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UK Minister Wants Crypto Hub, Without Criminals

Mark Brennan
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UK Minister Wants Crypto Hub, Without Criminals

 

UK Minister Wants Crypto Hub, Without Criminals.


 

Even though he voiced concern about illicit activities, the digital minister of the United Kingdom emphasized his government’s desire to make the nation a center for bitcoin activity on a global scale. He emphasized that the country should become a global leader.

“We do intend the United Kingdom and London to be crypto centers. But of course we’ve got to do that in a way that protects the public and in particular pays attention to issues concerning for example money laundering, and making sure that crypto is not used as a way to circumvent things like sanctions.”

—Chris Philp in an interview with Bloomberg Radio on Wednesday

Back in April, the British Treasury announced that it intended to make the United Kingdom a member of the EU. a worldwide crypto hub. Economic Secretary John Glen stated that the country had a robust and internationally-recognized legal system, which would be a significant advantage in the process of the United Kingdom becoming a global financial center– an appealing center for any and all digital activities.

During the interview with Bloomberg, Philp said that the U.K. Treasury is collaborating with the Bank of England, the Financial Conduct Authority, and the Prudential Regulation Authority to achieve the appropriate level of regulatory harmony.

In addition to this, all of this is taking place against the background of the impending “crypto winter.” The cryptocurrency sector has been facing a number of challenges as of late, including increasing inflation and a number of high-profile failures, like that of the Terra network.

On Wednesday, the price of bitcoin came dangerously close to falling below $20,000 for the very first time in approximately 18 months. Additionally, a number of cryptocurrency tech firms have started initiating layoffs.

According to Terra Whistleblower Luna Classic (LUNC) Will Not Reach $0.01 No Matter How Much Of It Is Burned

Mark Brennan
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According to Terra Whistleblower Luna Classic (LUNC) Will Not Reach $0.01 No Matter How Much Of It Is Burned

 

FatMan Says Luna Classic (LUNC) Will Not Reach $0.01 No Matter How Much Of It Is Burned.



FatMan warns LUNC buys not to be too optimistic on planned coin burns and says the prospect of the coin ever hitting $0.001 is zero.

Since the Terra Luna (now LUNC) and UST crashed a few weeks ago and Terra 2.0 went live, LUNC holders have been looking for a way to pump up its price and recover some of their losses.

One way to do this is by burning coins. There are currently close to 7 Trillion LUNC tokens. The price now stands at $0.00006 per coin. Apparently, the new buyers expect the coin burns to push the price to $.001. FatMan wants them to know that this will never happen.

Price Won’t Reach $0.01

In a recent tweet, FatMan goes after those shilling false narratives about LUNC and trying to hook unsuspecting investors into buying LUNC, hoping it will soon hit $0.001. He believes the price point will never be reached no matter how much LUNC is burned.

 

He proves this by saying that a $0.001 price point would need a $40 billion market cap, which can’t be achieved.

On-Chain Volume Is Dead

Going on, FatMan gives a reason for his assertion. For one, on-chain volume for LUNC is gone. There’s no demand for the token since there are no products to push on the chain. There is no utility for LUNC. Most of the systems and protocols that were previously associated with it have migrated to the new LUNA on Terra 2.0. There’s simply no on-chain volume to warrant a price increase and pump up the market cap for LUNC.

Major Exchanges Won’t Support It.

Besides, even if the community were to start massive burns of LUNC, most top exchanges wouldn’t support the move. For example, according to FatMan, Binance holds over 2 trillion LUNC, which is almost a 3rd of the entire supply. The price wouldn’t reach anywhere near $0.001 even if the exchange decided to burn off its LUNC holdings. It’s therefore not a viable option for Binance or any other exchange to support massive LUNC burns.

According to Fatman:

“Assume Binance burns their entire 2.17T (2,170,000M) LUNC wallet, a bigger burn than all of the proposals, bringing the supply down to 4.37T. A $0.01 LUNC will require a $43.7b market cap – 109.25x higher than the current market cap.

Not possible IMO”

In essence, FatMan’s point is that investors should be careful when investing in LUNC and shouldn’t let themselves be misled by unrealistic projections.

