BlackRock’s application for a spot Bitcoin ETF have kicked off the next Bitcoin bull run which will culminate in 2024 with a speculative parabolic run, according to Morgan Creek Capital CIO, Mark Yusko. Cointelegraph YouTube Subscribe
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The collapse of FTX has triggered a notable drop in the price of Bitcoin (BTC), but that in no case means that BTC can be destroyed by failing cryptocurrency firms, according to Bitcoin proponent Samson Mow.The cryptocurrency industry is still seeing the wave of FTX contagion playing out, and it is likely to face more similar crashes in the near future, Mow said in an interview with Cointelegraph.According to the executive, FTX contagion could be part of the Terra ecosystem collapse, which caused a domino effect on the industry including major crypto lenders like Celsius and Voyager.“More things like this will continue to happen in the crypto space because all of these projects are worthless houses of cards,” Mow predicted. He added that FTX’s failure was “easy to see coming” due to FTX’s relationship with Alameda.“A general rule of thumb is if a company prints a token out of thin air and either sells it to retail, or relies on it as an asset, you should expect them to collapse eventually,” JAN3 CEO stated. Mow also argued that the industry’s efforts to prove credibility — including exchanges increasingly releasing proof of reserves — don’t mean much unless they prove liabilities. “Any system that can be gamed, will be gamed,” declared, referring to players faking their reserves by shuffling funds between each other just before producing a proof.“Then you have to factor in the fiat side — which would require an audit, but that may not be useful either as FTX also had an auditor,” he noted.As FTX contagion continues to spread across the industry, one can expect the worst scenarios for some of the world’s largest crypto firms. Addressing the question of whether Bitcoin would survive a hypothetical event where crypto giants like Tether or Binance collapse, Mow expressed confidence that Bitcoin is designed to defeat any issue, stating:“Bitcoin will overcome any issue simply due to its design and the irrefutable need for sound money in human civilization. The failure of any giant would only be a temporary setback, just as Mt. Gox’s impact is no longer of relevance.”Despite likely setting the crypto industry back a few years, FTX collapse has done “wonders” for the Bitcoin industry in terms of growing adoption of self-custody and hardware wallets, Mow emphasized. “Unfortunately, most people cannot learn from the mistakes of others, only from their own suffering,” he added.Related: FTX will be the last giant to fall this cycle: Hedge fund co-founderThe exec also suggested that Bitcoin newcomers are likely to make the same mistakes in the future despite the industry showing the biggest vulnerabilities of centralized exchanges during Bitcoin’s very first crash back in 2011. He stated:“Then things will settle down over the next few years, and newcomers in five or six years will make the same mistakes again and lose their funds. Rinse and repeat.”Former chief strategy officer at Blockstream, Mow is a major Bitcoin advocate and founder of the game development company Pixelmatic. He is also CEO of the Bitcoin technology firm JAN3, which is focused on promoting Bitcoin and accelerating hyper-Bitcoinization. In April 2022, the firm signed an agreement with the government of El Salvador and president Nayib Bukele to assist the country in developing digital infrastructure and establishing Bitcoin City.
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Billionaire venture capitalist and serial blockchain investor Tim Draper is not giving up on his near-term Bitcoin (BTC) prediction despite the recent issues in the cryptocurrency industry.Draper continues to stick with his optimistic prediction that Bitcoin will hit $250,000 in 2023 despite the ongoing crypto crisis fueled by FTX.“No change in the price prediction. Still $250,000 by early next year,” Draper stated in an interview with Cointelegraph on Nov. 15.The collapse of the FTX crypto exchange has nothing to do with the success of Bitcoin because Bitcoin is decentralized, and FTX was not, according to Draper.“FTX was centralized, reliant on a single founder,” the billionaire investor stated, referring to FTX creator and former CEO Sam Bankman-Fried. “When a currency is centralized — a central bank for instance — it has a single point of failure, and can also be manipulated,” he added.According to Draper, the fall of FTX would only trigger more decentralization in crypto as the latest events have once again demonstrated the biggest vulnerabilities of centralization:“I think this fiasco is going to bring on a lot more Bitcoin maximalists. Note that your money is not secure in a centralized system, whether crypto or fiat.”Draper also emphasized the importance of self-custody, which comes in line with principles of decentralization. A the same time, he also expressed confidence centralized exchange Coinbase, stating, “I also custody my tokens with Ledger and Coinbase. Neither of them are using my tokens to borrow or invest.”As previously reported by Cointelegraph, Draper first made his famous Bitcoin prediction back in 2018, forecasting that BTC would reach $250,000 by the end of 2022 or early 2023.The investor has reiterated his prediction multiple times since, ignoring major bear markets and the fallout from the collapse of major crypto exchanges and investment firms. Related: Bitcoin will shoot over $100K in 2023 before ‘largest bear market’ — TraderNot everyone holds the same amount of optimism about Bitcoin’s price in the near future though. One Bitcoin advocate took to Twitter on Nov. 7 to criticize Draper’s prediction, arguing that it’s clear that Bitcoin is not going to hit $250,000 by mid-2023. He also called for learning from the past, referring to the failed Bitcoin prediction by the late John McAfee.According to Binance CEO Changpeng Zhao, the FTX fiasco has set the crypto industry back a few years, with more regulatory scrutiny coming.Additional reporting by Rachel Wolfson.
