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Veteran Futures Trader Peter Brandt Predicts Bitcoin (BTC) Will Dip Below $29,000

Albert Brown
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Veteran Futures Trader Peter Brandt Predicts Bitcoin (BTC) Will Dip Below $29,000

Veteran Futures Trader Peter Brandt Predicts Bitcoin (BTC) Will Dip Below $29,000.



Following the inability of Bitcoin (BTC) to hold the $37,000 support and the subsequent dip of the world’s largest cryptocurrency by more than 10%, several cryptocurrency analysts have predicted that the asset class will shred more of its value in the coming days. 

One analyst who made such predictions for Bitcoin is Peter Brandt, a veteran Futures and FX trader, who has been trading since 1975. 

According to Brandt’s analysis, Bitcoin could hit $28,800. Brandt noted that despite the positive news that flooded the industry this week, the crypto market still acted irrationally and prices of Bitcoin alongside other digital currencies suffered a major dip. 

There is a bigger problem in the market for the veteran trader that supersedes all forms of positive fundamentals.

“The news and events reflecting the fundamentals of a market do not matter. Of importance is how a market is responding to the flow of news & events. If the news is bullish for a market, but the market is not responding accordingly, then we know that the market has big problems,” Brandt said in a Twitter post. 

Based on Brandt’s analysis, he speculated, using a chart that the world’s largest cryptocurrency by market capitalization could fall as low as $28,805 in the coming days.

A few days ago, the Luna Foundation Guard (LFG) announced the closing of a private token sale that saw it raise $1 billion. In an interesting development, the firm disclosed that it will use the $1 billion raised to establish a decentralized $UST Forex reserve that will be dominated in Bitcoin (BTC). 

While many believed the news could cause a spike in the value of Bitcoin, things did not go according to plan, as traders seem to be more focused on other issues, including the rising tension between Russia and Ukraine, upcoming hikes in interest rates by the Feds, and the cryptocurrency executive bill. 

At the moment, Bitcoin is trading below $35,000, according to data on Coingecko, with many traders expressing fear that things could go from bad to worse in a millisecond amid all these concerns. 

50,000 Binance Coin (BNB) Worth $24M Has Been Burned Since BEP-95 Upgrade

Mark Brennan
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50,000 Binance Coin (BNB) Worth $24M Has Been Burned Since BEP-95 Upgrade

Like ETH, BNB, the native coin of Binance, BNB is now burned with every transaction after the BEP-95 upgrade.



The BEP-95 upgrade was launched on Nov 30th. With this upgrade, a new real-time burning mechanism of BNB was introduced; as a result, a fixed ratio of the BNB gas fee collected by the validators is burned in each block.

Since the BEP-95 real-time burning upgrade, 50,000 BNB worth above $24M has been burned.

 

The continuous burning of tokens makes them deflationary. Currently, ETH is leading as a deflationary asset; there were a number of days after ETH fees burning upgrade (EIP-1559), where more ETH was burned than mined.

To make BNB deflationary, Binance has switched from quarterly burning to EIP-1559 (BNB Auto-Burn upgrade). Till today Binance has conducted 17 BNB quarterly burns. In the 17th burn, 1,335,888 BNB, approximately worth $639,462,868, was destroyed, making it the largest BNB burn ever.

For the past quarter, BNB completed its first quarterly BNB Auto-Burn. A total of 1,684,387.11 BNB was removed from circulation. That included 6296.305493 BNB that was burned from the Pioneer Burn Program.

Here are the facts and figures behind BNB’s first Auto-Burn:

  • Total BNB burned: 1,684,387.11 BNB

  • Transaction ID (TXID) for BNB burn: View Transaction

  • BNB burned from the Pioneer Burn Program: 6296.305493 BNB

Since BNB and Binance launched in 2017, Binance has committed to removing 100 million BNB, or half of the total supply from circulation, through burning. Unlike our previous quarterly burns, the number of tokens removed for this quarter was automatically calculated according to the Auto-Burn formula.

Shiba Inu Lead Developer, Shytoshi Kusama Blasts Critics, Says Team Is Always Building

Mark Brennan
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Shiba Inu Lead Developer, Shytoshi Kusama Blasts Critics, Says Team Is Always Building

Shiba Inu Lead Developer Blasts Critics, Says Team Is Always Building Before Partnership With Microsoft.



