Kategorie: Crypto Markets

Scott Minerd, Guggenheim Partners’ chief investment officer, now says cryptocurrencies haven’t really become that investment vehicle he thought they would when he first entered the space.

In his opinion, “everything is suspect”, and that “no one has cracked the paradigm in crypto,” with Bitcoin’s use as a currency not fitting the definition and characteristics that go with it – medium of exchange, store of value and unit of account.

Minerd made the comments during an interview with Bloomberg TV at the World Economic Forum held in Davos Switzerland. In an apparent dismissal of the sector, the billionaire investor said, “none of the stuff – stablecoins, the whole bit – everything is suspect.”

“Bitcoin and any cryptocurrency at this point has not really established itself as a credible institutional investment. It’s really become the market of a bunch of yahoos and backwaters,” he added.

Minerd also revealed that Guggenheim sold its Bitcoin holdings (which was acquired at $20,000) when prices reached $40,000. He also reiterated that he doesn’t hold any Bitcoin at the moment.

Bitcoin will fall to $8,000

On the price of Bitcoin, he predicts the benchmark cryptocurrency will crash to $8,000 before recovering. But this isn’t the investor’s first forecast about BTC price.

He’s been bullish and bearish before, notably stating in February 2021 that the cryptocurrency’s value could reach $600,000. BTC was trading at around $40,000 at the time.

„Cryptocurrency has come into the realm of respectability & will continue to become more and more important in the global economy.“ @ScottMinerd talks $GME / $SLV / $BTC and the logic of bubbles versus buying frenzy. pic.twitter.com/ZWoZqZNU2M

— Julia Chatterley (@jchatterleyCNN) February 2, 2021

But in June, with BTC/USD around $35,000, Minerd said in an interview with CNBC that Bitcoin could correct to $10,000. The cryptocurrency fell to about $28,000 before bouncing to eventually hit the all-time high of $69,000.

After shedding over 50% of the gains seen during the bull rally, BTC is bearish and currently trades near $29,900. Minerd says a technical outlook for the cryptocurrency points to a new drop to $8,000.

The post Guggenheim’s Scott Minerd says everything in crypto is “suspect” appeared first on CoinJournal.

The price of Filecoin (FIL) has dropped by more than 56% in the last 30 days as the firm continues to face allegations of pyramid schemes and fraud and is now under police investigations.

 It has dropped by 2.41% today to trade at $8.19.

The Boss of Filecoin’s largest firm under police custody

Shikongyun boss, Filecoin’s largest firm in China, Lai Chuhang has been arrested by Guangxi police after being suspected of organizing pyramid schemes and fraud.

However, this is not the first case as a couple of Filecoin companies in China were under police investigation in November last year after running FIL mining scams and pyramid schemes.

During the investigation, the police arrested about 30 suspects who had seized over $50 million during the scam.

Chinese government action on pyramid schemes

Chinese police have continued with the crackdown on the suspected Filecoin companies running mining pools in the country. Several agents carried out pyramid schemes to increase project participation after which the Chinese media reported in 2019, that the scheme raised about $300 million.

However, Shikongyun’s authority and technical account have been transferred to the police at the moment after which the services will resume after the investigations are over.

Besides, some executives are currently collaborating with the police to provide evidence. However, some employees have been released back to their jobs by the police after helping the police with the investigations.

Filecoin (FIL) price trend

Filecoin price has been dropping since last year September and is currently at 89% drop for the past 9 months following the fraud and scams reports. 

At the time of writing, FIL was trading at $8.25 down 1.86% in the last 24 hours from an all-time high of $237.24 set a year ago on April 1.

In addition, the current drop in Filecoin price has also been highly influenced by the current crypto market crash.

Filecoin Foundation partnership with Lockheed Martin

As the price of FIL continues with the dip, Filecoin Foundation and Lockheed Martin, an aerospace company, have planned to carry out an InterPlanetary File System (IPFS) node in space to increase data downloads as well as allow network participants to share or hold information.

The post Filecoin dips further after a 56% drop in the past 30 days: here’s why it’s dropping appeared first on CoinJournal.

Binance has announced that Binance Loans has started accepting AVAX and ADA tokens as collateral assets.

