Elysia Karacter submitted by /u/ynotcrypto [link] [comments]

submitted by /u/WineMakerBg [link] [comments]