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Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says that most crypto tokens are worthless and they will eventually drop to zero in value. He added that he now owns seven cryptocurrencies and he is getting the same volatility he did when he owned 32 crypto tokens prior to the collapse of crypto exchange FTX. O’Leary: Most Crypto Tokens Are Worthless Kevin O’Leary shared his view on cryptocurrency investing in an interview with Scott Melker on the Wolf of All Streets podcast, published Tuesday. He said: 10,000 tokens, most of them worthless. They’ll eventually just go to zero because of lack of volatility and lack of volume. They are irrelevant. According to some data providers, there are currently about 10,000 cryptocurrencies. Coinmarketcap, however, shows a total of 22,476 crypto tokens. The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, also said on several occasions that most crypto tokens will fail. He recently urged investors not to get caught up in the fear of missing out (FOMO). Portfolio Diversification O’Leary added that he marked all his crypto investments down to zero when FTX filed for bankruptcy in November last year. The Shark Tank star solely used FTX because he was a spokesperson for the exchange. FTX paid him $15 million to be its spokesperson. While the FTX bankruptcy case is still going on, Mr. Wonderful said: “In the interim, to bring back our allocation, we simply went into the market and bought new positions in bitcoin, polygon, ethereum, HBAR, just a few — seven positions.” He explained: “We went back to look at the volatility of our portfolio pre-FTX and now post-FTX. We had 32 positions on pre-FTX collapse, we now have seven and we are getting the exact same volatility with a fraction of the actual number of tickers.” The Shark Tank star continued, “So you don’t need to own everything to be exposed to crypto volatility,” elaborating: You don’t need any more than seven, you are getting the same volatility. Following the meltdown of FTX, O’Leary was heavily criticized for his continued support of the disgraced founder Sam Bankman-Fried (SBF). He said he would back SBF again if he had another venture, insisting that the former FTX CEO was a brilliant crypto trader. Do you agree with Kevin O’Leary that most crypto tokens are worthless? Let us know in the comments section below.
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Analysts seem to be divided as to whether a bull run is now in session despite many key indicators suggesting the same.
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Bloomberg Intelligence’s senior commodity strategist Mike McGlone has warned that “cryptos may be facing their first real recession.” The Federal Reserve tightening despite the risk of a recession “could be a primary headwind for most risk assets, notably cryptos,” he added. ‘Cryptos May Be Facing Their First Real Recession’ Bloomberg Intelligence (BI), the research arm of Bloomberg, published its February 2023 crypto outlook last week. BI’s senior commodity strategist Mike McGlone tweeted Sunday: Cryptos may be facing their first real recession, which typically means lower asset prices and higher volatility. “The last significant U.S. economic contraction, the financial crisis, led to the birth of bitcoin, and the possible coming economic reset may mark similar milestones,” he added. Regarding “how much price pain will be before longer-term gains resume,” the report details, “Our graphic shows the Nasdaq 100 at parity with [bitcoin’s] 200-week moving average, relatively lofty based on the history of U.S. recessions,” elaborating: We don’t expect the crypto market to be spared if the risk asset tide continues to recede. Fed Tightening ‘Could Be a Primary Headwind’ for Cryptocurrencies “Central bank actions have delayed impacts, and most risk assets fall in recessions. That could spell trouble for cryptos, which are among the riskiest,” Bloomberg Intelligence noted. “The crypto low may have come with FTX’s demise, but a scenario more akin to the collapse of Lehman Brothers is also possible, where the trough came much lower about 6 months later.” The report continues: Fed tightening despite the risk of recession could be a primary headwind for most risk assets, notably cryptos. Buy-and-hold strategies may benefit at the expense of the more speculative and leveraged, subject to rising volatility typical in bear markets. “The pandemic was a major disruption that may shape markets for years. It sparked the greatest fiscal and monetary pump in history, and that’s still in the process of dumping,” the report adds. “Typically, risk assets bottom well after the Fed first eases, which remains quite distant at the start of February.” Do you agree with Mike McGlone and Bloomberg Intelligence? Let us know in the comments section below.
