Schlagwort: crypto markets

• Kraken CEO Jesse Powell says he still hopes it is possible for Bitcoin price to rally in 2022, even as he acknowledges the risks of fresh downsides.
• Powell had predicted the last rally could have seen ‘Bugatti for1 BTC’ purchases.
• Bitcoin currently trades around $23,680.

Kraken CEO Jesse Powell says he is still bullish on Bitcoin (BTC) and that given, he still fancies buying a Bugatti with one BTC. He would not bet against the flagship cryptocurrency, he told “Bloomberg Crypto” in an interview.

Powell also commented on the US Treasury’s sanctions against crypto mixing platform Tornado Cash, seeing the move as “unconstitutional” and a “knee jerk reaction” following recent turmoil in crypto. 

According to him, there is going to be a constitutional challenge to the sanctions.

Bitcoin can rally higher in 2022, Powell says

In 2021, as Bitcoin price rallied, Powell told Bloomberg that by the end of the year, one BTC would be able to buy Lambo – alluding to the realisation of the Crypto Twitter phrase ‘when lambo’ for when one Bitcoin would buy a Lamborghini. He also predicted that the end of 2022 would see ‘one bitcoin per Bugatti’.

But Bitcoin peaked at just above $69,000 in November last year before closing 2021 around $46,000. The bearish extension into 2022 saw the flagship crypto asset plummet to lows of $17,600 in June, and currently trades below $23,680 after another rejection at the $25k level.

Despite this, a bullish Powell believes it’s still possible for Bitcoin to rally as the year ends for the Lambo and Bugatti dream to come true. However, he does not want to hold his hopes out, especially after what unfolded in 2022.

“I wasn’t expecting all of this crazy, craziness in the macro environment,” he stated, noting that this doesn’t mean he is now bearish.

“I’m still very bullish. I bought Bitcoin again at $18,000 so I’m happy to ride it all the way back up. I’m still very bullish in the long run. You know, the fundamentals keep improving so I would never bet against Bitcoin,” he explained.

Powell’s comments come as the crypto industry looks to exit the rough terrain that has characterised the last several months.

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Enjinstarter, the next-gen blockchain gaming launchpad focused on growing the Enjin ecosystem and the metaverse, announced sponsorship of Coinfest Asia, the first-ever crypto, web3, blockchain, and NFT festival on the continent. It is taking place on August 25 and 26 in Bali, Indonesia. 

Uniting regulators, developers, industry leaders 

Coinfest Asia is taking place just weeks prior to the G20 summit in Bali with the theme of The Future. It will bring together entrepreneurs, regulators, developer communities, and industry leaders to share regional opportunities and global insights. 

Supported by Coindesk, CoinGecko, industry associations 

The event will be held at a casual beachside venue in Bali. It is hosted by Coinvestasi, the leading crypto medium in Indonesia.

It is officially supported by CoinGecko, Coindesk.com, the Indonesian Chamber of Commerce, and Singaporean and Indonesian blockchain associations.

A vast, untapped market 

Southeast Asia, in particular, is home to a vast, emerging crypto market that remains untapped. The mission of the organizers is to redefine the future of crypto, including Web3. 

To buy tickets, register online and follow on-screen instructions to complete the signup process. There are no travel restrictions or requirements for traveling to Bali at the moment. 

Web3 workshop to hone skills

There will also be a Web3 workshop presented by BlocksWellDone and Blockchain Talent ID. It aims to kickstart Web3 developers’ journey and help them improve their skills. 

Developers can submit their portfolios at the event’s official website. Thirty developers will win free tickets. 

Other event sponsors include Fireblocks, Pintu, 1inch Network, Asset Management Digital Group, Solana, Tezos, Coinstore, etc.

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Yuga Labs has finally released the much-awaited intellectual property (IP) licensing agreement for CryptoPunk and Meebits NFT collections.

Yuga Labs purchased the two NFT collections from Larva Labs in March. The move allows the NFTs holders to use their NFTs to create projects and products since although Yuga Labs owns the IP rights, it will now license these rights to the NFT holders.

Initially, the previous Meebits and CryptoPunk collection owners Larva Labs retained the intellectual property rights to the collections and the NFT holders could now use commercialize their NFTs. This had attracted a lot of criticism with one holder selling their CyptoPunk in protest.

Yuga Labs IP licensing agreement

The intellectual property licensing agreement released by Yuga Labs confers full commercialization rights to NFT holders allowing them to create commercial projects and products based on their NFT holdings. It puts Meebits and CryptoPunks holders on the same level as the Bored Ape Yacht Club (BAYC) NFT holders.

The Bored Ape Yacht Club’s holders did not have much of a problem since Yuga Labs naturally has IP licensing agreements for its NFT collections contrary to Larva Labs. As a matter of fact, some BAYC NFT holders like Seth Green and Andy Nguyen have already used the IP in projects.

