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  • Dogecoin Creator Says Crypto 'House Of Cards' Beginning To Crumble At Bottom

    Dogecoin (CRYPTO: DOGE) co-creator Jackson Palmer has compared cryptocurrencies to playing at the roulette table and said their bottom has "started to crumble," in yet another critical take on digital coins. What Happened: In a recent Australian TV talk show, Palmer said the latest cryptocurrency downturn was not yet the end, but a lot of people are realizing the “systemic risks” it presents. After years of warnings, the Bitcoin bubble might finally have burst, with predictions cryptocurrencies have entered their final death spiral. Dogecoin founder @ummjackson is both a crypto creator and critic, and he explains what is happening.#TheProjectTV pic.twitter.com/wpOKIwddmq — The Project (@theprojecttv) June 20, 2022 “If you think of [Crypto] as a house of cards, some of the cards at the bottom of that have started to crumble," Palmer said on the show. See Also: Best USDC Interest Rates Why It Matters: Palmer attributed the latest cryptocurrency crash to decentralized finance (DeFi) and its high-interest lending.  On industry regulation, Palmer said that “there are some people who see cryptocurrency as becoming just a more convenient way of doing traditional finance.” He said regulating cryptocurrencies would erode their value proposition since it's pretty easy to do the same with electronic banking. Calling the crash as a “wakeup call” for average investors, Palmer said cryptocurrencies were not different from playing at a “roulette table.” In a recent tweet, Palmer took a swipe at Marc Andreessen, the co-founder of Andreessen Horowitz, for his comments on the advantages of Web 3.  Palmer, who created DOGE along with Billy Markus in 2013 as a parody has labeled cryptocurrencies as “parasitic.”  He’s also attacked top cryptocurrency backers such as Tesla Inc (NASDAQ: TSLA) CEO Elon Musk and Dallas Mavericks owner Mark Cuban. Price Action: At press time, over 24 hours, Dogecoin traded 0.1% lower at $0.06, according to data from Benzinga Pro. Read Next: Bill Gates Slams Crypto, NFTs: Shams Based On 'Greater Fool Theory' © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Bitcoin, Ethereum, Dogecoin Tumble: Analysts Search For Crypto Bottom As Recession Fears Grip Markets

    Bitcoin, Ethereum and other major coins traded sharply lower Thursday evening as the global cryptocurrency market cap fell 8.7% to $886.54 billion. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin (CRYPTO: BTC) -8.9% -31.1% $20,538.49 Ethereum (CRYPTO: ETH) -12.4% -39% $1,080.24 Dogecoin (CRYPTO: DOGE) -8.9% -28.9% $0.055 Top 24-Hour Gainers (Data via CoinMarketCap) Cryptocurrency 24-Hour % Change (+/-) Price Neutrino USD (USDN) +2.3% $0.97 UNUS SED LEO (LEO) +1.1% $5.03 Pax Gold (PAXG) +0.75% ​​$1,875.13 See Also: How To Get Free Crypto Why It Matters: Fears of an impending recession battered risk assets on Thursday with both cryptocurrencies and stocks diving into the red. The S&P 500 and Nasdaq ended Thursday’s trading session 3.25% and 4.1% lower, respectively. At press time, S&P 500 and Nasdaq futures were up 0.3% and 0.5%, respectively. This week’s U.S. rate hikes were followed by other central banks. The Swiss National Bank unexpectedly raised rates for the first time since 2007 on Thursday. The central bank raised its policy rate from negative 0.75% to negative 0.25%, reported Reuters. Bank of England also raised interest rates by a quarter of a percentage point, although the rate hike was in line with expectations. OANDA senior market analyst, Edward Moya, noted that U.S. economic data is signaling deceleration in activity prompting calls of recession from Wall Street. Moya pointed to the cooling of housing starts and building permits and surging mortgage costs as examples.  “Traders went from expecting a soft landing to fearing an imminent recession.  Some consumers are already behaving as if we are already in a recession and that is a troubling sign for many of the S&P 500 companies,” said the analyst, in a note seen by Benzinga. “Surging recession fears are crippling appetite for risky assets and that has crypto traders remaining cautious about buying Bitcoin at these lows,” said Moya. Pseudonymous cryptocurrency analyst Kaleo pointed out that Bitcoin’s cyclical bottom was approximately 770-880 days after previous halvenings. The analyst said it's been 766 days since the last halving that took place on May 5 2020.   Kaleo expounded on Bitcoin’s supply and demand dynamics and said the “effect of supply inflation on price steadily decreases with time, and almost seems to flatten out” in the thread. #Bitcoin / $BTC Here's a bit of hopium in the midst of the pain. Bitcoin's cyclical bottom was ~780-880 days after each of its previous halvenings. It's been 766 days since the 5/11/20 halving. Coincidentally, BTC is also approaching its HTF logarithmic support curve. pic.twitter.com/0waQprF4RW — K A L E O (@CryptoKaleo) June 16, 2022 Halving refers to reduction of mining rewards by 50% of the apex coin after each set of 210,000 blocks is mined. Cryptocurrency trader Justin Bennett shared a BTC-USD price chart on Twitter and said if the apex coin takes out the trend line he drew and the $20,000 level, we could see capitulation.  “Still another 15-25% to go IMO. That means at least another 30% lower for most altcoins,” said Bennett. If $BTC takes out this trend line and especially the $20,000 area on the daily chart, we likely get that capitulation. Still another 15-25% to go IMO. That means at least another 30% lower for most altcoins.#Bitcoin pic.twitter.com/mvYgnlztM2 — Justin Bennett (@JustinBennettFX) June 16, 2022 Santiment said the past week saw the most realized losses in Bitcoin transactions since data became available in 2009. The market intelligence platform said high high capitulation spikes can and will “eventually foreshadow bottoms.” It's no surprise to see #Bitcoin transactions being made in waves of realized losses. And this past week has actually seen the most realized losses since this data was available in 2009. High capitulation spikes can & will eventually foreshadow bottoms. https://t.co/7w7XlopIKD pic.twitter.com/nqXfjSPvJE — Santiment (@santimentfeed) June 15, 2022 Read Next: Jeffrey Gundlach Correctly Predicted Bitcoin Would Retreat To $20K: Here's His Next Call On The Crypto © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • ApeCoin Hits New Low as Ethereum, Bored Ape NFT Prices Tumble

