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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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Over the past three weeks, the Ethereum coin price has been resonating with a rising wedge pattern. This pattern is formed when an asset price moves upwards within two converging trend lines. In theory, the converging trendline are a sign of exhausted bullish momentum, which layer provides a bear ohs breakdown on the pattern support trendline. Key Points:  The price range inside the rising wedge pattern is no trading zone The breakdown below the pattern support trendline set ETH to reach the $1350 mark. The intraday trading volume in Ether is $ 8.01 billion, indicating an 8.5% gain. Source- Tradingview After a phenomenal recovery in the Ethereum coin price, the price momentum seems to have hit the ceiling of $1680 resulting in a rising wedge in the daily chart.  However, taking the previous bull run into account, this ongoing price action represents a minor break period proposing the possibility of a prolonged uptrend.  Therefore, despite the past three weeks of consolidation, the price stand supports the optimism of Ethereum holders and promises a price hike in the coming weeks. As of now, the ether market value stands at $1649 with an intraday fall of 1.5% percentage reflecting increased selling pressure at the $1680 level.  Also read: Top 10 DeFi Lending Platforms In 2023 Thus, If the daily candle manages to close above the overhead resistance the traders can expect the prices to rise 20% and hit the $2000 milestone.  Anyhow, in core concept the rising wedge is a bearish pattern, and therefore, a breakdown below the trendline will intensify the selling pressure. Technical Indicator MACD: The MACD is designed to identify changes in momentum and trend. Therefore an evident downfall in MACD(blue) and signal(orange) slope indicates the rising bearish momentum, EMAs:  the 20-day EMA continues to offer dynamics support to rising Ethereum coin                                          Ethereum Coin Price Intraday Levels- Spot rate: $1641 Trend: Bearish Volatility: Medium Resistance level- $1680 and $1800 Support level- $1500 and $1370 The post How long Till Ethereum Price May Resume Bullish Recovery? appeared first on CoinGape.
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The Uniswap community on its governance forum overwhelmingly supported a “temperature check” proposal to deploy the Uniswap v3 protocol on a new chain. With 80% of the vote, Uniswap’s UNI governance token holders have approved moving the decentralized exchange system to BNB Chain, an alternative to Ethereum. A16z’s Big No To Proposal However, things heated up when Andreessen Horowitz (a16z), a California-based venture capitalist, voted against the proposal with a massive stake of 15 million UNI. As a result of the 15 million votes that were cast against the measure on A16z, some sceptics have begun to question the ability of Uniswap governance to act in a manner that is in the best interest of the protocol. Those who possess a bigger number of tokens typically have a greater proportion of voting power and are able to significantly influence the path that a particular proposal takes. Read More: Check Out The Top 10 DeFi Lending Platforms Of 2023 During the temperature check, the partners of the venture capital firm said that they planned to vote for LayerZero to serve as the deployment bridge. In the discussion held on January 31, Eddy Lazzarin, who is the head of engineering at a16z, offered the following comment: To be totally unambiguous, we at a16z would have voted 15m tokens toward LayerZero if we were technically able to. And we will be able in future Snapshot votes. So, for the purposes of a “temperature check”, please count us this way. Consensys Casts In Favor The next big cast of votes come from ConsenSys which is also responsible for creating the popular MetaMask digital wallet. According to statistics provided by Tally, the Web3 development company voted in favor of the proposal that would see the third version of the decentralized exchange Uniswap be deployed on Binance’s BNB Chain. ConsenSys, casted almost 7.03 million UNI tokens which roughly translates to 17.58% of the voting power that has further boosted the proposal in the sway of getting launched on the BNB chain. At the time of publication, there had been a total of 68.82 million votes cast with only 6.8% of all UNI tokens having participated in the voting process. Currently, 77.56% of the participants have “yes” on the proposal, 22.07% have shown disinterest in the proposal while 0.36% have abstained from voting. In spite of the fact that there is a near-unanimous backing for the proposal to be approved, the low participation rate leaves room for other stakeholders to influence the outcome in unexpected ways. The votes of heavyweight investors such as Paradigm and Polychain have not yet been tallied, and it remains to be seen whether there is even more drama to come out of this. The voting process is expected to come to a close on February 10th. Also Read: What’s Making The Sandbox (SAND) Price Skyrocket Over 20%? The post Can Uniswap Successfully Migrate To BNB Chain Amid Ongoing VC Battle? appeared first on CoinGape.