Shytoshi Kusama, the lead developer of dog-themed cryptocurrency Shiba Inu, has come to the defense of the crypto project against critics, who believe the company has not recorded any significant partnership with top tech companies. 

Kusama took to his Twitter account to note that Shiba Inu has not been able to enter into a partnership with Warner Bros and tech company Microsoft because the majority of its crypto projects are still under development. 

He suggested that after Shiba Inu finishes with everything it is building, it will embark on a partnership spree with major conglomerates. 

It is worth noting that Kusama’s comment came after a SHIBArmy, Gossip SHIB, took to Twitter to lament the constant criticism of Shiba Inu by people who do not own the cryptocurrency. 

In response to the tweet, another user, who appeared to be a supporter of Shiba Inu, noted that it is untrue that everyone criticizing the SHIB team does not own the cryptocurrency. 

“Funny you say that. Don’t start calling everyone FUDDERS, meaning 98% of people who call you out for not closing big deals [don’t own SHIB?]. The third most popular crypto on earth, yet you all can’t close 1 big deal. Where are Microsoft and Warner Brothers?,” the Twitter user named OTCReaper commented. 

Not having any of the criticism, Kusama responded to the comment by saying: 

“Our own system and collection of companies that will work with us and help us grow, burn and add value. And we’ve only been at it for a bit over a year. Do you think this is instant? Intro us to Microsoft and let me know what I’m offering them… Our ecosystem, right? Let us finish then.” 

 

Shiba Inu has embarked on major developments over the past year in a bid to transform the cryptocurrency from being an ordinary memecoin into a project with significant utility. 

Aside from launching a decentralized exchange dubbed ShibaSwap, Shiba Inu has also launched its non-fungible token (NFT) called Shiboshi. 

The team has made a 180 degree turn from being a memecoin into launching into the metaverse, as the team recently announced the sale of 99,000 pieces of land in Shiberse, Shiba Inu metaverse. 

At the moment, Shiba Inu is developing its blockchain and a play-to-earn (P2E) game in order to attract more utility for the token. 

Court Denies SEC Letter to File Document Countering Ripple’s Affirmative Defense

Mark Brennan
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Court Denies SEC Letter to File Document Countering Ripple’s Affirmative Defense

As widely reported, the Securities and Exchange Commission (SEC) has been deploying a series of delay tactics that have continued to stall the final judgment of the cause, thus hurting XRP investors. 



Interestingly, the SEC v. Ripple lawsuit has had a new development in favor of XRP holders.  

Judge Analisa Torres, who seems fed up with the SEC’s delay tactics, recently denied the agency’s letter to file a counter motion to strike out Ripple’s fourth affirmative defense, referred to as Sur-Reply. 

Ripple’s Sur-Reply argued that the court should not consider SEC’s public enforcement action in the cryptocurrency space filed before the lawsuit. 

According to a recent development, Judge Torres denied the SEC’s application letter for being unsigned and undated, as well as not identifying any specific legal authority for the relief sought. 

The Judge believed failure to attach a date and signature to the application was just another ploy to delay the lawsuit further. 

SEC’s Constant Delay of the Lawsuit    

The lawsuit filed by the Securities and Exchange Commission against the blockchain company has lingered for over a year, with the end reported severally to be closer than expected.  

However, the lawsuit has dragged on for months, with Ripple (XRP) investors having to endure the unfavorable price movement of the token. 

While the case has continued to linger for months, Ripple investors have on several occasions enquired about when the case will come to an end. 

Attorney John Deaton, a U.S. attorney granted amicus status in the Ripple case, speculated that the lawsuit could linger until next year, based on the constant delay tactics being used by the plaintiff. 

The Securities and Exchange Commission has, since the beginning of the lawsuit, used different tactics to stall the verdict, one of which includes Judge Torres allowing the SEC to file a motion to reconsider. 

Per comments made by attorney Deaton, these delays are hurting the more than 65,000 XRP holders who have endured significant losses throughout the course of the case.

