KAVA price jumped more than 40% despite the overall market lull, reaching highs of $1.56 on Binance.
While there was no clear trigger for the surge, Kava has had a few major developments in recent weeks.
KAVA currently trades around $1.17 and is in danger of giving up all the gains if profit taking deals intensify.
The price of KAVA is up about 9% in the past 24 hours as at 9:30 am ET on Tuesday, 23 May. The KAVA/USD pair is trading around $1.16 amid increasing pressure from profit takers.
But before the current sell-off pressure, the price of the Cosmos zone token had rallied more than 40% to hit its highest level since November 2022.
Kava price sliding after rally to multi-month high
The price of KAVA rose to $1.56 on leading cryptocurrency exchange Binance, with the token spiking 44% from lows of $1.08. The token’s value was up nearly 63% in the past 30 days.
Kava price jumped more than 40% on Tuesday morning as shown in this chart. Source: TradingView
Kava is a highly scalable Layer-1 blockchain that combines the speed and interoperability of Cosmos and the developer power of the Ethereum Virtual Machine (EVM). There was no apparent trigger for the huge move today. However, here’s why the token’s value might have rallied so hard for a brief moment before investors likely started taking profits.
Although likely a normal pump episode, the price gains follow the recent launch of the KAVA 13 mainnet and the announcement of a new integration with a leading data indexing platform SubQuery. SubQuery’s indexer tool is available across Osmosis, Cronos and Fetch.ai in the Cosmos ecosystem.
The blockchain developer toolkit is also available for Web3 developers across Ethereum, Polygon, BNB, Flare, NEAR, Polkadot, Avalanche, and Algorand. It is offered as a data-as-a-service solution that allows users to focus on core project use cases and the front-end, all without having to first build a custom backend for data processing.
Kava also announced a $5000 giveaway as it celebrated the launch of NFTs and GameFi on its chain.
NFTs and GameFi are coming to Kava! To celebrate $5,000 is up for grabs in $KAVA and $PVP.
How to participate: ❤️ Follow @PvPGameHub and @KAVA_CHAIN ❤️ Like and RT this tweet ❤️ Tag 3 friends with #KAVA
Today’s price surge for KAVA appears to have been an outlier of sorts given the overall outlook of the crypto market. It’s possible such gains will not hold and any correction that follows could wipe all the upside movement.
KAVA/USD might thus retreat to support at $1.10 or lower if current levels near $1.20 fail to hold. On the flipside, an uptick across the market or fresh pump based on new KAVA news could see buyers target a retest of today’s highs.
MuratiAI is the first advanced anime-focused Platform web and Telegram bot that lets you create a masterpiece and anime video with a simple command in your Telegram group or with the Platform web.
We are making image and video generation faster and more accessible than ever before.
We aim to use the power of AI technology in order to produce high-quality visuals quickly and accurately. We want to make it easy for users to use all of their imagination while having fun. as well as creatives, marketers, and other professionals to generate image and video with maximum efficiency.
We aim MuratiAI to become a go-to tool for any user who needs to generate image and video in a short amount of time.
Our goal is to revolutionize how people create image and video by leveraging advanced AI technology
How To use MuratiAI Bot
MuratiAI Bot is simple and easy to use. Follow the steps below to add Mai to your channel! If you need some tips to maximize the quality of your art, be sure to check out our brief TUTORIAL.
ADD MuratiAI Bot TO TELEGRAM– Add MuratiAI Bot to your group using the button below. – Type your command + text prompt. Hit enter to generate.
ADD MuratiAI Bot TO DISCORD– Add MuratiAI Bot to your server using the button below. – Give Mai full permissions in your server. – Use the /commands listed to enable MuratiAI Bot in all or specific channels. You can also enable NSFW content with the /commands provided by the bot.
01
ADD MuratiAI Bot TO YOUR GROUP
02
GENERATE!