    The Ethereum-based token is down 65% over the last 30 days, crashing harder than other gaming and virtual land tokens.

  • BTC Tumbles to 52-Week Low, El Salvador Minister Unperturbed

    Even as prices of the world’s largest cryptocurrency by market capitalization Bitcoin (CRYPTO: BTC) briefly slipped below $21,000 levels, its 52-week low, Finance minister of El Salvador Alejandro Zelaya says he can only “smile” when warned about fiscal risks. BTC fell to a low of $20,950 in the early hours of Tuesday morning but quickly recovered to trade around $22,200 levels, down around 7% in the day, according to data from Coinmarketcap. With its current market capitalization at $430 billion, BTC is now trading 66% lower than its all-time high price of $68,789, seen in November last year. Meanwhile, downplaying concerns that falling BTC prices pose fiscal risks for the Central American nation, its Finance minister Alejandro Zelaya said the only thing he can do is smile. "When they tell me that the fiscal risk for El Salvador because of Bitcoin is really high, the only thing I can do is smile. The fiscal risk is extremely minimal," Zelaya said at a press conference. Zelaya cited an earlier estimate from Deutsche Welles that the country's BTC portfolio had lost some $40 million in value. "Forty million dollars does not even represent 0.5% of our national general budget," he said. El Salvador has purchased a total of 2,301 BTC since last September when it became the first country to adopt BTC as legal tender, despite warnings from the International Monetary Fund (IMF) and other credit agencies. Meanwhile, Ethereum (ETH), the second-largest cryptocurrency, tumbled to $1,094.70, also recording a 52-week low. ETC is currently trading at $1,180, down around 3% in the day. © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Uh-oh! Tron’s Stablecoin USDD Slips its Peg as TRX Tumbles

    More Trouble is Brewing in Stablecoin Market

  • Crypto ETFs in Canada and Brazil tumbled during Monday session

    ETFs holding Bitcoin and Ethereum saw steep drop-offs today, in line with the wider fallout seen in crypto and equities markets.  The post Crypto ETFs in Canada and Brazil tumbled during Monday session appeared first on The Block.

  • Ethereum Tumbles Below $1,000 As 65,000 ETH Are Dumped On Uniswap By Whale

    Ethereum (CRYPTO: ETH) plummeted to $950 at one point Monday, driven by 65,000 ETH dumped on Uniswap (CRYPTO: UNI). What Happened: On June 13, ETH fell below the spot price, relative to other exchanges, to $950 on Uniswap. Ethereum, across numerous multiple trading pairs, was unloaded for a plethora of stablecoins such as Dai (CRYPTO: DAI), Tether (CRYPTO: USDT), and USD Coin (CRYPTO: USDC), and was dumped to the amount of 65,000 ETH. Thus, a major squeeze comprising $100 million of liquidity caused ETH’s spot price to plunge 20% below other platforms on Uniswap. According to UToday, an Ethereum ICO participant supported lending of 560,000 ETH, with a remainder of 409,000 ETH in their wallet. From its origin in March 2021 to May 2022, financed with 130,000 ETH, a position was opened. The aforementioned participant used the ETH to borrow 80 million DAI and financed the lending with 96,700 ETH on Maker DAO (CRYPTO: MKR). After then over-leveraging their position, when ETH fell to $1,200 today, there stood a liquidation risk. Therefore, the participant reduced the size of the position by selling more than 65,000 ETH on Uniswap to reduce his liquidation price, thereby causing the price of ETH on the platform to fall to $950. Why It's Important: In bearish market climates, especially during sharp downtrends, whale dumps can be detrimental to token prices. Therefore, major position holders must be cautious on exchanges and decentralized platforms when unloading their positions. Deleveraging significant-sized positions at once on a single platform poses the risk of the exchange suffering by having the token trade at a price lower than its actual spot value. Thus, as the future for cryptocurrency prices remains uncertain, it is best for retail investors — and whales, especially ones that are heavily leveraged — to proceed with caution. Photo: lp-studio via Shutterstock © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Binance warns against use of litecoin’s Mimblewimble privacy feature

    The crypto exchange won't accept litecoin transactions using MimbleWimble Extension Blocks (MWEB). The post Binance warns against use of litecoin’s Mimblewimble privacy feature appeared first on The Block.

  • Bitcoin, Ethereum Tumble as CPI Report Points to Rising Inflation

    Inflation rebounded in May after an April slowdown, impacting on a crypto market increasingly correlated with tech stocks.

  • Crypto Gambling Is In Full Swing – Bitcasino Takes It to Next Level?

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