Minneapolis Fed President Neel Kashkari calls DOGE a ponzi

Minneapolis Fed President Neel Kashkari calls DOGE a ponzi

Federal Reserve Bank of Minneaopolis President Neel Kashkari took a jab at Dogecoin (DOGE) last week by referring to the meme coin as a ponzi, upping his rhetoric against cryptocurrencies. Kashkari’s comments were in response to a LinkedIn poll by Paul Grewal, the chief legal officer and corporate secretary at Coinbase, asking his connections about the proper way to pronounce Doge. “The right pronunciation is pon-zi,” Kashkari quipped. Fifty-seven percent of respondents pronounce Doge correctly. Source: LinkedIn.Kashkari’s witty attempt gets over 200 interactions. Source: LinkedInThis isn’t the first time Kashkari has taken aim at cryptocurrencies. In February 2020, he said digital assets like Bitcoin (BTC) lack the basic tenants of a stable currency and praised the Securities and Exchange Commission for “cracking down” on initial coin offerings.Kashkari is not a member of this year’s Federal Open Market Committee, the group responsible for setting United States monetary policy. The Minneapolis branch of the Fed will serve as an alternate FOMC member in 2022 before rotating back onto the committee as a voting member in 2023. While Kashkari isn’t voting on monetary policy this year, he opposes any measures to hike interest rates before 2023. The Fed’s dot-plot summary of interest rate forecasts released last week suggested that policymakers are eyeing a resumption of rate hikes by the end of 2023, which is earlier than previously expected. Related: Bitcoin Price Eyeing $7,000 After Fed Says it Has ‘Infinite Cash’The revised forecast may have contributed to the sharp rise in the U.S. dollar at the expense of equities, commodities and even cryptocurrencies. Digital asset values were down across the board on Sunday, extending a sharp correction from last week’s mild recovery. Assets like DOGE burst onto the mainstream earlier this year in a retail-driven FOMO that was aided by favorable tweets from Tesla CEO Elon Musk. The hype surrounding Dogecoin even eclipsed that of Bitcoin in January as tweet volumes surged 1,800%. But as crypto values plunged, DOGE was hit especially hard. As Cointelegraph reported, Dogecoin liquidations briefly surpassed Bitcoin in April.

Sichuan Mining Farms Begin to Shut Down — Seven-Day Stats Show Bitcoin’s Hashrate Plummeting

Sichuan Mining Farms Begin to Shut Down — Seven-Day Stats Show Bitcoin’s Hashrate Plummeting

The hashrate of the Bitcoin network has been steadily falling since June 14 and after Sichuan miners were told to prepare operation shutdowns. Sichuan is the second-densest province in China where most miners are located, according to data stemming from the University of Cambridge. Bitcoin’s hashrate is now hovering just above 100 exahash per second (EH/s). Bitcoin Hashrate Keeps Falling as Sichuan Farms Shut Down Operations The hashrate of the Bitcoin network has been steadily falling. The cause of this seems to be the shutdown of several cryptocurrency farms in various provinces including Sichuan. According to the regional publication 8btc news, the Sichuan Development and Reform Commission and Energy Bureau announced it would close the operation of 26 suspected cryptocurrency mining and virtual currency projects on Sunday. Sichuan bitcoin miners leaving to mine elsewhere is a historical event during the leading crypto asset’s 12-year lifespan. Bye 👋 pic.twitter.com/3JrM5qw0E7 — 8BTCnews (@btcinchina) June 19, 2021 Statements from mining insiders seem to point out the situation is dire for big mining operations. These are the most affected due to its inability to move its operations quickly. The hashrate numbers stemming from Chinese pools have also shrunk: Antpool, Btc.com, Binance Pool, Huobi Pool, and Btc.top have all experienced significant losses of associated hashrate. As a consequence, the Bitcoin hashrate is now hovering over 100 EH/s, almost 50% under its all-time high. Bitcoin’s price is also stagnating as a result of fears over more forced mining shutdowns in the country. Bitcoin price is now between $33,000 and $34,000 at the time of writing. Other currencies are also feeling the heat, facing important losses. Location Opportunties Arise Sichuan is the fifth Chinese province that is shutting down cryptocurrency mining-related projects. Before Sichuan, two provinces also announced the closing of all cryptocurrency mining projects: Inner Mongolia, and Yunan. Other localized closures were announced in Xinjiang earlier last month when Zhundong based miners were ordered to turn off their machines. Xinjiang is the province where most hashrate resides in all of China, at least according to statistics. A third of all of Bitcoin’s hashrate is located there according to the University of Cambridge. However, this crackdown in Bitcoin mining has spurted opportunities for mining elsewhere. The mayor of Miami, Francis Suarez, is…

