Cardano Founder Dismisses Technical Analysis Suggesting $ADA’s Price Is Set to Plunge

Cardano (ADA) founder Charles Hoskinson has dismissed technical analysis published by veteran trader Peter Brandt suggesting that the price of ADA could soon plunge after forming a pattern similar to one Litecoin saw in 2018.

In an Ask Me Anything (AMA) session, Hoskinson dismissed the technical analysis, suggesting that markets are now too complicated for it to work and even likening it to “voodoo” that doesn’t make sense. His words came in response to Peter Brandt showing a head and shoulders pattern has formed on ADA’s chart.

A head and shoulders pattern, according to Investopedia, is a chart formation that appears as “a baseline with three peaks,” with the one in the middle being the highest and the other two being close in height – forming what resembles a head and two shoulders.

In technical analysis, a head and shoulders pattern is used to predict a bullish-to-bearish trend reversal and is “believed to be one of the most reliable trend reversal patterns.”

In his response, as CryptoSlate reports, Hoskinson noted that Brandt’s call was “strictly a technical and not fundamental analysis based on his interpretation of arbitrary charts.” He added that markets nowadays are too evolved for such analysis to work, saying:

Technical analysis worked well before computers, and when people were trading with some degree of intuition, or along with fundamental analysis. In the age of quants and AI black box models and big data and these things, looking at a simple chart for candles, it makes no sense at all.

As CryptoGlobe reported, Hoskinson has confirmed that after the Alonzo hard fork smart contracts will be available on the cryptocurrency’s network, and added that with time the infrastructure on Cardano will only get better.

Last month,  ADA’s popular Yoroi wallet launched a decentralized application connector that will make it easier for users to interact with smart contracts and these applications once they go live on the Cardano network. Some decentralized platforms are already preparing to go live on the Cardano network. Cardax, the first decentralized exchange set to launch on it, recently raised $1.5 million from its first community sale.

Last week Amy Arnott, a portfolio strategist at Morningstar that focuses on cryptocurrencies, has revealed she believes ADA could become one of the largest three cryptocurrencies by market capitalization and go mainstream, along with Bitcoin and Ethereum.

DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT
Featured Image via Unsplash

CryptoPunks clone PolygonPunks booted from OpenSea marketplace

What can I do to prevent this in the future?

If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware.

If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices.

Gary Gensler: Clear Regulations Needed for Mainstream Crypto Adoption

Gary Gensler: Clear Regulations Needed for Mainstream Crypto Adoption

The United States Securities and Exchange Commission’s (SEC) Gary Gensler has declared during an interview on August 3, 2021, that proper investor protection and clear-cut regulations are some of the key catalysts needed for mainstream crypto adoption. Gensler says the regulator wants to focus on seven key areas of the country’s crypto space, including crypto exchanges, decentralized finance (DeFi), and exchange-traded funds (ETFs).

Stronger  Investor Protection Measures

While crypto enthusiasts see the appointment of Gary Gensler as the chairman of the Securities and Exchange Commission as a move that could usher in positive developments into the U.S. crypto industry, considering his blockchain background, the 64-year-old politician has made it clear that implementing stricter rules that would promote investor protections against fraud in the space is his top priority.

Gensler, who taught a course on Bitcoin and the underlying distributed ledger technology (DLT) at the Massachusetts Institute of Technology (MIT) in 2018, reiterated that he’s neutral on the innovative tech but doesn’t feel the same way when it comes to investor protection.

In his words:

“While I’m neutral on the technology, even intrigued  – I spent three years teaching it- I’m not neutral about investor protection. We have a role as a nation to protect those investors against fraud.”

Crypto Exchanges, DeFi On SEC’s Radar

Notably, Gensler has made it clear that the dreaded SEC is putting preparations in top gear to point its searchlight into at least seven important areas of the crypto industry, including the fledgling DeFi ecosystem, stablecoins, initial coin offerings, ETFs and lending.