The outcome of the lawsuit will determine how cryptocurrencies will be classed in the United States going forward. 

Crypto-Related Firms Prepare Lawsuit Against the SEC

In another development, popular cryptocurrency proponent and CEO of Tesla, Elon Musk, is reportedly preparing a lawsuit with substantial evidence of corruption against the SEC. 

Similarly, Terra (LUNA) is also reported to be planning a lawsuit against the Securities and Exchange Commission in the coming weeks. 

While none of these reports have been made official, the SEC v. Ripple case is giving crypto-related companies the confidence that they can embark on a lawsuit with the agency without being defeated from the initial start. 

Gold Up, Bitcoin Down, For The First Time In History BTC Is Being Tested In War, As Russia Invades Ukraine

Albert Brown
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Gold Up, Bitcoin Down, For The First Time In History BTC Is Being Tested In War, As Russia Invades Ukraine

Russian President Vladimir Putin has “declared war on Ukraine,” authorizing a military operation in the country – ending weeks of diplomatic stalemate and plunging the U.S, Europe, and the world into a nightmare that many believe is the start of a Third World War.



In a speech Thursday morning in Moscow, Putin said Russia would initiate military action in Ukraine. MSNBC News reported that explosions were heard in Kiev, Ukraine’s capital.

“I am deciding for a military operation,” the Russian president said on TV just before midnight. Putin called on the Ukrainian military to “lay down their arms” in the message.

Vladimir Putin has also promised retaliation to anyone who interferes in the operation against Ukraine. Ukrainian Foreign Minister Dmytro Kuleba said Putin started a war, and the world must stop it.

“Putin has just launched a full-scale invasion of Ukraine. Ukraine’s peaceful cities are under attack. This is a war of aggression. Ukraine will defend and win. The world can and must stop Putin. The time to act is now.”

Twitter is filled with videos and images showing Russia’s aggression as Ukraine is trending with 1.2M Tweets.

CNN reports:

Bitcoin and other cryptocurrencies, which were already facing a downtrend, started to fall reacting to the situation in Ukraine.

Just minutes after Putin made the televised address, bitcoin, which was trading in the $38,949 range, is down nearly 8%, according to data from CoinMarketCap. The world’s most valuable cryptocurrency has dropped below $35,000 and continues to melt as the crisis in Ukraine intensifies.

Despite bitcoin’s nature of being used as a store of value, analysts say the current slump shows that cryptocurrencies are not a good choice for investors looking for stability in times of market turmoil, in contrast to traditional risk hedges such as gold.

“Bitcoin’s safe-haven narrative has almost completely collapsed as the growing possibility of military conflict and the worsening US-Russia relationship put the broader financial market into the risk-averse mode,” said Yuya Hasegawa, a market analyst for Bitcoin. Bitbank cryptocurrencies in Japan, in a statement.

Bitcoin has gone through several downturns in its history, dropping more than 80% in a single day due to global events. Despite this, the digital currency has bounced back and continued to reach record highs, but this is the first time that Bitcoin has been tested in a war scenario. Experts say that BTC will recover given its rising nature, as on other occasions, but that may not happen anytime soon.

Gold

Gold proves it is a safe haven and a better store of value in the severe market and war conditions where all stock and financial markets are falling. Gold prices rose above the critical $1,900 an ounce level on Wednesday as Russia started its military operations in Ukraine. Spot gold rose 0.5% to $1,908.08 per ounce, its highest level since the end of May 2021. US gold futures held their ground, moving 0.1% higher to trade at $1,909.90 per ounce.

 

Biden Administration

President Biden said that he would be meeting with G-7 countries to impose substantial restrictions on Russia.

 

 

 

 

Russia Attacked Ukraine, ETH Founder Says In Russian: “This Is A Crime Against Ukrainian and Russian people”

Mark Brennan
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Russia Attacked Ukraine, ETH Founder Says In Russian: “This Is A Crime Against Ukrainian and Russian people”

Ethereum ETH co-founder Vitalik Buterin has criticized Russian President Vladimir Putin’s decision to attack Ukraine, calling it “a crime against the Ukrainian and Russian people.”



