Stand With Crypto, a crypto and blockchain-focused political action committee (PAC), has decided to endorse 18 additional House and Senate candidates from both parties to get crypto-friendly allies to achieve positive results in the upcoming elections. Among the favored are Kirsten Gillibrand, Rick Scott, Dan Goldman, Young Kim, and House hopefuls Blake Masters and Sarah […]
Bitcoin News
Mad Money’s Jim Cramer Endorses Ether as ‘Great Store of Value’ Amid US Dollar Concerns
Jim Cramer, the host of CNBC’s Mad Money show, has endorsed ethereum and spot ether exchange-traded funds (ETFs), highlighting the cryptocurrency as a “great store of value” amid concerns over the U.S. dollar due to federal budget deficits. “I have ether because it’s a great store of value,” he affirmed. Jim Cramer on Ethereum and […]
Bitcoin News
Roger Stone Endorses TRUMP Meme Token, Spurs Double-Digit Growth Amid Market Slump
Roger Stone, a seasoned Republican political strategist, lobbyist, and former adviser to Donald Trump’s campaign, has endorsed the meme coin TRUMP on X, sparking a 17% increase in its value amid a wider downturn in the cryptocurrency market. Meanwhile, the meme token BODEN experienced a 9% uptick against the U.S. dollar over the last 24 […]
Bitcoin News
Analyst Endorses MATIC, Time To Double Down On Polygon And Ethereum Layer-2 Tokens?
Ryan Sean Adams, a vocal Ethereum commentator and crypto investor, is bullish on MATIC, the native token of Polygon. Taking to X on November 8, Adams said MATIC should be a top-10 crypto asset, adding that people are asleep on layer-2s.
Polygon (MATIC) Remains In An Uptrend
When writing on November 8, MATIC is among the top 15 most valuable coins by market cap. It also remains volatile, fluctuating, and moving up and down the market cap leaderboard rankings. Even so, considering its spot valuation exceeding .3 billion according to CoinMarketCap (CMC), a crypto tracker, MATIC remains relatively liquid with a broad user base.
Etherscan data on November 8 shows that there are 629,967 MATIC holders, down roughly 2%, but the number remains higher despite the contraction following the crypto winter of 2022, which spilled over to 2023.
As of November 8, MATIC is up 60% from September 2023 lows. According to CMC, the coin is also up 13% on the last trading day, pushing weekly gains to over 27%. Looking at the candlestick arrangement in the daily chart, the uptrend momentum is strong, and buyers appear to be doubling down.
Presently, bull bars are aligned along the upper BB, suggesting that there is intense buying pressure. At the same time, MATIC is within a bullish breakout formation, breezing past August highs.
Polygon, a sidechain, is among the many scaling solutions for Ethereum. The platform is compatible with Ethereum, allowing protocols to build on Polygon while enjoying the high activity and security of the first smart contract network. Polygon is also considered a layer-2, though it isn’t technically a layer-2 since it doesn’t depend on roll-ups like Arbitrum or OP Mainnet.
Time To Double Down On MATIC And Layer-2 Tokens
In Adams’ view, considering layer-2 tokens, including MATIC or ARB, at spot levels could translate to more gains in the next bull run. Nonetheless, it should be noted that MATIC, for instance, is down 72% from 2021 highs.
Moreover, the coin is trending inside June’s bear trade range. A comprehensive close above this level may signal the end of the bear run, possibly anchoring buyers targeting .5.
In late October, Polygon Labs officially launched the POL, a token that will prime Polygon 2.0, Ethereum, signaling the first steps to see MATIC gradually phased out. POL will serve more roles in Polygon 2.0, specifically powering an ecosystem of zero knowledge-based layer-2 chains using Polygon’s infrastructure. News of this smart contract launch seemed to have catalyzed demand, driving token prices higher.
Cathie Wood Endorses Bitcoin ‘Hands Down’ Over Gold and Cash, Foresees Deflationary Economy
Cathie Wood, the founder and CEO of Ark Investment Management, has an optimistic outlook on bitcoin’s future and she recently shared her enthusiasm on Bloomberg’s “Merryn Talks Money” podcast. In the conversation, when presented with the choice between gold, cash, or bitcoin as a ten-year investment, Wood confidently declared her preference for bitcoin, saying it would be her pick “hands down.”
Ark Invest CEO’s Contrarian Bet: Bitcoin to Triumph Over Gold as Deflation Hits the U.S.
Last week, Cathie Wood, the CEO and founder of Ark Invest, championed bitcoin (BTC) over traditional assets like cash and gold. Her confidence in bitcoin surfaced during her interview on Bloomberg’s “Merryn Talks Money” podcast. Faced with the query of which asset she’d prefer to keep over a decade, Wood’s choice was unequivocal, “Bitcoin, hands down. Bitcoin is a hedge against both inflation and deflation—so is gold—but bitcoin is digital … gold already has its demand, it’s happened, bitcoin is new.”
A long-standing proponent of bitcoin’s potential, Wood projected in September 2021, just before bitcoin soared to its peak value of ,000, that it could hit a staggering 0,000 within five years. She also shared her anticipation of the metaverse, predicting it to burgeon into a multi-trillion-dollar arena that same year. In the podcast discourse, Wood emphasized the nascent stage of institutional investment in BTC and the generational shift in asset preference, noting:
Institutions are barely involved and young people would much prefer to hold bitcoin than to hold gold.
