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Bitcoin, Ethereum, Dogecoin Trade Mixed As Year Of The Dragon Dawns: Analyst Predicts 6-Figure Price Target For King Crypto

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Bitcoin, Ethereum, Dogecoin Trade Mixed As Year Of The Dragon Dawns: Analyst Predicts 6-Figure Price Target For King Crypto

Major cryptocurrencies experienced mixed trading on Sunday evening, as East Asia marked the beginning of the Lunar New Year. According to the Chinese Zodiac, the current period is called the Year of the Dragon.

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
Bitcoin BTC/USD +1.72% $48,535
Ethereum ETH/USD +0.22% $2,516
Dogecoin DOGE/USD -0.18% $0.081

What Happened: Based on the latest analysis by 10X Research, Bitcoin’s price is forecasted to surge to as much as $48,000 in the upcoming days, capitalizing on the historical trend of gains noted around the Lunar New Year.

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The forecast foresees an expected surge of at least 11%. Bitcoin has experienced an increase of almost 15% in the last two weeks, offsetting previous losses amid the excitement surrounding the anticipated Bitcoin exchange-traded funds (ETFs), ultimately resulting in a “sell-the-news” scenario.

Top Gainer (24 Hour)

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Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT)
Bitcoin Cash BCH/USD +10.67% $273.33
Flare  FLR/USD +10.01% $0.033
Immutable X IMX/USD +8.57% $3.00

The global cryptocurrency market cap now stands at $1.70 trillion, showing a 2.90% increase in the past 24 hours.

U.S. stock futures held steady on Sunday night after a historic week for the S&P 500. Futures linked to the 500-stock index showed no significant change, while Dow Jones Industrial Average futures and Nasdaq 100 futures traded within 0.1% of their previous closing levels.

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Traders will closely monitor the upcoming release of the Consumer Price Index (CPI), a crucial measure of inflation, scheduled for Tuesday morning. Additionally, they anticipate the release of economic data on Thursday and Friday, encompassing January’s retail sales, production figures, imports and exports, housing starts, and the Producer Price Index (PPI).

See More: Best Cryptocurrency Scanners

Analyst Notes: Cryptocurrency analyst Michael Van de Poppe observed that Bitcoin is currently encountering resistance in the $48,000-50,000 range.

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“Stronger and more resilient than I personally imagined. Is that bad? No, it’s a good sign. More inflow from institutions signals more market strength. I think seeing $53,000-57,000 pre-halving has a likely chance.”

Crypto analyst Ali Martinez said in a post on X said that Bitcoin whales have engaged in a buying spree, accumulating 140,000 BTC over the last three weeks, equivalent to $6.16 billion. “#Bitcoin whales have been on a buying spree, acquiring 140,000 $BTC over the past three weeks, amounting to $6.16 billion!”

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Ki Young Ju, CEO of analytics platform CryptoQuant, predicted $112,000 per bitcoin this year.

This forecast aligns with CryptoQuant’s market forecast, which takes into account the impact of investments on Bitcoin’s realized cap.Realized cap represents the aggregate price at which the BTC supply last moved. 

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“Bitcoin market has seen $9.5B in spot ETF inflows per month, potentially boosting the realized cap by $114B yearly. Even with $GBTC outflows, a $76B rise could elevate the realized cap from $451B to $527-565B,” Ki said.

Ki presented a “worst case” for BTC estimation ranging from $55,000 to $59,000.

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Photo by FellowNeko on Shutterstock

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users

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Elon Musk Impersonation Scam: Unveiling Cryptocurrency Fraud with Deepfake Technology

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Elon Musk Impersonation Scam: Unveiling Cryptocurrency Fraud with Deepfake Technology

Watan-The concept of fraud through cryptocurrency has once again dominated the scene of online scams, this time associated with the name of American billionaire Elon Musk.

During the past hours, social media users have circulated a video recording, claiming to be a new offer from Elon Musk, alleging that the owner of platform “X” pledged to provide ten thousand dollars to anyone who opens an account on his digital currency website.

Musk has been promoting the cryptocurrency “Dogecoin” for years, regularly tweeting about the unique symbol that was created as a joke in 2013.