However, Gensler says he wants to pay particular attention to cryptocurrency exchanges., as he firmly believes that regulating these trading venues could be the best way for financial authorities to gain control over cryptocurrencies in the long run.

At a time when more and more institutional players are investing heavily in bitcoin (BTC) and other cryptocurrencies, with the industry now worth nearly $2 trillion, Gensler says he believes digital assets can bring about economic progress and gain more mainstream adoption in the near future.

However, these innovative technologies will not reach their full potential without clear regulations, he added.

“It’s only with bringing things inside, and sort of clearly within our public policy goals, that a technology has a chance of broader adoption,” Gensler declared.

At this point, it’s still unclear how the SEC plans to regulate the DeFi space. However, Gensler has hinted that DeFi lending protocols could come under the SEC’s purview since they offer users specific interest-rate returns.

Already, U.S. authorities have sent out a cease and desist order to BlockFi, a centralized U.S-based lending platform and it won’t be a surprise to see more crypto businesses getting hammered down by the regulators soon. 

However, taking such an action against an entirely decentralized platform may not be an easy task, as their processes are entirely controlled by the blockchain. In all, the SEC and other regulators have a serious task at hand and it remains to be seen whether their approach will successfully make the nation a hotbed for crypto businesses or make it a backbencher in blockchain innovation.

Like BTCMANAGER? Send us a tip!

Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4

Porsche to Sell Exclusive Design Sketch as Non-Fungible Token

Porsche to Sell Exclusive Design Sketch as Non-Fungible Token

Porsche has announced its first NFT auction following the recent launch of the token-based Fanzone platform. The German high-performance car maker will sell a unique design sketch as part of the pilot project. The proceeds will be used to fund a noble cause.

Porsche to Auction NFT of New Design by Peter Varga

German sports car manufacturer Porsche is launching a pilot project for non-fungible tokens (NFTs). Between Aug. 2 and 6, collectors and fans will be able to participate in an auction to buy an exclusive design sketch by Porsche Director of Exterior Design Peter Varga as an NFT, the auto company said. Quoted in a press release, Varga commented:

Drawing a design sketch which is then traded online as a digital object was a completely new experience for me.

The designer revealed that the sketch combines the Taycan Cross Turismo with the 911. “It links the design language of our iconic sports car with that of the youngest member of the model range. I look forward to seeing the response generated by this unique item among the auction participants,” Peter Varga added.

The drawing will be offered in both digital and physical form. Funds raised at the auction, which will be carried out on the U.S. digital art marketplace Superrare, will be donated to Viva con Agua. The Hamburg-based non-profit organization is working to ensure global access to clean drinking water, sanitation, and hygiene, supporting water projects in places such as Uganda and South Africa.

Porsche to Sell Exclusive Design Sketch as Non-Fungible Token
Source: Porsche

Alexander Pollich, the chief executive of Porsche Deutschland, said the main target of the NFT initiative is Porsche customers that he described as “often passionate collectors” as well as younger people who have “a high affinity for digital trends.” Pollich expressed satisfaction that the project is part of Porsche’s internal innovation process, adding:

With the NFT initiative, we are once again demonstrating the pioneering spirit typical of Porsche, with which we are always boldly entering new terrain.

The NFT project is being implemented with the help of Fanzone, a Berlin-headquartered startup founded in June by the car maker’s Porsche Digital GmbH subsidiary. The new company operates an online platform where fans can collect and exchange digital player cards as NFTs using blockchain technology to ensure the items are unique. Holders can also profit from the potentially rising value of their tokens, Porsche noted.

What do you think about Porsche’s NFT initiative? Let us know in the comments section below.

Tags in this story
911

,

Africa

,

Auction

,

auto company

,

car maker

,

car manufacturer

,

cars

,

Charity

,

design sketch

,

designer

,

fanzone

,

german

,

Germany

,

nft

,

NFTs

,

Non-profit

,

Peter Varga

,

platform

,

porsche

,

purchase

,

sketch

,

sports cars

,

Taycan

,

Tokens

,

Viva con Agua

,

water

,

water projects

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Google running crypto ads again as new policy goes into effect

What can I do to prevent this in the future?

