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Ethereum Down 52% Since CNBC Host Jim Cramer Said ETH Would Soar to $4,100

Albert Brown
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Ethereum Down 52% Since CNBC Host Jim Cramer Said ETH Would Soar to $4,100

CNBC Host Jim Cramer Said Ethereum (ETH) Would Soar to $4,100, But Reality Has Had a Different Tale.


CNBC’s Mad Money host Jim Cramer once advocated for ETH, noting that the asset would breach $4K, but ETH is currently miles behind Cramer’s forecast.

Superstition has no place in the crypto world, as outcomes are backed by analyses and historical facts. Notwithstanding, the recently-discovered “Cramer Curse” has become massively popular amongst proponents on Crypto Twitter.

Jim Cramer who is renowned for his financial advice and investment takes, has recently been at the receiving end of incessant banter on Twitter. The 67-year-old TV personality who hosts CNBC’s Mad Money finance program has not had the best of luck, as the outcome of things appears to be the inverse of his predictions.

In April, Cramer, who was bullish on Ethereum then advised investors to add the asset to their portfolio. He forecasted a 35-40% rise for Ethereum from its price at the point. 

Cramer’s prediction came on April 28 when Ethereum was consolidating between $2,900 and $3,000. His 40% rise forecast would put Ethereum a little above $4K, considering its price of $2,900 at the time.

 

Following Cramer’s forecast, Ethereum has not revisited the $ 3,000 zone. Unluckily for the Mad Money host, his prediction came at a time when the bears were geared up to take control of the market. Ethereum slumped to shocking lows afterward, especially in June when the Crypto Winter was at its harshest.

Five months after Cramer’s bullish comments on Ethereum, the asset has plummeted by over 53% as it currently changes hands at $1,359 at the time of reporting. This is over 66% below his predicted price.

Ethereum’s recent slump followed the launch of the much-anticipated Merge. The event has not had as much positive effect on ETH as many hoped, partly due to the worrisome situations surrounding Ethereum’s switch to PoS.

Cramer has since then reviewed his outlook on Ethereum and the broader cryptocurrency market. On July 5, he swiped at cryptocurrencies, noting that digital assets have no real value. 

“Crypto really does seem to be imploding. Went from $3 trillion to $1 trillion. Why should it stop at $1 trillion? There’s no real value there,” Crammer remarked on a CNBC Squawk Box episode. 

 

At the time of Cramer’s bearish comments on crypto, the markets had been hit hard by the effects of mid-June and were struggling to recover. Ethereum was consolidating between $1K and $1.1K then. However, a relief rally from the crypto markets followed Cramer’s remark, with Ethereum surging by over 54% to $1,745 on July 31.

These coincidental occurrences have remained a topic of discourse on Crypto Twitter, as several proponents have sarcastically vowed to follow the opposite direction of Cramer’s investment advice. Despite this, the Mad Money host has not relented in his trade, as he remains vocal on his takes in the finance scene.

Binance CEO Suggested Terra Burn Idea For Revival; Will He Now Support Burns On Terra Classic (LUNC) Trading

Mark Brennan
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Binance CEO Suggested Terra Burn Idea For Revival; Will He Now Support Burns On Terra Classic (LUNC) Trading

Binance CEO Promised Support For Terra Community After Collapse, Will He Help Off-Chain Burns (Trading) for Terra Classic (LUNC)?



In a Twitter thread in May, days after the Terra ecosystem collapsed, Binance CEO Changpeng Zhao, CZ, highlighted that buybacks and burning could help the Terra ecosystem create value, pledging to support the community in whatever way it chooses to rebuild.

However, with less than one day left for the LUNA Classic (LUNC) tax parameter change to go live, the Terra Classic community believes that CZ is yet to fulfill its promise helping terra classic community to burn more LUNC by applying burns on trading.

“In my tweets, I am simply pointing out the potential issues from my understanding. Minting, forking, don’t create value. Buying back, burning does, but requires funds. Funds that the project team may not have … Regardless of my personal views, or the solution chosen in the end, we will always be here to support the community in any way we can,” CZ said in the tweets in May.

 

Notably, Binance has pledged support for the 1.2% tax burn proposal but only for on-chain transactions, deposits, and withdrawals in this case. However, several community members have pointed out that this does little to support the community and only discourages people from getting off the exchange. Consequently, they have urged the exchange to implement the proposal on off-chain transactions, including spot and margin trading activities. 

While in response to this, the exchange says it will review its stance, with a day left to the implementation, there is yet to be any change. 

