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Peter Schiff Says Bitcoin’s Current Price Bump Is A Bull Trap As Nothing Drop In Straight Line

Mark Brennan
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Peter Schiff Says Bitcoin’s Current Price Bump Is A Bull Trap As Nothing Drop In Straight Line

 

Anti-Crypto And Gold Proponent Peter Schiff Says Bitcoin’s Current Price Bump Is A Bull Trap.



Peter Schiff thinks Bitcoin is in a bull trap and the bear market is still in force.

Over the weekend, the crypto market experienced a strong bearish attack that saw prices of Bitcoin drop below the 2017 ATH of $20k for the first time ever. ETH dropped below $1k. The market seems to respond well as prices spike in recovery. From the lows of $18k, BTC has now reclaimed the $19k range and still working on stabilizing the $20k support.

However, Peter Schiff, who happens to be a strong Gold supporter and opposer of cryptocurrencies like Bitcoin, doesn’t think the recovery is a positive sign for the BTC market. According to him, this is a bear trap – a price spike that could mislead people into thinking a bull run is oncoming, only for the coin to crash again.

“Orderly Crash”

Peter was sharing his opinion on Twitter when he also said that the recent crash of BTC price seems to have been orderly, adding that prices don’t fall in a straight line. This statement appears to have been meant to back his claim that the price increase is a bear trap.

For one, crypto prices seem to swing up and down a certain point before either consolidating the support or succumbing to pressure to establish a lower support point.

According to Peter, the dynamics that usually inform a price bottom in a bear market are missing in the BTC market, suggesting that the bottom is yet in.

On June 11th Schiff predicted that bitcoin would fall below $20K and Eth would go below $1K.

So far, the $20k range, the previous ATH, seems to have been the ultimate support for BTC. This was breached over the weekend when the value fell to around $18k. A lot of traders and analysts have, in the recent past, opined that such a breach would give way to further decline to the $16k and even the $13k price.

Could He Be Right?

While Peter Schiff isn’t exactly someone to take crypto investment advice from, his strongly anti-crypto stance could be right or wrong about the current market dynamics. If he’s wrong, Bitcoin may have hit bottom, and the only way from there is up. If he’s right, the bear market could further push the BTC to below $18k. This would give investors another chance to buy the dip. Time will tell.

Dogecoin Founder: If DOGE Is A Pyramid Scheme Then Same Description Apply to the Entire Financial Market 

Albert Brown
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Dogecoin Founder: If DOGE Is A Pyramid Scheme Then Same Description Apply to the Entire Financial Market 

Marcus has reacted to the $258 billion lawsuits filed against Elon Musk for promoting the cryptocurrency.


Billy Marcus, the co-founder of the popular memcoin project Dogecoin (DOGE), has reacted to a lawsuit slammed against Tesla exec Elon Musk for promoting the cryptocurrency, which is alleged to be a pyramid scheme.

The Dogecoin founder noted that if the first meme coin is referred to as a pyramid scheme, then the same description should apply to all existing cryptocurrencies, stocks, commodities, and the housing market.

He added that people should sue Alexander Hamilton, the founding father of the United States.

“If dogecoin is a pyramid scheme, so is the entire cryptocurrency market, stock market, housing market, commodities market, and the monetary system itself. Let’s sue Alexander Hamilton,” Marcus said.

He noted that the fact that cryptocurrencies have lots of “stupid stuff” attached to them goes to show “how incredibly stupid people are,” adding that digital currencies are just “a protocol and a shared database.”

Elon Musk Sued for Promoting Dogecoin

It can be recalled that a United States man last week slammed Musk, the founder of American electric car company Tesla, in a lawsuit for the role he played in promoting Dogecoin.

The plaintiff, referred to as Keith Johnson, stated in the lawsuit that he invested heavily in Dogecoin due to the tweets Musk shared about the project.

According to Johnson, the tech mogul has been promoting Dogecoin as a safe investment vehicle that will ultimately become the future currency of the internet. In reality, “DOGE has no value at all.”

DOGE Crashes 92% From ATH

Unfortunately, investing in Dogecoin did not end well for Johnson, as the cryptocurrency has suffered a significant crash since it peaked at an all-time high last year.

DOGE peaked at $0.73 on May 8, 2021, following widespread promotion from top crypto players, including Musk and Dallas Mavericks owner Mark Cuban.

