Connect with us

Cryto Mining

A major crypto exchange's CEO is set on holding Shiba Inu crypto long term despite its recent tumble. Here's why – MarketWatch

Published

on

Hi there! We’re finally here – welcome to the first installment of Distributed Ledger, our weekly crypto newsletter that will reach your inbox every Thursday. I’m Frances Yue, crypto reporter at MarketWatch, and I’ll walk you through the latest and greatest in digital assets this week so far.
Subscribe here if you haven’t done so!
Ether ETHUSD hit a record high at $4,669 on Wednesday, while the cryptocurrency has gained 11% over the past seven days. Bitcoin BTCUSD recorded a 3.35% gain over the past seven days.
Dogecoin DOGEUSD went down 14.2% for the past seven days, its worst 7-day performance since Sep. 21, according to Dow Jones data. Shiba Inu saw a loss of 31.9% over the past seven days, its worst 7-day performance since May 25.

The trading volume of Shiba Inu recently surpassed that of bitcoin for at least three consecutive days on KuCoin, the world’s third-largest crypto exchange based on trading volume, according to Johnny Lyu, KuCoin’s CEO. On Oct. 28, SHIB’s volume was almost three times that of bitcoin.
KuCoin primarily targets retail investors, Lyu said.
As the world’s third most googled cryptocurrency, Shiba Inu notched a gain of more than 380% for the past 30 days and rallied more than 76,000,000% over the past 12 months.
“Seeing bitcoin’s rise, some younger investors without a lot of money want to profit from crypto as well,” Lyu said. “But you’d need over $60,000 to buy one bitcoin. So they turn to Dogecoin and SHIB, where you buy tons using just $100.”  A bitcoin can be divided into 100 million satoshi, its smallest unit.
“These investors are very passionate about such tokens and are determined to push the prices higher,” Lyu said. On Change.org, a petition to get SHIB listed on Robinhood has received more than 490,000 signatures.
Despite SHIB’s loss of about 30% over the past seven days, Lyu said he would hold the meme coin in the long term, along with bitcoin and dogecoin. Bitcoin can be seen as a hedge against inflation, while the dog-themed coins represent the power of community, according to Lyu. 
Meta FB, or previously Facebook, aims to build a Metaverse. Though it seems crypto and non-fungible tokens will play a role in it, the crypto community is not too happy.
“It’s a great endorsement that we’re in a sector that’s poised to break out into the mainstream,” Robby Yung, CEO at Animoca Brands, which owns metaverse-related game The Sandbox, told MarketWatch in an interview. 
“On the other hand, it concerns me because I think part of the vision and the dream for us, at least, with the metaverse is that it’s a very open place,” Yung said. “And Facebook, unfortunately, doesn’t have a great history of openness.”
Lucas Outumuro, head of research at data analytics firm IntoTheBlock recently wrote in notes that Meta’s Metaverse “is expected to result in an opaque and less secure network where value created does not accrue to its users as would be the case in a decentralized platform like Ethereum.”
After Facebook announced its name change, The Sandbox (SAND) and another metaverse-related token Decentraland (MANA) recorded 210% and 200% gain over the past seven days, respectively.
The surges are “a strong statement of what crypto investors think of #Meta’s  centralized vision.” Noelle Acheson, head of market insights at Genesis Trading wrote on Twitter
The jump also shows “a bet that the increase in global attention on metaverse potential will drive even more rapid decentralized innovation,” Acheson wrote. 
On Nov. 1, Squid Game (SQUID), a cryptocurrency that has drawn attention in part because of the popular namesake Korean TV show, collapsed to nearly zero after it rose to $2,857 from $39 in just three hours, according to CoinMarketCap. 
The dive happened not long after the crypto was listed at decentralized crypto exchange PancakeSwap on Oct. 21. SQUID rallied from $0.01 to $39 from Oct. 26 to Oct. 31. 
On-chain data and evidence from Twitter and Telegram pointed to the incident as a “rug pull” scam, meaning that creators of a cryptocurrency abandoned the project and cashed out the tokens. CoinMarketCap issued a warning saying it received multiple reports that users were not able to sell the token at PancakeSwap.
On SQUID’s official Telegram channel, the developers left their last message – they said someone attempted to hack the crypto’s twitter account and smart contracts. 
It almost sounds like a dark joke, but the bloody costs for investors again point to the importance for individuals to do their own due diligence before investing in any cryptocurrencies, analysts said.
“It’s somewhat ironic that Squid, an altcoin based on a show about dystopian capitalism, proved to scam crypto speculators out of several millions of dollars,” Christopher Vecchio, senior strategist at market research site DailyFX wrote to MarketWatch in an email. 
“The latest rug pull is unfortunate but predictable, and underscores the reality that market participants should avoid speculating in new altcoins without a legitimate use case, particularly those that you can only buy and never sell – which was an obvious red flag from the start.”
In crypto-related company news, shares of Coinbase COIN  went down 0.15% to $343.8 early afternoon New York time on Thursday. It was up 7.7% for the last five trading days. Michael Saylor’s MicroStrategy Inc. MSTR  slumped 1.35% to $799.3 at Thursday afternoon. It was up 11.5% over the last five days.
Mining company Riot Blockchain Inc.  RIOT  shares dropped 0.8% to $32.5 on Thursday. It notched a 18% gain over the past five days. Shares of Marathon Digital Holdings Inc.  MARA  slid 1.4% to $63.8 Thursday afternoon. It gained 26.5% over the last five trading days.
Another miner Ebang International Holdings Inc.  EBON  declined 0.6% to $2.19. It was up 0.77% over the last five trading days.
Overstock.com Inc.  OSTK  went up 0.32%, trading at $105, with a 13.2% gain over the last five days. Square Inc.  SQ  fell 2.2% to $246.8, down 5.5% over the last five days. while Tesla Inc.’s  TSLA  shares rose 1.76% to $1,235, recording a gain of 14.7% over the past five trading days. .
PayPal Holdings Inc.  PYPL  fell 2% to $225, logging a 4.7% loss over the past five days, while NVIDIA  NVDACorp.  was up 13.7% to $303, contributing to a 21% gain over the past five days. Advanced Micro Devices Inc.  AMD  jumped 5.6% to $138 and notched a 13.7% return over the past five days.
In the fund space, ProShares Bitcoin Strategy ETF  BITO  dropped 3.22% to $39.1 Thursday afternoon, while Valkyrie Bitcoin Strategy ETF BTF declined 2% to $24.
Grayscale Bitcoin Trust  GBTC dropped 3% to $49, with a 0.3% loss over the past five days.