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The broader crypto market losses earlier gains as U.S. Federal Reserve Bank of New York President John Williams agreed that Fed officials forecast rates in a range between 5 and 5.25% for the year 2023 is still reasonable. Bitcoin price fell over 2% after the comment by John Williams and the BTC price is currently trading at $22,795. US Fed President John Williams Peak Rate Forecasts of 5.25% Federal Reserve Bank of New York President John Williams on February 8 said financial conditions look roughly in line with the likely outlook for monetary policy. The U.S. Federal Reserve looks to bring the inflation target to 2%. “My view is that still seems a very reasonable view of what we’ll need to do this year in order to get supply and demand in balance and bring inflation down,” said during a moderated discussion with the Wall Street Journal in New York. U.S. Fed officials forecasted a rate hike of up to 5.1% by the end of 2023. However, he asserts forecast rates in a range between 5-5.25% by most officials is “still a reasonable view.” The U.S. Fed raised interest rates by 25 bps to a range of 4.5% to 4.75% last week amid cooling inflation and strong jobs data. Williams believes further rate hikes would depend on incoming data. Also, the Fed pivot is out of focus until now as inflation needs to drop more. Crypto Market Resonates Lower Bitcoin price fell over 2% from the day high of $23.3K to $22.7K. The price is currently trading at $22,830. The U.S. Dollar Index (DXY) jumps higher to 103.50 as the Fed is likely to continue raising interest rates this year. The broader crypto market followed suit and altcoins such as Ethereum, Dogecoin, Cardano, Shiba Inu, and others also fell over 2%. Ethereum price trades at $1,633, down 2% from the 24-hour high of $1,688. Also Read: Top 5 AI Crypto Tokens & Projects Ready To Skyrocket In 2023 The post Breaking: Crypto Market Falls After US Fed’s Williams Support 5-5.25% Rate Hike appeared first on CoinGape.
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<p>Blockchain technology has the potential to disrupt traditional value chains by enabling more secure, transparent, and efficient transaction and value exchange. </p><p>A value chain is the sequence of activities involved in creating and delivering a product or service, beginning with the procurement of raw materials and ending with the delivery of the final product to the customer. </p><p>Blockchain Technology to Disrupt Value Chains?</p><p>Decentralized transactions are one way that blockchain technology is <a href="https://www.financemagnates.com/cryptocurrency/innovation/will-blockchain-technology-disrupt-the-fintech-industry-in-2023/">disrupting value chains</a>. Traditional value chains rely on intermediaries like banks and financial institutions to facilitate transactions while also ensuring data security and reliability. </p><p>By enabling peer-to-peer transactions that are secure, transparent, and tamper-proof, blockchain technology eliminates the need for intermediaries. This can lead to faster and more efficient transactions, as well as lower costs and risks. </p><p>Smart contracts are another way that blockchain technology is disrupting value chains. Smart contracts are self-executing contracts in which the terms of the buyer-seller agreement are directly written into lines of code. </p><p>These contracts automatically enforce themselves when certain conditions are met, eliminating the need for intermediaries and streamlining the transaction process. </p><p>As a result, transactions can become more efficient and cost-effective, as well as more trustworthy and transparent. </p><p>Transparency to Supply Chains</p><p>Blockchain technology, in addition to enabling decentralized transactions and smart contracts, can be used to create more transparent and secure supply chains. Traditional supply chains are frequently complicated and difficult to track, making it difficult to ensure that products are sourced ethically and sustainably. </p><p>Blockchain technology can be used to create a tamper-proof and transparent record of all transactions, allowing for greater visibility and accountability throughout the supply chain. </p><p>This can help to reduce the risk of fraud, increase trust and transparency, and improve supply chain sustainability and ethics. </p><p>Another way blockchain technology is disrupting value chains is by allowing the development of new business models. </p><p>Blockchain technology, for example, can be used to build decentralized platforms that allow individuals and businesses to transact directly with one another, avoiding intermediaries and lowering costs. This can lead to the development of new and innovative business models that are more efficient, cost-effective, and equitable. </p><p>Examples of Value Chain improvement via Smart Contracts in 2023</p><p>Smart contracts can be programmed to do many things and a lot of people still seem to be overlooking their capabilities. When writing a smart contract, the conditions inputted for it to resolve can be nearly endless. Here are some examples:</p><p>· Simple coin/token exchange: one user will give another 10 ETH (Ethereum) and in turn that user will send him 30000 ADA (Cardano) instantly.</p><p>· Verifiable goals: A specified number of tokens are wired to an account as soon as a certain verifiable goal is reached within or without a timeframe: if 1000 people sign up for something.</p><p>· Verifiable events: “If X happens, Y coins/tokens will be sent to a specified wallet.</p><p>· Communal goals and rewards: If a set address gets to a certain point or value (such as, for example, 50 ETH), every contributor/donator will receive a fraction of an item, such as, an NFT.