Jim Cramer says there’s no real value in crypto. The bear market continues to take players off the table. Is it possible for Cardano to blast off by September? My name is Ben. This is your nightly crypto news wrap-up. Let’s get it!
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I mean, look. Right now, it looks like everything’s bad. And I’m not going to deny that every asset class is getting hurt. The one I’m most interested in is crypto. Because a lot of people are in crypto and crypto really does seem to be imploding. But it goes from $3 trillion to $1 trillion. Why should it stop at $1 trillion?
– There’s no real value there.
– Yeah. NFTs.
– I mean, you know. You look at these companies. There’s these companies that you never heard of, and they blew up over the weekend. And you just say to yourself, “Holy cow! There’s $600 million just going down the drain.” We had Gary Gensler, the chairman, a few weeks ago, and he just said, “Look. Anybody who has a higher rate of investment,” it’s the rate that you earn, “you can kind of forget about it.” And that’s what’s happening.
– Alright. Alright, Jim.
– How many places can Sam Bankman-Fried save?
– How many can he save? Does anyone in the world remember when Jim Cramer was right about anything? Ha! I sure don’t. If you countertraded everything he said, you’d be making a killing in any market. He’s probably still mad from selling off all his Bitcoin in June last year. That means he didn’t sell in May and walked away. And a few months after he sold, Bitcoin ran up to its all-time high. I guess he should have not sold in June to make it moon. Of course, Jimbo is known for anything but perfect timing. Why does CNBC pay this guy? I can’t even believe he has the audacity to say that crypto doesn’t have any value. Great advice coming from the same guy who told his followers they would easily make 35-40% on Ethereum back in April.
Why in the world would he go on national television and tell the world to buy into a downtrend? Especially when he knows that the Fed’s hawkish approach to tame inflation has hurt the markets overall. He’s wrong time and time again, yet he still confidently shields the CNBC investing club every time he’s front of a camera. You can get exclusive bad advice from Jim for $400 a year, or you can pay $30 to learn crypto from real experts at the BitLab Academy.
Let’s jump in and do a little market watch here. We’ve got Bitcoin with a little bit of a pump tonight. Coming in at about $20,565 Up about 1.8% Ethereum creeping up on that $1,200 mark Up almost 5% on the day Let’s go ahead and check our top movers. THORChain up about 8.9% Sandbox up 7% on the day Maker up 7% on the day GMT up about 6.7% Nexo up 6.6% And AVAX up 6% on the day So, guys, right now, we are looking like we are getting some bullish signals on the longer timeframes. I know it’s been happening the past week or so. We just can’t get them to hold. It looks like they might hold this time. And you want to remember, if these bullish signals on the higher time frames confirm, you want to understand that sometimes they take time to play out. So if you see some dumps on the lower timeframe, it could just be noise before those longer timeframes come through and play out.
Now, it’s no secret that this bear market has taken its toll on everything and everyone. Although I personally feel like this is the perfect time to rebuild from the ground up, not everyone can take that approach. Insolvency is a word I’ve been seeing a lot lately. And it’s unfortunate how many exchanges have ended up in the discard pile. We’ve seen what’s happened to Celsius, Vauld and many others. In fact, Voyager just filed for bankruptcy because of their exposure to Three Arrows Capital.
So, how many exchanges have bit the dust as a result of all this negative volatility? Finbold ran a story earlier this morning that’s headlined “Bear market wipes 25 cryptocurrency exchanges in 30 days” The story might surprise a lot of people, but when you think about how brutal this downtrend has been, combined with inflation, bad risk management, overleveraged positions, exposure to other companies that became insolvent, 25 is a high number. But it doesn’t surprise me at all. In the meantime, be cautious with leaving your crypto on exchanges. The next Fed meeting is on July 26th. And something tells me that there are still a handful of players that are still on the board that might not be here in a few months.
To protect yourself from exchanges going insolvent, I highly recommend purchasing a Ledger hardware wallet. With a Ledger wallet, you have the custody to your own crypto and not the exchanges. You can also use the Ledger Live app to buy and sell crypto, manage your NFTs and onboard onto over 15 Web3 dApps. Take the next step into crypto and don’t leave your fate into somebody else’s hands.
To end on a positive note, just because we’re in a bear market, well, that doesn’t mean you can’t take time to build. Look at what’s happening with Charles and the gang over at Cardano. Over the weekend, the Vasil hardfork successfully launched on the testnet. They’re one step closer to launching Vasil on the mainnet, which will take Cardano to the next level, especially for dApps and DeFi. In due time, Cardano is going to absolutely shoot to the moon. The question is, how long will it take to get us there? NeuralProphet’s PyTorch, which Finbold describes as a deep learning algorithm, predicts that the price of Cardano could pump to $2.90 by September this year. Sounds like hopium. Considering ADA is only around 45¢ now, I’m not saying whether or not that’s going to happen, but the article mentions up until the UST collapse, its predictions have been relatively correct. If ADA doesn’t make it to $2.90 by September, that’s okay. I’ll send them a Valentine’s Day card. Only OGs remember.
This article is a transcription of a video made by BitBoy Crypto
Original video: https://youtu.be/xJ64rJCQlBA