Connect with us

Doge News

If Binance or Tether Collapse, it’s Game Over for Crypto, DOGE’s Founder Says

Published

on



Dogecoin’s Shibetoshi Nakamoto believes a potential crash of the crypto exchange Binance or the stablecoin-issuer Tether could severely destabilize the entire industry.

He also advised people to do appropriate research and understand the digital asset’s sector specifics before entering it.

Binance/Tether Collapse Could be Devastating

The Co-Creator of the memecoin Dogecoin – Billy Markus (better known as Shibetoshi Nakamoto) – thinks if either Binance or Tether goes down, this could be “pretty much game over.”

The American software engineer also outlined that an increasing number of people have realized that too much centralization is a “big weakness.”

The former CEO of Twitter – Jack Dorsey – was among the individuals to agree with Nakamoto’s assumption. He said such a potential meltdown will undoubtedly be “game over for the games.”

Still, DOGE’s creator believes the potential adverse event will not mean “crypto dies” but trigger a “big mega mondo market crash.”

Almost every disruption in the past, including the recent fiasco with FTX, has prompted severe market declines and panic among crypto participants. The uncertainty has also caused critics to proclaim bitcoin “dead.”

Despite “dying” over 460 times, the primary cryptocurrency is still around and keeps expanding its presence across the globe. It has become a legal tender in distressed economies like El Salvador and the Central African Republic, while numerous investors view the asset as a hedge against inflation because of its limited supply.

How Is Binance Doing?

Some market participants expected the FTX crisis to cause a domino effect and drag other exchanges into the mud.

The largest cryptocurrency platform – Binance – assured its balance sheet is stable and even topped up its Secure Asset Fund for Users (SAFU) to $1 billion to protect customers in case of emergency.

In addition, the company introduced an industry recovery fund that could help struggling projects during turbulent times.

“To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify,” CEO Zhao stated.

SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Doge News

Bull Market Signal? Jim Cramer Advises Crypto Investors to Sell

Published

on


The host of CNBC’s Mad Money show – Jim Cramer – said cryptocurrency investors still have time to sell their “awful” positions.

His previous advice has often been inaccurate, prompting numerous participants to anticipate a market surge after the latest comments.

Cramer’s on the Spotlight Again

During his most recent show, Mad Money’s host urged investors to cash out their cryptocurrency at all costs. He thinks “it’s never too late” to exit the market, hinting the crypto winter is nowhere near its end:

“You can’t just beat yourself up and say, ‘hey, it’s too late to sell.’ The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets.”

Cramer believes the most speculative cryptocurrencies that could possibly crash to virtually zero are Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC). 

Most digital currencies have lost a significant chunk of their valuation, with bitcoin being down nearly 65% since the beginning of 2022. In addition, investors’ interest has significantly dropped, while multiple companies experiencing liquidity issues. Former giants in the field, including FTX, BlockFi, Three Arrows Capital, and Celsius, even filed for bankruptcy.

However, the market has been through other “winters” in the past, and many digital currencies endured the turbulence, including bitcoin.

Subsequently, Cramer argued that the industry is full of “boosters” who try desperately to inflate the market with considerable financial efforts, giving an example is Tether, the company issuing USDT.

“There’s still a whole industry of crypto boosters trying desperately to keep all of these things up in the air — not too different from what happened with bad stocks during the dotcom collapse.”

Jim Cramer, Source: CNBC

Cramer: a Popular Counter Indicator

The American has displayed a highly controversial stance on crypto over the years. He predicted in 2017 that bitcoin will surge to $1 million in the future but later changed his mind and labeled it an “outlaw currency.”

Cramer joined the pro-bitcoin team in 2020 again, praising the coin’s maximum supply of 21 million as a significant advantage over the traditional financial system and fiat currencies. He compared BTC to gold at the end of 2020 and even purchased some amounts of the asset when it was trading at around $17,500. 

As bitcoin was heading north, so was Cramer’s support toward it. He even requested his salary to be paid in BTC instead of fiat currency in April 2021. The recent market crash, though, has changed his vision entirely, and he has returned as a crypto critic. 

Many of his crypto predictions have been proven wrong. In September 2021, he advised investors to cash out their holdings, saying the Evergrande debt crisis in China could trigger a market crash. Bitcoin skyrocketed to an all-time high of nearly $69,000 two months later.

He also opined in January 2022 that the correction from BTC and ETH could be over, meaning investors should reconsider entering the market. Contrary to that forecast, the leading cryptocurrencies continued their downfall and are currently trading at $17,000 and $1,250, respectively, down from $47,000 and $3,700 from the beginning of the year.

SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.



Source link

Continue Reading

Doge News

Rumors of a new native ‘Twitter Coin’ emerge while Dogecoiners remain hopeful

Published

on


Social media users are swirling around rumors that Twitter is looking at introducing its own native asset called “Twitter Coin” to be used for payments and tipping on the platform.

Some are citing the initial reports from sources such as Nima Owji, who runs an app-focused information leak account on Twitter.

On Dec. 4, he posted a screenshot of what appears to be a prototype Twitter interface showing a “Coins” option for tipping, along with a vector image showing a coin bearing Twitter’s logo.

Others have pointed to tweets from tech researcher Jane Manchun Wong, who claimed to have extracted code from a specific version of Twitter’s web app to find the same information as Owji, though the post itself and Wong’s account have since been deleted for unknown reasons. 

Jane Manchun Wong’s deleted threat: Twitter

There has also been a swarm of posts under the TwitterCoin hashtag, with many people excited but ultimately unsurprised that the social media platform could be working on new payment rails and system integrations now that Elon Musk is at the helm.

Members of the feverent Dogecoin community on Twitter and Reddit have also tried connecting the dots, with some remaining hopeful that Twitter Coin is just a placeholder name for Dogecoin, considering Musk’s long-running affiliation with the memecoin.

Speaking on a similar subject in a Dec. 4 Twitter Spaces, Musk suggested to an audience of 2.1 million listeners that he was still interested in integrating crypto with the social media platform.

“It is kind of a no-brainer for Twitter to have payments, both fiat and crypto,” he said.

Related: Ripple CTO shuts down ChatGPT’s XRP conspiracy theory

As it stands, Twitter has been gradually expanding its payment integrations over the past couple of years, and currently supports fiat tipping for a host method alongside Bitcoin (BTC) and Ethereum (ETH), which were integrated in September 2021.

Since the $44 billion takeover went through in October, Musk has overseen a host of changes to Twitter, particularly relating censorship policy, information disclosures and botting activity.





Source link

Continue Reading

Doge News

Price analysis 12/5: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT

Published

on


Crypto markets appear to be losing some of their recent bullish momentum, but a favorable tailwind from equities markets could catalyze a breakout in Bitcoin and select altcoins.



Source link

Continue Reading

Trending

WP Twitter Auto Publish Powered By : XYZScripts.com