It bears mentioning that the community is yet to give up hope on swaying the leading exchange. Notably, on Thursday, key LUNC developers are set to hold a live Ask Me Anything (AMA) session on YouTube with representatives of the Binance exchange. Consequently, community members have expressed excitement at the chance to speak to the exchange about the trading burns.

Binance has the highest daily trading volume for LUNC compared to all exchanges, so implementing a burn on trading will be an unimaginable boost for Terra classic community. As most LUNC trading activity occurs on Binance; as a result, the burn initiative to curb the excess LUNC supply is likely to be significantly more effective with the support of the exchange.

However, profit-oriented crypto exchanges may be concerned about reduced trading volumes should a 1.2% tax be applied to trading activity.

LUNC is currently trading at the $0.0003025 price point, 10.61% higher in the last 24 hours. The LUNC/BUSD and LUNC/USDT pairs on Binance account for 50% of the token’s total trading volume on exchanges, totaling over $400 million in the last 24 hours.

Top Exchange Twitter Account Hacked To Promote XRP Giveaway

Albert Brown
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Top Exchange Twitter Account Hacked To Promote XRP Giveaway

Top Indian Exchange CoinDCX’s Twitter Account Has Suffered a Hack and Used to Promote XRP Scams.


CoinDCX recently had its official Twitter account compromised, with the hackers using the account to post scam links promising XRP giveaways.

The increase in the crypto adoption rate has brought a surge in crypto-related crimes. Despite toughened measures employed by relevant agencies to mitigate these scams, most bad actors remain relentless. 

In a recent highlight of events, Mumbai-based cryptocurrency exchange CoinDCX’s Twitter account was hacked and used to post links to scam XRP giveaways. Since the exploit has been corrected to a certain degree, there is no telling the number of victims the recent hack has taken advantage of. 

The development was uncovered by leading blockchain security platform Peck Shield via its Twitter handle PeckShieldAlert in the early hours of Tuesday.

“Phishing Seems like Indian crypto exchange CoinDCX’s Twitter account was compromised & has been used by the exploiter to share links to fraudulent XRP GIVEAWAY,” Peck Shield noted in a tweet. The handle also thanked an unofficial account dedicated to reporting scammers on Twitter for bringing the Intel.

 

As noticed in the tweet, the hackers mentioned that they would be hosting a giveaway of 100M XRP to support their “community.” The tweet has had over 500 likes at the time of reporting, with several bots testifying to its veracity as an extra effort to lure victims.

 

“Today, we are pumping XRP. To support our community, we are announcing a 100.000.000 XRP GIVEAWAY … Please note: you can receive a bonus once. Please hurry!” the tweet said, as the hackers attached a link to the scam page.

exchange account hacked to promote XRP giveaways
Image Source: https://twitter.com/CoinDCX/status/1572029027111833601

Notwithstanding, they did not stop there. In an attempt to make the scam appear more credible, the hackers further changed the display picture and display name of the CoinDCX account to match Ripple’s CEO Brad Garlinghouse’s identity, but it appears the CoinDCX team has swiftly handled the situation to an extent, as all changes on the account have been revoked and some scam tweets deleted.

Coinbase CEO: USA Cannot Afford Let Crypto Go Offshore “As Well”

Mark Brennan
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Coinbase CEO: USA Cannot Afford Let Crypto Go Offshore “As Well”

 

The USA must support new digital innovations.



Coinbase CEO Brian Armstrong believes that one of the most robust policy arguments for cryptocurrency is that it’s a national security issue. He argues that the United States cannot afford to have cryptocurrency go offshore as well, as this would have a chilling effect on innovation within the space.

In his tweet, Armstrong cites the example of semiconductors and 5G technology, which are now primarily manufactured offshore. He believes that the same could happen with cryptocurrency if the proper regulations are not implemented.

 

The Coinbase CEO has been an outspoken advocate for crypto regulation and has even testified before Congress on the matter. He believes there is a need for clear rules and regulations to give businesses the clarity they need to operate within the space.

However, Armstrong also acknowledges that regulation by enforcement has its own problems, as it can stifle innovation. He believes that the best way to strike a balance is to have clear and concise regulations that are followed by a light-touch enforcement regime.

“Regulation by enforcement has a terrible chilling effect, and rhetoric matters – we’ve already seen a huge amount of crypto talent, asset issuers, and startups go offshore.”

In the end, Armstrong believes that the United States needs to take cryptocurrency seriously as it has the potential to be a significant force in the global economy. He argues that crypto assets are too important to America and the free world to allow them to go offshore.