</p><p>There could be many other use cases for smart contracts, but these examples alone should be an indication to how much the value chain can be strengthened in 2023 and beyond.</p><p>If anything, the fact that it is impossible to have discrepancies in smart contracts alone should tell you that things are about to change as human error is eliminated from the process.</p><p>But it’s not just about execution errors, as smart contracts and blockchain technology in general helps immensely in eliminating blind spots given how all relevant flows become transparent.</p><p>Whether it’s information, money, or inventory, supply-chain transactions are about to get much, much better.</p><p>Wrapping Up</p><p>There certainly exists the potential to enable the creation of new types of digital assets, such as cryptocurrencies and tokenized assets. These assets can be traded and exchanged without the use of middlemen, opening up new avenues for investment and value creation. </p><p>Ultimately, blockchain technology can be used to develop new types of decentralized financial services, such as peer-to-peer lending, remittances, and micropayments, which can increase financial inclusion and provide access to financial services to those who were previously excluded. </p><p>This technology has the potential to disrupt traditional value chains by allowing for decentralized transactions, smart contracts, transparent and secure supply chains, new business models, and new types of digital assets. </p><p>These innovations have the potential to result in more efficient and cost-effective transactions, increased trust and transparency, and greater financial inclusion. </p><p>It is important to note, however, that widespread adoption of blockchain technology will necessitate significant investments in infrastructure, technology, and regulatory frameworks, and will most likely take several years to complete.</p><p>Value Chains FAQ</p><p>What is a value chain?</p><p>A value chain is the sequence of activities involved in creating and delivering a product or service, beginning with the procurement of raw materials and ending with the delivery of the final product to the customer. </p><p>What impact does blockchain technology have on value chains?</p><p>Blockchain technology has the potential to disrupt traditional value chains by enabling more secure, transparent, and efficient transaction and value exchange. Decentralized transactions, smart contracts, transparent and secure supply chains, new business models, and new forms of digital assets can help achieve this. </p><p>What are the advantages of incorporating blockchain technology into value chains?</p><p>The advantages of incorporating blockchain technology into value chains include faster and more efficient transactions, lower costs, lower risks, increased trust, and transparency, and increased financial inclusion. </p><p>What are the difficulties associated with implementing blockchain technology in value chains?</p><p>The challenges of implementing blockchain technology in value chains include large investments in infrastructure, technology, and regulatory frameworks, as well as widespread adoption. </p><p>What is the role of blockchain technology in value chains in the future?</p><p>Although the future of blockchain technology in value chains is unknown, it has the potential to significantly disrupt traditional value chains and create new and innovative business models. The widespread adoption of blockchain technology will most likely take several years.</p> This article was written by Finance Magnates Staff at www.financemagnates.com.
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Shiba Inu Coin News: SHIB, a meme cryptocurrency created in August 2020, has gained ground tremendously over the past few weeks. This newfound momentum has been triggered by extended hype on the project’s plans to launch Shibarium and other factors. Hence, Eth whales are notably taking advantage of Shiba Inu’s growth during this time. ETH Whales Boost Shiba Inu To Top Holding According to WhaleStats, the 100 largest ETH whales on record now hold a staggering 506,011,531,298 SHIB worth $7,180,303. This puts it ahead of Ethereum (12,463) and even the stablecoins USDT and USDC which make up 6,739,791 and 5,683,886 of the holdings of these whales, respectively. Source – CoinMarketCap SHIB is priced at $0.00001421 at the time of publishing, up 0.93% in the last 24 hours and more than 20% in the past seven days. With a nearly 67% of price surge in the last 30 days, this meme coin has managed to outperform its main rival Dogecoin (DOGE) which was up by 23%. Read more Shiba Inu Coin news here… Shiba Inu Crossed the 1.3 Million Mark! In its recent tweet, Shiba Archives revealed that Shiba Inu (SHIB) has crossed the 1.3 million mark in the total number of holders. With the hype surrounding Shibarium, this canine-themed asset has had 25,813 holders since January 1, 2023. JUST IN: $SHIB has just reached 1.3 million holders amid the release of Shibarium! – Shiba Archives (@ShibaArchives) In search of an attractive investment opportunity, many new investors are moving their attention toward SHIB. According to CoinMarketCap data, the total number of Shiba Inu holders currently sits at a whopping 1,300,815 with 14,645 addresses active in the past 24 hours. Also Read: Shiba Inu Coin Burn Rate Plunges Ahead Of Shibarium Launch Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice. The whole purpose of “Shiba Inu News: Ethereum Whales Boost SHIB To Top Holding” is to educate and provide information about what is trending in the crypto space. Anyone planning to invest in crypto assets should seek his or her own independent financial or professional advice. The post SHIB Holders Breaches 1.3 Mln; Emerges As ETH Whales Top Choice appeared first on CoinGape.