Top 5 cryptocurrencies to watch this week: BTC, ADA, THETA, XMR, AMP

Top 5 cryptocurrencies to watch this week: BTC, ADA, THETA, XMR, AMP

The U.S. Federal Reserve’s plans to advance its timeline for rate hikes to 2023 has led to profit-booking in the U.S. stock market, gold, and Bitcoin (BTC). The markets received a second jolt on June 18 after James Bullard, the president of the United States Federal Reserve Bank of St. Louis, warned th the first rate hike could come as soon as 2022.Now crypto analysts are divided on the next move from Bitcoin. Josh Rager believes Bitcoin may have hit its cycle top at $64,500 and Robert Kiyosaki, author of “Rich Dad Poor Dad,” believes Bitcoin can plummet to $24,000.Crypto market data daily view. Source: Coin360However, PlanB, the creator of the stock-to-flow Bitcoin price forecasting model, has retained his bullish view on Bitcoin. His best-case scenario for Bitcoin is a massive rally to $450,000 while his “worst-case scenario” also paints a bullish target at $135,000 by the end of 2021.Related: Bitcoin price dips below $34K as the day of Grayscale’s giant BTC unlocking draws nearCiting recent on-chain data, other analysts have pointed out that long-term holders have been buying Bitcoin in the past few days.Can buying by the long-term investors offset selling from the speculators? What do the technicals project, a short-term recovery or a further fall? Let’s study the charts of the top-5 cryptocurrencies to find out.BTC/USDTBitcoin has been range-bound between $31,000 and $42,451.67 for the past few days. The price turned down from $41,330 on June 15 and the bears pulled the price below the 20-day exponential moving average ($37,439) on June 18.BTC/USDT daily chart. Source: TradingViewThe sellers will now try to sink the price to the support of the range at $31,000. The 20-day EMA has started to turn down and the relative strength index (RSI) below 41 suggests that bears have the upper hand.However, the BTC/USDT pair rebounded off $31,000 on two previous occasions on May 23 and June 8, hence the bulls will again try to defend this level. If they succeed, the pair could extend its stay inside the range for a few more days.Conversely, if bears sink the price below $31,000, the pair could drop to $28,000 and then to $20,000. Such a move will be a huge negative and it could delay the start of the next leg of the…

Economist Steve Hanke Warns Salvadoran Bitcoin Adoption Could ‘Completely Collapse the Economy’

Economist Steve Hanke Warns Salvadoran Bitcoin Adoption Could ‘Completely Collapse the Economy’

The professor of applied economics at Johns Hopkins University, Steve Hanke, has recently been criticizing bitcoin adoption taking place in El Salvador. Hanke doesn’t think it’s a good idea for the Latin American country to use bitcoin as legal tender and says it could “completely collapse the economy.” Steve Hanke Wants Countries to Adopt Currency Boards Instead of Gravitating Toward Bitcoin Adoption The American economist Steve Hanke knows a lot about currencies, as he is the Cato Institute’s senior fellow and director of the Troubled Currencies Project. Hanke also was the senior economist during the Reagan administration from 1981 to 1982. The economist is critical of central banking and noted in 2018 that the world could use less of them. At the time, Hanke highlighted ten countries that are suffering from hyperinflation and the economist proposed that the countries either adopt the U.S. dollar or create a currency board. “Countries that employed currency boards have delivered lower inflation rates, smaller fiscal deficits, lower debt levels relative to the gross domestic product, fewer banking crises, and higher real growth rates than comparable countries that have employed central banks,” Hanke said at the time. Fast forward to three years later, Hanke is now discussing bitcoin (BTC) and the implications of widespread adoption. Hanke is not a fan of bitcoin and has mentioned this fact on numerous occasions. This past April, Hanke tweeted: “Bitcoin bulls hate to discuss the flaws of bitcoin. Cryptocurrencies are the future of money. Bitcoin is not.” The economist also shared an article he wrote, which stresses the use of currency boards over bitcoin. In the article, Hanke talks about the monetary luminary Milton Friedman and Hanke also said he believes bitcoin comes with a “fundamental value of zero.” Hanke is once again attacking bitcoin after finding out that El Salvador would be leveraging bitcoin as legal tender in the Latin American country. Hanke thinks that nations like China or Russia could use El Salvador to cash out and remove USD from the equation. “It has the potential to completely collapse the economy because all the dollars in El Salvador could be vacuumed up, and there’d be no money in the country. They don’t have a domestic currency. You’re not going to pay for…