Mark Cuban Compares Crypto Crash To Buffett’s Advice: “When Tide Goes Out, You Get To See Who Is Swimming Naked’”

Mark Brennan
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Mark Cuban Compares Crypto Crash To Buffett’s Advice: “When Tide Goes Out, You Get To See Who Is Swimming Naked’”

Mark Cuban Compares Crypto Crash To Buffett’s advice.

Ethereum maximalist and Dallas Mavericks owner, Mark Cuban, recently told Fortune that:

“In stocks and crypto, you will see companies that were sustained by cheap, easy money—but didn’t have valid business prospects—will disappear. Like [Warren] Buffett says, ‘When the tide goes out, you get to see who is swimming naked.’”

Cuban has said that he believes innovation will emerge from the current bear market in cryptocurrency, despite the widespread pessimism in the sector. According to him, disruptive apps and technologies that are developed during a bear market, be it in stocks or cryptocurrency, or any other industry, will always eventually find a market and flourish.

“Disruptive applications and technology released during a bear market, whether stocks or crypto or any business, will always find a market and succeed,”

The current crypto crash began with the collapse of the Terra network. Following that, Celsius, a prominent crypto lending company, has a liquidity difficulty as the market falls. After pausing withdrawals, Celsius Network might collapse like Terraform Labs’ LUNA and UST. Experts and crypto researchers, however, say Celsius Network is tackling its liquidity problem.

Cuban is himself a passionate investor in cryptocurrencies and a self-proclaimed maximalist of Ethereum’s potential. He is an investor in a number of blockchain startups and is the owner of a small number of digital currencies and non-fungible tokens (NFTs).

Mark Cuban has just recently likened cryptocurrencies to the early internet in terms of enthusiasm and skepticism. He also forecasted a shake-out in cryptocurrency and supported non-fungible tokens (NFTs).

The investor from Shark Tank and owner of the Dallas Mavericks made a comparison between the dot-com craze of the 1990s and the cryptocurrency frenzy of today.

According to him, a slowdown in the market will help rein in the excessive advertising and speculation, and it will also assist decentralized finance (DeFi), smart contracts, and other real prospects in standing out from the rest of the competition.

“Watching the cryptos trade, it’s EXACTLY like the internet stock bubble. EXACTLY. I think BTC, ETH, a few others will be analogous to those that were built during the dotcom era, survived the bubble bursting and thrived, like AMZN, EBay, and Priceline. Many won’t.”

This Unknow Whale Sold 9.47 Trillion Shiba Inu In Few Days During Crash

Zabi
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This Unknow Whale Sold 9.47 Trillion Shiba Inu In Few Days During Crash

Here’s the Real Reason Behind Shiba Inu’s Recent Price Plunge of More Than 26% Over the Past 7 Days.

Shiba Inu (SHIB) Shreds Over 26% of Value in the Past 7 Days as the Mysterious SHIB Whale Throws 9.47 Trillion SHIB, Worth $100 Million Back Into the Market.

Shiba Inu (SHIB) along with other major cryptocurrencies experienced intense selling pressure since Monday. The biggest cryptocurrency in the world in terms of market cap, Bitcoin (BTC) is responsible for this widespread selloff in the global crypto market as BTC has sliced 30% of its value within the last 7 days, potentially sending disastrous ripple effects across the broader crypto market.

However, when it comes to SHIB, the mysterious whale also played an important role in dragging down the value of the most popular canine-themed cryptocurrency.

Mysterious SHIB Whale Sold $100 Million Worth of Shiba Inu:

Etherscan.io reveals that the mysterious SHIB whale is responsible for such a sharp SHIB plunge as she sold a mind-boggling total of 9.47 Trillion SHIB, worth $100,046,191($100.0M) to two unknown wallets through three separate transactions on June 9th and 10th.

June 9th, 2022 (Thursday): The mysterious SHIB whale carried two of the massive OUT transactions and sold the $99.67 Million worth of popular canine-themed cryptocurrency to one of the unknown wallets.

June 10th, 2022 (Friday): The Whale carried her third OUT transaction and sold only $373,313 worth of Shiba Inu to another random unknown wallet.

 

Such a significant selling from mysterious whales has built considerable pressure on the world’s second-biggest canine-themed cryptocurrency in terms of market cap.

Ripple Disagrees With SEC’s Recent Proposed Redactions Submission in Opposition Amici’s Participation in Expert Challenge

Mark Brennan
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Ripple Disagrees With SEC’s Recent Proposed Redactions Submission in Opposition Amici’s Participation in Expert Challenge

The blockchain company is still against the SEC’s request to seal its entire opposition letter and exhibits to keep the agency’s witness safe. 

