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“Bitcoin Has Bottomed Out; Its Fair Value Is 40,000”, Says SkyBridge’s Scarramucci

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VOC, Voice of Crypto, Bitcoin, BTC

The price of bitcoin has been fluctuating wildly this year, but one thing that remains stable is the opinions and insights of those who follow cryptocurrencies. The cryptocurrency sector is trading higher. Investors are looking forward to this month of August, after ending July as the best month of the year in the behavior of the main assets such as Bitcoin.

In fact, there are still voices suggesting that Bitcoin could have bottomed out. This is the case of Anthony Scaramucci, founder and managing partner of SkyBridge Capital. He affirms that the worst of the bearish moment in the crypto sector is over, after the crash caused by the bankruptcy of Three Arrows, Celsius and Voyager.

However, he recommends caution when investing and considering the macroeconomic uncertainties. “These are volatile assets. I guess what’s at stake here is that people need to take a four- or five-year view of these assets,” Scaramucci says in an interview with MarketWatch.

“We believe that leverage has disappeared from the system,” says this analyst.

“Based on our fair market value metrics based on adoption, wallet size, use cases, wallet growth, we believe the fair market value of bitcoin right now is around $40,000,” Scaramucci points out.

Bitcoin rose by 8% in the last 7 days and tried to break the psychological barrier of $24,000.

Bitcoin Price

Bitcoin Price | TradingView 

Bitcoin Price Analysis

After breaking through the $24,000 level, Bitcoin began to decline, trading below the $23,500 and $23,000 support levels. It has tested the $22,700 zone and remains at risk of more losses.

At the time of writing, BTC is priced at $22,799, down 0.43%. In the past 24 hours, Bitcoin hit a high of $23,415 and as low as $22,710. Bitcoin faces key resistance at $23,150.

Additionally, bitcoin’s daily RSI shows buying is waning as the RSI makes a slight downward slope from July 31 to the present. Although Bitcoin is up nearly 30% from its cyclical low of $17,664 recorded in June of this year, it is still down 51% year-to-date.

Besides macroeconomic factors, another factor affecting the Bitcoin market is the visit of US House of Representatives Speaker Nancy Pelosi to Taiwan on August 2. Some investors are concerned that the trip could increase tensions between China and the US, leading to negative effects on global markets.

“This will cause some tension in the market but I don’t believe the market itself will react too strongly,” Daniel Muvdi, head of markets at Quantfury, said on August 2.

Meanwhile, most altcoins simultaneously plummeted :

  • Ethereum (ETH) reached $1,606, up 0.17%.
  • BNB reaches $280.65, up 0.8%
  • Ripple (XRP) Priced at $0.36, down 2.9%
  • Cardano (ADA) hits $0.49, down 1.4%
  • Solana (SOL) reached 38.97 USD, down 4.08%
  • Polkadot (DOT) reached $7.82, down 1.36%
  • Polygon (MATIC) reached $0.87, up 0.46%
  • Avalanche (AVAX) hits $22.69, down 0.07%

Jim Haastrup Author
Crypto Writer

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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Ripple Lawsuit: SEC Receives Fresh Blow after Latest Court Ruling

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VOC, Voice of Crypto, Ripple, XRP

The U.S. Securities and Exchange Commission (SEC) received a fresh blow as Magistrate Judge Sarah Netburn granted Ripple to serve subpoenas and authenticate videos of public remarks by the regulatory agency’s officials.

The SEC slapped Ripple and two of its senior execs with a lawsuit in December 2020. The financial regulator had accused them of trading $1.3 billion worth of XRP tokens as securities without registering the assets.

However, things have begun to turn south for the SEC. Well-known lawyer James Filan revealed the details of the latest win for Ripple. The agency had earlier objected to Ripple’s request to authenticate videos and insisted that it would only consent to the request if the defendants agreed to reopen discovery.

The goal behind SEC’s move was to serve several subpoenas so that it could obtain video material that would bolster its own claims.

