Economist and gold advocate Peter Schiff has declared bitcoin to be in a bear market, despite the recent surge in interest in spot bitcoin exchange-traded funds (ETFs). Additionally, he cautioned that economic data provides conclusive evidence that stagflation is not merely a future prospect for the U.S. economy, “but already a current reality.” Peter Schiff […]
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Rich Dad Poor Dad Author Robert Kiyosaki Declares US Economy in a Depression
Rich Dad Poor Dad author Robert Kiyosaki has issued a stark warning that the U.S. economy is currently in a depression. He points to the subpar economic growth, with a 3.4% increase in GDP for Q4 2023 and a 1.6% rise in Q1 2024 as clear indicators. Kiyosaki asserts that a soft landing for the […]
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Forbes Unveils 20 Crypto ‘Zombies,’ Declares Ripple And XRP Among The Undead
In a controversial report, Forbes unveiled a list of 20 “crypto billion-dollar zombies,” Layer 1 (L1) tokens, which the news outlet defines as crypto assets with substantial valuations but “limited utility beyond speculative trading.”
These cryptocurrencies and projects include Ripple, XRP, Ethereum Classic (ETC), Tezos (XTZ), Algorand (ALGO), and Cardano (ADA), among others.
XRP And Ethereum Classic In The Spotlight
Ripple Labs, the company behind XRP, was highlighted as a prominent crypto zombie. Despite XRP’s active trading volume of around billion daily, Forbes asserts that the token’s primary purpose remains “speculative” and “lacking meaningful utility.”
However, Ripple Labs and XRP are not alone in this regard. Forbes reveals that 50 blockchains, excluding Bitcoin (BTC) and Ethereum (ETH), currently trade at values surpassing billion, with at least 20 of them classified as “functional zombies.” Collectively, these 20 blockchains hold a market value of 6 billion, despite having “limited user bases.”
According to Forbes, an example of a “functional zombie” is Ethereum Classic, which maintains the distinction of being the original Ethereum chain.
While ETC has a market value of .6 billion, its fee generation in 2023 was less than ,000, raising questions about the blockchain’s viability for the news organization.
Another crypto project in Forbes’ report is Tezos, which raised 0 million through an initial coin offering (ICO) in 2017.
Tezos’ XTZ token currently holds a market capitalization of .2 billion. However, the blockchain’s fee earnings were meager, with ,640 in February 2024 and a total of 7,653 for all of 2023.
Algorand, once hailed as an “Ethereum killer” due to its capability of processing 7,500 transactions per second, faces similar challenges.
Despite a market cap of billion and a treasury holding of 0 million, Algorand earned ,000 in blockchain transaction fees throughout 2023. For Forbes, this casts doubt on its actual adoption and utility.
Crypto ‘Zombie’ Blockchains
The zombie blockchains are categorized into two groups by Forbes: spin-offs and direct competitors to established blockchains like Bitcoin and Ethereum.
Spin-off zombies include Bitcoin Cash (BCH), Litecoin (LTC), Monero (XMR), Bitcoin SV (BSV), and Ethereum Classic.
These blockchains, collectively valued at billion, reportedly emerged from “disagreements” among programmers regarding the governance and direction of the original chains.
Forbes notes that when such conflicts arise, hard forks occur, resulting in new networks that share the same transaction history as their predecessors. The agency claims that their market value “often exceeds” their real-world usage.
Overall, The report highlights a growing disparity between the valuations of certain projects in the cryptocurrency industry and their actual utility and usage. Consequently, Forbes refers to these projects as “zombies.”
