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Why the cryptocurrency sector must eradicate the cult of personality

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Why the cryptocurrency sector must eradicate the cult of personality

“Look, I tousled.” So shrugged Sam Bankman-Fried, higher generally known as SBF, as he tried to clarify how FTX contrived to lose $8 billion of buyer funds.

For viewers of the November 30 interview with Andrew Sorkin, it was fluffy and farcy stuff — not as a result of SBF had something believable or remotely coherent to say, however as a result of it was car-crash tv.

And mainstream media seemingly can’t get sufficient of this endorphin-tickling stuff. If there’s one factor the fluff media loves, it’s a hero-to-zero story … adopted by a season-long redemption arc.

First, we construct up our leaders into messianic beings. Then, we knock them again down, elect a alternative and repeat advert infinitum.

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In Mr Bankman-Fried, the business has met its ​​bete noire — a satan whose each stumble have to be watched by means of the cracks within the fingers of 1 hand whereas shovelling popcorn with the opposite.

Because the adage goes, by no means turn out to be the primary character within the crypto present. It doesn’t finish properly. This season’s leisure has been courtesy of Mr Bankman-Fried and his merry band of hyper-stimulated hangers-on.

Whereas there’s each cause for the cryptocurrency business to be concurrently transfixed and repulsed by his actions, it’s a behaviour that should cease.

Till individuals within the business cease worshipping idols with toes of clay, they are going to proceed to be led astray by glib grifters.

Irrespective of how true their intentions (for even Mr Bankman-Fried should have acted in good religion as soon as), fallible males will inevitably fall, and when these males are accountable for the digital belongings of hundreds of thousands, the collateral injury is colossal.

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Learn Extra from Stefan Rust

In cryptocurrency, the actual rewards come to those who deal with constructing decentralised networks and drive adoption.

Communities are extraordinarily essential. In the event you don’t serve your group, you’ll be ousted, as Mr Bankman-Fried was.

We shouldn’t be glorifying or spending any extra time on corrupt, deceiving, mendacity individuals.

It is crucial that, as an business, we get again to constructing decentralised networks and superior merchandise, and reward these which might be constructing environment friendly, decentralised, clear and inclusive options.

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Each political revolution — from either side of the spectrum — has been hamstrung by its creation of sturdy leaders.

The monetary revolution instigated by the Bitcoin white paper in 2008 is enjoying out the identical manner: a promising thought impaired by the individuals overseeing it.

There’s something about human nature that compels us to place individuals on pedestals. Then, once they stumble, we be part of the mob in administering a well-deserved kicking.

Lastly, having vowed by no means to make the identical mistake once more, we promptly neglect every part we have now learnt.

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The second one other smooth-talking salesman rides into city promising to treatment all our ills together with his peculiar model of snake oil, we swoon.

Mr Bankman-Fried, Caroline Ellison, Alex Mashinsky, Su Zhu, Kyle Davies, Do Kwon, Barry Silbert — not one of the protagonists from this 12 months’s drama have emerged with their reputations untarnished.

Cryptocurrency wasn’t meant to have sturdy leaders. Which is why the nameless founding father of the motion, Satoshi Nakamoto, did his bit to safe its survival after which exited the stage.

Desperately searching for Satoshi Nakamoto

Bitcoin’s creator knew that it was higher to fade away than to burn out.

No ignominious “gotcha” second through which the lead character’s sins are laid naked; solely a sluggish slink into obscurity, by no means to be heard from once more.

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Earlier than he left us, although, Mr Nakamoto mentioned: “The foundation drawback with standard forex is all of the belief that’s required to make it work. The central financial institution have to be trusted to not debase the forex, however the historical past of fiat currencies is stuffed with breaches of that belief.”

“Banks have to be trusted to carry our cash and switch it electronically, however they lend it out in waves of credit score bubbles with barely a fraction in reserve. We now have to belief them with our privateness, belief them to not let id thieves drain our accounts.”

Watch: what’s Bitcoin and the way did it begin?

He couldn’t have recognized that 12 years later, cryptocurrency could be working its personal fractional reserve system and defrauding its prospects in the identical manner because the central banks it was designed to switch.

