The fallen founder of FTX, Sam Bankman-Fried (SBF), broke his silence for the first time since being sentenced to 24.25 years in prison, engaging in an email conversation with ABC News. SBF expressed that he is “haunted” daily by the events that transpired, emphasizing his stance that he “never intended to hurt anyone.” Former FTX […]
Bitcoin News
Robert Kiyosaki Predicts US Collapse, Peter Schiff Warns of BTC Massacre, Grayscale Study on BTC Halving, and More — Week in Review
Robert Kiyosaki predicted the downfall of the American empire, likening its fate to that of the Roman Empire, and advised investing in bitcoin, gold, and silver as a safeguard. Conversely, economist Peter Schiff described the recent bitcoin price surge as a “pump-and-dump” scheme. A Grayscale study on the upcoming Bitcoin halving in 2024 highlights a […]
Bitcoin News
Robert Kiyosaki Predicts ‘End of the American Empire’ Similar to Roman Collapse
Rich Dad Poor Dad author Robert Kiyosaki has cautioned about the impending downfall of the American empire, drawing parallels to the decline of the Roman Empire. “The Roman Empire ended in the same way with massive gladiators entertaining chubby Romans while their bankers debased their currency to pay soldiers and bills,” he said, adding that […]
Bitcoin News
BitMEX Co-Founder Backs Solana Amidst Fears of Another US Bank Collapse
In a post on X, Arthur Hayes, the co-founder of the derivatives crypto exchange BitMEX, said it might be time for traders to double down on Solana (SOL) and altcoins in general. Hayes’s comments come at a time of heightened volatility in the broader crypto market, with Bitcoin (BTC) struggling to regain its footing and altcoins, including Ethereum (ETH), posting mixed results.
Time To Switch To Solana?
The co-founder noted that it could be time to get back on the Solana “train.” With this preview, Hayes is convinced that Solana and other altcoins could outperform Bitcoin in the days ahead.
The outlook could be anchored on the possibility of altcoins and Bitcoin rising in the coming sessions. Specifically, Hayes warns that a “few” major banks in the United States could “bite the dust.”
This comment also comes at a critical position in the United States banking landscape. On January 31, market analysts noted that NY Community Bancorp’s stock price plummeted 45% following a surprise quarterly loss and dividend reduction.
NY Community Bancorp is crucial in the United States regional banking sector. It also acquired assets from Signature Bank when it collapsed in March 2023.
Analysts say the bank’s decision to expand harmed its balance sheet. The acquisition of Signature Bank increased its regulatory capital requirements, impacting its dividends and provisions, as seen in its latest earnings report.
A Bank Crisis Is A Boon For Bitcoin, Altcoins
While Hayes’ comments are likely to fuel further speculation about the potential for another banking crisis in the United States, it is not immediately clear whether this might spark a crypto rally.
However, reading from past events, if indeed a major bank in the United States collapses and files for bankruptcy in the next few days, Bitcoin will likely rally. In March 2023, following the collapse of Signature Bank, among others, Bitcoin initiated a crypto rally that saw Ethereum and Solana record gains.
Considering the significant shift in Solana investor sentiment over the past few months, it is likely that SOL might snap back to trend. In that case, the altcoin might break above 5, extending 2023 gains.
When writing, SOL is pinned below 0 and under pressure. The local resistance is at 5. A break out might lift the coin towards 5 in a buy trend continuation pattern.
Gold Bug Peter Schiff Predicts Bitcoin’s Swan Song, Heralds ‘Spectacular Collapse’
Europac’s chief economist and known gold proponent Peter Schiff compared the gold and bitcoin rallies, explaining that the latest gold price pullback allowed bitcoin prices to pump. Nonetheless, Schiff believes that bitcoin will collapse spectacularly while gold prices will continue to rally.
Peter Schiff Predicts Bitcoin’s Swan Song
Peter Schiff, chief economist at Europac, has given his take on the recent gold and bitcoin market movements. According to Schiff, the pullback that gold prices are experiencing after reaching all-time high levels last week opened a window for bitcoin prices to increase in tandem.
Stating he was admittedly bashing bitcoin, Schiff declared:
This could be Bitcoin’s swan song. The speculative frenzy around spot Bitcoin ETFs will end soon. Bitcoin’s collapse will be more spectacular than its rally.