At press time, DOGE has plunged 92% from its all-time high as it is trading around $0.058, which has caused significant losses to investors.

Johnson, who claimed to be himself and other Dogecoin investors who have incurred losses via the popular cryptocurrency, noted that the American tech mogul should pay the sum of $258 billion as compensation.

SHIB Army Burns 83 Million Shiba Inu In 24 Hours, 1.26 Billion In A Week Along With 801 BONE Tokens

Zabi
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SHIB Army Burns 83 Million Shiba Inu In 24 Hours, 1.26 Billion In A Week Along With 801 BONE Tokens

 

Shiba Inu community is not stepping back from burning Shib.



Over 83.33 Million Shiba Inu (SHIB) have been permanently moved out of circulation within the Past 24 Hours and 1.26 Billion in the Past 7 Days. 801 Bone ShibaSwap (BONE) has also been burned by one of the Community-led Burning Projects.

Data from the tracking platform Shibburn shows that over 1.26 Billion Shiba Inu tokens have been burned in the past week with 95 separate transactions.

1CENT, one of the tokens dedicated to burning SHIB also removed 801 Bone, the governance token of the Shiba Inu ecosystem from circulation forever.

As per a recent tweet from Shibaburn.com, the SHIB ARMY has incinerated a whopping total of 1,269,177,837 (1.26B) SHIB tokens in the last seven days through 95 separate transactions.

Among prominent SHIB Burners, 1Cent Token burns the most dog-themed cryptocurrency in a week, whereas Travis Johnson’s SHIB Super Store was the second big Shiba Inu burner.

1CENT Weekly BURN EVENT:

1Cent made the most significant burns in the past 7 days, as the major SHIB Burner project sent 184.49 million SHIB and 801 BONE to a dead wallet in two separate transactions.

1Cent organized its Weekly Burn Event on June 14th (Tuesday) as a result 1Cent removed a total of 184,495,831 (184.49M) SHIB, in one significant transaction.

At the same time, the project carried out another noticeable transaction and destroyed a total of 801 Bone.

1Cent is the only project that burns not only SHIB but also BONE. So far the project has permanently removed 43,560 BONE.

Travis Johnson’s Super Store Weekly Burn Events:

On Sunday, Travis Johnson’s SHIB Super Store officially reported via tweet that the individual project has destroyed 70,276,169 (70.27M) SHIB tokens, worth $572 in one significant transaction with the help of SHIB Burn Portal.

Following the burn, the company also has shared screenshots and a transaction link with the community as a “Proof of Burn”.

 

Past 24-Hour Burn:

Besides weekly burns, a total of 83,335,225 (83.33M) SHIB tokens have been destroyed through 9 separate transactions in the last 24 hours with the help of the SHIB Burn Portal, Shibburn.com reports.

Travis Johnson’s SHIB Super Store made the single largest burn transaction, including 70.27 Million Shiba Inu tokens.

Fox Journalist: Investors Think Tron (TRX) And USDD Could Crash Like Luna And UST

Mark Brennan
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Fox Journalist: Investors Think Tron (TRX) And USDD Could Crash Like Luna And UST

 

Fox journalist says crypto investors have had their eyes on TRX and USDD since the Stablecoin de-pegged.



It’s a rough week for the Tron community as their favorite Stablecoin, USDD, de-pegged from the USD while the TRX, which is the native crypto on Tron, took a nose dive. Fox journalist Eleanor Terrett seems interested in what’s going on with TRX and USDD.

In a tweet, the journalist noted that crypto investors are currently keeping a keen interest in the two coins, especially considering what happened to Terra Luna and UST a few weeks ago. UST de-pegged and went on a freefall, taking Luna with it. The two are yet to recover and may never recover to their previous values.

 

Tron Is Spending Billions On USDD Peg

Meanwhile, Tron and Tron DAO Reserve have been shelling billions of dollars of collateral into the market as they try to maintain the USDD peg. Around $2 billion and over 5 billion TRX have already been deployed for this purpose. However, USDD is still de-pegged.

At press time, USDD is valued at $0.95 while TRX is priced at $0.059. TRX has already lost by close to 20% over the past seven days. Still, these effects may be attributed to the extreme bearish sentiments that swept across the crypto market over the weekend. Bitcoin even breached its custom to drop below the previous ATH of $20k to reach $18k. However, BTC and ETH are recovering. Whether the same will happen to TRX and USDD is yet to be established.

Have We Learnt Nothing?