Seth Green has launched a show based on the recently returned Ape that according to his words was “kidnapped” in March. Andy Nguyen, who on the other hand is a restaurateur, opened a Bored Ape-themed restaurant called “Bore & Hungry” in Los Angeles in June.

Issues around IP rights of NFT collections

NFT collection creators across the board have taken different approaches to how they hand IP rights.

A popular NFT brand Moonbirds, for example, was in the headlines earlier this month after it switched to a public domain usage model that allows anyone to commercially use and reproduce art from Moonbirds and Oddities collections. Following the decision, Moonbirds and Oddities NFT holders took to social media complaining that they had invested in the project believing that they had exclusive rights to the NFTs they had purchased.

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BabyDige has announced via a tweet that the testnet of its new swap protocol, BabyDogeSwap, is now live on BSC. The announcement has caused fanfare on social media, especially on Twitter.

The BabyDoge coin has been bullish since the initial announcement of the launch of the swap protocol last week and its community were eagerly waiting for the official launch. It has gained 23.0% in the past 7 days and although today’s announcement did not cause a significant change in the price of the DabyDoge coin, traders expect the price to maintain its bullish trend in the coming days, weeks and months.

At the time of writing, BabyDoge was trading at $0.000000001703 after registering a 2.62% gain in the past 24 hours.

BabyDogeSwap protocol

To start using the newly launched testnet, users will be required to connect their Metamask or other popular crypto wallet and swap any token with the BSC token. The protocol intends to add more swapping pairs, especially Ethereum and Bitcoin pairs.

Besides the usual token swapping, the BabyDogeSwap protocol has additional features including yield farming, swapping, staking, and voting.

The team behind the project plans to embark on an aggressive marketing campaign to allow it to compete favourably with the likes of PancakeSwap, which is one of the leading decentralized exchanges on BSC.

The swap protocol intends to burn a portion of the swap fees obtained from users to check the inflation of the BabyDoge token. The swap has however eliminated swap fees for tokens of their partner projects while maintaining ordinary fees for popular coins.

BabyDogeSwap also features a Simplex on-ramp widget to allow users to purchase crypto with fiat using cards.

In addition to the newly released swap protocol, BabyDoge plans to release a game that will allow players to bet using their tokens and also launch physical BabyDoge cards that will allow users to use the BabyDoge token to pay merchants around the world.

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• Crypto Kaleo does not think there will be a capitulation to beneath $20K or below for Bitcoin.
• However, he sees BTC retesting support levels below current prices before making new highs.
• According to the analyst, despite the bears, it’s possible for new momentum to take BTC/USD to above $28,000.

Bitcoin could drop below $24,000 and retest support levels beneath that buffer zone before finding fresh upward momentum that could include bullish retests of highs above $28,000.

However, even as he charts a potential decline to new lows, popular analyst Crypto Kaleo doesn’t think the Bitcoin market will see new capitulation that pushes prices to $20,000 or below in coming weeks.

According to the analyst, who agrees he might have been “overzealous” in his projection for an upward continuation this week – he had suggested that Bitcoin’s price could tick to $25,000 as risk assets pumped after recent US inflation data – remains bullish and sees a dip in the week as what could offer fresh impetus for higher targets.

Bitcoin rejected at $25k, but…

Indeed Bitcoin rallied to prices above $25k on Sunday before paring some of the gains on Monday. At the time of writing, BTC/USD was poised just above $24k, about 1.3% down in the past 24 hours.

He noted in a tweet:

“I got overzealous on Friday expecting continuation to $28K through the weekend into early this week. I admit when I’m wrong, & while I don’t believe we’re going to see a capitulation to new lows & break beneath $20K, a bit lower before a bit higher makes sense.”

Commenting further on the outlook and his opinion of where next the price of Bitcoin could go, Kaleo added that rejection at $25k (level of May 2022 crash) opens up a retest of lower levels. This includes a decline to the top of mid-June to July range.

The chart he shared in the tweet below shows this:

Should have done the previous chart on the daily – not sure why I had 12 hr candles when I shared it lol, but outside of pure s/r levels shown above – yesterday’s candle was disgusting and typically indicative of a local top… and today’s doesn’t look like it’ll be much better. pic.twitter.com/qwhMhpiNrx

— K A L E O (@CryptoKaleo) August 15, 2022

Bitcoin’s rally this past weekend pushed BTC to its highest price level in two months, and continues to see the flagship crypto hover above the massively important line of $20k. 

The area is key for bulls, but Bitcoin skeptic Peter Schiff warns it might not hold, with a possible capitulation to below $10,000 in the offing.

He opined via a tweet on Sunday:

Just to put the #Bitcoin rally into perspective, take a look at this chart. The pattern remains very bearish. There’s both a double top and a head and shoulders top. There’s a rising wedge forming below the neckline. At a minimum support will be tested below $10K. Look out below! pic.twitter.com/OHNhwsgxxs

— Peter Schiff (@PeterSchiff) August 14, 2022

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