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After weeks of reduced volatility, cryptocurrencies like Bitcoin (BTC) are likely to see sharp price changes in the short to medium term, according to one analyst.The current situation in cryptocurrency markets could potentially generate “explosive volatility” due to massive leverage and recent low volatility, Arcane Research analyst Vetle Lunde suggested.Lunde pointed to “leverage bonanza,” or leverage going parabolic in the crypto derivatives market, while Bitcoin has continued to hover around $19,000 over the past few weeks.In crypto trading, leverage refers to using borrowed funds to make trades in order to profit bigger through contracts like perpetual swaps. According to Arcane, notional open interest (OI) in Bitcoin perpetual contracts was nearing 500,000 BTC as of Oct. 11, which marked parabolic growth in leverage amid Bitcoin’s flattening volatility.Bitcoin perpetual swaps’ open interest by Arcane Research. Source: LaevitasWhile forecasting potential bursts of volatility in the short or medium term, Lunde avoided predicting exact market moves, stating:“I view the current open interest as well blown above any levels that may be assessed as sustainable, opaqueness from market signals restricts me from having any directional view on the winddown of said leverage.”The analyst also stressed that the current market could benefit sophisticated traders that are familiar with straddle strategy, which involves simultaneously buying both a put option and a call option with the same price and the same expiration date.In the medium term, Lunde pointed to the growing trend in OI in crypto derivatives which could lead to a “very volatile” breakout. As previously reported, Bitcoin futures OI hit an all-time high, with BTC-denominated futures OI hitting 660,000 BTC on Oct. 12.Lunde also mentioned a few potent triggers in the medium term for crypto, including potential BTC purchases by Michael Saylor’s MicroStrategy in November. “If the usual MicroStrategy riddance repeats, expect small rallies and brief hardcore sell-offs as MicroStrategy bids and then announces its purchases for the remainder of Q4 2022,” the analyst wrote.Related: Bitcoin analysts and traders say BTC’s low volatility is ‘a calm before the storm’No matter what trend is coming in the short-to-medium term, the Arcane Research analyst is still bullish on Bitcoin over a longer period of time. Lunde expressed confidence that the next year will bring “idiosyncratic crypto-related regulatory clarity” in the United States as well as a more stable interest rate and inflation regime.He also predicted more crypto growth as major financial institutions like BlackRock, Citadel, and Nasdaq have been moving into the industry recently. He stated:“I am certain that the show will go on, and new highs will be met in a not too far distant future.”As previously reported, some major financial institutions like JPMorgan set a long-term theoretical target for Bitcoin at $150,000.