Bearish or Bullish? Bitcoin Traders Argue Over Death Cross Outcome

Bearish or Bullish? Bitcoin Traders Argue Over Death Cross Outcome

On Saturday, cryptocurrency analysts and traders have been discussing bitcoin’s recent chart patterns and the infamous death cross pattern has been a topical conversation. A number of traders believe when bitcoin’s short-term moving average (MA) dips below the long-term MA, the crypto asset could be bracing for a major sell-off. Meanwhile, others are sure the death cross technical pattern means the price is due to rebound and possibly double-top to higher values than the previous all-time high. The Return of the Infamous Death Cross On June 19, a number of Twitter conversations, forum posts, and even headlines discussed the technical pattern called the death cross in regard to bitcoin’s (BTC) chart. Bloomberg published an article concerning the death cross on Saturday and the publication featured a few statements from billionaire investor Mark Cuban. The definition of a death cross stemming from Investopedia notes the pattern suggests “the potential for a major sell-off.” The website’s definition adds: The death cross appears on a chart when a stock’s short-term moving average crosses below its long-term moving average. Typically, the most common moving averages used in this pattern are the 50-day and 200-day moving averages. However, the death cross doesn’t necessarily mean a bearish market is due. Investopedia details that death cross events led to traditional stock market crashes during the past century including 1929, 1938, 1974, and 2008. Death crosses are not unusual and data from Canterbury Investment Management indicates the Dow Jones Industrial Average has experienced 84 death crosses since 1929. The popular economist and trader Alex Krüger recently discussed the situation of a death cross in relation to BTC/USD charts. “The Death Cross takes place when the 50 day moving average crosses below the 200 day moving average,” Krüger tweeted. “The Death Cross takes place when the 50 day moving average crosses below the 200 day moving average. Journalists love writing about how a death cross could bring forth a bear market. However, one week historical returns following a bitcoin death cross are POSITIVE. Relax,” Krüger stressed. Picture via Alex Krüger on Twitter. The popular creator of the bitcoin stock-to-flow model, Plan B, also tweeted about the infamous death cross on Saturday. “Study this chart to see what happened [the] last two times the death…

Tehran Government Bans Iran Blockchain Association

Tehran Government Bans Iran Blockchain Association

The Ministry of Interior of the Islamic Republic has suspended the Iran Blockchain Association (IBA). The measure comes after the organization allegedly breached government regulations. IBA unites participants in the country’s growing crypto sector who are engaged in blockchain technology development. Iranian Authorities to Review IBA Dealings With Crypto Exchanges The Iranian government has moved this week to block activities of the Iran Blockchain Association, the Financial Tribune business daily reported on Sunday. The Ministry of Interior banned the prominent crypto industry organization following various accusations including that the IBA was operating against its own articles of association. According to a notice published by the Persian-language newspaper Hamshahri Online on Wednesday, IBA was also ordered to submit detailed reports about its financial performance and activities to Iran’s Social Affairs Organization. The government is particularly eager to learn more about the association’s interactions with cryptocurrency exchanges, the publication revealed. Earlier in June, a member of the Iranian parliament, Rahim Zare, accused “domestic NGOs involved in cryptocurrencies” of transferring foreign currency overseas, without providing any evidence to support the claim. IBA strongly denied any wrongdoing stating that its efforts were focused on promoting blockchain technology development. Established in 2017, the Iran Blockchain Association operates as a nonprofit and self-governing body of entrepreneurs, experts and activists involved in the blockchain industry. One of its key priorities is to spread awareness among Iranians and prevent losses from cryptocurrency scams. The association stated: Informing people and the authorities on risky websites and fraud cases is among IBA’s objectives. Iran Blockchain Association Hit After Exposing High-Risk Crypto Companies The new government notice was never delivered to the association and its board members, the head of the IBA Sepehr Mohammadi said in a press release on the its website. The publishing of a crypto alert could have become the main reason for the ban, he pondered. The IBA recently released a list of high-risk domestic companies involved in cryptocurrency-related business. Mohammadi further commented: Obviously, vested interests will do anything to stop IBA’s efforts. They managed to publicize the notice before IBA was informed. With rising crypto prices over the past year, a growing number of Iranians have started investing in bitcoin and other digital assets, turning away from traditional markets such as…

