Crypto Espresso: Who’s talking trash in today’s quick shot of the latest crypto moves and news?
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It’s Monday morning in Sydney and according to Binance the price of Bitcoin is US$30,251.23, up some 2.8%.
Here’s a fun bit by the New York Times on villain of the hour, Do Kwon, a South Korean entrepreneur, who the Times says hyped the Luna and TerraUSD movement.
Kwon called the cryptocurrency he created in 2018 “my greatest invention”. In voluminous tweets and interviews, he wowed us with the world-changing nature of the currency, Luna, inspiring a community of investors and believers he proudly referred to as “Lunatics”.
His Terraform Labs raised more than US$200 million from investment firms such as Lightspeed Venture Partners and Galaxy Digital, even as experts questioned the tech foundations which failed so spectacularly.
“Luna’s total value ballooned to more than US$40 billion, creating a frenzy of excitement that swept up day traders and start-up founders, as well as wealthy investors,” the NYT notes.
“Kwon dismissed concerns with a taunt: ‘I don’t debate the poor.'”
The Delta Blockchain Fund founder says the crypto market melt has triggered a ‘winter season’ that could last well into next year.
Chatting with Bloomberg, Gupta says the “crypto winter” is like crypto’s other price dives, ie: after flagship Bitcoin hits new all-time highs.
While BTC is treading water uneasily around the US$30k mark, Gupta reckons BTC could dive to about US$14,000, highlighting the impact of the winter season. She noted that the same price movement would impact Ethereum.
“I think it’s just the beginning of crypto winter. <…> We are going to stay here for at least a year and a half. I don’t believe that Bitcoin is going back to $45,000, $50,000 or $60,000 for another year and a half. <…> I’am very surprised that people are expecting that Bitcoin is going to continue to hover around $30,000. I do expect it to go down to somewhere between $14,000,” said Gupta.
Currently, the BTC price is consolidating inside a crucial demand zone, says technical analyst Shayan from CryptoPotato. However, considering the current global sentiment and recent price action, it’s too early to label the present region as the low tide mark.
“Despite the recent equilibrium in the $29-30K range, the price might simply be forming a mid-downtrend consolidation pattern before another leg to the downside,” Shayan points out:
“On the other hand, the daily RSI attempts to break above a mid-term descending trendline. If this plays out, a relief correction could take place in the short term. The first significant supply zone, in any upward movement, would be the $37-40K range, he adds neatly hedging bets. (based on the daily timeframe above).
Africa’s embrace of blockchain technology that could make it “wealthier than Western nations”, Cardano chief Charles Hoskinson claims.
The Cardano founder told the Financial Times Crypto and Digital Assets Summit over the weekend that there was “more demand than supply” for Cardano’s services within the world’s developing nations. Speaking at the Financial Times Crypto and Digital Assets Summit, Cardan’s man sees “the deep-rooted centralised infrastructure underpinning Western nations” as an obstacle that African nations can circumvent on their road to becoming web3 giants.
Hoskinson is touting his vision to rebuild the social and economic infrastructure of African nations with blockchain technology.
Cardano is currently around US$0.53, with a market cap circa $18bn.