The co-founder of the mega-popular news site and forum board, Reddit, has recently expressed his stance on Bitcoin and the entire cryptocurrency market. Despite the current downward trend, Alexis Ohanian believes that the future of Bitcoin could come as he moves away from Reddit and towards more venture capital initiatives.
Ohanian also said that he plans to invest in cryptocurrencies and cryptocurrency companies. After selling Reddit to Advance Publications, the co-founder has been slowly relieving himself from the day-to-day duties at the online platform.
He apparently had more time to think about crypto and Bitcoin – as well as the entire cryptocurrency market and the situation right now. After explaining that his new job is being the head of the venture capital firm, Initialized Capital, he is also confident that he can discuss more business opportunities even with his wife, the famous tennis star Serena Williams.
While speaking about his venture capital firm in an interview with Yahoo Finance, Ohanian stated:
“I’ve wanted for a long time to get back to early stage founders to being the ‘first check’ in Initialized. It’s a lot of fun, frankly. I get to come home and have really good dinner table conversations about the things I did at work, and it’s always [about] meeting new founders, learning about the future and then sometimes rolling up my sleeves.”
Despite the slump in the crypto market, Ohanian is incredibly optimistic about the future of the cryptocurrency markets, stating:
“As a store of value, there is some real traction [with bitcoin], and actually as we’re seeing in countries like Turkey that are having significant economic crisis — where people are losing faith in the Turkish lira — we’re going to see money move over to bitcoin because as unstable as it is, it is actually a lot more stable for a lot of people than their own nations’ fiat currency. But right now, we’re still in the earliest, earliest stages.”
Ohanian concluded by doubling down his bullish statement on the future of cryptocurrencies, explaining that the price action does not really matter right now:
“No matter what the currency prices are doing, seeing more and more people creating accounts … shows more and more adoption, and their end game is to be this interface between people, their fiat money and crypto — it would be the most user friendly trusted safe secure way to do it. I just encourage people not to get too, too invested in the speculation around the day-to-day trading of the currencies.”
New Crash Of $35 Billion Makes BTC Revisit Four Figures
“And there’s the dump right before the daily close. Typical price action for $BTC near important levels is a pump or dump right before or after the daily/weekly close. This certainly sets up the daily and weekly to close bearish. And will likely focus on shorting any rally,” he said in a tweet.The weekly candle closed heavy and ignited the new crash further. As BTC tested the 50 day moving average which is currently serving as a level of support, all signals are indicating a continuation of this correction. So, Bitcoin visiting the $8,000 region is definitely a possibility - but Rager added that even like this, four figure BTC is a gift.
“Said it once and will say it again, 4 digit Bitcoin is a gift, whether it hits $9ks or even $8ks," he concluded.In the coming altcoin news, we can see that the new crash and Bitcoin retreat has hurt the altcoins even more, with some of them losing as much as 20% of their value.
Tether Minted 5 Billion USDT By Mistake – And Immediately Burned Them
"Official news is that the amount printed should be have been 50M as part of a swap from Omni to Tron Tether. This was corrected by burning the full amount in two subsequent transactions," the Twitter profile of Whale Alert added later on.In a tweet, the CTO of Tether Paolo Ardoino explained that Tether meant to perform a swap of 50 million Omni-based USDT tokens to the Tron blockchain. However, a mistake was made with the decimals which is how Tether minted something extra and why they burned these coins.
"While preparing the issuance for Omni to Tron swap there have been an issue with the token decimals. Please check the burn transactions below," he noted.https://twitter.com/paoloardoino/status/1150164876138037249 The cryptocurrency exchange Poloniex confirmed this in a tweet, stating:
“Paolo is correct - this occurred while Poloniex was conducting a USDT chain swap with the help of Tether. An incorrect amount of USDT was accidentally minted, and this has since been resolved to the intended value.”As many best cryptocurrency news sites reported earlier this week, the New York based Metropolitan Commercial Bank shut down the accounts associated with Tether. The bank reportedly closed the accounts after a request last year. The altcoin news today show a lot of red on the market and a market cap that lost more than $30 billion overnight, dropping to a new point at $278 billion.
Dogecoin Surged 40% After Binance Exchange Listing
‘’This one is an exception, as there isn't much new tech development (I guess it was never about the tech for this one). The users/community is large, and a famous "ex-CEO" (cough @elonmusk) helps!’’Right after Musk’s famous comment, Coinbase added Dogecoin and made it accessible for all crypto newbies and experienced traders which further validated the coin’s legitimacy. The price did, however, drop from its high of $0.045 to $0.0035 but the Google searches for the coin spiked and news erupted in almost every crypto media outlet out there. The real question is whether this media attention helped dogecoin or injured the cryptocurrency and the entire economy. The crypto universe is still relatively small so any media attention is deemed useful for gaining traction for new users. This is why Dogecoin’s history behind it should not make a difference in terms of the current value. Cryptokitties for example also showed that the blockchain technology can be used to create games and apps so no matter the reason for its creation, it still has a huge impact on developers and investors and increased the drive towards mass crypto adoption. Despite the current use of Dogecoin in tipping and micropayments, it is still relatively hard for the cryptocurrency to grow out of the name it created for itself. The coin is still perceived as a joke and this doesn’t really help it become the worthy leader for the greater crypto economy. The current listing is still not enough for some investors to be reassured of the fears that burden cryptocurrencies such as volatility, security and headline risks. As noted in the altcoin news previously, some speculated that dogecoin and other projects will help the crypto economy in the long run towards mass adoption.
Tether Keeps On Churning As 50 Million Tokens Enter The Market
“Quick 5% $BTC pump following fake tether news on top of oversold intraday charts. Actual minted tether was $50 million, not $5 billion.”The weekly charts indicate that the things could be turning into a bearish mood for bitcoin. There have already been long wicks through resistance but it was never a closure above it. The horizontal support line stays in the $8,000 region so the larger correction could be heading there as well. Tradingview analysis company issued a report that shows that bitcoin’s 14 percent pullback the market dominance still remains a solid 67.7% at the moment. About $10 billion was lost from the entire market cap over the past 24 hours which is now at $307 billion. The charts are red this morning as most of the crypto assets are continuing the downslide. Bitcoin SV took the biggest dump today losing over 7% and falling below $150. As noted in the latest cryptocurrency news, most of the altcoins are in meltdown apart from the ICON (ICX) token.
Join us on Facebook
- ETH Nosedives 15%, Crypto Market Value Drops To $28 Billion
- Tougher Crypto Regime Announced In The UK: The ‘Dirty Money’ Crackdown
- New Crash Of $35 Billion Makes BTC Revisit Four Figures
- Tether Minted 5 Billion USDT By Mistake – And Immediately Burned Them
- Trump Banning Bitcoin Could Happen But It Is Unlikely: Economist
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News4 days ago
Google Coin To Come As Part Of FANG Goes Crypto: Winklevoss Brothers
Regulation2 days ago
IRS Confirms That It Has Trained Staff For Detecting Crypto Wallets
Uncategorized3 days ago
Bitcoin Searches On Google Increase After Trump’s Bashing Tweet
Blockchain News3 days ago
Visa And VC Firm Are Investing $40 Million In Crypto Security Systems
Blockchain News3 days ago
Japanese Hackers Steal $32 Million In Crypto From Bitpoint Exchange
Altcoin News2 days ago
Crypto Market Remains Vulnerable: More Losses On The Way?
Analysis3 days ago
Ether Is Consolidating The Losses Against Bitcoin
Altcoin News3 days ago
Trump Voices His Opposition To Crypto In A Tweet