While the judge ultimately dismissed SEC’s condition, many Ripple proponents were irked by its response. Filan asserted that the SEC’s response has been “an abuse of the judicial process and a waste of the Court’s time.” He accused the regulator of waiting five days to “file a one-sentence response” and misconstrued Ripple’s original request even then.

Lately, the SEC has been receiving a string of defeats, and the authentication of the remarks made by the regulator’s officials is likely to strengthen Ripple’s defense against accusations made by the plaintiff.

Despite Ripple gaining a huge win in the SEC case, the native token of the blockchain continues to hover between $0.3 to $0.39 over the last two months. This current sluggishness is severely pinning and stopping the bulls from making any move in the upward direction.

XRP Price Analysis 

On the daily chart analysis, XRP showed bullish signs with its signature higher highs and higher lows. But, the bulls are not intensifying further, halting the token’s price from moving northwards.

VOC, Voice of Crypto, XRP Price Analysis

According to CoinMarketCap, XRP is changing hands at $0.3759 with a 1.20% price gain over the last 24 hours. A few days back, XRP surpassed the 100-day moving average and tapped the key resistance levels of $0.39 – $0.42. If the bulls manage to cross the above price range, then XRP is expected to shoot above the 200-day moving average.

On a bearish note, if the token cannot breach key resistance, the price may decline to $0.33 with a quest for a retest in the zone. A possible uptick from $0.36 may propel XRP price to shoot towards $0.50, culminating in a dream swing trade hinting at as much as a 40% gain.

Asia Remains Open to Ripple

Despite Ripple facing severe regulatory pressure from the U.S. (Securities and Exchange Commission), the Asian countries are taking full advantage of Ripple and incorporating XRP into their operations. Ripple’s latest study shows that 76% of financial institutions worldwide will use blockchain and cryptocurrencies by 2025, and the company wants a more significant piece of that pie. 

Keep this in mind, Ripple’s expansion into Asia, where technology has helped it to become one of the fastest-growing regions in history, makes the most sense.

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

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Krutika Adani Author

Krutika is an experienced Crypto News writer and Technical analyst. With over 3 years of extensive crypto knowledge, she has written on various subjects, including Price analysis, Whitepapers, Metaverse, and other crypto-related topics.

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Here’s How the Future of Metaverse Could Look Like

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VOC, Voice of Crypto, Metaverse

Today, if you think of the term “metaverse,” you automatically conceptualize a futuristically enhanced internet, complete with all sorts of innovative and unimaginable elements. For one, interactions in virtual reality play a key role in essentially restructuring almost everything that has been a part of our everyday experience to date.

Naturally, it is quite possible to assume that the metaverse belongs solely to the here-now. But the fact remains that the metaverse isn’t an entirely recent phenomenon. 

Of course, it has been forgotten to where it is today because of the superior and progressive technology of this day and age. But the metaverse had its humble beginnings back in 1838, with the conception of the 3D image by Sir Charles Wheatstone.

The theory of adding the illusion of depth to images is the fundamental principle that the modern-day idea of virtual reality works upon, and virtual reality is central to the metaverse. The first VR machine, Sensorama, was developed in 1956. Morton Heilig essentially combined sensory elements like smell and movement emulation to simulate the experience of riding a motorbike virtually.

This happened a couple of decades after Weinbaum’s Pygmalion’s Spectacles came out, which discussed the idea of goggles that provide an experience resembling today’s virtual reality.  Heilig continued to make considerable contributions to the development of virtual reality.

Where we are today is primarily thanks to this genius. We have already come this far in terms of the metaverse when you think about it! 

Making VR Work

When Neil Stevenson’s 1982 novel first coined and popularised the term “metaverse,” MIT engineers had already developed their Aspen Movie Map, a virtual reality-based tour of the town of Aspen. We cannot leave out immense contributions to the evolution of virtual reality either, with their SEGA VR-1 motion simulator that became a smash hit in arcades.