According to the Fox journalist, Eleanor, smart investors are wary of the current market setting where volatile assets are backed by other volatile assets. Apparently, claiming an asset is a Stablecoin while it fluctuates isn’t the best way to inspire confidence.

One investor told the journalist that a crazy 40% plus annual yield protocols are always going to be unstable.

“One investor tells me: Who thought that backing assets with other volatile assets and calling them stablecoins was a good idea? Basic economics principles left at the door, supplemented by crazy 40%+ yields promised that are always going to be unsustainable. Have we literally learnt nothing as a space?”

Terra Nightmare For Crypto market: In the case of Terra, its stable coin UST lost its depeg that also sank LUNA. First Terra team invested billion to stop the depeg but of no use. Today both coins are dead. Terra team instead of supporting old chains launched a new one. Giving the old chain the name of Terra Classic (LUNC) and the new chain now is running with the name of Terra (LUNA). As there are no plans to revive Terra USD (UST) and Old LUNA (LUNAC), investors lost billions. As a result, Terra founder Do Kwon and Terra labs are facing Lawsuits in South Korea and USA.

 

Charles Hoskinson Says He May Be Old Fashioned But Cardano Army Will Change the World

Lele Jima
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Charles Hoskinson Says He May Be Old Fashioned But Cardano Army Will Change the World

The Cardano top exec has defended his recent interview with popular cryptocurrency YouTuber Ben Armstrong. 


Charles Hoskinson, the CEO of Input Output Global (IOG), the firm responsible for Cardano’s research and development, noted recently that Cardano needs an army of enthusiasts to change the world.

The Cardano exec commented that the project needs to seize every opportunity to win the hearts of more supporters who would join in making Cardano’s vision of changing the world a reality.

Cardano Founder Criticized

This comes in the wake of criticism over an interview he had with the famous crypto trader and YouTuber Ben Armstrong. Earlier yesterday, a Cardano influencer lashed out at Hoskinson for joining Armstrong in an interview, saying the crypto YouTuber is known to be associated with several crypto scam projects.

The Twitter user with the username @fabian_vBergen noted that Hoskinson should not have allowed himself to be interviewed by Armstrong because such an event would only give the popular YouTuber a bigger platform.

“I have to make a public statement about the recent video from [Hoskinson] and [Armstrong]. I’m not going to post the link to that video because I feel like we shouldn’t give such a fraudster even a bigger platform,” @fabian_vBergen said.

Hoskinson Defends His Move

Reacting to the criticism, Hoskinson disclosed that he does not understand such absolutism made in the @fabian_vBergen. According to Hoskinson, joining Armstrong in the interview presents the opportunity to speak about Cardano’s vision, mission, and core values for more people to see and believe in the blockchain project.

He added that the interview was not done in any way to endorse Armstrong’s platform in any way but to promote Cardano further.

“I guess I’m old-fashioned, but I’ve always felt that where there is a microphone and an audience that’s an opportunity to win some hearts and minds. Cardano needs an army to change the world, and we aren’t going to build it only by talking through the blameless and pure,” Hoskinson concluded.

Armstrong’s Popularity on Twitter and YouTube

Armstrong is one of the biggest cryptocurrency influencers with massive Twitter and YouTube followers.

The influencer has more than 1.45 million subscribers on the popular video-sharing platform and nearly 856,000 followers on Twitter.

Armstrong has been criticized for promoting different cryptocurrency projects for the money without conducting a proper investigation to discover the project’s authenticity like Celsius, which is having an adamant time. Now Armstrong is considering suing Celsius.

Binance CEO Denies All Media Reports Claiming Binance Bought 101,266 Bitcoin On The Dip

Mark Brennan
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Binance CEO Denies All Media Reports Claiming Binance Bought 101,266 Bitcoin On The Dip

 

Binance CEO Refutes Claims That The Exchange Spent $2 Billion On Buying The Bitcoin Dip.



CEO Changpeng Zhao commonly known as CZ has clarified that Binance didn’t buy any Bitcoin over the weekend.

Over the weekend, a few news websites went all out to claim that the Binance exchange was buying the Bitcoin dip. This was at a time was BTC’s price had fallen below the $20k mark. Apparently, the reports cited an instance where Binance transferred around 101,266 BTC to a cold wallet. The exchange doesn’t deny transferring the coins but refutes any suggestion that it bought the dip.