Mr Nakamoto could have light into the background however Mr Bankman-Fried flew too near the flame. After which he burnt to a crisp, taking the entire constructing down with him.

The earlier cryptocurrency can get away from its cult of persona, the earlier it might turn out to be the censorship-resistant, shock-impervious, honey badger-esque decentralised juggernaut it was at all times meant to be.

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A leaderless cryptocurrency group isn’t the stuff that Netflix field units are product of. However what the business could lose in bingeability, it’s going to greater than make up for in monetary stability.

Belief nobody. Idolise nobody. Be hoodwinked by nobody. It’s actually not that arduous.

Stefan Rust is the founding father of Laguna Labs, a blockchain improvement home, and former chief govt of bitcoin.com

Up to date: December 07, 2022, 4:00 AM

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Crypto

Coinbase Investigates ‘Delayed Sends’ for XRP on Its Platform | PYMNTS.com

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Coinbase Investigates ‘Delayed Sends’ for XRP on Its Platform | PYMNTS.com

Cryptocurrency exchange Coinbase said Tuesday (Jan. 14) that it is investigating a problem with delayed sends of Ripple (XRP) on its platform.

“We are aware that some users may be experiencing delayed sends for Ripple (XRP),” Coinbase said in an incident report on its status page. “Buys, Sells and Fiat withdrawals/deposits are not affected. We are investigating this issue and will provide an update shortly.”

In an earlier, separate report on its status page, Coinbase said some users experienced delayed sends and receives for Stellar (XLM) on Friday (Jan. 10). That incident was resolved within 90 minutes.

On Thursday (Jan. 9), some users experienced latency or degraded performance with buys, sells, sends, Coinbase Onramp and Advanced Trade. That issue was resolved within two hours, according to the page.

In other, separate news about the company, it was reported Thursday (Jan. 9) that Coinbase told customers that it may have to share data demanded by the Commodity Futures Trading Commission (CFTC).

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The regulator sent a subpoena to the firm that seeks information about Coinbase customers’ interactions with prediction market firm Polymarket, and Coinbase emailed some customers saying it may have to share that data with the CFTC.

“When we receive requests for information from a government, each request is carefully reviewed by a team of trained experts using established procedures to determine its legal sufficiency,” a Coinbase spokesperson told CoinDesk.

On Dec. 9, cryptocurrency payments solution firm Triple-A announced an integration with Coinbase that it said it designed to let Coinbase users make payments to select merchants in the Triple-A network.

“Triple-A’s integration with Coinbase Commerce will empower merchants to offer a Coinbase-specific payment option, enhancing the convenience for Coinbase users and allowing Coinbase to connect with a wider network of merchants, to drive the broader adoption of cryptocurrency payments,” the company said in a press release.

Coinbase upgraded its Coinbase One subscription program and launched a new tier called Coinbase One Premium on Dec. 4, saying that with these new offerings, “Coinbase One now truly benefits all types of traders.”

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Coinbase One membership has reached 600,000 across 42 countries, the company added.

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Crypto

Credissential Inc. Adopts Cryptocurrency Policy, Plans XRP and XLM Purchases – TipRanks.com

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Credissential Inc. Adopts Cryptocurrency Policy, Plans XRP and XLM Purchases – TipRanks.com

Stay Ahead of the Market:

An update from Axiom Capital Advisors, Inc. ( (TSE:WHIP) ) is now available.

Credissential Inc. announced a new Cryptocurrency Acquisition Policy aimed at enhancing shareholder value by purchasing digital assets like XRP and XLM. This move aligns with the company’s cryptocurrency initiatives and allows investors exposure to the growing digital asset market. The policy is also seen as a strategy to navigate inflationary pressures while diversifying the company’s treasury holdings, indicating a proactive approach to adapting to market trends and delivering long-term shareholder value.

More about Axiom Capital Advisors, Inc.