But what solidified the virtual reality bases was the Oculus Rift VR headset, released in the 2010s. Sony and Samsung also jumped onto this VR headset bandwagon, and eventually, Facebook bought off Oculus. Of course, it is common knowledge that Facebook CEO Zuckerberg recently changed its name to Meta. Now, it is obvious that he has been interested in development in the direction of the metaverse for a while now!

The Mighty Metaverse 

But the fact that the metaverse has grown to what it is now is because of the contributions of several other firms, too. For example, Apple’s 2020 addition to their iPads in the form of the Lidar significantly improved image depth and record for the metaverse.

Microsoft’s HoloLens and Google’s low-cost Cardboard device and AR glasses also went a long way in ushering in the age of the metaverse. So, the evolution of the metaverse was spread over multiple generations.

New technological additions in every era did their bit to make the metaverse materialize in all its technical brilliance and immersive glory! 

 

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A post-graduate is Sociology, Sreerupa’s interest primarily lies in researching on the global market trends of production and consumption.

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DOGE Continues the Bullish Momentum Adds $3 Billion to Its Market Cap

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VOC, Voice of Crypto, DOGE

DOGE has earned a spot as one of the best-performing cryptos in the past week. As of the time of writing, DOGE has gone up by 12.5% and currently sits at $0.8610.

This is unsurprising because DOGE, in particular, has moved to the upside in four weeks, from the $0.064 level on July 17 to $0.086, meaning that DOGE has outperformed most other cryptos, as per data calculated by tradingview.

DOGE is ranked the 10th largest cryptocurrency by market cap, especially after several tweets by Billionaire and Entrepreneur Elon Musk pushed the prices upward in April 2021. While relatively unknown then, the meme coin experienced a few powerful pumps that served as the foundation for where it currently sits in cryptocurrency rankings.

DOGE Statistics

DOGE has increased by 12.5% in the last  24 hours and by 24% in the last week.

Doge 1 month price chart

Dogecoin 1 month price chart | Source: CoinMarketCap

By marketcap, the memecoin has $11.43 billion. A 13.28% increase in the last 24 hours, with a daily trading volume that climbed 5% upward and now sits at $1.44 billion.

Doge market cap

Dogecoin market cap | Source: CoinMarketCap

In the last 30 days, the memecoin has added a little over $3 billion from its previous $8.44 billion position.

What Might Have Caused Dogecoin’s Pump

Mark Cuban, billionaire crypto investor, on August 11, in a Twitter engagement with Cardano holders, noted that dogecoin has more practical use cases in terms of payments than Cardano (ADA).

In reply to a Twitter thread, Cuban told his almost 9 million audiences that while Cardano can accommodate more transactions per second on its blockchain, Dogecoin is infinitely better in terms of utility. According to Cuban, time will tell which blockchain is the better of the two.

Over the past week, memecoins like Shiba Inu and Dogecoin have experienced double-digit percentage increases, with SHIB moving up 14% and Dogecoin moving up 12.5% in price.

These two coins, among others, have experienced massive capital inflow and are picking up steam, despite bitcoin’s struggle to break past the $24,000 mark. This would suggest a massive return of retail traders.

In contrast, both memecoins suffered in performance compared to other coins in the first half of 2022. Both indicated signs of recovery in July and are now doing very well in August.

Will Shiba Inu and Doge continue to do well, or is this one of those proverbial ‘calm before the storm’ situations?

Nobody knows, but time will tell.

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

 

 

 

 

Jim Haastrup Author
Crypto Writer

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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Top Crypto Analysts Predict Massive Price Rally for Shiba Inu

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Shiba Inu has been one of the most talked about meme coins since its creation in August 2020 and its connection to Ethereum creator Vitalik Buterin and India’s covid-19 relief fund.

As many know, the crypto market has been downtrend since 2021. There have, however, been momentary corrections along the line. These corrections, while minimal for some, have been massive for others. This is especially true in the case of altcoins. As you may have guessed, an excellent example of these altcoins is Shiba Inu.