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Over the past 90 days, the top privacy coins by market capitalization have seen an increase of just over $2 billion, rising from $4.65 billion on Nov. 9, 2022 to $6.69 billion today. However, while crypto assets such as bitcoin and ethereum saw gains of 30% or more in 30 days, privacy tokens like monero and zcash saw more modest increases, with growth ranging from 8.7% to 10.6% in the last month. Top Privacy Coins See Slow Growth as Market Capitalization Increases by a Mere $2 Billion in 90 Days Statistics show that top privacy crypto assets saw less growth in the past month compared to the top two crypto assets, bitcoin and ethereum. However, one privacy coin, dash (DASH), which is the second largest privacy token by market capitalization, saw a significant increase of 38.7% against the greenback last month. Meanwhile, monero (XMR) saw a rise of 8.7% in value, and zcash (ZEC) increased by 10.6% over 30 days. Currently, the top three privacy coins by market value are XMR, DASH, and ZEC. 90-day statistics show that while monero (XMR) and zcash (ZEC) saw modest gains, the privacy coin economy saw an increase of $2 billion. Three months ago, XMR was trading at $129 per coin and as of Wednesday, it is trading at $168 per unit. Dash (DASH), which was trading at $36.60 per coin, is now changing hands for $65.83. Zcash was trading at $38.37 per coin on Nov. 9, 2022, and as of Feb. 8, 2023, ZEC is trading at $46.90. Although these three privacy coins make up the majority of the collective $6.69 billion in value, some lesser-known tokens have recorded larger gains. The privacy coin daps coin (DAPS) saw an increase of 884.5% in one week, while phore (PHR) rose by 110.3% against the U.S. dollar in seven days. Other notable privacy coins that saw gains include raze network (RAZE), up 74.3%, axe (AXE), up 32.9%, and cloakcoin (CLOAK), up 31.8% in the past week. Privacy coin (PRCY), however, saw a decrease of 32.3% this week, iridium (IRD) slid by 17.3%, and deeponion (ONION) lost 16.7% against the greenback. Notable 24-hour gainers include horizen (ZEN), up 16%, dusk network (DUSK), up 11%, and digibyte (DGB), up 10.6% in fiat value. What do you think is the future of privacy coins in the cryptocurrency market? Share your thoughts in the comments below.
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Artist name: Justin AversanoLocation: Los AngelesDate minted first NFT: Feb. 15, 2021Which blockchains? Ethereum Bio: Unintentionally, the healing process of losing his twin sister at birth sparked Justin Aversano’s career to become the poster child for NFT photography. His most famous collection, “Twin Flames,” has 5,900 ETH in total sales volume on OpenSea and multiple […]
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Ethereum closed in on the $1,700 level on Wednesday, as markets reacted to comments from U.S. Federal Reserve Chair Jerome Powell. Speaking after Tuesday’s session, Powell hinted that the Fed could continue to hike rates, should the data show the need for action. Bitcoin was also boosted by the news, climbing back into the $23,000 region. Bitcoin Bitcoin (BTC) moved higher on Wednesday, following comments from Federal Reserve Chair Jerome Powell. Speaking yesterday, Powell stated, “The reality is we’re going to react to the data. So if we continue to get, for example, strong labor market reports or higher inflation reports, it may well be the case that we have to do more and raise rates more than is priced in.” BTC/USD rose to an intraday high of $23,367.96 earlier today, less than 24 hours after hitting a low of $22,781.95. Looking at the chart, the move pushed bitcoin to its strongest point in four days, and came as the 14-day relative strength index (RSI) ran into a ceiling. The index rose to a ceiling at 65.00, however momentum was not strong enough to break out of this point. As of writing, the index is tracking at 62.92, with BTC falling from earlier highs, and currently trading at $23,195.36. Ethereum Ethereum (ETH) extended recent gains today, with prices breaking out of a key resistance point in the process. Following a low of $1,628.67 on Tuesday, ETH/USD jumped to a peak of $1,688.53 during the hump-day session. As a result of today’s gains, the world’s second largest cryptocurrency climbed past a resistance level at $1,675. Similar to bitcoin, this move pushed ETH to its highest point since Saturday, with the RSI also hitting a four-day peak. At the time of writing, the index is at a reading of 62.97, which is slightly below a ceiling at 64.00. ETH bulls will likely attempt to break this resistance in the coming days, which will inevitably mean prices move back above $1,700. Register your email here to get weekly price analysis updates sent to your inbox: Do you think the Federal Reserve should continue to increase rates? Leave your thoughts in the comments below.
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