He also criticized CNBC reports on the market movements calling bitcoin “digital gold” as other cryptocurrencies rallied as part of a marketwide pump. “Are all those tokens digital versions of gold too? In reality, none are digital gold, just modern-day digital versions of fools’ gold,” he concluded.
Schiff contrasted bitcoin market movements with those of gold, saying the gold rally was real. In a subsequent post on X, Schiff stressed that the pullback of gold to 00-level prices derived from natural profit-taking and speculative shorts entering the market.
He explained:
The rally likely caused some speculative longs to exit and shorts to enter. But I’m sure the shorts will cover on this pullback and the real buyers who drove the price above K will push gold to new highs.
According to his thesis, gold prices are rising due to the upcoming crash of the dollar and the U.S. economy. These elements drive world powers to ramp up gold purchases as the “most viable alternative” to the U.S. currency.
What do you think about Peter Schiff’s opinion on the latest bitcoin price rally? Tell us in the comments section below.
Robert Kiyosaki Warns of Giant Market Collapse, War, ‘Really Hard Times Ahead’ for Millions
Rich Dad Poor Dad author Robert Kiyosaki has issued more warnings about the U.S. economy, including a giant market collapse, a possible next Great Depression, and another war. The famous author emphasized that millions of people will face “really hard times ahead.” He urged them to be prepared, reiterating his recommendation of gold, silver, and bitcoin.
Robert Kiyosaki Sees ‘Really Hard Times Ahead’ for Millions
The author of Rich Dad Poor Dad, Robert Kiyosaki, is back with dire warnings about the U.S. economy. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
The famous author wrote on social media platform X Thursday that a “giant market collapse is here” because the Three Stooges are running the White House, the U.S. Treasury, and the Federal Reserve. He continued:
Possible next Great Depression. Possibly war. For millions, reallly hard times ahead.
Kiyosaki noted that individuals with the right mindset and adequate preparation will find the next Great Depression to be “the best time of their lives.” He advised: “Please prepare. Please take care. Buy gold, silver, bitcoin.”
The well-known author has consistently cautioned about challenging times ahead for the U.S. economy. Besides advocating for gold, silver, and bitcoin, he also recommends buying bitcoin exchange-traded funds (ETFs) for those who do not want to buy BTC directly. The U.S. Securities and Exchange Commission (SEC) is expected to start approving spot bitcoin ETF applications soon.
Last month Kiyosaki disclosed his recommended investment allocation to assist investors in weathering the “greatest crash in world history.” This month, he encourages investors to brace for hyperinflation, noting that he sees bitcoin as the “best protection.” He also said earlier that bitcoin provides “lifelong financial security and freedom,” advising investors to get into the cryptocurrency now before it’s too late.
What do you think about Rich Dad Poor Dad author Robert Kiyosaki’s warnings? Let us know in the comments section below.
Bitcoin Price Avoids Collapse But Can Bulls Clear This Major Hurdle?
Bitcoin price trimmed losses and climbed above ,750. BTC gained pace but it is still struggling to clear the ,500 resistance zone.
- Bitcoin is again facing heavy resistance near the ,500 zone.
- The price is trading above ,500 and the 100 hourly Simple moving average.
- There was a break above a major bearish trend line with resistance near ,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is struggling to clear the ,500 resistance and correcting gains.
Bitcoin Price Extends Decline
Bitcoin price revisited the ,720 support zone. BTC managed to avoid a collapse and started a fresh increase above the ,000 level. There was a clear move above the ,500 level.
Besides, there was a break above a major bearish trend line with resistance near ,250 on the hourly chart of the BTC/USD pair. The pair surged above the ,750 resistance. However, the bears were again active near the ,500 resistance.
A high was formed near ,390 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the recent wave from the ,720 swing low to the ,390 high.
Bitcoin is now trading above ,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the ,200 level. The first major resistance is forming near ,400. The main resistance is now near the ,500 level. A close above the ,500 resistance might start a strong increase.
Source: BTCUSD on TradingView.com
The next key resistance could be near ,200, above which BTC could rise toward the ,500 level. Any more gains might send BTC toward the ,000 resistance.
