Autor: dot-traders

Veröffentlicht am

I am skeptical about blockchain’s economic aspect, says Chelsea Manning

Blockchain technology has gained adoption in various sectors of the global economy, beyond cryptocurrencies.

<

American activist and whistleblower Chelsea Manning has revealed that she is bullish about blockchain technology. However, she is skeptical about the economic aspect of the technology.

She made her points known during an interview with Decrypt, stating that she has been a fan of Bitcoin for a few years now. According to Manning, her initial thought about Bitcoin is that it is an excellent technology instead of a tool to create wealth.

The activist said she thinks Bitcoin is an experiment in developing cryptographically based networks as a decentralised means of storing information. She stated that;

“I have a great interest in the technology [of blockchain], but the economic aspect, I’m a little bit more skeptical. I just don’t see how something [that] can switch from having some value to not having value very quickly as being a sustainable sort of system.”

Manning added that she believes blockchain technology can be used to revolutionize sharing information electronically, especially when it comes to privacy, protecting the contents of messages, and verifying sources. Her interest began to diminish when Bitcoin became more about money than technology. Manning said;

“I moved away from it because I realized that there’s a lot of people who don’t understand the technical aspects of this, or the security and privacy implications of this technology, but they view this as a brand that’s cool to be a part of.”

Bitcoin is the world’s leading cryptocurrency and has held that position since it was launched in 2009. The cryptocurrency reached an all-time high of $69k in November 2021 but has lost more than 60% of its value since then. 

At press time, Bitcoin is trading above the $20k level, down by less than 1% over the last 24 hours. 

The post I am skeptical about blockchain’s economic aspect, says Chelsea Manning appeared first on CoinJournal.

Veröffentlicht am

Dogecoin prediction as most altcoins sink amid bearish pressure

  • Dogecoin’s DOGE is down 4% in 24 hours

  • Most cryptocurrencies are falling ahead of inflation data on Wednesday

  • DOGE could touch the $0.05 bottom if the current weakness persists

Dogecoin’s DOGE/USD trades at $0.0645. The price is a drop of more than 4% in 24 hours as most cryptocurrencies fell on Monday. DOGE now risks crashing back to the $0.05 bottom if the current weak sentiment prevails.

The price of Dogecoin has historically been fueled by social media mentions and listings. The cryptocurrency is labeled a meme coin owing to its reactions to influencer mentions. Elon Musk, the Tesla CEO, has been influential for the token. Recently, speculations were that Twitter would allow DOGE payments once acquired by Musk. With the acquisition now in doubt, DOGE users could be coiling back after a not-so-good crypto sentiment.

Dogecoin’s weakness is also stemming from the overall decline in cryptocurrencies. As of the time of writing, Bitcoin and Ethereum had fallen by more than 3%. The weakness could be reflecting concerns about tighter policy by the Federal Reserve. An inflation data expected on Wednesday is expected to be a turning point for cryptocurrencies. A high inflation jump could fuel a faster action by the central bank and lead to a further drop in cryptocurrencies.

DOGE falls below a short-term moving average

Source – TradingView

Technically, DOGE is bearish. The price fell below the 14-day and 21-day moving averages, affirming the bearish pressure. The price is yet to enter the oversold level as the meme coin attracted buyers recently. The price could continue falling to find the previous support at $0.05.

Concluding thoughts

Investors should not buy DOGE now as the price is under bear control. The price could rise if sentiment improves, but before then, it could touch the $0.05 bottom. The inflation data on Wednesday is a key event to watch.

The post Dogecoin prediction as most altcoins sink amid bearish pressure appeared first on CoinJournal.

Veröffentlicht am

CoinShares strategist on Bitcoin and crypto: ‘no near term upside catalysts’

Bitcoin continues to hover just above the $20,000 price level, where bulls have been battling fresh downside pressure following the bounce from bear market lows of $17,600.

The crypto market is also in a similar sentiment zone, and what investors might be looking out for is whether the bottom is in. Of course, several market commentators and analysts warn of one possibility: the crypto winter could still have further downside legs.

Bitcoin is yet to see a recession

CoinShares, a leading digital assets management firm, believes the market may struggle to establish an upside movement. 

This view was shared by the company’s chief strategist officer Meltem Demirors, who told CNBC’s Squawk Box’ that the current crypto market will likely persist for a while. 

“For us at CoinShares the view is [that] we are going to stay where we are for a while. There are no near term upside catalysts. We have yet to see Bitcoin in a recession,” Demirors told CNBC’s Andrew Ross Sorkin on Monday.

What’s going suggests more pain

The strategist indeed expects the global macro environment to dictate fresh downturns across stocks and crypto.

“Arguably, are we in a recession? We don’t know,” she added, “but with what’s going on in the Eurozone, around the world and in the United States – the Fed hiking rates and cutting back on their open-market activities – certainly expect more pain ahead for tech stocks, growth, and also crypto.”

The CoinShares executive also noted that with a lot of liquidity squeezed out of the market following the crypto price crash, traders might yet be apprehensive of what’s coming next. 

According to the expert, the uncertainty is a strong indicator of near-term price movement possibilities, with more companies likely to hit turbulence before the market calms down.

The post CoinShares strategist on Bitcoin and crypto: ‘no near term upside catalysts’ appeared first on CoinJournal.

Veröffentlicht am

Car giant Hyundai unveils Metaverse plans with NFTs and virtual products

According to a Twitter post by Mike Kondoudis (trademark attorney), South Korean car giant Hyundai has unveiled its metaverse plans with NFTs and virtual products. Hyundai is planning to offer non-fungible tokens (NFTs) and also publish NFT-backed content for the media.

In addition, the car giant company shall also issue Hyundai virtual products like toys for simulation and virtual reality, sports equipment, headgear, clothing, sports gear, footwear, eyewear, pictures, and work of art.

In the release, Hyundai also provided a short film clip providing details about the ‘’metamobility’’ concept.

Major brands jump into the metaverse bandwagon

Hyundai is not the first automobile company to venture into the NFT world. It joined other renowned car manufacturers like Mercedes Benz in April. However, Hyundai took a step further to create a community collection that sets it apart from its competitors.

Other prominent brands like Chevron, a huge energy giant, also dived into the metaverse world offering a wide selection of virtual goods like gas, fuel, and renewable energy products. It’s worth noting that since October, jobs related to metaverse have increased by about 380%.

However, the metaverse industry might be heading for an identity crisis after Vitalik Buterin, one of the Ethereum co-founders and programmer, stated that there is no clear definition of the metaverse and no exact technology associated with it. 

The post Car giant Hyundai unveils Metaverse plans with NFTs and virtual products appeared first on CoinJournal.