Credissential Inc. is a vertically integrated AI software development company focusing on advancing financial technology solutions. The company is committed to developing innovative products such as Antenna, a payment platform enhanced with AI and quantum encryption technologies, and DealerFlow, an AI-driven dealer management system designed to streamline operations and enhance efficiency.

YTD Price Performance: -6.45%

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Average Trading Volume: 298,973

Technical Sentiment Consensus Rating: Buy

Current Market Cap: C$6.17M

Find detailed analytics on WHIP stock on TipRanks’ Stock Analysis page.

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Why Is Bitcoin Price Going Up? BTC Prediction After Bullish Buy Signal

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Why Is Bitcoin Price Going Up? BTC Prediction After Bullish Buy Signal

Bitcoin’s
price (BTC) is making significant gains on Tuesday, January 14, 2025, adding
over $2,000 to its value. However, Monday saw the market shaken, with the price
briefly dropping to a two-month low below the critical $90,000 psychological
level.

In this
article, I review what triggered the sudden drop, why the Bitcoin price is
going up today, and how to interpret the bullish pin bar above the 50-day
exponential moving average—a potentially strong buy signal.

On Tuesday,
Bitcoin is trading above $97,000 on Binance, marking its highest value in a
week. The cryptocurrency is currently up 2.7%, with altcoins following suit.
Ethereum (ETH) has gained 4.9% over the past 24 hours, reaching
$3,200, while XRP, the third-largest cryptocurrency by market cap, has
risen 7% to $2.56.

As shown in
the chart below, Bitcoin’s price remains in a consolidation phase that has been
in place since November, with the lower boundary near $92,000 and the upper
limit at its previous high of $98,000.

Bitcoin price is currently inside a consolidation. Source: Tradingview.com

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However,
Monday painted a less optimistic picture as
Bitcoin briefly dipped to just $89,398, causing significant panic and
confusion among retail investors.

The
temporary panic was also evident in the derivatives market: within four days,
investors pulled $1.6 billion from cryptocurrency exchange-traded funds (ETFs),
marking one of the longest selling streaks in recent times.

Over the
past 24 hours, both bulls and bears have incurred losses. Approximately $500
million in leveraged positions were liquidated across the market, with nearly
equal distribution between long and short positions. Bitcoin accounted for over
20% of this activity, with $44 million liquidated from long positions and $72
million from shorts.

Source: Coinglass.com

Analysts
attribute the recent decline in Bitcoin and the broader cryptocurrency market
to two primary factors: so-called “Trump Trade” and monetary policy.

Advertisement

Why Bitcoin Fell? Fed
Policy and Market Uncertainty Shake BTC Price

The
cryptocurrency market’s downturn is primarily driven by shifting expectations
about Federal Reserve (Fed) interest rate policies. Strong economic indicators
have led investors to anticipate a longer period of higher interest rates. The
robust U.S. job market, with 256,000 new nonfarm payrolls and a 4.1%
unemployment rate, has particularly influenced this outlook.

According
to the CME’s FedWatch tool, the probability of a rate cut at the next meeting,
scheduled for January 29, is just 2.7%. The market is currently pricing in a
stronger likelihood (around 40%) of a cut to the 4.00–4.25% range in the second
half of the year. Earlier expectations were for a more aggressive path of rate
cuts, which was expected to fuel risk assets such as cryptocurrencies and
stocks.

The chances that the Fed will lower rates this month are almost zero. Source: CME

Moreover, the
initial euphoria surrounding Trump’s pro-crypto stance has given way to more
cautious market sentiment. While Trump’s upcoming presidency promised to make
the U.S. the “crypto capital of the world,” investors are now
focusing on immediate economic realities rather than future policy promises.

The
cryptocurrency decline isn’t occurring in isolation. The selloff in Treasury
markets has created a ripple effect across various asset classes, affecting
both crypto and traditional markets. This broader market reaction demonstrates
Bitcoin’s increasing correlation with conventional risk assets.

Advertisement

Will Bitcoin Keep Going
Up? BTC Price Prediction and Technical Analysis

The
candlestick I want to highlight in the technical analysis of Bitcoin ‘s price
chart may seem modest and even barely noticeable. However, in my view, it
carries significant strength and buying potential. This is a bullish pin bar
(or doji candle) with an almost invisible body and a very long lower wick,
indicating that bears were in control but had to concede to bulls by the
session’s close.