Featured image from Shutterstock, chart from TradingView.com
Economist Peter Schiff Declares ‘Bitcoin Fad is Over’ as Gold Prices Soar
After the overnight Israeli retaliatory strikes against Iran, gold prices have settled around ,388 per ounce, having briefly touched the ,400 mark right after the events. Over the last five days, gold has increased by 1.85%, while bitcoin has declined by 8% since the onset of the conflict last Saturday, April 13. Following last night’s […]
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Spot Bitcoin ETFs Record 5 Consecutive Day of Outflows; Analyst Declares Cool-Off ‘Totally Normal’
U.S. spot bitcoin exchange-traded funds (ETFs) have seen outflows for the fifth consecutive day since April 12, with a reduction totaling .3 million during Wednesday’s trading sessions. ETF Analyst’s Perspective: Recent Bitcoin ETF Outflows Within Expected Norms The newly launched spot bitcoin ETFs have been active on the stock market for 99 days, having commenced […]
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Bitcoin Pullback Has Ended? Analyst Declares “Worst Is Over”
After a stunning retrace, Bitcoin witnessed a notable recovery as Wednesday closes rising from the ,000 price mark to ,000, triggering hopes within the cryptocurrency community that a bullish movement might be imminent. However, the crypto asset has not exactly returned to the point it was a week ago, especially since BTC reached a new all-time high last week when it surged beyond ,000.
Bitcoin Correction Has Bottomed Out
With Bitcoin surpassing its previous all-time high and rising even further to set a new peak of ,000, March has been a momentous month for the cryptocurrency. And following the recent recovery, several cryptocurrency experts and traders believe that the recent price correction has reached rock bottom.
Crypto analyst and enthusiast, Crypto Jelle has offered a positive prediction regarding the price action of Bitcoin and its potential to move upward. His analysis delves into the current state of BTC’s price and the possibility of the retracement coming to an end.
According to Crypto Jelle, the average correction in “this bull market is almost 20%.” Meanwhile, the pullback is “roughly 18% deep” presently. As a result, Jelle believes that “we have most likely witnessed the worst of the drop,” suggesting that the price might be ready to undergo full recovery.
Jelle claims that the fall “should be bottoming out” any moment from now. However, this might not be happening soon, since “these things take time to form,” urging the crypto community not to rush it.
The post read:
The average pullback in this bull market is almost 20%. Since the current downturn is just about 18% deep, the worst is most likely behind us. Although these things take time to form, the bottom should be close. Do not rust it.
In another X post, Crypto Jelle noted that the market has once again begun to “display signs of a local bottom.” Due to this, the largest cryptocurrency asset by market cap still has “work to do.”
Crypto Jelle anticipates Bitcoin to hold above the ,300 threshold, in order for the price to “regain that 2021 bull cycle peak.” Additionally, when his forecast takes place, he believes that prices “will be off” in the upward direction in no time.
Amount Of BTC To Buy Using DCA Strategy
As Bitcoin continues to struggle, crypto analyst Ali Martinez has underlined the amount of BTC to purchase within specific price levels using the Dollar-Cost Averaging (DCA) strategy.
According to Martinez, when BTC is within the range of ,130, ,130, ,130, and ,130, investors should buy 0.5 BTC. Meanwhile, at the ,130, ,130, ,130, and ,130 levels, investors should acquire about 0.65 BTC.
Furthermore, around ,130, ,130, ,130, and ,130, Martinez advocates the acquisition of 0.8 BTC. Lastly, a portion of 0.95 BTC should be purchased around ,130, ,130, ,130, and ,130.
At the time of writing, Bitcoin was trading at ,299 on the daily timeframe, indicating an increase of over 4%. Its market cap has risen by 4.97% in the past day, while its trading volume is down by over 12%.
Canadian Court Declares Freeze on Crypto Donations During ‘Freedom Convoy’ Protests Unconstitutional
In a judicial rebuke, the Federal Court of Canada ruled that the Trudeau government’s decision to freeze cryptocurrencies during the 2022 “Freedom Convoy” protests was unconstitutional.
Trudeau Government’s Emergency Powers Challenged: Court Rules Crypto Freeze Unlawful
In a ruling on Jan. 23, the Federal Court of Canada deemed the Trudeau government’s use of the Emergencies Act to freeze funds and cryptocurrencies during the ‘Freedom Convoy’ protests in 2022 as unconstitutional. Justice Richard Mosley concluded that invoking the Emergencies Act was not justified as there was no national emergency.