Reward Share Model
MuratiAI will soon provide a revenue share to $MuratiAI token holders. With a simple stake-to-earn model, those who lock-up their tokens will be able to share revenue generated from:
– Paid advertising slots on the Murati bot – Paid advertising on Murati web app – Taxes generated through token volume – Revenue received through partnerships e.g. paid AMAs and cross-community events – Revenue from a range of NFT use cases
01
PAID AVERTISING SLOTS ON THE MuratiAI BOT
02
PAID ADVERTISING ON MuratiAI WEB APP
03
TAXES THROUGH TOKEN VOLUME
04
REVENUE RECEIVED THROUGH PARTNERSHIPS
05
REVENUE FROM NFT USE CASES
Roadmap
Phase 1
• Bot build and proof-of-concept testing • Website and socials launch • Pre-Launch Marketing • Liquidity raise • Token launch
Phase 2
• Community activation & base model enhancement • PR Marketing • CoinMarketCap Listing • CoinGecko Listing • AI Video Generation • Launch full suite of custom in-house models • Text-to-Speech activation • Heavy marketing
Phase 3
• First major partnership • Web app V1 live • Listing on CEXs • Image to AI Image Edit • Surprises to announce • Text-to-Speech Video Integration • Mobile App Android & iOS • Premium launch • Staking with initial rev share
Phase 4
• Google Extension Release • Firefox Extension Release • More major partnerships • More in-house models • Listing on CEXs • Multilanguage AI • Launch The First AI NFT Marketplace • Best-in-class render quality • MuratiBrowser Release
Create a MetaMask Wallet using either a desktop computer or an iOS/Android mobile device. That will allow you to buy, sell, send, and receive $MuratiAI
Send BNB to your wallet
You can buy BNB directly on MetaMask or transfer it to your MetaMask Wallet from exchanges like Coinbase, Binance, etc.
Connect your wallet
Access your wallet by clicking ‘Connect to a wallet’ and selecting MetaMask.
Swap BNB for $MuratiAI
You can start swapping as soon as you have BNB available! Press ‘Select a token’ and enter the token address or search for it on the tokens list.
Google search data for Bitcoin is at a two-year low
Search volume is close to the levels last seen before the crypto boom of 2021
Despite rising prices in 2023, crypto industry continues to suffer from dwindling volumes
This trend is backed up when looking at liquidity and trade volume, which have also fallen drastically since the hysteria of the pandemic
We have covered the dropoff in crypto liquidity previously, while the freefalling prices of the 2022 bear market need no recap. However, despite a rebound prices thus far in 2023, general interest in crypto remains significantly down compared to the pandemic hysteria – and the trend does not appear to be slowing.
This week, another milestone was hit conveying just how far the sector has fallen when assessing it on a macro scale. Looking at search interest for the term “Bitcoin” worldwide, volume is now at the lowest point since 2020.
To recap, following three years in the abyss, the cryptocurrency sector surged in the latter half of 2020. This came after it weathered the initial storm in March 2020, when the COVID pandemic struck markets harshly, both within and outside of crypto.
But it was Q1 of 2021 when the sector truly jumped onto the mainstream stage. Dinner conversation was alive with talk of mysterious Internet money, newspapers were talking about blockchain and everybody wanted in, as the price of one Bitcoin retook its previous highs from the 2017 bull market peak…and just kept going.
While the above chart shows that search volume dropped off since that lofty Q1, as is natural, the scale of the slide since betrays the struggles of the industry. As prices plummeted throughout 2022, interest in the sector bled off.
There were three notable exceptions, however, when we saw brief spikes in interest. May 2022, when the Terra ecosystem collapsed, was one. Then there was June 2022, when a slew of bankruptcies struck the space, highlighted by lending firm Celsius. And finally, interest jumped again in November 2022, when FTX imploded.
Unfortunately, none of these episodes were positive, setting the stage for further decline in interest once the dust settled on the various scandals. And that is what has happened – right into 2023, even as prices have begun to rebound.
US climate worsening for crypto
Focusing on the US, the financial centre of the world, shows the exact same trend – in fact, a slightly steeper one. With the regulatory clampdown worsening in the country, it is also becoming harder for crypto companies to operate in the space. Should this result in much of crypto activity being pushed overseas as some speculate, this trend may only worsen going forward.
However, to present this as a US problem would be erroneous. While the regulatory climate in the US is certainly not helping things over the last few months, this downward trend in interest has been ongoing since before the 2022 bear market kicked off. The regulatory issues may impact the US side more going forward, but to date, similar drop-offs in interest are being seen in nations around the world.
The below shows this using Singapore as an example, one of Asia’s hottest crypto centres, presented against the US and displaying the same trend.
“Anyone remotely in tune to the crypto markets will be able to tell you that interest is not as high as it was. Nonetheless, to see the extent to which Google search volume has fallen off is jarring. Even with prices rising in 2023, many who have lost interest in crypto are not returning. Not only this, but volume continues to fall, as crypto companies and other industry stakeholders fight a number of headwinds”, said Max Coupland, director of CoinJournal.