What
does the chart show?

  • The bullish
    pin bar tested the 50 EMA and two critical support levels: $92,000 and $90,000.
  • All three
    levels held, and the price responded with an immediate increase the following
    day.
  • This strong
    bullish signal confirmed the lower boundary of the consolidation range,
    signaling that buyers are likely to actively defend the green-marked support
    zone.

Bitcoin technical analysis: BTC price chart drew a bullish pin bar candle. Source: Tradingview.com

While
Bitcoin remains in consolidation, this reaction suggests, from a purely
technical standpoint, the potential for a move towards $103,000 (the 2025
highs) and ultimately $108,000, the all-time high (ATH) to date.

Bitcoin Price Key Support
and Resistance Levels

Support

Resistance

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$90,000 – psychological round
level

$100,000 – psychological round
level

$92,000 – local lows tested in
November, December and January

$103,000 – highs from 2025

50 EMA – currently at $94,482

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$108,000 – current ATH

Breaking
above the current all-time high is a necessary condition for considering
ambitious forecasts for 2025 and beyond. Some of these projections are
truly bold.

Bitcoin Price Prediction:
Will BTC Reach $1 Million?

Late last
year, I explored the question, “Will
Bitcoin hit $1 million?” According to Jeff Park, Head of Alpha
Strategies at Bitwise Asset Management, this could be possible if the U.S.
government were to adopt a Bitcoin reserve strategy. However, he currently
assigns only a 10% probability to this scenario.

Arthur
Hayes, the Founder of the cryptocurrency exchange BitMEX, has frequently
mentioned such ambitious levels as $1 million. Last week, he appeared as a guest on
Tom Bilyeu’s show, where he discussed the current state of the
cryptocurrency market during a nearly two-hour interview. Hayes suggested that
Bitcoin is gradually heading toward seven-figure valuations and could
potentially reach them within the next five years.

“Bitcoin
has already survived for 15 years. This makes investors start to believe that
it can last for decades to come.” – Hayes commented. “BTC will be here for
the next 15, 20, 100 years. I think it will be a store of value. I can use it
to pay for things I need, so I’m going to take 2%, 3%, 4%, 5%, 10% of my
retirement income or savings and start buying that asset now.”

Other
experts, including VanEck analysts, predict more down to earth numbers. Month
ago, they
forecasted that Bitcoin price could reach $180,000 in 2025.

Bitcoin Price, FAQ

Why Is the Price of
Bitcoin Going Up?

Bitcoin’s
price is rising due to a strong bullish pin bar forming above critical support
levels, signaling strong buying activity. Market sentiment improved as Bitcoin
rebounded from a two-month low of $89,398 to trade above $97,000. This movement
reflects consolidation within the $92,000–$98,000 range, supported by technical
indicators and broader market optimism.

Will Bitcoin Rise Again?

Bitcoin’s
price is expected to rise further based on technical analysis. If it breaks
through key resistance at $103,000, it could test the all-time high of
$108,000. Long-term projections remain optimistic, with some experts predicting
significant gains by 2025, assuming market conditions remain favorable.

Advertisement

Why Is Bitcoin So Valuable
Today?

Bitcoin’s
value stems from its status as a decentralized digital asset with limited
supply, serving as a hedge against inflation and a potential store of value.
Its increasing adoption, network security, and potential as a global reserve
asset contribute to its high valuation.

Why Did Bitcoin Fall
Recently?

Bitcoin’s
recent decline was driven by market reactions to expectations of prolonged
higher interest rates from the Federal Reserve. Strong U.S. economic data
reduced the likelihood of rate cuts, pressuring risk assets like
cryptocurrencies. Additionally, shifting sentiment around pro-crypto policies
under the upcoming U.S. administration added to market uncertainty.

How Much Will Bitcoin Cost
in 2025?