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Statistics show transfer fees on the Bitcoin network have increased 122% since the end of last month, as the average transaction fee has climbed from $0.767 to $1.704 per transaction. The rise in onchain fees coincides with the new Ordinals digital collectible trend on the network, with the number of inscriptions nearing 20,000. Rising Transaction Fees Help Bitcoin Miners Reap Increased Revenue Despite Falling Spot Prices Bitcoin network fees, or the average cost to transfer BTC, rose 122% during the first week of Feb. 2023. Statistics from bitinfocharts.com and ycharts.com show the average transaction on Feb. 7, 2023, was around 0.000075 BTC or $1.70 per transfer. Onchain fees on Jan. 29, ten days prior, were roughly $0.767, according to the statistics. Users generally pay lower fees than the average, and the median-sized onchain transfer using the Bitcoin network at that time was around $0.167 per transfer. As of Feb. 7, median-sized fees have increased 316% to $0.696 per transfer. The number of unconfirmed transactions in the mempool has been between 7,500 and 25,000 over the past 24 hours. While average and median-sized onchain fees have risen to values between $0.69 and $1.70 per transfer, some users are paying around four satoshis per byte, or approximately $0.13 using current BTC exchange rates. The rise in fees coincides with the demand for Ordinals, which has pushed onchain inscriptions to 18,731 as of 1:15 p.m. Eastern Time. Bitcoin (BTC) miners are also seeing increased revenue from the fees. On January 29, bitcoin miners earned 0.83 BTC from fees alone, and ten days later, on February 7, daily fees earned by miners equated to 2.442 BTC. This means that instead of just over $19,000 in fees, bitcoin miners earned over $56,000 from fees on Tuesday. This is helpful for miners as BTC spot prices have been lower in the last 24 hours, and the cost of producing BTC has been higher. Statistics for Feb. 7 indicate the cost of producing BTC, according to macromicro.me charts, is around $24,260, while BTC’s spot value on Wednesday is just under $23,000. What impact will the rise in Bitcoin network fees have on the future of the network? Share your thoughts in the comments below.
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The Graph GRT coin: While ChatGPT and Google vie for the pole position in the AI chatbot space, AI tokens are dominating the crypto market. Cryptocurrencies linked to the AI domain, The Graph (GRT) and SingularityNET (AGIX) saw some correction in prices after a huge jump over the last week. Meanwhile, there seems to be heavy activity from The Graph’s early investors or the founding team in terms of unlocking assets. In the context of the huge shift in wealth to the AI token category, the big moves lead to speculation for more upside. Also Read: Dormant Bitcoin Wallet Wakes Up After 11yrs And Makes 200,000% Profit The Graph (GRT) Coin Unlock At one stage earlier in the week, GRT token rose by around 200% thanks to the huge interest in AI based tokens. It was around this time that the early investors chose to unlock their holdings in huge volumes. Continuing their spree of GRT transfers at high prices, the project team unlocked 36.8 million $GRT worth $7.35 million and sent around half of it to Coinbase. Following this, around 2.4 million $GRT worth $443,000 were unlocked and sent to a staking service. The Graph unlocked 36.8M $GRT($7.35M) and sent 18M $GRT($3.6M) to #Coinbase 7 hrs ago! And graph.eth has been transferring $GRT to #Coinbase at price highs almost every time since Dec 15, 2022. The price of $GRT increases by ~60% today.https://t.co/yZE9mED26E pic.twitter.com/dhZ49LBRul — Lookonchain (@lookonchain) February 8, 2023 As  of writing, the GRT price stands at $0.179, down 4.34% in the last 24 hours. Meanwhile, the rest of the crypto market did not react much to US Fed Chair Jerome Powell’s comments about the need to rise interest rates in coming months. The Bitcoin (BTC) price deviated in a bare minimum range in the hours after Powell’s speech at The Economic Club of Washington DC. Also Read: SHIB Holders Breaches 1.3 Mln; Emerges As ETH Whales Top Choice The post The Graph (GRT) AI Tokens Unlocked In Big Volumes; What Next? appeared first on CoinGape.
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Craig Wright, who calls himself the inventor of Bitcoin, was unsuccessful in defending his Bitcoin copyright suit in a court in the United Kingdom. According to the report, Wright had asserted that variations on the Bitcoin concept, such as Bitcoin Cash, violate his intellectual property rights. Craig Wright Loses Bitcoin Copyright Judge James Mellor said in a ruling on Tuesday that the file format of Bitcoin, which is the sequence of a header and list of transactions that together form a block, cannot be treated like a literary work because Wright is unable to show how they were first recorded. This is a test in copyright law that is known as the fixation test. In a ruling for the High Court of England & Wales, James was quoted as saying: I do not see any prospect of the law as currently stated and understood in the caselaw allowing copyright protection of subject-matter which is not expressed or fixed anywhere. Read More: Check Out The Top 10 DeFi Lending Platforms Of 2023 Wright, who claims he penned the white paper on bitcoin in 2008 under the pseudonym Satoshi Nakomoto, had attempted to argue that he should be able to block the operation of Bitcoin (BTC) and Bitcoin Cash (BCH) as they breach his intellectual property rights. In 2017, Wright & Roger Ver forked the Bitcoin chain to create Bitcoin Cash (BCH) and a year later Wright forked BCH again to create his own Bitcoin SV (BSV) blockchain; where SV stands for “Satoshis’s Vision”. Wright’s Fight Against Bitcoin The lawsuit was filed against a large number of defendants connected to Bitcoin, one of which is the cryptocurrency exchange Coinbase, which was named multiple times. The judge has stated that further judgments will address claims over the copyright of the 2008 White Paper, as well as the question of whether or not Wright is indeed the author. A decision by the United Kingdom’s Court of Appeal was handed down the week before saying that a lawsuit filed by Wright’s Tulip Trading against 16 Bitcoin developers should be tried in London. Multiple witnesses presented forensic evidence in a case that was heard in Oslo the previous year, suggesting that documents supplied by Wright purporting to back up his claim to be Nakamoto contain discrepancies, such as fonts that weren’t available at the time. This evidence was presented in a case that was heard in Oslo the previous year. Also Read: What’s Making The Sandbox (SAND) Price Skyrocket Over 20%? The post Will This Come As Massive Setback For Bitcoin SV (BSV) Holders? appeared first on CoinGape.