Buterin, who was born in Russia and lived in Russia until the age of six before his parents emigrated to Canada in search of better job opportunities, said on Twitter that he was deeply upset by Putin’s decision to go to war and abandon the possibility of a peaceful resolution to the conflict with Ukraine.

“Very upset by Putin’s decision to abandon the possibility of a peaceful solution to the dispute with Ukraine and go to war instead. This is a crime against the Ukrainian and Russian people.”

Vitalik further said that His project Ethereum is neutral, but he is not, meaning he will take the side of the weak and will not stand with intruders.

 

 

 

Buterin’s statement comes after Putin orders Russia’s “Full-Scale Invasion, Cities Under Strikes.”

A small group of people can be seen praying as Russia invades Ukraine.

 

Previously Ethereum founder Vitalik Buterin wrote in Russian about the possibility of a war between Russia and Ukraine, expressing hope for a “wise” decision by the Kremlin.

He said in Russian (Translated):

“An attack on Ukraine can only harm Russia, Ukraine, and humanity. Whether the situation can return to a peaceful path or a war can now be decided not by Zelensky, not by NATO, but by the Kremlin. I hope they choose wisely.” 

But unfortunately, today, Russia started its military operations, sending bitcoin down 7%, currently trading at $35,071, while Ethereum is trading at $2399, down %9 in 24 hours.

‘Bigger Entertainment’ Bringing “SHIBFIT” App With A Unique Burn Mechanism That Will Burn Shiba Inu As Users Burn Calories

Zabi
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‘Bigger Entertainment’ Bringing “SHIBFIT” App With A Unique Burn Mechanism That Will Burn Shiba Inu As Users Burn Calories

Bigger Entertainment Officially Begins Working on Most Awaited “SHIBFIT” App.



The time to get fit while burning Shiba Inu is near, as Steven Cooper, owner of Bigger Entertainment, has started working on the SHIBFIT App.

Steven is on a mission to burn SHIB and likes to see Shiba Inu’s price on the 1 cent mark. He knows this can be possible only if his company, along with the Shiba Inu community, becomes involved in SHIB burning activities, as SHIB’s current supply is massive, i.e., 549.063 Trillion as per data provided by CoinMarketCap.

To reach the 1 cent mark, Shiba Inu token should have to reach $5.49 Trillion of Market Cap, and this seems impossible as the market cap for the world’s biggest crypto Bitcoin (BTC) currently stands under 1 trillion, i.e., $733,243,481,170 ($733B) at the time of writing.

Bigger Entertainment is busy creating new and innovative ways to cut SHIB’s massive supply by sending the SHIB tokens to the dead wallet.

SHIBFIT App is considered one of the innovative ways to burn SHIB; As users would take steps to maintain fitness and burn their calories, the app would burn shib. The App would be ads-based, the revenue generated from ads will run SHIB token burn. However, the company hasn’t yet confirmed the exact percentage of revenue used for SHIB token burn.

According to Bigger Entertainment’s official blog post, besides the SHIBFIT app, the company is also working on other innovative projects like building its first blockchain-based Music Game, MixDraft, and NFT Marketplace Expansion, Decentralized Merch, and much more, which are planned for burning SHIB in 2022.

Till now, Bigger Entertainment as an individual company had been able to burn over 1.5 billion SHIB tokens alone since October, when it first initiated “Burn Campaigns.”

Web3 Browser Opera Taps Ethereum Layer 2 Solution to Bring Defi To Users 

Mark Brennan
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Web3 Browser Opera Taps Ethereum Layer 2 Solution to Bring Defi To Users 

Popular online and mobile browser Opera has announced that its users can now enjoy Ethereum layer 2 wallets on their mobile device. 



Opera said in an announcement today that the solution is as a result of integrating decentralized finance trading platform DeversiFi and the initiative is powered by StarkWare’s layer 2 solutions. 

 

Through this solution, Opera users will now be able to conduct cheap and fast transactions within the Opera for Android browser wallet. 

Notably, Opera users will not be required to go through the rigorous process of providing their data before conducting transactions on DeversiFi. 

Reason for Launch

With a massive interest in decentralized finance and non-fungible tokens (NFTs), the Ethereum network has been heavily congested, as fees have continued to skyrocket. 