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The next Bitcoin (BTC) bull run will have to be much different from historical cryptocurrency rallies in terms of story and utility, Galaxy Digital CEO Mike Novogratz believes.Compared to previous bull runs, the next Bitcoin rally will have to be more focused on utility and less on the story, Novogratz predicted at a panel at the Token2049 crypto event on Wednesday.One of the biggest historical rallies, the Bitcoin bull run of 2017, was mostly about the story, the CEO said, referring to the cryptocurrency’s run from about $1,000 to $20,000 within one year.According to Novogratz, the 2017 bull run was mostly about the story of people not trusting the government and wanting more privacy and decentralization. “It was a Gen Z millennial revolution. And it was global. That’s a powerful story,” the CEO noted.Another big rally, with Bitcoin hitting all-time highs above $69,000 in November 2021, was “really generated” by the COVID-19 pandemic, Novogratz said. He suggested that the price action in 2020 and 2021 was “probably 80% of the story and 20% of utility,” referring to the growing utility use case of digitalization amid the pandemic.Mike Novogratz and Bloomberg’s Haslinda Amin at Token2049. Source: Cointelegraph“It’s theory and all the other level ones started really accelerating the work to build a shared blockchain that we could build companies on top of,” Novogratz stated.In contrast to the mentioned cryptocurrency bull runs, the next Bitcoin rally will have to be “50% story, 50% utility,” Novogratz predicted, stating:“I see it’s people building applications, people building systems that are fast and scalable and that are user friendly. We don’t have them yet. That’s why we’re where we are. But in the next few years, they’re coming.”During the panel, Novogratz also revved up the audience with his bullish prediction of the “inevitability” that crypto will succeed.“The word inevitable keeps coming up. There’s a sense of inevitability that we’re in the right space, inevitable that Bitcoin will have its day,” Novogratz stated. He also expressed confidence that Web3 and nonfungible tokens will be a big part of the gaming space in the future.Related: Bitcoin analyst who called 2018 bottom warns ‘bad winter’ may see $10K BTCAdditionally, the CEO noted that despite the ongoing cryptocurrency winter, Bitcoin has still performed better than a basket of various fiat currencies this year. “If you look at Bitcoin versus a basket of currencies, it’s done about 20% better than versus the dollar,” Novogratz noted.As previously reported by Cointelegraph, Novogratz has made some successful predictions about Bitcoin. Back in 2020, Novogratz predicted that Bitcoin would end the year above $20,000, which turned out to be an understatement, with Bitcoin nearing the $30,000 price mark by the end of 2020.Additional reporting by Andrew Fenton.
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A recent report from the Ethereum Enterprise Alliance (EEA) highlights how the Ethereum ecosystem has matured to a point where the network can be used by businesses to solve real-world problems. From supply chain management use cases to payment solutions utilized by companies like Visa and PayPal, the report demonstrates how the Ethereum network has grown to become one of the most valued public blockchains. Although notable, the EEA report also points out that the rapid growth of the Ethereum ecosystem has created a number of challenges for companies, specifically regarding energy consumption, scalability and privacy. For example, the document states that “sustainability was cited as one of the main concerns, along with transaction fees, in relation to using the Ethereum Mainnet.” The report further explains that the transparency associated with a public blockchain like Ethereum has been a hurdle for enterprises seeking data security and trust. As such, upgrades such as sharding and layer-2 (L2) scalability solutions remain critical for businesses using the Ethereum network. Yet, the complex nature behind such implementations continues to be difficult for companies to navigate. For instance, the EEA report states that “Many layer 2 solutions and sidechains are relatively new projects, with relatively new technology. They do not necessarily have the track record or proven security and stability of the Mainnet.” The Merge will change how enterprises view EthereumHowever, industry experts predict that the Ethereum Merge, which is scheduled to take place on Sept. 14, will likely improve enterprise adoption. Paul Brody, global blockchain leader at EY, told Cointelegraph that while the Merge will not affect most enterprise use cases that are presently in use, it will change how businesses perceive Ethereum. He said: “For years, competing layer-1 networks have talked about how Ethereum can’t get the Merge done. The incredible organizational maturity of Ethereum has been working nicely in the background to do it in a careful and professional manner. As an enterprise, that’s the kind of institutional maturity I want to see.”Although the Merge has been in development for several years, Brody explained that upgrades on mission-critical infrastructure should never be rushed. As such, he believes that this will remain a key point for businesses using the Ethereum network. “I think future efforts to dismiss Ethereum won’t get much airtime in the post-Merge era,” he said. While it’s too early to detect how enterprises will react to the Merge, Robert Crozier, chief architect and head of global blockchain at Allianz Technology, told Cointelegraph that his firm will monitor the progress of the Ethereum Merge to see how it