The controversial move by Prime Minister Justin Trudeau’s government in February 2022 aimed to curb financial support for truckers protesting Covid-19 vaccination mandates. It marked the first time the law was used to freeze financial assets, including cryptocurrencies.
The Canadian Civil Liberties Association (CCLA), the Canadian Constitution Foundation, and various groups contested the government’s decision, arguing it was unnecessary and a violation of constitutional rights. The court’s decision validates their stance, asserting that the government could have used other means rather than resorting to the Emergencies Act, a measure deemed an overreach.
Protesters in the ‘Freedom Convoy’ had blocked streets in Ottawa, opposing mandates for truck drivers crossing the Canada-United States border to be vaccinated against Covid-19. The government had labeled the protests as an illegal occupation, necessitating the use of the Emergencies Act.
This ruling has implications for the use of crypto assets in political protests. Digital assets played a part in funding the trucker protests, with estimates of millions received in cryptocurrencies.
In February 2022, Gofundme froze over million in donations for the protests. The fundraising subsequently shifted to Tallycoin, a bitcoin-based crowdfunding platform, where the Honkhonk Hodl group garnered over 22 bitcoin, valued at approximately 5,000 at that time. The Christian crowdfunding site Givesendgo also emerged as a key platform, raising over million, including unknown amounts in crypto. Canadian authorities later froze bank accounts linked to Givesendgo donations.
Following the court’s decision, the CCLA said in a released statement:
The CCLA stood up to the government’s use of the Emergencies Act and challenged the government in court. The Federal Court’s decision sets a clear and critical precedent for every future government.
Finance Minister Chrystia Freeland announced the government’s intention to appeal the ruling.
What do you think will be the repercussions of this ruling? Share your thoughts and opinions about this subject in the comments section below.
US Treasury Secretary Janet Yellen Declares ‘Soft Landing’ Reached, Americans Recovering Optimism
Janet Yellen, U.S. Treasury Secretary and former Chairman of the U.S. Federal Reserve, believes that the recent improvements in the American economy show that the country has achieved a soft landing. For Yellen, the recent low figures of inflation and the strength of the labor market are signs of this scenario.
Janet Yellen Declares U.S. Economy Reached ‘Soft Landing’ Scenario
U.S. Treasury Secretary Janet Yellen believes that the U.S. economy has improved during the last six months, declaring that she feels that what they are seeing now can be described as a soft landing, which happens when the measures taken by the Federal Reserve, as interest rate hikes, slow down inflation without causing a recession.
According to Yellen, this is what the Federal Reserve has achieved, taking the latest labor markets and inflation numbers into account. Supporting her statements, Yellen explained that the labor market hadn’t slowed down, with 23 months in a row with the unemployment percentage under 4%, something not seen in 50 years, and 216,000 jobs added in December.
In an X post, Yellen stated:
The American people, workers, and businesses have helped put us on a path to a soft landing. The President’s economic agenda is giving them the tools they need to grow the economy, including historic investments in infrastructure, clean technology, and semiconductors.
Yellen also remarked on the advances that the economic apparatus of the U.S. had reached, achieving a steep inflationary decline during the last six months. However, he acknowledged that there is more to do on the inflationary front concerning housing and food prices, that have remained high. Also, she stated that polls have started to show that Americans are becoming more optimistic about their future.
Yellen’s recent remarks are consistent with her statements from December when she stressed that, even when there was always a recession risk, she didn’t believe it was particularly high at that moment, explaining that people would start feeling better about the economy gradually over time.
What do you think about Janet Yellen’s statements on reaching a soft landing scenario? Tell us in the comments section below.
Palau Declares First Phase of Stablecoin Pilot a Success
The Republic of Palau has stated that the first phase of its limited stablecoin pilot was a success in a recently released report. The document also indicates that future phases of the project will focus on extending the reach of the stablecoin, with a high emphasis on compliance.
Palau Reports on First Phase of Stablecoin Pilot
The Republic of Palau has released a report summarizing the results of the first phase of its stablecoin pilot, highlighting the results and popularity of the palau stablecoin (PSC). The pilot, which launched in June 2023 with the involvement of 200 volunteers, used Ripple Ledger technology as a backbone for controlling wallet transactions.