Another Drop In BTC?
If Bitcoin fails to rise above the ,400 resistance zone, it could start another decline. Immediate support on the downside is near the ,600 level.
The next major support is ,500 or the 50% Fib retracement level of the recent wave from the ,720 swing low to the ,390 high. If there is a move below ,500, there is a risk of more downsides. In the stated case, the price could drop toward the ,720 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – ,600, followed by ,500.
Major Resistance Levels – ,400, ,500, and ,200.
Dutch Central Bank Director Props Up Gold for Financial Collapse Scenario
Aerdt Houben, Director of Financial Markets for the Dutch Central Bank (DNB), has talked about the value gold could have in a financial collapse scenario. As the bank has been recently increasing its gold holdings, Houben stated that due to its properties, gold might serve as a hedge in the case of a worldwide economic disaster.
DNB Acknowledges Gold’s Importance for Central Banks
Aerdt Houben, Director of Financial Markets for the Dutch Central Bank (DNB), has talked about the rise in gold holdings of the bank and how he believes that gold can be used as a backstop in the case of a financial collapse scenario. In a recent interview, Houben acknowledged that the Netherlands has recently increased its gold holdings, as have other European central banks.
Houben explained that the central bank currently holds 612 tonnes of gold, worth around 35 billion euros (.2 billion), and that these holdings were diversified, with the bullion being located in the Federal Reserve, London, Canada, and the Netherlands. This represents 4% of the Netherlands’ Gross Domestic Product (GDP), as the government holds the same percentage as countries like France, Germany, and Italy, ranking seventh in the top ten central bank gold holdings concerning GDP.
Insurance Against Economic Collapse
When asked if he considered that the Netherlands should have more gold as a kind of insurance for the country, Houben answered:
I think it’s more than enough, because if everything collapses, then the value of those gold reserves shoots up, it skyrockets. Secondly, you don’t have to fully cover it.
Houben justified his thoughts on gold, declaring its value resided in its stability, talking about its utility and intrinsic value. “It’s a fungible product. It’s a liquid product, you can buy and sell it almost anywhere in the world. So, it’s really an outstanding commodity [on which] to base an exchange rate system,” he stressed.
For gold market analyst Jan Nieuwenhuijs, European banks piling up gold means that the confidence in the euro is not absolute, as they could be preparing for a possible return to a gold standard. China has been continuously increasing its gold holdings, with its reserves reaching over 2,113 tonnes for July, and the government now hitting 11 months of continued purchases.
Nieuwenhuijs concluded:
Indirectly, DNB encourages people to own gold to be protected from financial shocks, making the transition towards a gold-based monetary system more likely.
Do you think a return to a gold standard is possible? Tell us in the comments section below.
Solana Flying, Bulls Reverse Post-FTX Collapse Losses But SOL Analysts Cautious
SOL, the primary currency of Solana, is one of the top-performing coins in the top 10, according to CoinMarketCap, a crypto tracker. According to data on October 31, SOL is changing hands above , trending at 2023 highs, reversing all post-FTX collapse, which saw the coin tumble to as low as in Q4 2023 before recovering steadily over the past 11 months to spot rates.
Solana Flies 150% To Reverse Post-FTX Losses
At present prices, SOL is up more than 150% from November 2022 lows. At this pace, SOL is outpacing Bitcoin (BTC) and Ethereum (ETH), whose prices have also rallied by over 100% from 2022 lows.
Looking at the daily chart, SOL is within a bullish breakout formation, trending above the July 2023 high of around . Notably, the leg up is with rising trading volume, suggesting that optimistic traders possibly support the uptrend.
Besides expanding trading volume, bull bars are riding the upper Bollinger Bands (BB), diverging from the middle BB, indicating that the uptrend momentum is also high and may support prices. BB is a technical indicator for measuring price volatility. Whenever either band diverges from the middle BB, the underlying volatility is high, as with Solana at spot rates.
The bankruptcy of FTX triggered the SOL plunge in November 2022. The exchange was one of the most popular before collapsing after it emerged that its founder, Sam Bankman-Fried, had misappropriated user funds.
Bankruptcy Trustee Free To Sell SOL, Why Did They Stake?