If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware.

If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices.

Ethereum Founder Vitalik Buterin Spotted With Hollywood Celebrities

Ashton Kutcher recently released a video on Twitter featuring an in-depth explanation about Ethereum from the horse’s mouth. The discussion in the video is between Kutcher, his wife Mila Kunis, and Vitalik Buterin, the founder of Ethereum.

Ashton is a venture capitalist and also an actor. His wife Mila Kunis is also an actress, and the couple has been active in crypto investment for the past eight years.

According to a report about their participation, Mila once thought that bitcoin investment was simply horrible. But after a few years of using crypto, the actress said she was happy to be wrong.

Related Reading | Commercial Paper Reserves Of Tether Under Heavy Regulatory Scrutiny

From what we gathered, the video aims to educate newcomers about Ethereum cryptocurrency. When the video started, we could see Kutcher asking Kunis to explain some basics of crypto and its underlying blockchain technology.

Mila Kunis offered a short definition of both blockchain, crypto, and decentralization. Afterward, Kutcher asked Buterin, who was sitting at the right side of the table, to describe Ethereum. Then the Ethereum founder started to explain the crypto in an all-encompassing manner.

Ethereum Founder Vitalik Buterin Spotted With Hollywood Celebrities

ETH has been on an uptrend journey for the past week but now it's in the red zone as BTC falls | Source: ETHUSD on TradingView.com

He started from the fundamental components and mentioned the differences between the smart contracts protocol and other single-purpose chains. Buterin even used Bitcoin to exemplify his points.

Vitalik Buterin Explains Ethereum

According to Buterin, Ethereum is a multipurpose blockchain where developers can build different applications without hassles. The protocol is secured and protected by thousands of computers all over the world. This means that any project based on its platform is also secured.

Ethereum Founder Vitalik Buterin Spotted With Hollywood Celebrities

Due to its protocol’s support for programming languages, developers can create anything they want of the platform. Thus, projects such as NFTs or cryptocurrencies can be based on Ethereum without issues. After his explanation, the actor could only respond with a “that makes sense” statement.

Related Reading | South Korea Narrows Down 11 Cryptocurrency Exchanges To Shut Down

The hashtags and links to the video show that the aim is to promote a series of NFTs called “Stoner Cats.” For instance, anybody who buys the NFT gets access to the Kunis animated series bearing the same name as the token.

According to our source, the series is tagged “The first NFT animated series,” and people with access can stream it.

Regarding the actor’s participation in NFTs, we gathered that he digitalized & incinerated an artwork that many thoughts were terrible. This was last year in August, and his explanation about it was to assist ecological charities.

Apart from the artwork, Kutcher’s A-Grade Investment firm had supported some crypto firms, BitPay and BitGo, in 2013 and 2014.

Featured image from Pixabay, chart from TradingView.com

Bitcoin Price Still ‘in a Parabolic Advance’, Says Trader Who Predicted Btc’s 2018 Bear Market

Veteran trader and analyst Peter Brandt, well-known in the cryptocurrency space for accurately predicting bitcoin’s 84% decline in 2018 after the cryptocurrency hit a then all-time high near $20,000, has revealed he believes Bitcoin’s parabolic advance is still ongoing.

Speaking to crypto analyst Scott Melker, Brandt noted that Bitcoin is still on a long-term upward trajectory, but pointed out volatility is a key feature of the cryptocurrency that isn’t going away any time soon. He said:

We’re still very much in a parabolic advance. I think the key thing is people get hung up on, a $100 up, a $100 down, a $1,000 up, $10,000 up, $10,000 down. We’re in a long-term bull trend. It’s going to take a substantial amount for me to change my opinion on that.

Brandt, as Daily Hodl reports, added bitcoin is “definitely a store of value that far exceeds what any fiat currency can offer.” His prediction, he noted, does not mean bitcoin will go up on a daily or weekly basis, but instead that it will see significant volatility while moving up over time.