Cold Wallets

Crypto cold wallets have been a relatively popular option for crypto storage, especially by whales or top exchanges. Basically, cold wallets are wallets that are kept offline. They’re mainly in the form of hardware devices that can be plugged into a computer.

These are different from hot wallets that are kept online with an active internet connection. For example, trading taking place on exchanges is on hot wallets. While, exchanges mostly keep their funds in cold wallets as security away from the internet to avoid any hacking attempts.

What Happened?

According to a recent tweet by Binance CEO CZ, the exchange was merely transferring its BTC holdings to a cold wallet due to more users buying the crypto on the exchange. Granted, crypto investors are known to accumulate more holdings during downturns, and this may have been the case when BTC dropped to below $20k and $19k over the weekend.

“Another wrong article. When cold wallet increases, it means more users deposited to #Binance.”

As a matter of fact, the drop caused a buzz in the crypto community, especially crypto Twitter, calling for the bottom. It’s safe to assume that a lot of investors moved in to accumulate, and this gives credence to CZ’s explanation.

Bitcoin Price No Longer Under $20k

While the weekend, especially Saturday, was a painful moment for Bitcoin, the crypto seems to have gathered its strength and made its way back up to the $20k range before pulling back to just a little under $20k. Bitcoin is currently trading at $19,903.

Binance CEO: The Current Crypto Downturn Is The Perfect Opportunity To Accumulate

Albert Brown
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Binance CEO: The Current Crypto Downturn Is The Perfect Opportunity To Accumulate

CZ says cryptos have a 4-year cycle, half of which is bearish and the other bullish.

Since the beginning of 2022, the crypto market has experienced a downturn and entered a bear market that many people think is going to a long period. Things got worse last week. Most of the cryptos have shed off over 30% of their value with the last 7 days. This comes in the wake of the global economy entering a period of recession.

In a recent interview with Fortune, Binance CEO Changpeng Zhao (CZ), has a few opinions to share about the crypto market.

Disaster And Opportunity

According to CZ, the current price crash is both a blessing and a disaster. It’s a disaster to those who bought the top and now have their assets significantly devalued. As a matter of fact, a few investment platforms have already faced liquidation. These include the Celsius Network and 3AC.

On the other hand, the downturn is a blessing to those who are in a position to buy the bottom. The bear market is always a great opportunity to accumulate cryptos. CZ went on to intimate that the crypto market has two extremes – the bear market, and the bull market. These happen within a 4-year cycle. So, there are two years for the bear market, and two for the bull market. Since the bull market seems to have ended in late 2021, the current bear market is expected to be prolonged.

Binance Is Hiring

CZ also said that Binance is hiring more personally to bring its total manpower to 8,000, up from the current 6,000. Interestingly, other exchanges like Coinbase are laying off staff. Coinbase has already laid off over 1,000 of its personnel. CZ is of the opinion that hiring during this period has the advantage of getting reasonable offers.

Exchange To Invest In Companies

CZ plans to accumulate during this bear cycle. He said that Binance exchange has enough funds for that purpose. The company will also invest in various tech companies. CZ has already pledged to invest $500 million in Twitter under Elon Musk’s ownership. Binance is also investing a further $200 million in Forbes, a media company.

After Calling Women Brainwashed, Kraken CEO Now Says Women Are Not Less Intelligent Than Men

Mark Brennan
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After Calling Women Brainwashed, Kraken CEO Now Says Women Are Not Less Intelligent Than Men

The CEO of Kraken has faced a media backlash over his alleged bashing of American women.

Kraken exchange CEO, Jesse Powell, is currently embroiled in a media battle to clear his name after the New York Times run a story about him disrespecting women. Gender-based debates have become sensitive topics of late. Apparently, the NYT reported that Jess Powell said that American women are brainwashed.

According to Powell, the NYT misquoted his assertions while he was in a debate in a company group with other employees. He claims that the publication cherry-picked a few texts out of a long conversation that run for weeks.

How It Started

Back in April, Powell and some other employees got involved in a debate about women’s mental abilities. The debate started when an employee posted a video in the Slack group showing some women saying that they would rather take $100 in cash than one Bitcoin. At the time, BTC was priced at $40,000.

Apparently, during the discussion, Powell posted,

“most American ladies have been brainwashed in modern times.”

This statement is now causing him trouble in the media.

The NYT Was Out Context

Jess Powell maintains that the NYT was biased in its assessment of facts, choosing to sensationalize and take the entire topic of context.