Some of his followers on Twitter argue that the lack of clarity around regulations is what’s driving businesses and talent offshore. Others believe that the heavy-handedness of regulators is pushing people away.

Whatever the case may be, it’s clear that Armstrong believes that the United States needs to take action on cryptocurrency regulation sooner rather than later. Otherwise, it risks losing its position as a leader in the space.

Finally, he said that his exchange is based in the USA and has legal rights, so they will try to do everything they can to make crypto succeed.

“Coinbase is a global company, but we’re based right here in the USA and will fight to make sure crypto succeeds here for everyone. It’s too important to America and the free world.”

John Richmond Prints New Designs Featuring Shiba Inu As Milan Fashion Week Starts

Mark Brennan
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John Richmond Prints New Designs Featuring Shiba Inu As Milan Fashion Week Starts

 

John Richmond continues to foster its strategic partnership with Shiba Inu.


Leading fashion brand, John Richmond, is always enthusiastic about its partnership with prominent blockchain project Shiba Inu (SHIB). Since the partnership was announced earlier this year, John Richmond has been sharing a series of designs to showcase what it has in store for the Shiba Inu community. 

The popular fashion brand owned by Sir John Richmond, an English designer resident in Italy, has started printing new collections featuring Shiba Inu designs ahead of the 2022 Milan Fashion Week.

John Richmond’s New Designs

In a recent tweet shared by the official Twitter account of John Richmond, the fashion brand assured Shiba Inu enthusiasts that the partnerships would have a major impact on the fashion industry.  

“Legends Live Forever. Two leaders bringing their vision, their legacy, and their heritage into one big project. This is going to have a major impact on the industry, promise,” John Richmond tweeted. 

Image

The 62-year-old fashion brand also added an image to the tweet, suggesting that it has started printing the design for the Milan Fashion Week. The sketch was made on paper first and then printed on the shirt with the inscription “John Richmond,” written in the middle of two-crossed bones. Beneath the first inscription is another write-up, “Legends Live Forever,” while under this is another inscription boldly spelling “SHIBA.”  

John Richmond is tipped to attend the Milan Fashion Week, scheduled to commence from September 20, 2022, to September 26, 2022. It is noteworthy that the Milan Fashion Week is a clothing trade show held in autumn/winter in Milan, Italy. Remember that Milan isn’t just the fashion capital of Italy; it’s globally acknowledged as one of the most influential fashion hubs.

Ahead of the Milan Fashion Week, John Richmond has been building momentum about the event on Twitter, which has continued to attract the attention of Shiba Inu supporters. 

Last week, the fashion brand noted that it is ready to present new collections featuring Shiba Inu designs while teasing the community about upcoming “big news.”

While John Richmond did not share many details about the event, it is expected that the fashion brand will likely disclose its ownership of land plots on SHIB: The Metaverse. Recall that in April, John Richmond had indicated an interest in purchasing a virtual plot of land on Shiba Inu Metaverse for its shop.

Furthermore, the John Richmond collection featuring Shiba Inu designs may be flaunted by top supermodels at Milan Fashion Week, as reported by TheCryptoBasic a few months ago.

Former US Congressional Candidate Says It Is Fine To Hold Both Shiba Inu And Dogecoin

Mark Brennan
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Former US Congressional Candidate Says It Is Fine To Hold Both Shiba Inu And Dogecoin

 

Gokhstein does not think choosing a side in the doggy meme coin battle is necessary.


In a tweet yesterday, former US Congressional candidate and founder of Gokhstein media, David Gokhstein, once again expressed the sentiment that it is ok to hold both Shiba Inu and Dogecoin.

“I can be in both SHIB and DOGE. 

Telling me I can’t is like saying I can’t have a iPhone and a Samsung,” the crypto-loving entrepreneur wrote.

 

Notably, in June, Gokhstein had asked crypto Twitter which of the doggy meme coins they prefer to hold. With the tweet on Monday, Gokhstein appears to provide his answer for at least the fourth time this year.

Gokhstein first expressed this sentiment in April, asserting that he is allowed to hold both tokens, elaborating that it made no sense to ignore one in favor of the other when both have the potential to be very profitable. The Gokhstein media founder would reiterate this stance twice in May, on May 8 and May 25, respectively.

It is worth noting that Shiba Inu and Dogecoin are both doggy-themed meme coins with a strong community following. Notably, the former is seen as a Dogecoin spin-off, coming into the crypto space in August 2020, 7 years after Dogecoin and dubbing itself the “Dogecoin killer.” Consequently, both communities have seen themselves locked in a competition for meme coin supremacy.