Fake Voice

According to compiled clips from the English comedian program “Last Week Tonight” by John Oliver, a voice resembling Elon Musk’s was heard offering the amount to encourage people to trade the currency, promising that anyone who opens an account on a specialized website will immediately receive ten thousand dollars.

The video, crafted using deepfake technology and disseminated on TikTok, uses deepfake, a technology that replaces a person’s face with another targeted face, or substitutes one person’s voice with another’s.

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However, it was quickly exposed and several copies of the video were removed from TikTok after user reports.

Deepfakes are created using computer programs through artificial intelligence.

This technique attempts to merge a number of images and video clips of a certain personality to produce a new video clip – using machine learning – which may initially appear real but is actually fake.

@adelecryp 🔥vefonix com | delux🔥 #cryptonews #cryptok #xrp #bitcoin #crypto2023 #thanksgiving ♬ Friday Night Lights – ROKKA

Victims of Fraud

Some cryptocurrency-related fraud operations target individuals who already possess cryptocurrencies. Scammers exploit newcomers’ lack of knowledge in cryptocurrency, as well as the absence of cryptocurrency-related laws, to deceive them into sending money.

Recently, users lost over $700,000 after the X account of Ethereum co-founder Vitalik Buterin was hacked.

Through Buterin’s account, scammers posted a link promising free non-fungible tokens (NFTs). Subsequently, victims who clicked on the link lost their own NFT tokens.

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While hackers typically use text messages and X (Twitter) tweets to target victims, widespread access to artificial intelligence is changing their methods, with the creation of deepfake videos featuring famous personalities like Elon Musk, CZ, and others.

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Warren Buffett’s Cryptocurrency Skepticism Meets Berkshire Hathaway’s Strategy

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Warren Buffett’s Cryptocurrency Skepticism Meets Berkshire Hathaway’s Strategy

Picture this: Warren Buffett, the Oracle of Omaha, holding a disdain for cryptocurrencies, yet his own conglomerate, Berkshire Hathaway, dives into the crypto pool. It’s a narrative that captures the complexity and intrigue of modern investment strategies, where skepticism and opportunity dance in the ever-evolving financial market. This story unfolds as Buffett, known for his preference for tangible assets, navigates the waves of Bitcoin’s value surge, all while Berkshire Hathaway reveals its stake in a crypto-friendly bank.

The Skepticism of an Investment Titan

Warren Buffett, a name synonymous with investment acumen, has long expressed his skepticism towards Bitcoin and cryptocurrencies at large. He’s remarked on their lack of practical utility, questioning the intrinsic value of these digital assets. Despite Bitcoin’s meteoric rise from about $15,000 in 2018 to over $50,000, Buffett’s stance remains firm: cryptocurrencies do not meet his criteria for valuable investments. This skepticism is rooted in a philosophy that prizes tangible assets over speculative ones, guiding Buffett’s decisions in a market prone to rapid changes.

Berkshire Hathaway’s Crypto Foray

Contrary to Buffett’s personal skepticism, Berkshire Hathaway has not shied away from opportunities within the cryptocurrency market. The conglomerate’s recent financial disclosures reveal an increased investment in Nubank, a Latin American digital bank known for its crypto-friendly services, including Nucripto. By elevating its stake from $500 million to $1 billion, Berkshire Hathaway not only underscores the potential it sees in digital banking and cryptocurrencies but also highlights a strategic divergence from Buffett’s publicly stated views.

Deciphering the Investment Strategy

The investment in Nubank, despite Buffett’s critique of cryptocurrencies, may seem contradictory at first glance. However, it offers a glimpse into Berkshire Hathaway’s broader strategy: a recognition of growth potential and value beyond immediate skepticism. This approach reflects a nuanced understanding of the market, where digital and crypto assets are increasingly central to the future of finance. The move signals Berkshire Hathaway’s adaptability, acknowledging the role of cryptocurrencies in diversifying investment portfolios and tapping into new markets, particularly in regions like Latin America where Nubank has made significant inroads.