stabilizes certain use cases. Recent: How high transaction fees are being tackled in the blockchain ecosystemThis is noteworthy, as Crozier shared that Allianz has only considered Ether (ETH) and Ethereum-based use cases for experimentation purposes on a small scale. The insurance giant currently uses Hyperledger Fabric and the decentralized ledger platform Corda to streamline cross-border auto insurance claims throughout Europe. Crozier added:“At Allianz, our International Motor Claims Settlement product utilizes Hyperledger Fabric at its core. We would need to understand and be confident that other protocols like Ethereum would deliver the similar benefits in terms of ease of use, scalability and finality.”With benefits in mind, Brody explained that the Merge will eventually result in better scalability and privacy for enterprises. “I think we’re heading into a new era of enterprise applications. With both scalability and privacy maturing, it will be possible to address enterprise process needs quite comprehensively in the future,” he said. Shedding light on this, Ivan Brakrac, senior decentralized finance market strategist at ConsenSys, told Cointelegraph that although the Merge does not directly increase scalability, a number of planned upgrades to Ethereum will address scalability over the next few years. For example, Brakrac explained that transitioning the Ethereum network from proof-of-work (PoW) to proof-of-stake (PoS) was the first step to enable “shard chains.” As Cointelegraph previously reported, sharding is the act of dividing up a database, or in this case, the blockchain, into various smaller chains known as shards. “This will reduce network congestion and increase transaction throughput,” Brakrac remarked. This is key for adoption, as Brody shared that EY’s enterprise clients looking at supply chain applications are going to need support for 2–20 million transactions per day. “Pre-Merge Ethereum could not have accommodated this,” he said. Regarding privacy, a report entitled “The Merge for institutions,” published by ConsenSys on Sept. 5 mentions that L2 solutions also address privacy concerns for enterprises. An increase in L2s will unlock greater privacy mechanisms for business use cases. For example, Brody explained that EY developed a zero-knowledge proof L2 scaling solution known as Nightfall to handle Ethereum gas constraints and keep fees low. According to Brody, multiple powerful L2 networks will enable different options for enterprises that may require more gas and bigger transactions. He elaborated: “Privacy starts to unlock a much bigger set of use cases for enterprise users. For example, instead of minting one token that represents a batch of product and gives origin information, I can mint one token for each piece of inventory, and then I can manage specific supply chain inventory levels across a multi-company network on Ethereum.” In addition to scalability and privacy, sustainability concerns will be addressed once the Merge is implemented. According to Brakrac, Ethereum currently uses an inordinate amount of electricity, noting that the Merge will reduce energy usage by 99%. “This will make Ethereum very sustainable in the long run. By design, this further secures the network and resolves an environmental concern which is net positive from the institutional adoption standpoint,” he said. Indeed, industry experts believe that sustainability efforts addressed by the Merge will be critical for enterprise adoption. Dan Burnett, executive director of the EEA, told Cointelegraph that while L2s and sidechains have served as bandages on sustainability concerns, large organizations with environmental, social and governance goals tended to shy away from building solutions on Ethereum because of its reputation for being environmentally unsustainable. Yet, he noted that with these concerns being addressed, the Merge may enable the Ethereum business ecosystem to leap ahead.Yorke Rhodes III, co-founder of blockchain at Microsoft and board member and treasurer of the EEA, further told Cointelegraph that the Merge will put to rest one of the main concerns for enterprises that have a big focus on environmental impact, such as Microsoft. “This removes one of the key arguments enterprises raise when evaluating whether to build solutions on Ethereum mainnet,” he said. To Rhodes’ point, Crozier mentioned that moving to a more environmentally friendly proof-of-stake mechanism will mean that some enterprises, like Allianz, will take a second look at Ethereum. Benefits not immediate All things considered, the Merge will likely increase enterprise interest in Ethereum due to the advancement of the network. Moreover, Rhodes believes that removing the key critique of sustainability will encourage additional movement to the Ethereum Mainnet, even if this is just as a base layer for security. “As a key step in realizing the vision of Ethereum, the ETH merge sets things up for a closer enterprise review sooner rather than later,” he said.Recent: Mt. Gox creditors fail to set repayment date, but markets to remain unaffectedHowever, it’s important to point out that the benefits promised by the Merge won’t be seen immediately. According to Brody, it will take at least 12–24 months until privacy-enabled use cases are established following the Merge. He said:“I hope to see pilots by the end of this year, but feedback loops and infrastructure maturity takes time. Unlike consumer applications, there’s little patience among enterprise buyers for products that don’t work on the first go-round and little willingness to experiment. Enterprise buyers are generally quite conservative, and so the cycle will take longer than consumer users.”
