The legendary trader, Peter Schiff, has criticized Bitcoin (BTC) enthusiasts and the broader crypto market amid the recent downturn in asset prices. Schiff challenged the prevailing belief regarding institutional demand, suggesting that the downtrend could have been mitigated despite macroeconomic and industry-specific factors. Institutional demand has been a significant talking point in the crypto market
DOT may be in a better position right now than you might think!
Dogwifhat, the once-high-flying Solana-based meme coin, suffered a brutal week, mirroring a broader crypto market correction and raising questions about the sustainability of the meme coin craze. Related Reading: Dogecoin Decimated: $5 Million Liquidation Sparks 14% Price Plunge Meme Coin Mania Meets Market Mayhem WIF, the token powering Dogwifhat, saw its price plummet 15% in just 24 hours. This dramatic drop erased all the gains from a recent rebound rally. The sell-off wasn’t isolated to Dogwifhat; the entire crypto market experienced a double-digit tumble, with major altcoins like Ethereum and Cardano feeling the heat. Analysts point to a combination of factors behind the downturn, including renewed concerns about inflation and a recent sell-off by the German government and Mt. Gox, a defunct cryptocurrency exchange. The price of $WIF dropped 15% as the market fell. A whale deposited 900K $WIF($1.64M) to #Bybit 10 hours ago, leaving 974K $WIF($1.76M).https://t.co/qJwlxcWy15 pic.twitter.com/amIkvwKfNG — Lookonchain (@lookonchain) July 4, 2024 The pain for Dogwifhat was further amplified by a whale of a different kind: a large investor. LookOnChain, a blockchain whale tracking agency, identified a major Solana whale dumping 900,000 WIF tokens in a series of transactions. This fire sale, amounting to roughly $1.64 million, undoubtedly contributed to the downward spiral. Dogfight On Derivatives: Bulls Trampled, Bears Feast While the Spot market witnessed a bloodbath, the WIF derivatives market displayed a curious mix of activity. Trading volume surged by a surprising 25%, propelling Dogwifhat to the coveted title of third most-demanded meme coin behind Dogecoin and Pepe Token. This surge in volume might suggest increased interest, but a closer look reveals a different story. Lurking beneath the surface was a brutal battle between bullish and bearish investors. More than $3 million in WIF positions were liquidated in the last 24 hours. This liquidation primarily targeted long positions, meaning investors who bet on the price going up were forced to sell at a loss as the price plummeted. While some might see the increased volume as a sign of potential revival, the liquidation figures paint a starker picture – many bulls got trampled by the bears feasting on the market downturn. A Buying Opportunity Or A Boneheaded Move? Despite the carnage, not everyone has lost faith in Dogwifhat. The plummeting price has attracted some opportunistic “Solana whales” who view the current price as an attractive entry point. This glimmer of hope hinges on the possibility that Dogwifhat can recapture its past glory. Related Reading: Buy The Dip? XRP Whales Doing Exactly That – Is A Price Rally Next? In Q1 2024, Dogwifhat was a meme coin darling, riding the wave of the meme coin craze to a $4 billion market cap and a place in the top 30 global crypto rankings. However, the recent downturn serves as a stark reminder of the inherent volatility of meme coins, which often lack the utility or strong fundamentals of established cryptocurrencies. The future of Dogwifhat remains uncertain. Whether it can claw its way back from the doghouse or fade into obscurity depends on several factors, including broader market trends, community support, and potential developments within the Dogwifhat ecosystem. Featured image from Shutterstock, chart from TradingView
Telegram-based game Hamster Kombat has recorded another milestone in terms of its impressive growth since its launch. Based on the remarkable strides the project has made so far, it could be the next big thing in crypto. Related Reading: Crypto As A Weapon? Russia Considers Stablecoins To Fight Sanctions Hamster Kombat Records 239 Million Users
Today, the crypto world buzzed with the reactivation of a decade-old Bitcoin wallet. This event follows a recent trend of long-dormant wallets being awakened. Notably, this wallet now holds Bitcoin worth millions, highlighting the vast increases in value over time. A dormant Bitcoin wallet from the Satoshi era has been reactivated, showcasing a tremendous increase
Peter Schiff criticizes Bitcoin (BTC) bulls on the recent decline in asset price and the wider crypto market. The legendary trader pointed to the “myth” of institutional demand highlighting reasons why despite macro and industry factors, the price of the asset could have avoided the downtrend. This year, institutional demand has become a rallying point The post Peter Schiff Slams Bitcoin Bulls, Lampoons Institutional Demand appeared first on CoinGape .
Dominant card system Visa and Tangem, industry-leading hardware wallet producer, introduced novel payment instrument
In the ever-evolving landscape of financial markets, cryptocurrencies and tech stocks have emerged as formidable contenders for investors’ attention. As … Continue reading The post Crypto vs. stocks: How BTC and ETH stacked up against tech giants in 5 years appeared first on Finbold .
UBS is witnessing a transformative shift in client interactions driven by artificial intelligence, according to Sabine Keller-Busse, the head of the Swiss bank’s domestic business. Keller-Busse compared the change to how patients now approach doctors with self-diagnosed conditions. UBS Sees AI Revolutionizing Financial Interactions Artificial intelligence (AI) is reshaping the banking industry, with clients increasingly
The High Court of the United Kingdom is freezing the assets of computer scientist and businessman Craig Wright, according to new legal documents. The court issued a worldwide freezing order (WFO) upon the request of podcaster Peter McCormack with the aim of recouping his legal fees incurred when Wright sued him for defamation. McCormack tells The post Self-Proclaimed Bitcoin Creator Craig Wright Slapped With an Assets Freezing Order Over Libel Lawsuit appeared first on The Daily Hodl .