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Warren Buffett’s skepticism towards Bitcoin and cryptocurrencies, juxtaposed with Berkshire Hathaway’s investment in a crypto-friendly bank, encapsulates the complexities of the modern financial landscape. It’s a reminder that investment strategies are not monoliths but evolving practices that adapt to market realities. As Berkshire Hathaway navigates this terrain, Buffett’s wisdom and the conglomerate’s actions offer valuable insights into the balance between skepticism and opportunity, tradition and innovation.

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Cryptocurrency for Disaster Relief: Streamlining Aid Distribution in Times of Crisis

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Cryptocurrency for Disaster Relief: Streamlining Aid Distribution in Times of Crisis

Disasters strike hard and fast, leaving communities reeling from the devastation. In the aftermath, amidst crumbled infrastructure and disrupted communication, getting crucial aid to those who need it most can be a herculean task. Traditional methods of disaster relief often face logistical hurdles, bureaucratic red tape, and limitations in transparency. Enter cryptocurrency, a digital asset emerging from the shadows to offer a potentially revolutionary solution for streamlining aid distribution in times of crisis.

Bitcoin’s Strengths in a Time of Need:

Bitcoin, the most prominent cryptocurrency, boasts several key characteristics that make it uniquely suited for disaster relief:

Borderless and Censorship-Resistant: Unlike traditional financial systems, Bitcoin transactions are unconstrained by national borders or government control. This allows aid to reach even remote or conflict-stricken areas where traditional banking infrastructure may be non-existent or inaccessible.

Fast and Transparent: Bitcoin transactions are processed and recorded on a public ledger called the blockchain, ensuring speed and transparency. Donors can track their contributions in real-time, verifying that their funds are reaching their intended recipients.

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Secure and Efficient: Bitcoin wallets are self-custodial, placing control over funds directly in the hands of recipients. This eliminates the risk of theft or mismanagement by intermediaries, maximizing the impact of every donated dollar.

Redefining Aid Distribution:

The potential applications of Bitcoin in disaster relief are numerous:

Direct Cash Transfers: Displaced individuals can receive Bitcoin donations directly into their digital wallets, allowing them to purchase essential goods and services like food, shelter, and medicine, empowering them to prioritize their specific needs.

Micro-grants: Bitcoin can be used to provide small grants to entrepreneurs and businesses restarting in the aftermath of a disaster, fostering economic recovery and local development.

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Crowdfunding Platforms: Utilizing blockchain technology, secure and transparent crowdfunding platforms can be established, enabling individuals worldwide to contribute to relief efforts with ease.

The Haiti Earthquake – A Real-World Example:

In 2021, following the devastating earthquake in Haiti, organizations like GiveDirectly successfully utilized Bitcoin to provide direct cash transfers to affected families. This swift and transparent approach empowered recipients to rebuild their lives with dignity and autonomy, bypassing cumbersome traditional aid distribution mechanisms.

Challenges and Considerations:

While promising, there are also challenges to consider:

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Volatility: Bitcoin’s price fluctuations can introduce uncertainty for both donors and recipients. Responsible financial planning and risk management strategies are crucial.

Technology Access and Literacy: Not everyone in disaster-stricken areas may have access to the necessary technology or knowledge to use Bitcoin effectively. Bridging the digital divide through education and infrastructure development is vital.

Regulatory Uncertainty: The evolving regulatory landscape surrounding cryptocurrencies can create complexities for organizations implementing Bitcoin-based solutions.

A Path Forward:

Despite the challenges, the potential of Bitcoin to revolutionize disaster relief is undeniable. By fostering collaboration between humanitarian organizations, technology developers, and local communities, we can harness the power of this innovative technology to streamline aid distribution, empower local populations, and build a better future in the face of challenges.

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Bitcoin presents a unique and promising approach to streamlining aid distribution in times of crisis. By leveraging its strengths of borderless transactions, transparency, and security, Bitcoin can empower individuals and communities to rebuild their lives with greater autonomy and dignity. While challenges remain, with careful planning, responsible implementation, and a concerted effort to bridge the digital divide, cryptocurrency can emerge as a powerful tool for building a more resilient and responsive disaster response ecosystem.

 

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