SHIB has earned a place as one of the best-performing altcoins over the last week. The meme coin broke past the cup and handle pattern formed over the last month. A clear bullish pattern.

In the last 24 hours, after bitcoin’s impulse move to the downside, SHIB followed suit. It has, however, begun another move to the upside and has moved up 7.2% today alone, at the time of writing.

Despite the pullback on SHIB yesterday, the technical outlook of the meme coin remains bullish. If SHIB manages to stay above the $0.000015 mark, there is a strong possibility of SHIB moving up to the $0.000021 level.

SHIB Technical Analysis

There is a strong probability that SHIB rallies upwards at least 50% over the next few days. If the Bulls stay in control of the market, this might provide the necessary buying power for the meme coin to stay afloat.

Some have speculated that SHIB’s original move to the upside was prompted by Binance’s announcement of their plans to add support for SHIB on payment cards issued in Europe.

Shiba inu price chart |Source: TrdaingView 

Shiba Inu price chart |Source: TrdaingView

SHIB recently broke the resistance around the 0.000016 level, experienced a pullback, and is currently at the 0.0000163 level at the time of writing.

This happened right after it broke out of its cup and handle formation, adding to the list of indications that the meme coin is about to go parabolic.

The RSI is currently around the 80 mark, indicating overbought market conditions. A small pullback may or may not occur, giving the RSI a chance to adjust before another move upwards.

SHIB’s price is above the 20-period moving average, indicating that the buyers are still in control of the market for now.

 Will Shiba Inu Continue to Rise

  • SHIB’s technical indicators, in general, point towards bullish market conditions. The Moving Average Convergence and Divergence (MACD) indicator displays buy signals.
  • The DMI or the Directional Movement Index indicates ‘up’ as the market’s direction, placing the +DI line above the -DI line.
  • The ADI, or the Average Directional Index, also indicates bullish market conditions.

According to Peter Brandt, one of the most experienced analysts, SHIB is expected to rise as it has entered a ‘bull cycle.

David Gohkshtein, the founder of Gohkshtein Media and former US Congressional candidate, is another famous technical analyst who also pointed out that SHIB’s price rise may continue.

On the other hand, Bitcoin is fighting to maintain its position around the $24,000 mark. An impulse move to the upside from bitcoin may fuel another powerful move for SHIB.

 

 

 

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

 

 

 

 

 

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Adekunle Joshua is a cryptocurrency writer. He has a deep understanding of the technology and how it can be used to improve the world. James is a strong advocate for using cryptocurrency to make the world a better place. He wants to help people understand the technology and use it to improve their lives.

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ETH Faces Bearish Signs but Investors Remain Optimistic Ahead of Merge

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VOC, Voice of Crypto, Ethereum, ETH

With the Merge likely to happen next month, the Ethereum stacking contract has seen a spike in interest level. The move to proof-of-stake will see miners be flushed out in favor of validators who earn rewards for staking their ETH.

More investors want this too, which means there’s a good chance that the price can go up even higher. Ethereum continues its upward trend as more and more people stake their coins.

Staked Ethereum Crosses 13.3 Million

The number of Ethereum staked on the network has reached a new milestone, passing 13 million. The contract now stands at a whopping 13.308 million Ether, rising with each passing day.

The number of Ethereum staked accounts for about 11% of the total supply. The most recent data shows that 11% of Ethereum’s available supply has been rendered unmovable for the foreseeable future. The scarcity has caused a price increase, and Ethereum has been able to test the $2,000 price mark for the first time in 2 months.

Ethereum price chart

Ethereum price chart | Source: TradingView

The anticipation around the Merge has turned into a “buy the news event”. With the rise of Ethereum, more people are starting to invest in digital assets. As withdrawals are not possible for the next six months to a year after the Merge, the reduced market supply will continue to pump up prices.