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In this weeks episode of Market Talks, we welcome professional trader Charlie Burton.Charlie is a professional trader with 24 years of experience and has been trading full-time since 2001. He is the founder of EzeeTrader and Charlie Burton Trading. He is also undefeated in the annual London Forex show live trade-off for the 5 years it was running. He has also been featured on the hugely popular BBC documentary ‘Trader, Millions by the minute’. Charlie is one of the very few trading educators who is also a professional money manager trading FCA regulated capital.The main topic of discussion with Charlie will be the current support level for Bitcoin (BTC) and why it is so critical. If Bitcoin goes below its current support, what are other major price levels you should be keeping an eye on? We also get his insights into what caused the collapse of the recent bear market relief rally.There are a few major market events that are scheduled for the last few days of August, we ask Charlie which ones he is going to be keeping an eye on and how they might affect the market and more importantly his trading strategy. Will things in the crypto market and traditional markets improve as we move towards the end of the year or can we expect more volatility and downward price action?Everyone has been talking about Ethereum’s (ETH) performance recently and how it has outperformed Bitcoin, so we ask Charlie how he compares Ethereum’s performance to Bitcoin’s from a trader’s perspective and whether he changed his strategy slightly because of it.China has been in the news again recently due to the potential looming collapse of its economy. Being the superpower it is and having the second largest economy in the world this possibility is bound to make waves in the markets. We ask Charlie what his thoughts on the situation are and whether he’s keeping a close eye on China.Being a professional trader, one must have strategies for every trade. But should your trading strategy for crypto markets differ from traditional markets and if so, how should they be different? These are uncertain times and everyone would like an insight into how professional trader function during these times, which is why we get the insights from the professional himself.Tune in to have your voice heard. We’ll be taking your questions and comments throughout the show, so be sure to have them ready to go.Market Talks with Coffee ‘N’ Crypto’s Tim Warren streams live every Thursday at 12 pm ET (4:00 pm UTC). Each week, we feature interviews with some of the most influential and inspiring people from the crypto and blockchain industry. So, be sure to head on over to Cointelegraph’s YouTube page and smash those like and subscribe buttons for all our future videos and updates.
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On this week’s “The Market Report” show, Cointelegraph’s resident experts discuss some of the main factors that contributed to the collapse of this bear market rally.To kick things off, we broke down the latest news in the markets this weekBitcoin (BTC) to lose $21K despite miners’ capitulation exit? Five things to know in Bitcoin this week. Miners are a glimmer of hope in a barren Bitcoin landscape this week ahead of a key Federal Reserve event in Jackson Hole. After dipping below $21,000 over the weekend, the largest cryptocurrency is consolidating around 10% lower than a week ago, and the fear across crypto markets is clearly visible. As August nears the end, what will September bring in terms of inflation, price volatility and other macro triggers?Data shows Bitcoin and altcoins at risk of a 20% drop to new yearly lows. The total crypto market capitalization dropped to the $1 trillion support, and weak stablecoin demand and a largely absent funding rate reflect traders’ negative sentiment. Will crypto investors’ sentiment shift toward more bearish? Are we on our way to retesting yearly lows?Cryptocurrencies react to Jackson Hole, Fed rate hike plans and a weakening bear market rally. The price action in Bitcoin, altcoins and stocks reflects investors’ anxiety over the Fed’s rate hike plans, a weakening bear market rally and this week’s Jackson Hole economic symposium. Is the fear of future interest rate hikes by the Federal Reserve making investors nervous? Is this macro uncertainty keeping the institutional investors away from the crypto markets?Bitcoin whales attack sellers at $22.3K as the euro drops below USD parity. Bitcoin struggles to make a return to higher levels despite geopolitical uncertainty striking the eurozone. The weekend lows however preserved the lows from July. Could this mean that the bear market rally could make a return? What happens if Bitcoin moves above the critical 200-week moving average (WMA)?Next up is a new segment called “Quick Crypto Tips,” which aims to give newcomers to the crypto industry quick and easy tips to get the most out of their experience. This week’s tip: Be wary of exchanges.Market expert Marcel Pechman then carefully examines the Bitcoin and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down. The experts also go over some markets news to bring you up to date on the latest regarding the top two cryptocurrencies.Lastly, we’ve got insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. The analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week: DeXe’s DEXE and DIGG’s DIGG.Do you have a question about a coin or topic not covered here? Don’t worry. Join the YouTube chat room, and write your questions there. The person with the most interesting comment or question will be given a $50 CT store gift voucher.The Market Report streams live every Tuesday at 12:00 pm ET (4:00 pm UTC), so be sure to head on over to Cointelegraph’s YouTube page and smash those like and subscribe buttons for all our future videos and updates.
