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Trader comforts the market’s traumatized first timers amid falling prices

Bitcoin’s recent 28% drop has been a somewhat harrowing experience for some first time buyers.

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Known for its volatility, Bitcoin (BTC) recently fell more than $11,000 over a four-day period after weeks of soaring price action. Amid a fresh bull cycle, Bitcoin has likely picked up its fair share of new buyers — some of whom may not be familiar with the asset’s wild price swings, according to comments from Cheds, a crypto trader and analyst on Twitter. Cheds holds a level I CMT certification — a benchmark showing technical analysis knowledge. 

“Given the recent surge in popularity of Bitcoin, we have many new investors and traders who have not been through any shock events, like that $8,500 daily range candle we just had,” Cheds told Cointelegraph.

Bitcoin surpassed its 2017 all-time price high in December 2020. In the following weeks, the asset doubled its former high near $20,000, tapping just shy of $42,000 on Jan. 8, based on TradingView.com data. This is likely due in part to big players from traditional finance buying Bitcoin in the second half of 2020. Metrics from crypto data site The Tie suggest a recent flow of retail money may be a contributing factor as well.

“The true believers and really anyone who understands the supply/demand imbalance loves these volatility events, because it allows them to re-enter or add on to previous positions,” Cheds explained.

“As institutional accumulation continues to increase and the daily active trading float continues to decrease, the upwards bias for Bitcoin should continue, and, in my views, all dips should be accumulated.”

Other industry participants have noted that Bitcoin dips are common, and are pointing to the recent correction to help guide expectations.

Although Bitcoin has historically been synonymous with sizable price swings, its advancements past $20,000 have opened the door for higher dollar oscillations.

Source: https://cointelegraph.com/news/trader-comforts-the-market-s-traumatized-first-timers-amid-falling-prices

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Analysts: The Coinbase Listing Will Give Crypto Full Legitimacy

A team of analysts with the firm D.A. Davidson suggests that the new Coinbase public listing is going to be an “Amazon” moment for the world of crypto. Coinbase Is Going to Set a “Crypto Precedent” For the most part, the Coinbase listing is a big deal for the digital asset space. The industry has

The post Analysts: The Coinbase Listing Will Give Crypto Full Legitimacy appeared first on Live Bitcoin News.

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A team of analysts with the firm D.A. Davidson suggests that the new Coinbase public listing is going to be an “Amazon” moment for the world of crypto.

Coinbase Is Going to Set a “Crypto Precedent”

For the most part, the Coinbase listing is a big deal for the digital asset space. The industry has longed for mainstream status and legitimacy for quite some time, but the fact remains that the space has been wrought with fraud and crime, and the volatility of most mainstream forms of crypto – such as bitcoin and Ethereum – have also got in the way.

Thus, over the years crypto has often been viewed as a rather speculative industry. Yes, one can easily and quickly get rich with crypto granted the circumstances are right, but it’s also possible to lose everything without warning, either through a massive price fall or through theft. It wasn’t until 2020 – a year in which fiat currencies began experiencing heavy inflation – that bitcoin saw itself leaving the land of speculation and being viewed by many investors as a hedge tool or store of wealth.

Now, however, things are beginning to look a little different for the asset. BTC has reached a new all-time high as of late, and many large firms – including Uber and General Motors – now say they are considering bitcoin payments for the future along with credit cards and fiat. Just think… You can buy a ride or a car with digital currency. Who knew this day would really come?

The analysts at D.A. Davidson say the real clincher for bitcoin and its altcoin cousins is likely to come with the new public listing from Coinbase. This will be the first major cryptocurrency exchange to be listed on the stock market, and many people are waiting with anticipation and wondering where the listing will take their favorite asset.

The analysts claim that right now, most people are simply “curious” about crypto, but that the listing will make digital assets a primary form of money in many individuals’ eyes. They announced in a statement:

With a big target on its back as a crypto wallet, (to date) Coinbase has been able to manage both government regulators as well as highly motivated hackers, while providing consumers with the experience they expect from a large financial institution.

Massive Jumps in Income

2020 proved to be a monster of a year for Coinbase in terms of revenue. The firm garnered as much as $1.28 billion, with much of that money coming from transaction fees alone. Goes to show you just how many people were trading crypto during the previous 12 months.

This $1.28 billion was a massive jump above the $553.7 million Coinbase attained during the 2019 calendar year. At press time, Coinbase is aiming for a stock share price of roughly $195 based on its projected revenue for 2021.

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Source: https://www.livebitcoinnews.com/analysts-the-coinbase-listing-is-an-amazon-moment-for-crypto/

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John McAfee Following the DOJ Indictment: The Allegations Are Overblown

John McAfee indicted with multiple criminal offenses but calls them “overblown” as no one could have predicted the market crash that followed in 2018.

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A day after being indicted for several criminal offenses, including money laundering schemes and fraud, John McAfee has called the allegations brought by US authorities “overblown.” The former software antivirus creator also defended his ICO promotions and receiving payments with the particular coins.