However, via the DeversiFi integration, Opera users can conduct various cryptocurrency-related transactions at the speed of light while paying an almost negligible fee. 

“Integrating a Layer 2 solution through a partnership with DeversiFi makes it easier, faster and cheaper for Opera’s users to send ETH to each other in peer-to-peer (P2P) transactions, with a Layer 2 swapping feature,” excerpt of the announcement reads. 

Opera’s Crypto Wallet Solution 

Over the last four years, Opera has been dedicated to providing secure storage for users’ crypto assets and the browser company has launched several initiatives in support of the motive. 

According to reports, Opera launched the first browser for an Android device that is accompanied by a crypto wallet and decentralized application (dApp) explorer. 

The Web3 browser subsequently added support for other blockchains like Bitcoin and Celo Network, and the initiative was expanded to its iOS and web browsers. 

In a similar development last month, Opera launched its Crypto Browser Project in beta, a solution designed to function as an internet browser with Web3 functionalities. 

The team focuses on creating a cryptocurrency mobile wallet that can function effectively on every application that supports Opera integration.  

Through this solution, Opera users will be allowed to easily switch between apps without having to constantly sign in to their wallets whenever they open new tabs.

 

United States Secret Service Launched Cryptocurrency Awareness Hub

Mark Brennan
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United States Secret Service Launched Cryptocurrency Awareness Hub

The U.S. financial system security agency has created an educational tool to combat the illegal use of digital assets.

The United States Secret Service (USSS) has announced that it is launching a Cryptocurrency Awareness Center. The online resource will provide the public with up-to-date information on the fight against crypto crime and inform citizens about the security of digital currencies.

Jeremy Sheridan, assistant director of the service, said

 “Our obligation to enforce crimes against the nation’s financial systems includes both informing the public on how digital assets work and partnering with them to identify, arrest, and prosecute those engaging in crimes involving digital assets.”

He further added the center will tackle financial crimes. The announcement emphasizes that the US does not intend to fight cryptocurrencies, as it sees them as a popular and useful form of payment:

“Investments and transactions using cryptocurrencies and digital assets are not inherently criminal, however do provide new opportunities for those seeking to commit fraud or otherwise conceal further illegal activities. As digital and cryptocurrencies continue to become more popular forms of payments, the Secret Service must also remain at the forefront of both educating the public and combating financial fraud.”

Recall, according to the latest study by Pew Research, only 24% of Americans are familiar with digital currencies.

Ripple Gets Further Support Against SEC Lawsuit

Mark Brennan
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Ripple Gets Further Support Against SEC Lawsuit

Ripple CEO Brad Garlinghouse believes that the US Securities and Exchange Commission (SEC) is on the wrong track in the legal dispute with his company.



Some legal experts agree with this opinion. In a recent podcast, capital markets and digital asset attorney Joseph Hall provided his perspective on the matter.

“I’m also not sure what the SEC is trying to prove with the XRP litigation…I remain in shock as to why the SEC decided to take this case to court…their entire regulatory framework could come to a halt if SEC losses here, and I think there’s a pretty good chance they’re going to lose on all counts.”

The dispute has long since affected the payment service provider Ripple and practically the entire crypto scene in the USA.

“It’s quite understandable that investors are showing a lot of dissatisfaction and concern about Ripple lawsuit outcome,” says Hall.

Of course, the securities laws of the USA are a constant point of contention in the Ripple vs. SEC case. But expert Hall also thinks it is wrong to apply them to digital tokens.

However, he also believes that the final decision will drag on for a while. The investigation phase is now over. However, since the lawsuit is being heard at the district level, appeals are likely. This makes an outcome this year highly unlikely, Hall said.

On the other hand, according to Attorney John Deaton, the following ruling would be significant for the SEC v. Ripple Lawsuit.

New developments have surfaced following the unsealing of two memos that could see the SEC lawsuit against blockchain company Ripple (XRP) dismissed in the coming weeks.  The developments prompted attorney John Deaton, the lawyer representing over 65,000 XRP holders, to note that the subsequent ruling will determine the case’s outcome.

Commenting on the Two legal Memos Unsealed, Brad Garlinghouse Ripple, CEO, said truth is available for everyone.

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