With the current Ethereum price analysis, it seems like there are multiple instances of rejection for additional upward movement. The ETH/USD pair is expected to drop below $1,900 and then retest the territory of $1800 as support.

ETH Rejects Upside

ETH has corrected by 6.6% since reaching a daily high of $2012. The price range between $1700 and 1800 is where ETH must maintain its value if it wants to avoid more falls.

Ethereum’s price is currently trading inside a rising wedge, which some have deemed as being bearish for the currency. This trend suggests that there are fewer buyers in the market.

The bulls are in luck if they can prevent the price of Ethereum from breaking below important support at $1,700–$1800. If this happens, it is anticipated that the rising trend will continue after a temporary retreat with $2200 as its target.

But, if the price drops below this level, bears will have a chance to hit their target of $1350 – $1280. Ethereum has been upward since late July, when it hit a significant high of just under $1,600. The ETH/USD pair overcame previous resistance at $1,800 on Wednesday.

The price action continued with positive momentum upbeat until it reached resistance at $1,900, where there was a brief stabilization.

 

 

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)

 

 

Jim Haastrup Author
Crypto Writer

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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Bitcoin Employment Opportunities to Rise in the Next Decade

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The Bitcoin market has been expanding at the internet’s rate with an overarching influence on various economic sectors, making it to a global market capitalization of $445 billion. The employment sector is also expanding at an unprecedented rate in the Bitcoin market.

The nature and number of employment opportunities in Bitcoin have increased in the last decade. It has opened up positions that were no more than a dream on employment platforms like LinkedIn. Here is a quick breakdown of the subsectors of employment under Bitcoin.

Bitcoin Education 

Bitcoin is a relatively new financial concept that generates the opportunity for the growth of bitcoin education with new employment opportunities for bitcoin public communicators. With people having lesser knowledge in the field, the need for Bitcoin education and financial experts is bound to grow. It is similar to the nascent stage of the rise of the internet; people had little or no knowledge about it initially, but they had to seek expert help to have a basic understanding, owing to the internet’s overarching influence. It is exactly the same for Bitcoin.

Bitcoin Mining Employment

Bitcoin mining is one of the largest subsectors of Bitcoin when it comes to employment opportunities. The Bitcoin mining process requires considerable physical infrastructure and capital expenditure. Hence, it is one of the sectors with the maximum ability to expand through the market cap and the number of employees employed. Presently, the Bitcoin mining sector has the maximum number of public companies and the largest market cap compared to other Bitcoin companies.

Bitcoin Engineers

With the ever-expanding market of Bitcoin, the nature of its operations is constantly evolving. Hence, the need for engineers to device new Bitcoin goals in terms of their operations is inevitable. From changing the face of online dating using metaverse to inventing new tools for detecting bull or bearish market trends, engineers play a vital role in shaping the future of Bitcoin. The demand for engineers in the Bitcoin market is bound to rise in the future, expanding job opportunities for newly graduated engineers.

Bitcoin Exchange Jobs

Exchange jobs are one of the most crucial employment sectors for any currency, and Bitcoin is no different. Whether you convert USD to Bitcoin or vice versa, the economy would require a couple of experts behind it. Thus, with the expansion of Bitcoin’s market and the rise of other altcoins like ETH, etc., the jobs for currency exchange are sure to expand in all countries.

Bitcoin Node Producers

The node producers are one of the most crucial employment sectors in the Bitcoin market. Bitcoin nodes save transaction details from the beginning of the Bitcoin until its storage is full. Several companies design Bitcoin nodes and provide mini servers. Hence, the requirement for new Bitcoin nodes and servers would expand the demand for new employees in the sector.

Bitcoin Bridge Jobs

Though Bitcoin operations are entirely virtual, just like Bitcoin educators, people would require specialized and professional financial experts who can act as a bridge between them and the Bitcoin network. Such jobs are crucial currently, with the Bitcoin being at its nascent stage.

 

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