Popular blockchain company Ripple and its execs, Brad Garlinghouse and Chris Larsen, have filed their response regarding the SEC’s submission of proposed redactions to oppose amici’s participation in the upcoming expert testimony challenge.

Ripple noted that while it is true that it agreed to the SEC’s request to seal some information to protect its experts from harassment and attack, the blockchain company; however, objects to the sealing of other documents in their entirety.

Reason for Ripple’s Objection

The blockchain company noted that it refused the SEC’s appeal to keep other documents in their motion sealed because the agency has not “satisfied the standard for sealing documents.”

Ripple added that the SEC’s proposed redaction request is rather too broad and contains portions of its legal arguments and documents that are already filed in different public domains.

“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,” excerpt from Ripple’s motion read.

According to Ripple, it is improper for the SEC to request the sealing of most of the exhibits attached to its opposing motion to Movants’ request to file an amicus brief because of the magnitude of public interest in the lawsuit.

Meanwhile, the SEC’s recent submission of proposed redactions comes after the court denied the agency’s request to seal its opposition letter and exhibits in its entirety.

Crypto Community’s Interest in the Lawsuit   

The Ripple v. SEC lawsuit is the biggest legal battle that has occurred in the cryptocurrency space since its inception. Aside from XRP holders, the lawsuit is largely observed by the entire cryptocurrency industry because it could eventually become a major determinant to what digital currency would fall under the SEC’s regulatory purview.

As widely reported, a win for the SEC would further wreak havoc on the blockchain company as XRP will plummet massively due to large investors’ capitulation.

However, if the lawsuit outcome goes in favor of the blockchain company, its price will soar tremendously, as many cryptocurrency-related businesses in the United States will be left with no choice but to re-list the asset class.

More so, institutional investors will also be comfortable adopting the asset class because its legal classification has been addressed.

Bloomberg’s Senior Analyst Suggests $20k Is New $5K For Bitcoin As A Bottom

Albert Brown
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Bloomberg’s Senior Analyst Suggests $20k Is New $5K For Bitcoin As A Bottom

 

A top analyst at Bloomberg compares today’s $20k Bitcoin to the previous $5k value as a bottom.


 

Bitcoin is currently struggling to beat back the bears after a sharp price decline that saw the coin’s value drop from $30k to the low of almost $20k. BTC came just $100 shy of its previous ATH of $20k in 2017. The price has since bumped to a current point of $22,143.

While some like Fidelity’s Jurrien Timmer think Bitcoin is undervalued, the strong assertions by Bloomberg’s Mike McGlone are currently the talk within the crypto community. According to Mike, who is a senior analyst and strategist at Bloomberg, a $20k valuation for Bitcoin is like the $5k value a few years back.

“$20,000 Bitcoin Maybe the New $5,000 – The fundamental case of early days for global Bitcoin adoption vs. diminishing supply may prevail as the price approaches typically too-cold levels.”

Adoption Vs. Diminishing Supply

What Mike means by this is that at $20k, BTC may well have established a bottom. This may have been demonstrated when BTC tried to retest the previous $20k ATH but bumped before it could drop to hit it. Also, there have been claimed that BTC doesn’t fall to previous ATH levels. It’s yet to be seen whether this bearish cycle will be any different.

For one, Bitcoin’s supply has been decreased due to continuous mining. After every four years, bitcoin halving occurs, splitting the mining rewards in half after every four years. The impending halving in 2024 will reduce the per block reward from 6.25 BTC to 3.125 BTC.

As smaller supply is produced over time while demand keeps rising, fewer bitcoins would be available for people is the argument Mike is suggesting that the new bottom could be $20K.

Adoption has also increased as the coin, as well as the entire crypto industry, gets more popular and gained adoption over the years. Bitcoin has been one of the top cryptos that have attained mainstream adoption. This makes a case for Mike’s argument that the price is likely to have bottomed out at a higher level than the previous $5k bottom. The laws of demand and supply seem to play well here.

What’s Next For Bitcoin

Since the beginning of the year, the market has faced a fierce bearish onslaught that has seen most coins lose their value by double-digit percentages. At the moment, many analysts and traders are convinced that crypto winter is already in play. However, no one is quite sure how long it could last, but most expect it to last for months.