At Ark Invest, her team anticipates a notable deflationary occurrence on the horizon for the U.S. economy, which is riddled with uncertainties. Wood maintained her stance, asserting that “deflation” is on the economy’s forecast and evidence of such deflation is already emerging. “We think this period of time is much more like the 19-teens than the 1970s,” she said on the podcast. Wood’s viewpoint stands in stark contrast to the common belief that bitcoin is acquired as a shield against inflation.
“I don’t believe that inflation is why it’s going up. There’s no counterparty risk in Bitcoin, it’s a completely transparent, decentralized network you can see everything that’s going on on the network,” she said. You cannot see what’s going on inside regional banks, you can only surmise because they’re losing deposits and they have to fund those by selling securities,” the Ark Invest CEO added. Besides bitcoin (BTC), the CEO of Ark Invest also explored the topic of artificial intelligence (AI) and shared her insights on Tesla.
What do you think about Cathie Wood’s latest insights? Let us know in the comments section below.
Crypto Tidbits: Bitcoin Taps $10,000, President Xi Endorses Blockchain, Libra Under Fire
Another week, another round of Crypto Tidbits. What a week for Bitcoin (BTC). Over the past seven days, the cryptocurrency market has incurred massive volatility as Bitcoin has found itself at a crossroads between a resumed macro uptrend and a redux of 2018’s “Crypto Winter.” For now, it seems as though the market is choosing the latter option.
After plunging from ,000 to ,300 earlier this week, the leading cryptocurrency shot higher by some ,000 in a 24-hour period on Friday and Saturday, tapping ,500 in the process. This marked Bitcoin’s fourth-largest daily move. Ever.
Regardless of the volatility, the industry continued to chug along, so to speak. China’s President, Xi Jinping, announced that he endorses the adoption of blockchain in the most populus nation in the world; Bitmain revealed the “world’s largest” Bitcoin mining facility in Texas; and Mark Zuckerberg of Facebook fame appeared on Capitol Hill to talk Libra amongst other topics.
Related Reading: Crypto Tidbits: Fidelity Expands Bitcoin Ops, Ripple’s XRP Sales Fall, Grayscale Sees Growing Altcoin Demand
Bitcoin & Crypto Tidbits
- President Xi Endorses Blockchain: According to Chinese state media, President Xi remarked at a committee session on blockchain technologies that he sees the benefits of this industry. According to a rough translation of Xi’s comment, the world leader said that blockchain should be treated as an “important breakthrough” for innovation of “core technologies,” meaning that China must “clarify the main directions, increase investment, focus on a number of key technologies, and accelerate development.” The Chinese president made no mention of Bitcoin, presumably because cryptocurrencies are largely a banned or taboo activity in China.
- Libra Could be the Western World’s Counter to China: Speaking to the Financial Services Committee in Washington, D.C., Facebook’s Mark Zuckerberg said that his firm’s Libra project could help deter Chinese innovation. The Facebook chief was appearing on the Hill to discuss Libra amongst other topics. Unfortunately for the partners of Libra, the reception was extremely negative, with many Congressmen and Congresswomen bashing the project because of what they see as risks to citizens, corporations, and monetary sovereignty.
- Mike Novogratz to Launch Bitcoin Funds: Mike Novogratz of Galaxy Digital isn’t taking the recent downturn lying down. Speaking to CNBC in a recent interview, the Wall Street veteran said that his firm, a crypto merchant bank, is looking to launch a Bitcoin fund that will allow investors to easily gain exposure to BTC holdings. “It is just a fund that takes care of custody, takes care of pricing,” Novogratz explained.
- Bitmain Launches Massive Bitcoin Farm in Texas: Chinese cryptocurrency mining giant Bitmain has launched a massive Bitcoin mining operation in Rockdale, Texas. The farm’s current capacity is 50 megawatt (MW), but Bitmain looks to scale up operations to over 300 MW in the future, thus making it the “world’s largest [farm] for Bitcoin mining.” In a comment, Clinton Brown, Bitmain’s lead project manager for the Texan region, said: “The stable and efficient energy resources in Texas are fundamental to the inevitable scale of growth for the cryptocurrency mining industry.”
- Opera Launches Bitcoin Payment Support: Revealed in a press release published on Tuesday morning, the Norway-headquartered Opera, the popular desktop and mobile browser developer, has revealed that it has added TRON (TRX) wallet integration into its mobile browser. The web browser’s 350 million users will be able to send and receive TRX directly within Opera, and to access TRON DApps listed on the built-in DApps Store,” the release read. This update also allows Opera users to make Bitcoin e-commerce payments directly within the application.
- FinCEN Chief Confirms Crypto Firms Need to be AML-Regulated: Speaking to an audience at a fintech event at the Georgetown University Law Center, Director of the Financial Crimes Enforcement Network (FinCEN) Kenneth Blanco said that cryptocurrency firms are not above AML laws. Firms dealing with digital assets, he remarked, are still subject to the Bank Secrecy Act, “whether you are a stablecoin, centralized, decentralized crypto.” He asserted that this has to be the case due to the potential that individuals on the other side of cryptocurrency transactions might be “dealing in some kind of illicit activity,” be it “opioids or human smuggling.”
- Bakkt Bitcoin Market Volume Sets New All-Time High: On Friday, as the cryptocurrency market jumped by billions of dollars, Bakkt’s Bitcoin futures suddenly became popular amongst institutional traders. The upstart’s market ended the day with around 1,200 contracts traded, approximately million.
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