In response to the publication, a Kraken spokesperson said,

“In respect to the article published by the New York Times, we consider it to be an unfair characterization of events based on inaccurate assumptions formed by taking selectively picked comments out of context.”

Jesse’s debates in the company Slack group ignited a culture war among employees within the company, even prompting some to quit their jobs at Kraken. The company has since posted a page titled Kraken Culture Explained. With a workforce of 3,200, Kraken plans to fill around 500 job positions by the end of the year. This is stark contrast from other exchanges like Coinbase and Crypto.com that have been reducing their workforce.

The First Miami Presbyterian Church Now Also Accepts Shiba Inu (SHIB) as Donations Along With Bitcoin (BTC), Ethereum(ETH) and Dogecoin (DOGE)

Zabi
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The First Miami Presbyterian Church Now Also Accepts Shiba Inu (SHIB) as Donations Along With Bitcoin (BTC), Ethereum(ETH) and Dogecoin (DOGE)

Shiba Inu can now be accepted as donations in The First Miami Presbyterian Church.

The Florida-based Church announced the acceptance of three major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) in April 2022. Recently, the Church declared that it will also accept Shiba Inu tokens as donations.

The First Miami Presbyterian Church becomes the second Church to accept cryptocurrencies as donations following a Mississippi-based Church who have adopted cryptocurrencies as donations last October.

Rev. Dr. Doge Christopher Benek, a founding chair of the Christian Transhumanist Association made the news about accepting Shiba Inu as donations public via tweet.

At this event, Rev. Christopher Benek told exclusively to Watcher Guru, “Our hope is that through our financial education and advocacy, we can teach people to be generous both inside the Church and throughout the world so that we can all do only good every day. So, to put it differently, it isn’t ultimately about the amount of the gift – it is about the intention behind it.”

Rev. Benek reveals that the Florida-based Church is surrounded by numerous tech companies all around. Due to this fact, most of the faithful visitors and congregants got interacted with cryptocurrencies and gained knowledge about the space. Later, they shared their knowledge with us (the administration of the Church). During the discussion, they urge him to accept cryptocurrencies as a part of their donations. Finally, the administration of the Church got convinced and decided to accept cryptocurrencies as donations.

The Church is located in the heart of Brickell Ave, the financial district in Miami. The Church offers both in-person and online services with an option for the faithful to donate in BTC, ETH, DOGE, and SHIB.

Pay Back? SEC Object’s to Ripple’s Motion to Seal a Vital Document 

Lele Jima
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Pay Back? SEC Object’s to Ripple’s Motion to Seal a Vital Document 

The SEC wants to give Ripple a taste of its own pudding as it objects to the blockchain company’s motion to seal a document in connection with amici’s request to participate in the SEC expert challenge.

The Securities and Exchange Commission (SEC) has opposed Ripple’s motion to seal one of the exhibits labeled as “Exhibit O” in relation to amici’s request to participate in the Daubert challenge regarding the opinions of one of SEC’s experts .

In a motion filed by the SEC yesterday, the agency noted that Ripple’s claim that Exhibit O contains sensitive, confidential business information does not automatically qualify as a warrant to seal the document.

SEC Accuses Ripple of Lying

The SEC asserted that Ripple does not have any genuine reason why it intends to seal Exhibit O because its claim that the document contains confidential business information is false.

The Securities and Exchange Commission added that the major reason Ripple is moving to seal Exhibit O is to shield the company from disclosing a document that raises questions about the Defendants’ motive in the litigation.

“The fact that a document makes a party look bad or hurts a party on the merits of the case is not a legally valid justification for sealing,” the SEC noted.

Per the recent motion, the SEC disagreed to Ripple’s move to seal on the grounds that the court has already ruled that it will not permit sealing of documents merely because its content is subject to a protective order “bargained-for confidentiality does not overcome the presumption of access of judicial documents.”

“Accordingly, the SEC respectfully requests that the court deny Defendants’ application to seal Exhibit O and the corresponding reference in the Amicus Opposition Brief,” the SEC concluded.

Payback Time for the SEC?

The development comes a few days after Ripple objected to the SEC’s quest to keep some of the documents related to its opposition against amici’s request to participate in the upcoming Daubert challenge.

“Some of these proposed redactions do not appear to pose any safety risks, but instead appear to be targeting information that would reflect weakness in the SEC’s case,” the blockchain company said in a motion.

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