However, Gokhstein has continued to assert that this mindset is unnecessary. Instead, the entrepreneur continues to assert bullish sentiment for both, hailing their ability to bring more people into the crypto space.

Notably, Shiba Inu continues to see increased engagement on social media despite the market downturn, as recently reported by The Crypto Basic. It comes as the ecosystem is currently in the process of launching its card collection game, Shiba Eternity, globally, even as the community anticipates the launch of its Layer 2 solution Shibarium in Q4 2022. 

On the other hand, Dogecoin continues to see support from the world’s richest man Elon Musk. The billionaire recently received only Dogecoin payments for the Tesla Cyberwhistle, which sold out in a few hours. Additionally, the network has seen increased development activity in recent months with innovations to the MyDoge wallet and the launch of its own C library. 

Dogecoin is currently the 10th largest crypto project by market cap, trading at the $0.05844 price point, with a market cap of $7.76 billion. While Shiba Inu ranks 14th, exchanging hands on mainstream exchanges for $0.00001092, with a market cap of $6 billion.

Ripple and SEC Make Joint Demand Against Third Parties, As Both Do Not Want Further Delays

Lele Jima
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0
Ripple and SEC Make Joint Demand Against Third Parties, As Both Do Not Want Further Delays

 

Ripple and SEC Make Joint Demand for All Third-Parties Sealing Motions to the Summary Judgment Filings.


The parties do not want to be dragged back by third parties and have jointly made demands.

In a recently filed joint letter, Ripple and the Securities and Exchange Commission have requested that all third parties motions to seal portions of the parties’ summary judgment motion should be in accordance with the court’s September 12, 2022 order. 

“The parties respectfully submit this joint application to request that any motions by third parties to seal portions of the parties’ summary judgment filings be subject to the court’s September 12, 2022 order,” the parties stated in the letter. 

Based on the request, the parties want all sealing motions to the summary judgment filings made by third parties to be due by December 9, 2022. Additionally, oppositions to these sealing motions are expected to be filed no later than December 22, 2022. 

 

It is worth noting that the parties may not want to be dragged back by third parties and request that all sealing motions to the summary judgment filings by third parties should be subject to the court’s previous order. 

Ripple and SEC Joint Sealing Calendar 

Recall that both Ripple and the SEC had previously published a joint calendar last week to govern all sealing motions for the summary judgment motions. 

The proposal was granted by Judge Analisa Torres, thus implying that all sealing motions for summary judgment must follow the court-approved calendar. 

As reported by TheCryptoBasic, the parties filed their summary judgment motions, memorandum of law, and other documents, on September 13, 2022. 

Following the filings, two unidentified third parties requested for limited redaction to the parties’ summary judgment motions. They claimed that the proposed redactions are to protect the privacy interests of their companies and employees.  

In a similar development, both Ripple and the SEC met and conferred two days after the summary judgment motions were filed to identify necessary redactions. The parties publicly filed their summary judgment motions over the weekend, thus indicating that the nearly two-year legal battle would still be coming to an end.

250,000 Ethereum Sent To Binance In One Transaction, 20,000 To FTX In Quick Succession

Mark Brennan
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250,000 Ethereum Sent To Binance In One Transaction, 20,000 To FTX In Quick Succession

 

Over 270k Ethereum (ETH) Has Been Sent To Exchanges as ETH faces increasing selling pressure.


Tracking Whale Alert tweets in the last few hours reveals that over 270k Ethereum has been sent to central exchanges in about 2 hours.

The first couple of transactions over 4 hours ago totaled over 20k ETH and were sent to FTX. Firstly 12,497 ETH worth $17 million was transferred, followed by 8,426 ETH worth over $11.5 million, just 9 minutes later.

 

 

Less than two hours later, the whale tracking platform revealed that a whale had transferred 250,000 Ethereum worth over $338 million, this time to the world’s largest crypto exchange Binance. This puts the total value of Ethereum transferred to exchanges within the short period at over $366 million.

 

It bears mentioning that crypto investors usually send their assets to exchanges with the intention of selling. Consequently, the rapid movement of such large sums of Ethereum could indicate increasingly bearish sentiment among whales and the possibility of a continued sell-off.

Notably, following the success of the Ethereum Merge last Thursday, “hodlers” had expected a huge price upswing for the asset, but that has not been the case. Instead, it appears whales have taken the opportunity to cash in profits, confirming Glassnode’s August analysis that investors planned to “sell the news.”

