For much of this year, cryptocurrencies for most investors have been an afterthought or maybe cautionary tale about mania.
But now its become a new weight on an already pressured market... The Nasdaq loses 3% to kick off the short trading week. And this week has historically been a good one for stocks.
The carnage came from two fronts - the collapsing FAANGs and the sell-off in cryptos stoking semiconductor fears.
First up, Facebook tumbled to a new 52-week low... Apple lost almost 4%... Amazon shed 5% as did Netflix and Google slipped 3.8%. I wrote last week about maybe it’s time for investors to ditch the FAANGs (which can be found following the link in the bio). Second, the loss in Bitcoin accelerated throughout the day, losing almost 14%. And now Bitcoin is well below $5k to around $4,700. Ethereum lost more than 15% as Litecoin lost almost 14%. So, even though the Nasdaq isn’t in a bear market yet. A lot of big names have moved beyond correction territory to bear market. And crypto pain is picking up speed. Plus, the $3k Bitcoin I wrote about in premarket is now a little more likely.
Cryptos will be interesting to watch after this week. We had a bump following last Thanksgiving. And part of the reason was crypto advocates and preachers converting family members over the holidays.
Upon 5000$ break, 4700$ target and then 4.4k (which is one main downward target i have been screaming longer than anyone) and then 4000-3600$ 🔮 still we could find support at current price and spike to 5500$ before another attempt at a drop.
Final targets of this episode of bitcoin meltdown is 3,333$ and i again have been stating this for months 💪💪💪💪💪
About a week after the U.S. Securities and Exchange Commission brought charges to the founder of EtherDelta, the federal agency settled its first civil penalties against a couple ICOs. In two separate cases the cryptocurrency projects, Paragon and AirFox who had raised over $25 million through Initial Coin Offerings(ICO), are required to offer to compensate investors along with a $250,000 fine. The S.E.C. followed with a statement, “The orders impose $250,000 penalties against each company and include undertakings to compensate harmed investors who purchased tokens in the illegal offerings. The companies also will register their tokens as securities pursuant to the Securities Exchange Act of 1934 and file periodic reports with the Commission for at least one year. Airfox and Paragon consented to the orders without admitting or denying the findings.”. The federal agency’s co-director of enforcement said after the matter, "We have made it clear that companies that issue securities through ICOs are required to comply with existing statutes and rules governing the registration of securities. These cases tell those who are considering taking similar actions that we continue to be on the lookout for violations of the federal securities laws with respect to digital assets.". Also in another case, Maksim Zaslavkiy, plead guilty to conspiracy to commit securities fraud after initially raising money for two cryptocurrencies claiming to be backed by real estate and diamonds, but in reality was not backed by blockchain technology with no jewels nor land to show. . . #cryptocurrency#blockchain#paragon#airfox#sec#securitiesandexchangecommission#bitcoin#btc#ethereum#eth#ripple#xrp#ico#securities#crackdown#webcurrency#webcurrencynews
In late October, Brian Armstrong, the CEO of cryptocurrency exchange operator Coinbase, oversaw a financing round in which the company he cofounded raised $300 million at a valuation of $8 billion. At that valuation, Armstrong’s stake in Coinbase is worth an estimated $1.3 billion, after applying a customary discount for privately-held companies. In January, Forbes had estimated that Armstrong’s net worth was between $900 million and $1 billion.
It is possible that Armstrong’s personal cryptocurrency holdings have taken a financial hit due to the plunging value of bitcoin, ether and other cryptocurrencies over the last several months. Armstrong co-founded Coinbase in 2012 and the company was so intertwined with the cryptocurrency mania that followed that it even paid many of its employees in bitcoin.
But Coinbase, which is based in San Francisco, has continued to solidify its position as the largest cryptocurrency exchange in the U.S. and post eye-popping financial results. It has more than 20 million users, is extremely profitable, and will likely generate $1.3 billion of revenue this year. 🗣Tag a friend that became a crypto millionaire in 2017 or 2018! 😎Follow @sharecrypto
93 23035 days ago
30 1741 hours ago
Always get asked what is the best thing about trading?
There’s a ton of huge benefits but one of the biggest for me is the ‘freedom’ it can bring.
Once you have mastered the markets and successfully become a consistently profitable trader all you need is a laptop and a couple of hours each day.
So many people are being suffocated by a ‘9-5’ to a point where they have no actual time to work on developing themselves or learning a skill set that will allow them over years of work to find this freedom.
If you want it you’ve got to fucking sacrifice, I spent 3-5 hours a day everyday in the first 18 months of my journey, on top of co-owning a business and studying for my Diploma in Wealth Management.
It’s possible, it would get to a Thursday and I’d be a zombie who could barely function but it’s what I had to do. Most days I couldn’t even remember the drive into the office from being so tired.
Putting that sort of effort in was painful but when it all comes together and starts paying off it is so fulfilling. The last 18 months I’ve got to enjoy the fruits of my sacrifice and it’s so fucking worth it. Just the extra time to work on yourself it can help you achieve is invaluable.
What’s your excuse?
Ripple CEO Brad Garlinghouse went on Bloomberg TV for an interview about the usefulness of his company’s technology and told the interviewer that “any digital asset in the long-term is going to be valued based upon the problems it’s solving.” Ripple is widely believed to be solving the problems of large asset transfers across borders and has dozens of large institutional clients to show for it. The Bloomberg segment has Garlinghouse saying that at least 100 SWIFT-connected banks have signed on with Ripple, and that contrary to SWIFT’s opinion, the blockchain and cryptocurrencies can play a vital role in the banking sector.
Ripple’s place in all that is very much to be determined, while SWIFT remains the primary means of large and small transfers across borders, at least in the countries it legally operates in. Cryptocurrency presents a unique opportunity for banks and investors and other members of the financial community to break down borders and get things done. —— 🤔Do you think XRP will eventually overtake SWIFT in the long term? 🗣Let us know in a few words! —— 😎Follow @sharecrypto —— #xrp#ripple#bitcoincash#eth#btc#cryptocurrency#ico#ai#smartcontracts#initialcoinoffering#ethereum#ether#bitcoin#altcoin#litecoin#cryptonaire#sharecrypto#blockchain#coinbase#steemit#monero#bitcoins#cryptocurrencies#cryptocurrencynews
Binance announced Thursday that it will open trading pairs for the regulated, U.S. dollar-pegged token against its own token Binance coin (BNB) and bitcoin (BTC) on Nov. 17, adding that it has already started accepting deposits for USDC in preparation for the start of trading.
Circle also confirmed the news on Thursday.
USDC was launched in September by Circle as a way to tokenize U.S. dollars and easily transfer value on public blockchains. The token was developed with assistance from the affiliated CENTRE consortium.
The support for USDC comes shortly after Wei Zhou, Binance’s CFO, said in October that the firm is looking to list more stablecoins. The news means Binance will support four stablecoins, with Tether (USDT), Paxos Standard (PAX) and TrueUSD (TUSD) already on the books.
Last month, U.S.-based crypto exchange Coinbase also announced it was adding USDC as its first stablecoin offering. Coinbase is also one of the founding members of the CENTRE consortium, along with Circle. —— 🤔Do you think stablecoins serve an important purpose? 🗣Let us know in a few words! —— 😎Follow @sharecrypto