Month: March 2023

Cramer’s Bitcoin Prediction Flops as Coin Gains 14%!

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• Jim Cramer, host of CNBC’s “Mad Money,” suggested two weeks ago that investors sell their bitcoin, when it was trading around the $24,000 level.
• The price of bitcoin (BTC) has since increased by at least 14%, leaving Cramer with an egg on his face.
• All of BTC’s technical indicators are currently overwhelmingly bullish, indicating a strong buy signal.

Jim Cramer’s Bitcoin Prediction Flops

Jim Cramer, the host of CNBC’s “Mad Money,” has been left with an egg on his face after the price of Bitcoin (BTC) increased by at least 14% a couple of weeks after he urged investors to sell their coins when the cryptocurrency was trading around the $24,000 level. Several social media users have noted his track record of bad advice and coined this phenomenon as an inverse Cramer effect.

The Inverse Cramer Effect

Cramer responded to a caller on the show who wanted to know whether the “continuing distrust” in traditional banking had “strengthened the investment case for bitcoin”. However, he called BTC a “strange animal” and suggested its price had been historically manipulated by disgraced FTX CEO Sam Bankman-Fried. Cramer has become a joke figure within crypto circles and his suggestion to sell Bitcoin is seen as a buy signal due to his track record of bad advice.

Bullish Technical Analysis

Bitcoin’s technical indicators are currently all overwhelmingly bullish. The coin’s price chart over the past three months shows that BTC has been in an uptrend since mid-January 2023 and has created higher highs and lows indicating a bullish trend. All MAs except for the 5-day MA also indicate a strong buy signal. Volume in bitcoin has been relatively high in recent months indicating growing buying pressure. Additionally, BTC’s momentum indicator, RSI is hovering around 64 levels which is another indication for buyers entering into positions again.

Conclusion

In conclusion Jim Cramer’s prediction that investors should sell their bitcoins backfired as BTC surged more than 14%. This happened despite all indications pointing towards bearish sentiment when he made those comments two weeks ago. Crypto markets are proving hard to predict so far in 2021 and investors need to be careful about whom they take advice from before entering into any positions in cryptocurrencies or other assets for that matter!

Takeaways

• Jim Cramer advised investors to sell bitcoins; however it increased by 14%.
• The inverse Cramers effect suggests taking opposing advice from him due to his track record of bad advice regarding cryptocurrencies • BTC’s technical analysis indicates an overall bullish sentiment currently • Investors should be careful about who they take advice from before entering into any positions

$1B Moved in Seconds: Bitcoin Revolutionizes Large Settlements

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• On March 16, 2023, over 40,141 bitcoin (BTC) were moved in a single transaction – worth $1.05 billion.
• This demonstrates the benefits of utilizing bitcoin for large settlements: efficiency, cost-effectiveness and security compared to traditional banking methods.
• The cost of the transaction was 333,000 satoshi worth about $87 – just 0.000008285714285714285% of the transferred sum.

The Benefits of Using Bitcoin for Large Settlements

Bitcoin is an increasingly popular choice for large transactions due to its inherent efficiency, cost-effectiveness and security compared to traditional banking methods. On March 16, 2023, over 40,141 bitcoin (BTC) were moved in a single transaction – worth $1.05 billion – demonstrating this impressive capability once again.

Cost Savings

In traditional banking systems, moving such a large amount of money would generally involve numerous intermediary banks each charging fees for processing the transaction – resulting in slower transfers and higher costs due to both fees and currency conversions when dealing with international transfers. By using a decentralized ledger system however, Bitcoin eliminates these middlemen and enables fast direct peer-to-peer transactions with minimal fees; in this case just $87 or 0.000008285714285714285% of the total value – a dramatic reduction in costs compared to traditional banking methods where fees would likely be much higher by orders of magnitude.

Speed

As well as lower costs Bitcoin also offers faster transfers than typical bank transfers which often take several days to clear – particularly when dealing with international payments due to different time zones and banking hours. With Bitcoin transactions typically taking just minutes or hours depending on network congestion and sender’s fee paid it is an especially attractive option for businesses or individuals that need quick payments from one person/entity to another such as international remittances or payments between contractors/clients etc..

Security

Bitcoin also offers enhanced security through its use of blockchain technology ensuring that all transfers are recorded on the public ledger giving users peace of mind that their funds are secure while still being able to remain anonymous if they wish thereby avoiding any potential fraud or identity theft risks associated with more traditional payment solutions.