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AI Crypto Tokens: AI tokens is the new buzzword in crypto market. Rapid rise in value for these tokens is reminiscent of the memecoin rally of 2021. While all the buzz is owing to the meteoric rise of ChatGPT and the arrival of AI based in applications, crypto traders need to be cautious when they choose to invest in cryptocurrencies due to the AI factor. Essentially, investors should be vary of the crypto project, in that it is really making use of artificial intelligence in meaningful way. Also Read: Artificial Intelligence-based token SingularityNET (AGIX) Becomes Most-Purchased Tokens By ETH Whales What Are AI Tokens? It is widely believed that cryptocurrencies that rely on AI technology to scale up for various purposes are considered as AI based crypto tokens. However, traders face the danger of tokens masquerading as being AI based, on the back of the hype around these coins. Going forward, a lot could depend on how the AI technology develops to be able to power these crypto projects with lesser human intervention. Hence, much of these AI tokens are still work in progress before delivering in full capacity. Tokens like The Graph (GRT) and SingularityNET (AGIX) have in recent times grew manifold, riding on the buzz behind AI in the crypto market. In fact, the last few weeks saw huge rise in interest for search traffic in terms like “crypto AI”. Bitcoin Market Intact? As with every new category addition of cryptocurrencies, questions are being raised around the market share of Bitcoin (BTC) if the AI token category eats into the altcoin market. However, BTC had long been rising on its strong fundamentals and the concept of its ‘store of value’ application. It is the macroeconomic scenario that continues to influence Bitcoin, as was seen in recent market events surrounding US Fed Chair Jerome Powell’s comments. Also Read: Bitcoin News: Dormant Bitcoin Wallet Wakes Up After 11yrs And Makes 200,000% Profit  The post Hype Vs Reality Of AI Crypto Tokens: How Will Bitcoin (BTC) React In Coming Days? appeared first on CoinGape.
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Bitcoin and major altcoins are witnessing a tough battle between the bulls and the bears, indicating indecision in the near term.
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The crypto industry has again crossed the $1 trillion mark. The space – which was given several heated blows over the past 12 months – has seen its overall valuation fall from about $3 trillion in the beginning of 2022 to less than $1 trillion by the time the year ended. This means more than $2 trillion was lost to time over the course of one year. Crypto Is Returning to Form The crypto arena dealt with several problems throughout 2022, which will likely go down as one of the most – if not the most – problematic windows for the industry. Among the big issues crypto dealt with were the many bankruptcies that befell digital currency companies, both large and small. Among the names that likely come to mind right about now are Celsius, Voyager Digital, and Three Arrows Capital. Celsius arguably set off the bankruptcy bang of 2022. In the summer of that year, the company caused many customers and traders alike to raise their eyebrows in shock and disgust when executives announced they were going to be halting all withdrawals indefinitely due to ongoing speculation and volatility impeding the market. Things didn’t stop there, however, as Celsius was quick to file bankruptcy so it could explore ways of staying in business without having to deal with angry lenders who wanted their money back right away. It has since come to light that the company might have engaged in fraudulent activities with customer funds. If this doesn’t ring a bell, it should, for it’s quite similar with the scenario traders saw with FTX, the once golden child of the digital asset space. FTX was a crypto trading platform that first rose to fruition in 2019. Within three years, the company jumped through the ranks and became one of the top five crypto exchanges out there. The enterprise was on top of the world and its founder and primary executive – Sam Bankman-Fried – was lauded as a genius. But things took a nasty turn when in November of 2022, SBF complained of a liquidity crunch on social media. He also said his company needed fast cash, and that he was approaching Binance – the company’s largest rival – about a possible buyout. Things didn’t move in this direction, and FTX had no other choice but to file bankruptcy, which was followed by SBF’s resignation. So Much Trouble, but the Space Is Likely Recovering From there, fraud charges came about for Bankman-Fried after he was alleged to have used customer funds to pay off loans for a separate company and to invest in Bahamian real estate. He is now awaiting trial at his parents’ California home following his arrest in the Bahamas. The fact that the crypto arena has jumped past $1 trillion again is a good sign this year is starting off right. The post The Crypto Space Is Once Again Worth More Than $1 Trillion appeared first on Live Bitcoin News.
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