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Bitcoin (BTC), the world’s most-valued cryptocurrency, has the potential to be a significant energy consumer in the future, but only if it reaches several million dollars, according to new estimates by Arcane Research.Crypto research and analytics firm Arcane Research on Monday released a report estimating the development in Bitcoin’s energy usage towards 2040.Authored by Arcane Research analyst Jaran Mellerud, the report points out that Bitcoin’s future energy consumption differs massively depending on the future Bitcoin price alongside factors like transaction fees, electricity prices and others.If the BTC price hits $2 million in 17 years, Bitcoin may consume 894 Terawatt-hours (TWh) per year, surging 10 times from today’s level, the report suggests. Despite huge growth, such energy consumption would only account for 0.36% of the estimated global energy consumption in 2040, increasing from Bitcoin’s 0.05% share today, the analyst estimated.“Currently, based on their energy consumption of 88 TWh and an average energy price of $50 per MWh, Bitcoin miners spend around 50% of their income on energy,” Mellerud noted.Bitcoin’s future energy consumption would be much lower in less bullish scenarios. BTC price would need to reach $500,000 by 2040 for Bitcoin to consume 223 TWh per year. If Bitcoin trades at $100,000 in 17 years, BTC mining would consume just 45 TWh per year, the report notes.Bitcoin’s estimated energy consumption 2022-2040. Source: Arcane ResearchThe analyst went on to mention the significant impact of the Bitcoin halving, a quadrennial event implying a 50% reduction in miners’ block reward. According to the report, BTC price must be rising at a tremendous pace due to the halving, while halving’s “mitigating effect” can be offset by growing transaction fees in the future. “Such an increase will only happen if there is a significant demand for using Bitcoin as a payment system,” Mellerud wrote, adding:”The Bitcoin price depends on the market demand for Bitcoin as a store of value, while the transaction fees are driven by the usage of Bitcoin as a medium of exchange.”As a store of value and a medium of exchange make up two of the most important functions of money, the report also suggests that Bitcoin’s energy consumption will only reach a significant level if Bitcoin succeeds as money.Related: What happens when 21 million Bitcoin are fully mined? Expert answersAs many BTC skeptics believe that such a scenario is hardly possible, they should not worry about Bitcoin’s energy consumption, Mellerud hinted, stating:“I have good news for those of you who want to see Bitcoin’s energy consumption decline: You can relax in your armchair, because your wishes will be fulfilled if Bitcoin fails as a monetary system. And you believe Bitcoin will fail, don’t you?”The Bitcoin mining industry has suffered major decline in 2022 amid the ongoing cryptocurrency winter, with many big crypto miners opting to sell their BTC holdings to continue operating. Mining companies in the United States have also faced pressure from regulators, with U.S. lawmakers requesting energy consumption data from four major BTC mining firms.Despite the increasingly bearish climate, many Bitcoin miners are still optimistic about Bitcoin’s short and long-term price perspective. According to Canaan senior vice president Edward Lu, the mining industry is a “healthy and profitable business” in the long term.
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A new report from Juniper Research analyzed the trajectory of the nonfungible token (NFT) market over the next five years. According to the study, global transactions related to NFTs will escalate from 24 million in 2022 to nearly 40 million by 2027. One of the top catalysts to push NFT adoption will be those linked to metaverse use cases, according to the study. This niche of NFTs will be the fastest growing in the next five years. Metaverse-related NFTs will experience an increase in transactions from 600,000 transactions in 2022 to 9.8 million by 2027. A good indicator for brands such as Gucci and Adidas, which have already adopted the technology for wearables in the digital universe. This data shows that consumers want value in their digital assets that go beyond the monetary.This is also backed up by a recent report from Ripple, in which the company surveyed major financial institutions on NFT interest. The NFTs of most interest were music related.Music NFTs often involve multi-utility aside from accumulating value in a wallet, such as exclusive artist content and fractional stakes in song rights. Juniper says the data from the report is based on a “medium scenario” for adoption. Although these digital assets offer new growth and profit avenues, the report cautions vendors to act wisely due to the amount of NFT scams available on the market. Related: How do you pick your next NFT? Community respondsThere have been a number of reports involving NFT scams since the boom took off in 2021, most surrounding the security of NFTs in crypto wallets and pump-and-dump schemes. The NFT marketplace OpenSea recently addressed its community on Twitter about scams and stolen NFTs: 9/ In the long term, our key focus areas continue to be on finding solutions that tackle this problem at its root. Efforts are already underway to better automate threat and theft detection, such as blocking suspect URLs earlier.— OpenSea (@opensea) August 10, 2022Solana (SOL) announced a new way it plans to combat spam NFTs. The network plans to introduce a burning feature in its Phantom wallet. This will allow users to weed out any spam NFTs sent by scammers. The current bear market state of the crypto has also been a catalyst for wiping out projects that don’t have long-term sustainability and utility.