The trader pointed out there there’s “tremendous” demand around the $30,000 level, which means it may hold as “whenever we go down near there, we get a bounce.” That, he said, does not mean BTC’s price won’t temporarily drop below that market.

Brandt isn’t just known for accurately calling BTC’s 2018 bear market, as the analyst has in the past made other correction predictions for the cryptocurrency’s price. In April 2019, the analyst set a $50,000 price target for the cryptocurrency “in the next two years.” That target was hit earlier this year.

DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Featured Image via Pexels

Finder’s Experts Predict Dogecoin Price Should Hit $1.21 by 2025 and $3.60 by 2030

Finder’s Experts Predict Dogecoin Price Should Hit $1.21 by 2025 and $3.60 by 2030

A panel of experts has shared their price prediction for dogecoin for the end of the year as well as in 2025 and 2030. Individually, the experts are divided on the future price of the meme cryptocurrency. Some noted that the price of dogecoin is heavily dependent on Tesla CEO Elon Musk promoting it.

Experts Share Price Predictions for Dogecoin

Finder, a major product comparison website, published the result of its July 2021 survey on the price prediction of dogecoin last week. To determine if the meme cryptocurrency is “about to jump in price, or has this joke finally reached its use-by date … we asked our 42-expert panel what’s in store for the coin,” the company detailed.

The experts were asked about their price forecasts for dogecoin for 2025 and 2030. The company explained that according to the panel:

Doge should see its value hit an average value of US$1.21 by 2025 and US$3.60 by 2030, according to the panel average.

However, Finder pointed out that the high value was due to “one outlier pulling the average price way up.” The predictions for December 2030 range from $0 to $50, with the average being $3.60.

The predictions for December 2025 range from $0 to $10 with the average being $1.21. The highest prediction came from Brighton Business School’s senior lecturer, Paul Levy, who valued DOGE at $10. By comparison, “The median prediction for Doge by December 2025 is US$0.15,” the company noted, adding that ”30% of the panel sees Doge’s worth at US$1 or more in 2025.”

Some experts are pessimistic about the future price of dogecoin. Technologist and futurist for Thomson Reuters, Joseph Raczynski, said: “Dogecoin will eventually go to $0. There are at least 100 to 200 other crypto projects that should be worth more than DOGE.” He opined: “It’s amazing to witness what [one] celebrity can do.”

Dogecoin has gained much popularity over the past months, largely due to celebrity endorsement, such as Tesla CEO Elon Musk, who is also known as the “Dogefather.” Musk recently revealed that he personally owns dogecoin. Many new investors jumped into dogecoin as the price ballooned more than 10x during April and May from about $0.06 to over $0.72. The price at the time of writing is near $0.20.

As for dogecoin’s 2021 price prediction, Finder described:

While the one-time hot coin may have seen some high highs in 2021, the future doesn’t look as bright, with Doge’s value expected to end the year almost half its ATH at US$0.42.

The dogecoin price predictions for the end of the year range from $0 to $1, with the average being $0.42.

Finder found that roughly 15% of its expert panel, or 3 out of 20 panelists, who provided price predictions for dogecoin “expect the coin to crest at the elusive US$1 mark.”

University of Saskatchewan’s Ph.D. candidate, Ajay Shrestha, is a panel member who believes the price of the meme coin could reach $1 but “only if dogecoin receives continuous support from the Elon Musk … Otherwise, it wouldn’t get such hype.” Cake Defi CEO Julian Hosp also believes that dogecoin will be worth $1. Nonetheless, he said:

It will be a pump and dump.

Some experts on the panel were not as optimistic. Senior lecturer at the University of Canberra John Hawkins predicted that the price of dogecoin will only be $0.15 by the end of 2021. He explained:

Dogecoin seems largely dependent on Elon Musk’s erratic tweets. It is barely used as a payment instrument and has proved a very poor store of value.