Bitcoin price can hit $450K in 2021, $135K is ‘worst-case scenario’ — PlanB

Bitcoin price can hit $450K in 2021, $135K is ‘worst-case scenario’ — PlanB

Bitcoin (BTC) could trade at an eye-watering $450,000 by the end of 2021, while $135,000 would be the “worst case scenario.”That’s according to analyst PlanB, who on June 20 released his latest sentiment-busting bullish BTC price prognosis.Bitcoin to match all-time high in OctoberWell known as the creator of the stock-to-flow Bitcoin price forecasting models, PlanB has repeatedly bucked the overall market mood in recent weeks and months.Even as BTC/USD sees multiple retests of lows from months past, the analyst — and his models — remain firmly fixed on a far brighter mid-term goal for the largest cryptocurrency.Now, even the “worst-case scenario” for Bitcoin would still see it trade at $47,000 in August. A slight reversal in September places the minimum target at $43,000 for that month, only to be followed by $63,000 in October — near current all-time highs. Things then heat up, with $98,000 on the cards in November and a giant $135,000 by the end of the year.BTC/USD stock-to-flow model “worst case scenario” forecast as of June 20. Source: PlanB/ TwitterAs such, Bitcoin is still four months from re-matching its all-time high — a prediction that nonetheless beats some bearish models currently circulating from traders. These include Josh Rager, who this week claimed that $64,500 may well have been this price cycle’s top — something PlanB has specifically renounced on multiple occasions.”Wait until you seen my base case and best case scenarios! OK, a hint: best case Dec $450K,” he added in comments about what Bitcoin could be capable of in 2021.Kiyosaki waits for $24,000 buy-inAs Cointelegraph reported, meanwhile, the weekend is seeing problematic moves by Bitcoin.Sunday’s low stood at $33,337 on Bitstamp at the time of writing, with BTC/USD shedding 5% on the day and reversing most of the previous week’s gains.Calls for a further leg down are growing from various sources, with Robert Kiyosaki, author of “Rich Dad Poor Dad,” being the latest high-profile voice going short.”Biggest bubble in world history getting bigger,” he warned about the overall macro market climate on Saturday. “Biggest crash in world history coming. Buying more gold and silver. Waiting for Bitcoin to drop to $24 k. Crashes best time to get rich. Take care.”Such an event would echo March 2020, with commentators continuing to note the…

Bank of Uganda Launches Regulatory Sandbox Framework — One Fintech Firm Already Approved

Bank of Uganda Launches Regulatory Sandbox Framework — One Fintech Firm Already Approved

The Bank of Uganda (BOU) has announced the launch of a regulatory sandbox that will allow fintech start-ups to test their innovative financial solutions in a controlled environment. Already, one firm, M/S Wave Transfer Limited, has received approval to test its quick response (QR) technology under this sandbox arrangement. BOU Launches Regulatory Sandbox for Fintech In its statement on June 15, the BOU says it is now inviting more firms to develop and similarly test their financial innovations under this framework. Meanwhile, the BOU statement also expands on why the central bank has chosen to launch the sandbox. The statement explains: The Regulatory Sandbox Framework will promote financial services innovation, attract capital and funding for fintech firms, and provide shared learning opportunities for the innovators and regulators. This is expected to promote uptake of electronic payments, digital financial services and financial inclusion in general. Meanwhile, according to a March 5, 2021 Ugandan government statutory instrument, the BOU will conduct “a fit and proper test on each substantial shareholder, director or manager of the applicant.” In addition, the central bank will also determine if “an applicant meets the criteria and minimum requirements for operating a sandbox.” According to the statutory instrument, some of the determining factors that the BOU will consider include whether the innovation is genuine or whether the sandbox has consumer benefits and safeguards. The central bank will also consider the sandbox’s readiness for testing as well as the suitability of the exit plan. In the meantime, the legal document says fintech start-ups that wish to be included in the regulatory sandbox framework will have to pay an application fee of about $290 (one million Ugandan shillings). What are your thoughts on the BOU’s launch of the regulatory sandbox framework? Share your views in the comments section below. Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection…