FTX, through its subsidiaries, was one of the largest holders of SOL. Therefore, when FTX filed for bankruptcy protection at the United States Bankruptcy Court for the Southern District of New York in early November 2022, it had a ripple effect on the broader Solana ecosystem, forcing SOL prices lower.
FTX holds roughly 16% of the SOL outstanding supply worth over billion and over 0 million BTC. According to a ruling by the Bankruptcy Court for the District of Delaware in September, FTX can begin selling and investing its crypto holdings to repay creditors.
In mid-October, the FTX estate staked 5.5 million SOL. According to on-chain data, coins were staked via Figment, a platform leveraged mainly by institutional investors.
By staking SOL, the FTX estate, which a bankruptcy trustee manages, is bullish on the coin since it has the option, as directed by the court, to liquidate it at any time. Moreover, by staking, the estate will receive more SOL.
Even so, Nansen’s report on October 31 shows that the FTX estate unstaked 1.6 million SOL. It remains unclear if they will be sent to exchanges for liquidation, potentially lowering prices.
Crypto Halloween Nightmare: MEME, MEMEPAD, And TITANX Tokens Collapse, Traders Lose 100%
In a chilling development on Halloween Day, the crypto community was hit with disturbing news as PeckShield, a renowned blockchain security company, revealed a series of rug pulls over the past few hours.
Rug pulls, a form of cryptocurrency scam, involve sudden and deliberate value drops in specific tokens, accompanied by the perpetrators swapping the native tokens for Ethereum (ETH). The meme coins affected by the rug pulls were identified as MEME, MEMEPAD, and TITANX.
Multiple Rug Pulls Shake Crypto Market On Halloween
According to PeckShield’s X (formerly Twitter) post, the MEME token on the Ethereum blockchain experienced a jaw-dropping 100% drop in value. The address 0xBd72…5871 was responsible for swapping a staggering 4,854,740,126,240,000 MEME tokens for approximately 43.68 ETH.
It is important to note that the rug pull token shared the same name as the legitimate MEME token, adding to the confusion.
Similarly, the MEMEPAD token on Ethereum suffered an identical 100% value drop. The address 0xBd72…5871 conducted a swap of 4,854,740,126,240,000 MEMEPAD tokens for around 44.84 ETH.
Once again, the fraudulent crypto rug pull shared the same name as the genuine MEMEPAD token, compounding the deceitful nature of the scam.
Additionally, the TITANX token launched two days ago, October 28, on Ethereum experienced a staggering 100% value decline.
The address 0xBd72…5871 executed a swap of 4,854,740,126,240,000 TITANX tokens for approximately 46 ETH. Mirroring the previous instances, the rug pull token masqueraded under the same name as the legitimate TITANX crypto token.
Fantom Foundation Funds Vanish
In alarming events, the Fantom (FTM) Foundation finds itself entangled in a harrowing tale of fund drains and swift token swaps. PeckShield has reported two significant incidents involving the Fantom Foundation’s finances, leaving the organization with substantial losses.
The first incident occurred on October 17, 2023, when wallets associated with the Fantom Foundation were drained of approximately million worth of cryptocurrencies, equivalent to around 4,500 ETH.
Additionally, on October 26, the Fantom Foundation faced another devastating event. An unidentified entity, the “Fantom Foundation Drainer,” executed a bold move by swapping a staggering 8,087,377.97 DAI for 4,560.52 ETH.
The gravity of the situation intensified when the Fantom Foundation Drainer swiftly executed another swap on October 30, converting the 4,560.52 ETH back into approximately 8.3 million DAI within a mere 30 minutes.
The Fantom Foundation is now faced with the daunting task of investigating the breaches, identifying the culprits, and fortifying its security infrastructure to prevent future incidents.
Despite recent developments, the native token of the Fantom protocol, FTM, is trading at .2388, reflecting a 1% increase in the past 24 hours.
Notably, the token has experienced a substantial surge across various time frames. Presently, it has maintained an upward trend, with gains of over 6% and 30% in the seven-day and fourteen-day periods, respectively.
Over the year-to-date period, the token has recorded a 5% increase. These figures indicate the token’s positive performance and growth trajectory.
Featured image from Shutterstock, chart from TradingView.com