Furthermore, the panel detailed: “It’s safe to say that the panel is out on Doge. 80% of the panel calls dogecoin a bubble, whereas 10% says that Doge isn’t a bubble, with the remaining 10% unsure.”

The panel includes representatives from Galia Digital, Allnodes, Wave Financial, Morpher, Cryptocompare, Coinsmart, Banz Capital, Arcane Crypto, Rouge International and Rouge Ventures, Celsius Network, Coingecko, Coinflip, Token Metrics, Thomson Reuters, Finder, Morgan Creek Digital, Zebpay, Amber, Decred, UCL, the University of New South Wales, City University of Hong Kong, and the University of Western Australia.

What do you think the price of dogecoin will be at the end of the year and in 2025? Let us know in the comments section below.

Tags in this story
Crypto Experts

,

Doge

,

Doge Price

,

doge price forecast

,

doge price prediction

,

dogecoin

,

Dogecoin price

,

dogecoin price prediction

,

Elon Musk

,

elon musk dogecoin

,

Finder

,

finder experts

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

This key Bitcoin price indicator shows pro traders buying each dip

What can I do to prevent this in the future?

If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware.

If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices.

Hong Kong Police Sound The Alarm As Crypto Crime Doubles in 2021

Crypto crime in Hong Kong has soared to its highest level ever. In the first half of this year, almost 500 crypto crimes were recorded in the former British colony, with one user losing out to the tune of $16 million.

Total losses for the 496 cases came in at HKD$214 million ($27.5 million), making an average loss of $55.4k per case.

This is in stark contrast to research conducted by blockchain analytics firm CipherTrace, which reports an overall fall in total losses this year. Suggesting, Hong Kong is becoming a hot spot for crypto crime.

Crypto Crime In Hong Kong Is On The Rise

According to Forkast News, the total losses arising from crypto crime, in Hong Kong, in the first six months of 2021 are twice that compared to the whole of 2020.

Commenting on the situation, Hong Kong Police blamed this on the growing popularity of cryptocurrency investing and the lockdowns, which meant people were spending more time online. They add that criminals have had more opportunities to thrive under these circumstances.

“Money laundering, investment scams and robberies and face to face transactions are the three most commonly reported crimes.”

Local media outlets have reported several face-to-face crypto robberies in recent times. Last week, the South China Morning Post published an article detailing the robbery of a Bitcoin buyer. Presumably, the deal was arranged via a peer-to-peer trading platform, although this was not explicitly stated in the article.

On arriving for the exchange, the buyer was met by four men, one of whom was armed with a knife. The gang snatched a bag containing HK$3.29 million ($128,500) in cash. Leaving the victim with a cut to his hand that required hospital treatment.

The article mentions several other similar incidents involving face-to-face transactions. Including a case where the seller was the victim this time. After transferring $386.7k worth of Bitcoin, the criminals then robbed the seller of the money they had just handed over.

But Overall Down Elsewhere

Despite these harrowing incidents, research by CipherTrace states 2021 shows a sharp fall in cases of crypto theft, hacks, and fraud. However, the report mentions that crypto crime is booming in the DeFi sector.

According to CipherTrace,  in the four months to April 2021, crypto criminals managed to steal $432 million. What’s more, 56% of that figure, $240 million, relates to DeFi related crime.

Extrapolated to give a full year’s total would put 2021 at $1.296 billion. In 2020, the actual total crypto crime losses came in at $1.9 billion. And in 2019, it was $4.5 billion.

This would support the conclusion that crypto crime is overall declining.

Commenting on the rise in DeFi crime, CipherTrace CEO, Dave Jevans said the DeFi space is fraught with dangers from shady projects and inadequate smart contract security.

“As more money pours into the space from retail and institutional players, bad actors will seek to take advantage of the hype to draw people into scams and hackers will seek out projects that have launched without performing adequate security audits, exploiting loopholes encoded in the smart contracts.”

As ever, managing your crypto securely requires a suspicious mindset.