Bitcoin’s
2025 price predictions vary widely. Analysts forecast potential highs ranging
from $180,000 (VanEck) to over $1 million (Arthur Hayes), depending on adoption
trends, macroeconomic conditions, and regulatory developments. A more
conservative estimate places Bitcoin at $180,000, reflecting steady growth
without speculative excess.

Bitcoin’s
price (BTC) is making significant gains on Tuesday, January 14, 2025, adding
over $2,000 to its value. However, Monday saw the market shaken, with the price
briefly dropping to a two-month low below the critical $90,000 psychological
level.

In this
article, I review what triggered the sudden drop, why the Bitcoin price is
going up today, and how to interpret the bullish pin bar above the 50-day
exponential moving average—a potentially strong buy signal.

Advertisement

On Tuesday,
Bitcoin is trading above $97,000 on Binance, marking its highest value in a
week. The cryptocurrency is currently up 2.7%, with altcoins following suit.
Ethereum (ETH) has gained 4.9% over the past 24 hours, reaching
$3,200, while XRP, the third-largest cryptocurrency by market cap, has
risen 7% to $2.56.

As shown in
the chart below, Bitcoin’s price remains in a consolidation phase that has been
in place since November, with the lower boundary near $92,000 and the upper
limit at its previous high of $98,000.

Bitcoin price is currently inside a consolidation. Source: Tradingview.com

However,
Monday painted a less optimistic picture as
Bitcoin briefly dipped to just $89,398, causing significant panic and
confusion among retail investors.

The
temporary panic was also evident in the derivatives market: within four days,
investors pulled $1.6 billion from cryptocurrency exchange-traded funds (ETFs),
marking one of the longest selling streaks in recent times.

Advertisement

Over the
past 24 hours, both bulls and bears have incurred losses. Approximately $500
million in leveraged positions were liquidated across the market, with nearly
equal distribution between long and short positions. Bitcoin accounted for over
20% of this activity, with $44 million liquidated from long positions and $72
million from shorts.

Source: Coinglass.com

Analysts
attribute the recent decline in Bitcoin and the broader cryptocurrency market
to two primary factors: so-called “Trump Trade” and monetary policy.

Why Bitcoin Fell? Fed
Policy and Market Uncertainty Shake BTC Price

The
cryptocurrency market’s downturn is primarily driven by shifting expectations
about Federal Reserve (Fed) interest rate policies. Strong economic indicators
have led investors to anticipate a longer period of higher interest rates. The
robust U.S. job market, with 256,000 new nonfarm payrolls and a 4.1%
unemployment rate, has particularly influenced this outlook.

According
to the CME’s FedWatch tool, the probability of a rate cut at the next meeting,
scheduled for January 29, is just 2.7%. The market is currently pricing in a
stronger likelihood (around 40%) of a cut to the 4.00–4.25% range in the second
half of the year. Earlier expectations were for a more aggressive path of rate
cuts, which was expected to fuel risk assets such as cryptocurrencies and
stocks.

Advertisement

The chances that the Fed will lower rates this month are almost zero. Source: CME

Moreover, the
initial euphoria surrounding Trump’s pro-crypto stance has given way to more
cautious market sentiment. While Trump’s upcoming presidency promised to make
the U.S. the “crypto capital of the world,” investors are now
focusing on immediate economic realities rather than future policy promises.

The
cryptocurrency decline isn’t occurring in isolation. The selloff in Treasury
markets has created a ripple effect across various asset classes, affecting
both crypto and traditional markets. This broader market reaction demonstrates
Bitcoin’s increasing correlation with conventional risk assets.

Will Bitcoin Keep Going
Up? BTC Price Prediction and Technical Analysis

The
candlestick I want to highlight in the technical analysis of Bitcoin ‘s price
chart may seem modest and even barely noticeable. However, in my view, it
carries significant strength and buying potential. This is a bullish pin bar
(or doji candle) with an almost invisible body and a very long lower wick,
indicating that bears were in control but had to concede to bulls by the
session’s close.

What
does the chart show?