In the case of BTC, it tends to spring back after a rough period. It may be bearish for the short-term but remain extremely bullish in the long term.

Mike McGlone recently Urged Gold Investors to Acquire Bitcoin, saying, “Most money managers on the planet who have been holding gold like forever are at greater risk if they do not have Bitcoin in that portfolio of gold. It is shocking to see people put all their eggs in one basket with gold,”

Famous Dogecoin Lover Matt Wallace To Delete His YouTube Channel f Doge Doesn’t Cross $1 By Year’s End

Mark Brennan
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Famous Dogecoin Lover Matt Wallace To Delete His YouTube Channel f Doge Doesn’t Cross $1 By Year’s End

 

Matt Wallace will deactivate his YouTube channel if Dogecoin doesn’t cross $1 by year’s end.


 

Famed Youtuber, Matt Wallace, recently took to Twitter to say he is confident that DOGE will reach $1 before the year ends, and if it doesn’t, he’d delete his Twitter account.

Wallace is also known for advocating Dogecoin. His Twitter and Youtube accounts are dedicated to covering everything crypto.

“I am so confident Dogecoin will pass $1 by the end of the year, that I will delete my YouTube channel if it does not.”

Wallace has 621K Twitter followers and his youtube channel has 246K followers.

Wallace also added shortly after that that if Elon Musk’s SNL appearance with only 10 million viewers can get DOGE past $0.75, imagine what a much higher viewer count will do. 

In related news, just two months ago, DOGE creator, Billy Markus, and Matt Wallace butt differed on social media over the latter announcing that he is creating another coin imitating Dogecoin so he can encourage retailers about the memecoin. 

The inventor of DOGE did not take a liking to this concept and had the impression that something was off. On social media, he called out the long-time fan of Dogecoin and warned him of the legal proceedings that the team may take against it. 

Markus pointed out that Matt is very literally breaching the law, and that in doing so, he is not contributing to the success of dogecoin, but rather its downfall. The little altercation didn’t seem to stop the influencer from being one of DOGE’s biggest enthusiasts.

Even if Dogecoin’s price has been beating over the last several months, it does not imply the cryptocurrency has been eliminated from contention. The meme cryptocurrency nevertheless has a devout following that is certain it will prevail against the torrent that is working against it, even if it has to dog paddle all the way to the moon.

At the time of writing, Dogecoin (DOGE) is valued $0.060914, up 15% in the past 24 hours, and down 24% in the past seven days. As the crypto market sputters to a halt, Dogecoin’s price is displaying some pretty interesting technicals.

Bitcoin Is Undervalued And Oversold, Says Fidelity Top Executive Jurrien Timmer

Albert Brown
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Bitcoin Is Undervalued And Oversold, Says Fidelity Top Executive Jurrien Timmer

Top exec at Fidelity thinks Bitcoin’s current market standings misrepresent its actual valuation.



Bitcoin started on a good footing, but the events of the last few months have rolled back the gains made late last year.

The coin is now reeling in pain as the price dropped from $30k down to the $20k-$22k range in less than a week. However, there are still many who think the coin is strong and could rebound hugely in the future.

One of these people is Jurrrien Timmer who works as the director of global macro at one of the largest crypto investment firms, Fidelity Investments.

The fall of BTC has brought the entire market with it, with the crypto market cap now totaling less than $1 trillion down from the highs of $3 trillion at the peak of the bull run months ago.

Is Bitcoin Undervalued?

According to Timmer, technical analysis shows that BTC may be undervalued at current levels. He mentioned the price/network ratio that he claims is currently at par with that of 2017 despite the price being lower than in December 2020.

 

For this reason, Bitcoin’s real valuation may not be reflected by the current price levels. He went on to opine that actual valuation is always of more importance than the prevailing price.

Timmer sought to prove his assertion further by referring to the current numbers of non-zero addresses associated with Bitcoin as compared to its price. Apparently, the chart shows prices running below the network curve. This could be an indication that BTC is undervalued.

Is It Oversold?

At the same time, Timmer thinks BTC is currently oversold. He shared an analytical Bitcoin chart from Glasnode. It showed that the dormancy flow indicator for BTC is currently at levels last seen back in 2011.

“The next chart shows how technically oversold Bitcoin is.”