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In this weeks episode of Market Talks we welcome senior market analyst at Cubic Analytics, Caleb Franzen.Caleb is a Senior Market Strategist at Cubic Analytics, analysing new data/charts on the economy, the stock market, and Bitcoin to make better investment decisions. He is also a former corporate banking & portfolio analyst.The main topic of discussion with Caleb will be the new CPI data and what they mean for the crypto market, specifically Bitcoin (BTC). Is there a correlation between the data and the recent price pump? How sustainable is this price action?We also go over a few of Caleb’s tweets where he explains which indicators he looks at when analysing charts. One indicator he finds particularly interesting is the 78-week Williams%R oscillator. We get into why it’s important and how it can help.Something that might be looming over everyone’s heads is whether the recent Bitcoin pump is a fake out and if we could actually go lower before we break through $30K. We get Caleb’s thoughts on this as he and Tim try to figure it out.Ethereum (ETH) has been performing particularly well recently with all the news and hype surrounding the merge from proof of work (POW) to proof of stake (POS). Does this mean that the merge has already been priced in or can we see a rally when the merge actually takes place in September? Could this be a classic case of buy the rumour sell the news?Tune in to have your voice heard. We’ll be taking your questions and comments throughout the show, so be sure to have them ready to go.Market Talks with Crypto Jebb streams live every Thursday at 1 pm ET (5:00 pm UTC). Each week, we feature interviews with some of the most influential and inspiring people from the crypto and blockchain industry. So, be sure to head on over to Cointelegraph’s YouTube page and smash those like and subscribe buttons for all our future videos and updates.
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On this week’s episode of “The Market Report,” Cointelegraph’s resident experts discuss the latest updates concerning the recent Solana (SOL) hack.To kick things off, we broke down the latest news in the markets this week:Bitcoin realized price bands form key resistance as bulls lose $24K, significant whale activity between $22,000 and $24,800 adds to the complexity of the current spot market setup. Bitcoin (BTC) consolidated lower on Aug. 9 after familiar resistance preserved a multi-month trading range. When will we finally break out of this price range and make the move towards $30K?Institutions flocking to Ethereum for 7 straight weeks as Merge nears: Report, “Greater clarity” around the Merge has driven institutional inflows into Ethereum products, according to a CoinShares report. Is the ETH merge finally around the corner and will it bring new all time highs to ETH or has the price already been factored into the current price?Circle freezes blacklisted Tornado Cash smart contract addresses, Crypto data aggregator Dune Analytics said that, on Monday, Circle, the issuer of the USD Coin (USDC) stablecoin, froze over 75,000 USDC worth of funds linked to the 44 Tornado Cash addresses sanctioned by the U.S. Office of Foreign Assets Control’s Specially Designated Nationals and Blocked Persons (SDN) list. Could this mark the end for Tornado Cash or is there a way they can redeem themselves?Next up is a new segment called “Quick Crypto Tips,” which aims to give newcomers to the crypto industry quick and easy tips to get the most out of their experience. This week’s tip: Have some funds ready to buy further downturns.Market expert Marcel Pechman then carefully examines the Bitcoin and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down. The experts also go over some markets news to bring you up to date on the latest regarding the top two cryptocurrencies.After Marcel’s market analysis, our resident experts discuss whether your SOL is safe and the latest updates on the Solana hack. We also discuss why the network has been victim to so many hacks and downtimes. What exactly do these exploits mean for the Solana platform and if you should be worried.Lastly, we’ve got insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. The analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week: Radicle’s RAD and DigiByte’s DGB.Do you have a question about a coin or topic not covered here? Don’t worry. Join the YouTube chat room, and write your questions there. The person with the most interesting comment or question will be given a 1 month free subscription to markets Pro worth $100!The Market Report streams live every Tuesday at 12:00 pm ET (4:00 pm UTC), so be sure to head on over to Cointelegraph’s YouTube page and smash those like and subscribe buttons for all our future videos and updates.
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