DOJ Goes After McAfee

The former antivirus tycoon made a name in the cryptocurrency space a few years back with the “Coin of the Day” campaign, in which he promoted certain low-cap alternative coins and somewhat outrageous promises that if BTC didn’t reach $1 million by the end of 2020, he would eat his male genitalia.

While he failed to complete the latter as BTC came a long way from his price prediction, he received a lot of criticism about the promotions. The situation escalated on Friday as the US Department of Justice brought official charges against McAfee and his executive advisor – Jimmy Watson Jr.

The authorities charged both with conspiracy to commit commodities and securities fraud, conspiracy to commit securities and touting fraud, wire fraud conspiracy and substantive wire fraud, and money laundering conspiracy offenses from two schemes related to the fraudulent promotions.

US Attorney Audrey Strauss said that McAfee and Watson “exploited a widely used social media platform and enthusiasm among investors in the emerging cryptocurrency market to make millions through lies and deception.”

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“The defendants allegedly used McAfee’s Twitter account to publish messages to hundreds of thousands of his Twitter followers touting various cryptocurrencies through false and misleading statements to conceal their true, self-interested motives.”

Ultimately, Strauss explained that McAfee, Watson, and the rest of the team “raked in” more than $13 million from investors.

McAfee Responds: Allegations Are Overblown

The “Coin of the Day” campaign, which later turned into “Coin of the Week,” allowed McAfee to post about various crypto tokens that he supposedly believed were undervalued. Having more than one million followers on Twitter, though, every time he posted about a particular coin, people rushed in to purchase it, which skyrocketed the price.

However, this allowed people who were early on to dispose of their assets in a rather profitable way. It led to sharp price corrections and losses for the investors who followed McAfee’s Twitter publications – this is better known as “pump and dump.”

Nevertheless, McAfee, who is currently in a Spanish prison, offered his side of the story earlier today. He believes that the coins didn’t plummet in value because of an alleged scheme. Instead, he blamed it on the year-long bear market that the crypto market faced in 2018.

Furthermore, McAfee claimed that he and his team kept most coins they received as payments for the promotions and called the allegations “overblown.”

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Source: https://cryptopotato.com/john-mcafee-following-the-doj-indictment-the-allegations-are-overblown/

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Justin Sun Bids $2 Million for Jack Dorsey’s First Tweet NFT

Jack Dorsey has auctioned off his first tweet as a non-fungible token on Valuables. The current bid stands at $2 million and is made by Justin Sun.

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Silicon valley billionaire bitcoin advocate and Twitter chief Jack Dorsey has finally joined the NFT craze. It was long coming, but Dorsey has made his grand entrance to the scene. He digitized his very first tweet and has auctioned it on Valuables, a platform that allows individuals to tokenize and sell their tweets.

At the time of this writing, Justin Sun has bid $2 million for the piece.

“Virtually” Anything is Possible With NFTs

Digital asset enthusiasts have broken the bank for real estate assets, arts, and collectibles that only exist in metaverse of recent, but how much is a tweet worth?

Twitter CEO Jack Dorsey is introducing an entirely unique perspective to the NFT market. Yesterday, he tweeted a link to the sale of his first tweet dated March 21st, 2006.

He tokenized the tweet and is auctioning it on Valuables. Owned by CENT, Valuables is built on the Ethereum and Matic Network. It allows users to tokenize and sell their tweets.

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Jack Dorsey is the first prominent figure to digitize and sell his tweet on the platform. His decision has elicited diverse reactions from the Twitter crypto community, but as expected, bids are running into seven figures.

Justin Tron Splurges $2 Million

Tech entrepreneur and TRON founder Justin Tron remained the highest bidder for long after splurging $2 million on the NFT.

It is not surprising as the TRON founder is known for wild investments to further blockchain and cryptocurrency adoption. He once spent $4.5 million to have lunch with Warren Buffet. He said he aimed to discuss the benefits of cryptocurrencies with Buffet, even though the Oracle of Omaha said ‘cryptocurrencies will come to bad endings.’

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According to Valuables, a counter-offer must exceed the present offer by $1 or 10%, depending on which is more. It also says that the tweet will remain live after the NFT purchase as the buyer will receive a unique digital certificate of the tweet that is signed and verified by the creator. The auction will also remain live until Jack Dorsey accepts a bid.

Surge In NFT At Unprecedented Level

NFTs are quickly gaining interest amongst celebrities and their fandom. At the initial stage of the craze, digital art, collectibles, and virtual real estates were at the center stage. Presently, more innovative applications are surfacing.

CryptoPotato reported last week that American DJ 3LAU concluded the auction of the world’s first NFT album. He made about $11 million in the sale. With the recent turn of events, it is hard to guess what exactly will be tokenized next.

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Source: https://cryptopotato.com/justin-sun-bids-2-million-for-jack-dorseys-first-tweet-nft/

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