The Ministry of Finance (MOF) of Palau informed that more than 700 transactions were completed during this phase, with more than 400 being payments to retail merchants. The report states both participants and retailers had good experiences during the pilot and that PSC was positively received as a digital payment system, even after facing opposition from some government officials.
While there is no explicit mention of a second phase for the PSC pilot, the MOF stated that “the long-term objective is to implement PSC nationally as a convenient and cost-effective way of payment,” hinting at the continuation of the project in the short term.
For this objective, the pilot will aim to improve its reach, allowing more financial institutions, retail businesses, and individuals to participate in the payments network. The report also calls for the organization of educational campaigns to show the general public the benefits of using this digital cash alternative.
Further, the MOF declares that subsequent phases of the pilot will focus on compliance, given that the PSC is a dollar-pegged digitized token, and Palau needs to “establish a legal
framework that ensures the security and transparency of transactions within the stablecoin network, promoting trust and reliability in this innovative payment system.”
What do you think about the results of the first phase of Palau’s stablecoin pilot? Tell us in the comments section below.
Ripple CEO Declares Intent To Bring XRP Battle To Supreme Court
In a recent speech at the DC Fintech Week conference, Ripple CEO Brad Garlinghouse addressed the company’s regulatory hurdles. He expressed his views on the cryptocurrency landscape in the United States.
Ripple CEO Warns Of US Risking Market Share Loss
According to a Fortune Magazine report, Garlinghouse acknowledged during his speech that despite Ripple’s success in court against the SEC, some US banks must be more cautious about engaging meaningfully with cryptocurrencies.
Garlinghouse attributed this reluctance to the perception that the US government and the Office of the Comptroller of the Currency (OCC) are “hostile to the crypto industry.”
While Ripple’s court victory in July was seen as a positive development, Garlinghouse believes that the SEC’s overall approach, coupled with Chairman Gary Gensler’s characterization of crypto as the “Wild West,” is hindering the industry’s growth in the US.
Garlinghouse emphasized that while the US has hostility towards crypto, other countries actively welcome crypto companies and investments by providing clear regulatory policies.
As a result, the US risks losing its market share and failing to capitalize on its early advantage in the crypto space. Garlinghouse expressed his belief that the US can still become a leader in the industry but highlighted the urgency for clear and constructive regulatory frameworks to be established.
CEO Vows To Escalate Legal Battle With SEC To Supreme Court
Given the challenges faced in the US, Garlinghouse announced that Ripple would continue to expand its operations in other countries. He revealed that 80% of Ripple’s hiring in the current year will be conducted outside of the US, reflecting the company’s need to operate in more favorable regulatory environments.
Garlinghouse emphasized the importance of creating a hospitable environment for innovation and growth, suggesting that the current hostility in the US hinders Ripple’s ability to operate effectively within the country.
During the conference, Garlinghouse expressed his willingness to escalate Ripple’s legal battle with the SEC to the Supreme Court.
Garlinghouse stated that Ripple is prepared to pursue legal avenues until a resolution is reached. This firm stance underscores Ripple’s commitment to addressing regulatory uncertainties surrounding XRP.
Brad Garlinghouse’s remarks at the DC Fintech Week conference shed light on the ongoing regulatory challenges faced by Ripple and the wider cryptocurrency industry in the United States.
Despite recent court victories, Ripple encounters obstacles due to perceived hostility and a lack of clear policy guidance. Garlinghouse’s readiness to escalate the legal battle to the Supreme Court demonstrates Ripple’s determination to seek a resolution and establish a constructive regulatory framework.
As Ripple expands its operations globally, the hope remains that the US will adopt more welcoming and supportive regulations to foster innovation and maintain its competitive edge in the evolving cryptocurrency landscape.
As of the current market update, XRP is trading at .6902, indicating sideways price movement over the past 24 hours. However, in the fourteen-day timeframe, the token has experienced a notable gain of 13%.
Featured image from Shutterstock, chart from TradingView.com