It is worth noting that the market remains in a state of increased uncertainty as inflation remains high, and the Fed is expected to raise rates by 100 basis points tomorrow. However, a decision to raise rates by less than 100 basis points will likely lead to a relief rally in the markets, as highlighted by crypto pundit Lark Davis in a tweet today.

 

Ethereum is trading at the $1,357.50 price point at press time, 3.95% higher in the last 24 hours. Ethereum has plummeted by over 15% since The Merge.

Dogechain Launches Doge Name Service (DNS)

Albert Brown
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Dogechain Launches Doge Name Service (DNS)

Recently-launched blockchain platform Dogechain has launched its unique naming system based on its network.


Dogecoin has seen massive growth in adoption over the years. The adoption rate was complemented by the launch of the untraditional layer-2 network Dogechain, which was aimed at enforcing the possibility of bridging over Dogecoin to use it for DeFi transactions. However, the Dogecoin team says they have no connection with dogechain.

In a recent highlight of events, Dogechain has announced the launch of its naming system dubbed the Doge Name Service (DNS).

An unofficial community-based Dogechain Ecosystem Twitter handle revealed the development Monday. “Shibes, @nameservicedoge brings .doge domains on Dogechain,” the handle noted.

According to the tweet, the Doge Name Service (DNS) will allow users to adopt “a readable .doge name instead of a long and hard-to-remember address.” Furthermore, the naming service permits using unconventional characters such as custom text fields, avatars, and URLs to make the user’s domain name unique.

Additionally, the handle noted that a buyback-and-burning model would be employed with the initiative, which will pump more value into Dogechain. The buyback-and-burning effort will be focused on Dogechain and wDOGE through a share of the proceeds.

Buyback-and-burning is a measure used to increase the value of an asset by reducing its circulating supply. An entity is involved in buyback when it purchases a portion of its own token to redact the supply. Burning involves sending some tokens to an unusable wallet address to take the sent portion off the supply.

According to the official site of the initiative, users will have the ability to store all their addresses using their DNS names. This will enable them to receive cryptocurrencies and NFTs using the DNS names.

This move will help in bringing more mainstream attention to the Dogechain network. Despite the controversies surrounding its launch, the network has witnessed massive growth since its inception. The Crypto Basic previously reported that the blockchain platform recently achieved a feat of 2M daily transactions.

Ripple vs. SEC: U.S. Defense Lawyer Says SEC Indirectly Threatened Attorney John Deaton in New Letter 

Lele Jima
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Ripple vs. SEC: U.S. Defense Lawyer Says SEC Indirectly Threatened Attorney John Deaton in New Letter 

The SEC has responded to the Chamber of Digital Commerce’s request to join the Ripple lawsuit.


The Securities and Exchange Commission has written a new letter concerning the Chamber of Digital Commerce’s motion to file an amicus brief in the Ripple vs. SEC lawsuit.

In a letter today addressed to Judge Analisa Torres, the Securities and Exchange Commission said it does not hold any position on the Chamber’s request to participate in the lawsuit.

However, the securities regulators request that it is allowed to file a response to the Chamber’s amicus brief if the court grants the organization’s motion, alongside its objection to Ripple’s summary judgment motion.  

“The SEC takes no position on the motion but respectfully requests that, in the event that the motion is granted, the SEC be able to respond to the motion as part of its brief in opposition to the defendant’s motion for summary judgment on October 18, 2022,” an excerpt of the letter reads. 

Additionally, the SEC said it might be prompted to request more time and extra pages for its October 18, 2022, opposition brief if the court allows more amicus curiae briefs to be filed. 

“The SEC may seek further relief from the court (including additional time for its response and/or additional pages for its October 18 opposition brief) in the event additional amicus curiae briefs are allowed,” the agency concluded. 

Meanwhile, U.S. defense lawyer attorney James K. Filan noted that the last line is a threat aimed at attorney John Deaton, who was also conferred with Amicus’ status earlier in brief. 

“That last line is clearly a threat directed at John Deaton.”

Chamber of Digital Commerce Declares Interest in the Ripple Lawsuit

Recall that earlier this month; the Ripple community was excited after it became public that the Chamber of Digital Commerce, the world’s leading blockchain trade organization, would be joining the lawsuit.

The Chamber officially filed its amicus brief, including a motion and memorandum of law, as well as a declaration from the company’s amicus attorney, Lilya Tessler.

According to the world’s leading blockchain organization, its main focus in the suit is to ensure that the legal framework that determines an investment contract is clear.

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