 

At this particular time, BTC is trading at around $21,599 and recording a 3.7% decrease over the last 24 hours. The crypto has lost close to 30% of its value in 7 days.

Xago A Stablecoin Built On Ripple XRP Ledger to Release Detailed Market Research Report

Mark Brennan
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Xago A Stablecoin Built On Ripple XRP Ledger to Release Detailed Market Research Report

Xago wants to publish a market research report next month. 

South Africa-based fintech company Xago, which recently launched its stablecoin, $XUS, on Ripple’s XRP Ledger (XRPL), teased its users that it will be releasing a new market research report by next month.

The Xago team shared the development in a video snippet released today.

The popular Ripple Twitter influencer @sentosumaosaba shared the development on the microblogging platform, saying:

“Fully compliant. Fully audited and backed by the US Dollar. XUS on the #XRP ledger in Africa. Sneak snip preview of a video that is part of a new market research report that will debut in July. As one of the many contributors, it’s the first ever concept for the space.”

Xago Launches $XUS Stablecoin 

Recall that Xago announced the launch of its stablecoin dubbed XUS, which is pegged to the U.S. dollar and based on Ripple’s XRP Ledger.

With $XUS, users can use the payment method to send and deposit funds with U.S. dollars, as well as USD Coin (USDC) via the Xago platform.

Xago, which was founded in 2016, enables its users to send funds instantly at an insignificant cost compared to traditional financial institutions.

Interestingly, following the launch of $XUS on XRPL, Xago has further enhanced its entire operations to make financial settlements easier for everyone, especially Africans.

According to the Xago team, the stablecoin was launched essentially for Africans, who reside in one of the poorest regions in the world but are still required to pay exorbitant fees when making cross-border settlements.

Mark Chirnside, CEO, and co-founder of Xago, said the firm is committed to deploying useful initiatives that will process transactions faster and at a relatively low-cost, adding:

“We are proud to announce the launch of the $XUS stable coin which enables our clients from all over the world to transact with US dollars. The funds will now arrive at their destination in a matter of hours, not days, and for far less cost than the global average of just over 6%.”

Widespread Adoption of Ripple’s Tech

Ripple’s technologies have been widely adopted across various industries, especially in the financial sector. The blockchain company’s flagship tech – XRPL – is gradually becoming the destination for numerous projects ranging from non-fungible tokens (NFTs) to stablecoins.

As reported, Ripple announced in April that five new NFT projects will be launching on the XRP Ledger and will also benefit from its $250 million creators’ funds.

Bill Gates Calls Crypto and NFTs “Greater Fool Theory”

Mark Brennan
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Bill Gates Calls Crypto and NFTs “Greater Fool Theory”

Bill Gates Calls Crypto and NFTs “Greater Fool Theory”



Bill Gates, a Microsoft co-founder, has said that the “greater fool theory” underpins crypto investments such as nonfungible tokens (NFTs).

“I’m used to asset classes … like a farm where they have output, or like a company where they make products,” Gates said. “I’m not involved in that. I’m not long or short any of those things.”

In a mocking reference to the Bored Ape Yacht Club NFTs, which generated millions of dollars in funding and celebrity endorsements, the multi-billionaire who spoke at a climate conference questioned whether or not pricey digital photographs of monkeys would really better the world.

“expensive digital images of monkeys” would “improve the world immensely,” referring to Bored Ape Yacht Club NFTs.”

 

Breakthrough Energy, the venture capital firm he founded to invest in renewable energy sources, was represented at the conference by Gates.

Investors who believe in the “greater fool theory” buy expensive assets in the hopes that someone else would pay even more for them and end up investing in these assets, regardless of their true underlying worth.

Digital banking is more efficient than cryptocurrencies, according to Bill Gates, who promotes it via his charitable organizations. While Gates has been vocal in his criticism of the crypto sector, he has also said that he does not participate in the market because of its volatile nature.

Gates believes that only those with the kind of cash that Musk has should become involved in the cryptocurrency market.

However, given the recent criticism of the crypto industry, such as the Terra (LUNA) ecosystem catastrophe, in which millions of investors lost huge sums of money, his opinion looks more relevant. and after that Celsius is also becoming unstable causing panic in the community.

“I don’t own any. I like investing in things that have valuable output. The value of companies is based on how they make great products. The value of crypto is just what some other person decides someone else will pay for it, not adding to society like other investments.”

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