Advertisement
  • The bullish
    pin bar tested the 50 EMA and two critical support levels: $92,000 and $90,000.
  • All three
    levels held, and the price responded with an immediate increase the following
    day.
  • This strong
    bullish signal confirmed the lower boundary of the consolidation range,
    signaling that buyers are likely to actively defend the green-marked support
    zone.

Bitcoin technical analysis: BTC price chart drew a bullish pin bar candle. Source: Tradingview.com

While
Bitcoin remains in consolidation, this reaction suggests, from a purely
technical standpoint, the potential for a move towards $103,000 (the 2025
highs) and ultimately $108,000, the all-time high (ATH) to date.

Bitcoin Price Key Support
and Resistance Levels

Support

Resistance

$90,000 – psychological round
level

$100,000 – psychological round
level

Advertisement

$92,000 – local lows tested in
November, December and January

$103,000 – highs from 2025

50 EMA – currently at $94,482

$108,000 – current ATH

Breaking
above the current all-time high is a necessary condition for considering
ambitious forecasts for 2025 and beyond. Some of these projections are
truly bold.

Advertisement

Bitcoin Price Prediction:
Will BTC Reach $1 Million?

Late last
year, I explored the question, “Will
Bitcoin hit $1 million?” According to Jeff Park, Head of Alpha
Strategies at Bitwise Asset Management, this could be possible if the U.S.
government were to adopt a Bitcoin reserve strategy. However, he currently
assigns only a 10% probability to this scenario.

Arthur
Hayes, the Founder of the cryptocurrency exchange BitMEX, has frequently
mentioned such ambitious levels as $1 million. Last week, he appeared as a guest on
Tom Bilyeu’s show, where he discussed the current state of the
cryptocurrency market during a nearly two-hour interview. Hayes suggested that
Bitcoin is gradually heading toward seven-figure valuations and could
potentially reach them within the next five years.

“Bitcoin
has already survived for 15 years. This makes investors start to believe that
it can last for decades to come.” – Hayes commented. “BTC will be here for
the next 15, 20, 100 years. I think it will be a store of value. I can use it
to pay for things I need, so I’m going to take 2%, 3%, 4%, 5%, 10% of my
retirement income or savings and start buying that asset now.”

Other
experts, including VanEck analysts, predict more down to earth numbers. Month
ago, they
forecasted that Bitcoin price could reach $180,000 in 2025.

Advertisement

Bitcoin Price, FAQ

Why Is the Price of
Bitcoin Going Up?

Bitcoin’s
price is rising due to a strong bullish pin bar forming above critical support
levels, signaling strong buying activity. Market sentiment improved as Bitcoin
rebounded from a two-month low of $89,398 to trade above $97,000. This movement
reflects consolidation within the $92,000–$98,000 range, supported by technical
indicators and broader market optimism.

Will Bitcoin Rise Again?

Bitcoin’s
price is expected to rise further based on technical analysis. If it breaks
through key resistance at $103,000, it could test the all-time high of
$108,000. Long-term projections remain optimistic, with some experts predicting
significant gains by 2025, assuming market conditions remain favorable.

Why Is Bitcoin So Valuable
Today?

Bitcoin’s
value stems from its status as a decentralized digital asset with limited
supply, serving as a hedge against inflation and a potential store of value.
Its increasing adoption, network security, and potential as a global reserve
asset contribute to its high valuation.

Why Did Bitcoin Fall
Recently?

Bitcoin’s
recent decline was driven by market reactions to expectations of prolonged
higher interest rates from the Federal Reserve. Strong U.S. economic data
reduced the likelihood of rate cuts, pressuring risk assets like
cryptocurrencies. Additionally, shifting sentiment around pro-crypto policies
under the upcoming U.S. administration added to market uncertainty.

Advertisement

How Much Will Bitcoin Cost
in 2025?

Bitcoin’s
2025 price predictions vary widely. Analysts forecast potential highs ranging
from $180,000 (VanEck) to over $1 million (Arthur Hayes), depending on adoption
trends, macroeconomic conditions, and regulatory developments. A more
conservative estimate places Bitcoin at $180,000, reflecting steady growth
without speculative excess.

Continue Reading
Advertisement

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