Binance Loans’ new Collateral assets (AVAX and ADA)

Binance Loans will now be accepting AVAX and ADA as collateral where they will provide loan orders that are backed by the two tokens so as to lower the borrowing cost.

However, Binance Loans also offers a number of cryptos as collateral assets, loanable limitations, and interest rates which depends on the internal risk mitigation and market situations. 

Difference between Crypto Loans and traditional loans

Basically, Crypto loans and traditional loans depend on the same principle but the main difference between the two is how people account for their money. In traditional loans, credit ratings are used to determine the risks, but in crypto loans credit rates are irrelevant. Institutions can use traders’ crypto as collateral until the borrower repays the loan. 

In Crypto Loans the period of repayment can be shorter than that of regular loans, for example, Binance Loans offers a loan term of about 7 to 180 days.

The risks involved in Crypto Loans

One of the risks involved in Crypto loans is the volatility of cryptos which makes them unstable as compared to normal currencies. For example, the value of crypto can drop making the collateral value of the lender less than that of the loan.

However, crypto loans may appeal to investors for a number of reasons as a number of traders might not consider liquidating their assets. Crypto loans can help traders to receive interest on their assets.

Besides, traders can use Bitcoin (BTC) to borrow USDT or BUSD as there is a high probability for the collateral value to increase and worth more than the loan. BTC value might rise to make some profits for the loan borrower.

The post Binance Loans starts accepting AVAX and ADA as collateral assets  appeared first on CoinJournal.

The crypto market as a whole is bullish with most top 100 coins in the green at the time of writing. 

Top cryptos

This market was mixed over the past 24 hours, with some of the top 10 cryptos registering gains, while others registered losses. 

Bitcoin was around 2% higher, trading below $30,000 this morning. Ethereum and Cardano registered small gains, while XRP and Solana registered small losses.  

Top movers

Outside the top 20, most coins registered slight gains. Notable standouts include Ethereum Classic and Kava with 11% each. Ethereum Classic is going against the market, possibly gaining on news of an associated NFT giveaway. 

Kava’s EVM launch is tomorrow. It is expected to add some value to their L1 space. TerraUSD added almost a quarter to its value today, but is still trading for a fraction of its former price at 10 cents. 

On the losing side, NEM and Decred are down by around 5% each, reversing recent gains.  

Trending

The biggest winner today is Diamond Love (LOVE), the token of Diamond Network, a new multichain platform.

It is said to help blockchain developers easily deploy custom blockchains and decentralized applications and easily connect to the Diamond ecosystem.

Diamond Network is positioned to become a leading multichain network among blockchains built on Polkadot’s Substrate Framework. It is up 2,244% today.  

The post Highlights May 25: Market bullish, Ethereum Classic and Kava lead the way appeared first on CoinJournal.

The live Alchemy Pay price today is $0.025 with a 24-hour trading volume of $192.7 million. Alchemy Pay is up 13.00% in the last 24 hours. 

If you are attracted to unique features and want to learn how and where to buy ACH, this guide is for you. 

Top places to buy ACH now

Coinbase

Coinbase is one of the first places that made it easy to buy bitcoin and has since become a widely trusted exchange in the market.

Buy ACH with Coinbase today Disclaimer

Swapzone

Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.

Buy ACH with Swapzone today

What is ACH?

Alchemy Pay (ACH) is a payment solutions provider that seamlessly connects fiat and crypto economies for global consumers, merchants, developers, and institutions. 

It provides online and offline merchants with convenient acceptance of both fiat and crypto, enables easy onboarding to blockchain ecosystems, and makes web3 services highly accessible.

Should I buy ACH today?

Nothing can substitute doing your own research. Any investment decision you make should be based on your market expertise, your attitude to risk, and the features and spread of your portfolio. Also, consider how you would feel about losing money. 

ACH price prediction

Tech News Leader provides a moderately bullish outlook on ACH. They predict it will only go up to $0.030 in 1 year. However, they believe it will be worth $0.098 in 5 years and $0.62 in a decade. 

ACH on social media

#ach is pumping!!!
Finally a breakout out of the falling wedge!$ach need now a successful retest! pic.twitter.com/gjsYMIh66u

— LeonXYO (@LeonMay07861086) May 24, 2022

The post Alchemy Pay token ACH is up 13%: here’s where to buy ACH appeared first on CoinJournal.