Bitcoin price dips below $34K as day of Grayscale’s giant BTC unlocking draws near

Bitcoin price dips below $34K as day of Grayscale’s giant BTC unlocking draws near

Bitcoin (BTC) dropped to local lows of $33,750 on June 20 as fears over weak support levels proved to be well founded. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD swiftly dropping below $34,000 on Sunday after choppy behavior at the start of the weekend.A comedown from resistance at near $40,000 continued to unfold, with low volumes highlighting little interest in protecting price action much above $30,000.Orderbook data from Binance confirmed this on the day, with sellers eradicating a major buy wall above $36,500 to leave the next significant support level at just $31,000.BTC/USD buy and sell orders on Binance as of June 20. Source: Material Indicators/ TwitterAmong traders, talk mostly revolved around the so-called “death cross” on the BTC/USD daily and hourly charts which occurred on Friday. This refers to the 50-day moving average crossing over the 200-day moving average, and is traditionally considered to be a bad omen for price stability.Historically, not all death crosses have resulted in losses — as Cointelegraph reported, some are followed by bullish phases.”A death cross is overrated,” popular trader Crypto Ed summarized earlier in the week. “The only thing it’s telling you, is that you are very late when opening shorts. Most of the down moves already happen before the cross.”In a separate commentary, Adam Back, CEO of Blockstream, likewise took Twitter users to task over the negative skew given to death cross events.BTC/USD 1-day candle chart with “death cross” shown. Source: TradingViewAt the time of writing, however, Bitcoin nonetheless traded down 5% on the day, while 3-day losses totaled over 14%.Liquidations were mounting on exchanges, with almost $150 million of positions gone in just a single hour after a flash dip of around $800.Grayscale investors get a sell opportunityAnother theory about price direction involved an impending “unlocking” phase at institutional giant Grayscale.As Cointelegraph previously noted, the coming weeks will see a large chunk of investor funds released after a 6-month lock-up period, with the potential for selling pressure to therefore increase as accredited investors seek to offset some of their losses (realized after selling their GBTC shares) by selling BTC on the spot market. Thereafter, by contrast, there should be a significant lack of sell-side activity.Grayscale unlocking events chart. Source: BybtFundamentals see…

Bitcoin price dips below $34K as Grayscale starts giant BTC unlocking

Bitcoin price dips below $34K as Grayscale starts giant BTC unlocking

Bitcoin (BTC) dropped to local lows of $33,750 on June 20 as fears over weak support levels proved to be well founded. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD swiftly dropping below $34,000 on Sunday after choppy behavior at the start of the weekend.A comedown from resistance at near $40,000 continued to unfold, with low volumes highlighting little interest in protecting price action much above $30,000.Orderbook data from Binance confirmed this on the day, with sellers eradicating a major buy wall above $36,500 to leave the next significant support level at just $31,000.BTC/USD buy and sell orders on Binance as of June 20. Source: Material Indicators/ TwitterAmong traders, talk mostly revolved around the so-called “death cross” on the BTC/USD daily and hourly charts which occurred on Friday. This refers to the 50-day moving average crossing over the 200-day moving average, and is traditionally considered to be a bad omen for price stability.Historically, not all death crosses have resulted in losses — as Cointelegraph reported, some are followed by bullish phases.”A death cross is overrated,” popular trader Crypto Ed summarized earlier in the week. “The only thing it’s telling you, is that you are very late when opening shorts. Most of the down moves already happen before the cross.”In a separate commentary, Adam Back, CEO of Blockstream, likewise took Twitter users to task over the negative skew given to death cross events.BTC/USD 1-day candle chart with “death cross” shown. Source: TradingViewAt the time of writing, however, Bitcoin nonetheless traded down 5% on the day, while 3-day losses totaled over 14%.Liquidations were mounting on exchanges, with almost $150 million of positions gone in just a single hour after a flash dip of around $800.Grayscale investors get a sell opportunityAnother theory about price direction involved an ongoing “unlocking” at institutional giant Grayscale.As Cointelegraph previously noted, the coming weeks will see a large chunk of investor funds released after a 6-month lock-up period, with the potential for selling pressure to therefore increase as accredited investors seek to offset some of their losses (realized after selling their GBTC shares) by selling BTC on the spot market. Thereafter, by contrast, there should be a significant lack of sell-side activity.Grayscale unlocking events chart. Source: BybtFundamentals see increasing…