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Crypto May Become ‘Outlawed’—Billionaire Investor Issues Stark Crypto Prediction As Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano, Luna, And Dogecoin Rebound

Cashverse

Published

11 months ago

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After a rollercoaster-y start to July, crypto casts another glimmer of hope.

The price of bitcoin jumped 11.3% while the ethereum price skyrocketed a mind-boggling 45.1% over the past week. Meanwhile, XRPXRP
XRP
 is up 15.6%, cardano 12.9%, dogecoin 9.1%, BNBBNB
BNB
 17.1%, solana 34.5%, and luna 6.5%.

Is this rebound a prelude to the next major rally or just a “dead cat bounce”?

Last week, Forbes picked the brain of Thomas Peterffy, the billionaire founder of Interactive Brokers, about where the market is headed. Asked about crypto, Peterffy expressed grave concerns over regulation and inflation, which can squash digital assets.

“I think chances are very high that [crypto] will become worthless or outlawed,” Peterffy told Forbes. But while the billionaire views digital assets with caution, he doesn’t write them off as an asset class just yet.

Zooming Out

Regulation is one of the biggest headwinds that can blow off crypto this year.

Last month, the Senate introduced the bipartisan Responsible Financial Innovations Act. As the most landmark crypto bill to date, it aims to classify cryptos into securities and commodities and regulate them as traditional assets. It also wants to root out stablecoins that aren’t backed by dollars or Treasuries.

Overseas, the EU reached a deal on a set of crypto rules named Markets in Crypto-Assets (MiCA). Just like US watchdogs, the EU is planning to eradicate all unbacked stablecoins.

As I wrote in my last blog: “The EU is seeking to ban all stablecoins that aren’t backed by a liquid reserve at a 1-to-1 ratio and don’t have a presence in the EU. The holders of compliant stablecoins will also have a right to redeem their tokens free of charge at any time.”

In a separate provisional deal, the European Parliament also agreed to impose the same reporting standard on crypto that traditional assets are subjected to—all to make sure crypto transactions are traceable “from the first euro sent.”

Regulation isn’t the only wrench that can be thrown into crypto’s wheels. Peterffy thinks the global economy will face sustained inflation in the long run. As Forbes’s John Hyatt reported:

“According to Peterffy, who is worth $18.1 billion, there are several reasons why inflation is here to stay: decades of chronic U.S. deficit spending; ongoing disruption in supply chains as globalization “reverses”; a shortage of skilled workers and increasing automation; companies’ self-imposed ESG (environmental, social and governance) requirements that “raise costs of production”; and, paradoxically, rising interest rates, the very mechanism intended to curb inflation.”

As a supposed hedge against fiat debasement, crypto should thrive in such an environment. But so far, it’s acted more like a high beta asset class that’s increasingly correlated with inflation-sensitive tech stocks.

As I wrote last month: “Major cryptos are highly correlated to the stock market. They also have a high beta to stocks. That means crypto, in effect, amplifies stock moves. If stocks soar, cryptos soar higher. And vice versa. If stocks tumble, crypto goes into free fall. Not only that, both the correlation and beta have significantly increased since the beginning of the pandemic [according to the IMF]

If inflation persists as Peterffy predicts and crypto doesn’t “decorrelate” from tech stocks, digital assets are likely to see more red in the second half of this year.

Looking Ahead—”Playing the Odds”

So, when will crypto bottom out? Should you buy into this asset class, and if so, how much?

Peterffy expects the worst is still ahead of us. He thinks risk assets will see further downside, with the S&P 500 potentially falling to as low as $3,000. Still, the billionaire admits to holding bitcoin, and will buy more if it drops to $12,000.

As for how much, earlier this year, Peterffy advised to allocate at least 2-3% of your wealth in crypto in case fiat currencies “go to hell.” As he reasoned, “There’s a small chance that this will be a dominant currency, so you have to play the odds.”

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Cardano

PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP

Cashverse

Published

10 months ago

on

August 9, 2022

By

PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP

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When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).

Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.

Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.

Top Tier Crypto Makes its Mark – Cardano (ADA)

Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.

Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.

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Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.

With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.

Making Waves – Ripple (XRP)

Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.

The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.

Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.

At the time of writing, it ranks number 6 on CoinMarketCap, making it a cryptocurrency to buy now.

The New Face Of Privacy – PrivaCrip (PRCR)

The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.

PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.

PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.

Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.

10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.

The Bottomline 

Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.

PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.

For more on PrivaCrip (PRCR), check below:

Presale: http://join.privacrip.io/ 

Website: http://privacrip.io/ 

Telegram: https://t.me/PrivaCripOfficial 

Twitter: https://twitter.com/PrivaCrip 

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Cardano

Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange

Cashverse

Published

10 months ago

on

August 9, 2022

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Cardano Reaches “Important Milestone” on Road to Vasil Upgrade


Alex Dovbnya

Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year

Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.

The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.

Users will be able to withdraw ADA without paying any fees until mid-September.

Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.

At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.

As reported by U.Today, Bitrue introduced the token as its base currency back in February.

In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.

Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.

Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.

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WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M

Cashverse

Published

10 months ago

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August 9, 2022

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Cardano Founder Charles Hoskinson Criticize SEC Cracking Down on Companies Outside Its Jurisdiction

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Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano. 

WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days. 

At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming  42% of TVL On Cardano. However, the DEX has fallen from glory ever since. 

Minswap Is Now Cardano’s Most Valuable DEX

The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped. 

cardano total value locked
Cardano total value locked

Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL. 

At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano. 

SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL. 

Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.

Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said: 

“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.” 

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