U.S. stock benchmarks suffer withering losses on Friday as stock and commodity markets plunge, after scientists detected a new COVID variant in South Africa.

Frances Yue covers the cryptocurrency market as a Reporter for MarketWatch.

source

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Cryto Mining

EU should ban energy-intensive mode of crypto mining, regulator says – Financial Times

Published

on

Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities.
Join over 300,000 Finance professionals who already subscribe to the FT.
Then $69 per month
New customers only
Cancel anytime during your trial
OR
BEST VALUE – SAVE 20%
Then $74.75 every 3 months
Sign in
Check if your university has an FT membership to read for free.
International Edition

source

Continue Reading

Cryto Mining

Global stocks, crypto rebound ahead of today’s momentous Fed decision – Fortune

Published

on

source

Continue Reading

Cryto Mining

Billionaires Dalio, Peterffy Embrace Bitcoin (BTC), Ethereum as Inflation Hedge – Bloomberg

Published

on

Brokerage founder Thomas Peterffy says its prudent to have some crypto, while Ray Dalio views it as alternative to cash.

and
Thomas Peterffy took out a full-page ad in the Wall Street Journal in 2017 warning of the dangers that bitcoin futures posed to capital markets. 
These days, the Hungarian-born billionaire is well versed in cryptospeak. Peterffy, worth $25 billion, said it’s prudent to have 2% to 3% of one’s personal wealth in cryptocurrencies, just in case fiat currency goes to “hell.”

source

Continue Reading

Trending