Conclusion

Overall Bitcoin has opened up new opportunities for businesses as well as individuals by providing them with a more efficient cost effective and secure way to move large sums quickly without having to worry about potential delays associated with intermediaries or additional fees incurred from currency conversions making it ideal for cross border payments remittances etc..

Lawyer Files Suit Against Coinbase, Robinhood for Crypto Securities Violations

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• Leading securities lawyer Tom Grady is reportedly preparing to file a lawsuit against top U.S. crypto exchanges Coinbase, Robinhood, and others for violating state and federal securities laws.
• The move follows Grady’s investigation into these exchanges’ operations and their potential violations of securities laws.
• A class-action lawsuit could result in a regulatory crackdown on the $1 trillion cryptocurrency industry which has already been rocked by scandals and seen its value plummet.

Lawyer Prepares to Sue Crypto Exchanges

Leading securities lawyer Tom Grady is reportedly preparing to file a lawsuit on behalf of retail investors against top U.S. crypto exchanges Coinbase, Robinhood, and others for allegedly violating state and federal securities laws. The law firm CryptoLawyers.org based in Tampa, Florida is also seeking clients who suffered losses purchasing cryptocurrencies on these platforms to share information about their investments.

SEC’s Actions Against Crypto Companies

The debate over how to classify digital assets has raged for a long time. In 2017, the Securities and Exchange Commission (SEC) took action against several crypto companies for selling unregistered securities. SEC Chairman Gary Gensler has previously suggested that the majority of crypto tokens are securities, with the exception of bitcoin. Last year, the SEC charged executives of Ripple with selling the XRP token to help build out its platform as well as filing lawsuits against cryptocurrency exchanges Gemini and Kraken for the sale of unregistered securities products to customers last month.

Potential Regulatory Crackdown in Crypto Space

A class-action lawsuit could result in a regulatory crackdown on the $1 trillion cryptocurrency industry, which has already seen its value plummet and has been rocked by scandals such as troubled cryptocurrency bank Silvergate announcing that it is liquidating assets and ceasing operations among other high-profile companies filing for bankruptcy like FTX being indicted for allegedly running a Ponzi-like scheme through its crypto exchange before implosion and bankruptcy .

Publicly Traded Companies Disclosure Requirements

Unlike FTX, Coinbase and Robinhood are U.S.-based publicly traded companies that are required to meet SEC disclosure requirements according to Grady who seeks legal action against them if they do not comply with proper disclosures about risks associated with trading cryptocurrencies on their platforms or transacting unregistered digital coins without any proper notification or warning regarding such risks provided by those exchanges before any trades occur between customers & them .

Conclusion

Taking legal action against these top U.S.-based cryptocurrency exchanges may lead to significant consequences including potential regulatory crackdowns which could have an effect on entire industry as many investors could be exposed & suffer huge losses due to misleading information provided by those firms & lack of proper disclosures about potential risks associated with trading or owning digital coins .

Ethereum Soars to New Highs in 2023: What to Expect

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• Ethereum has made impressive gains since the start of 2023, with a YTD increase of 45%.
• Coinbase recently announced the launch of Base, a layer-two sidechain for Ethereum.
• The impending launch of the Shanghai upgrade (EIP-4895) is ushering in a new era for Ethereum.

Ethereum Price Gains in 2023

Ethereum (ETH) has registered impressive gains since the start of 2023, with an increase of 45% year-to-date (YTD). As of Mar. 2, ETH was trading at $1,641, down more than 5% from its 90-day peak.

Coinbase Introduces Layer 2 Sidechain

Coinbase recently announced the launch of Base, a layer-two sidechain for Ethereum. This move underscores the strength of ETH’s fundamentals, which are expected to fuel long-term growth. Coinbase is aiming to bring over a billion users into the crypto economy with Base and these new users could potentially benefit Ethereum greatly.

Impact on ETH Price

As ETH’s market factors and fundamentals continue to strengthen, investors wonder how this will impact its price in the coming days. Various vital themes and questions will heavily influence ETH’s path such as scalability issues and user adoption.

Shanghai Upgrade – EIP 4895

The upcoming Shanghai upgrade (EIP 4895) is expected to usher in a new era for Ethereum. After their September 2022 upgrade, dubbed The Merge, Ethereum transitioned from the traditional proof-of-work consensus mechanism to a proof-of-stake one and this Shanghai update will further improve upon that transition as well as provide enhanced capabilities for developers and entrepreneurs who use it.

Conclusion

With all these exciting updates being implemented on the platform and more potential users joining the network every day due to increased awareness about cryptocurrencies – it seems like Ethereum can set new records in 2023 if all goes according to plan!