In truth, most of this is not surprising. Bitcoin traded at $68,000 in 2021. Since then, it careened down to $15,500 as a number of scandals hit the space, putting many off the sector and causing institutional and retail money alike to flee. We have done several reports into this capital flight, showing how capital has departed the space at a relentless pace.
Volumes, liquidity and general interest are all correlated. This is true anecdotally – how often have you heard of people discussing crypto in the last few months, compared to during the pandemic, when stimulus cheques and lockdowns were in full force, and Bitcoin was trading north of $50,000?
There is no denying that crypto has fallen from grace. The big question now is whether it can return to where it was.
If you use our data, then we would appreciate a link back to https://coinjournal.net. Crediting our work with a link helps us to keep providing you with data analysis research.
Metacade price has jumped 4% in the past 24 hour as bulls bounced off a key support level.
With Metacade building the ultimate Web3 hub, interest in MCADE could see its price rally in coming months.
The price prediction for Metacade however also takes into account potential headwinds around broader risk asset markets.
Metacade price has bounced off a key support level to give bulls some joy. The token is currently trading at $0.021, up 4% in the last 24 hours. MCADE/USD is up 20% in the past week, while the 24-hour trading volume is $226,368, up 57%.
Price has given up even more gains before, which means profit taking is likely to curtail bulls’ movement. But can buyers establish a footing and rebound even higher, especially with Metacade building the ultimate Web3 hub and MCADE available to the broader market after hitting major cryptocurrency exchanges?
Metacade price prediction
At current price levels, MCADE looks like a solid buy. The rally to the all-time high above $0.045 occurred just this month and a few days after the token’s successful presale. Since then, bulls have held impressively above $0.020.
Today’s bounce alongside the upside flip for Bitcoin price suggests a new bull run for the market could see MCADE surpass its peak. This Metacade price prediction means MCADE could see more than 50% in upside bounce to $0.045.
Aiding this short term view further is the daily RSI signaling a potential breakout from the neutral position. Also, the key support level that Metacade bounced off of is a horizontal line near $0.020 that has been a robust pillar for MCADE bulls.
If they can continue to push the price higher, the next target could be $0.026. However, the 20-day moving average line is currently slopping to suggest it might offer an area of crucial resistance at $0.022 and $0.025. Its possible MCADE could see a 50% surge to $0.045.
Overall, Metacade’s price is currently poised for a bullish flip. However, if the price rejects at the 20-day moving average, then it could fall to support levels beneath the psychological $0.020.
What is Metacade?
Metacade is a new community-driven gaming arcade powered by blockchain technology and Web3. The Ethereum-based game platform is being developed as the ultimate hub of play-to-earn (P2E) games. At its core is the objective of making Metacade the home of metaverse arcade games, bringing together game developers, players and crypto enthusiasts.
Designed to cater to all types of gamers, Metacade’s arcade platform will have everything from casual games to competitive tournaments.
The platform users will leverage the utility of the native MCADE token to tap into earning opportunities. Governance, staking and trading of MCADE all combine with an extensive array of games from different developers and studios to give token holders even more ways to benefit from their investment.
Will Metacade price reach $5 in 2024?
This is like asking: Is MCADE a buy still and what’s the long term outlook for Metacade’s price?
Like other altcoins and cyptocurrencies, Metacade price can be extremely volatile and thus difficult to predict with certainty where it trades next. However, as highlighted by the short term price prediction, price has the potential to rally to new highs in coming months.
For a long term outlook of Metacade price, it would be important to focus on the likely catalysts for further growth and demand of the token down the road. Having reached $0.045, the main targets in the short term are likely to be $0.1 and $0.5. These levels could be hit in 2023 or 2024 given the market cycles.
The $5 price level is also achievable in 2024 or in the medium term given how tokens like Axie Infinity, The Sandbox and Decentraland raced to their all-time highs during the last bull market.
However, it might be unrealistic to expect MCADE to roar to $5 this year.
What could catalyse a new Metacade price rally?
MCADE is a relatively new token, but is showing a lot of potential given its growing community. What’s likely to catalyse fresh gains for the token include the overall bounce in crypto markets amid a new bull cycle, turbulence in traditional finance that sees risk appetite shift more to cryptocurrencies and a resurgence in investor interest in crypto gaming tokens.
Apart from a unique approach to the P2E gaming ecosystem, there are a few other strengths that could aid in MCADE demand.
Notably, Metacade is backed by a strong team that is focused on delivering the Web3 experience for users. It also has a clear roadmap – with key milestones such as the presale, exchange listings and platform development reached – as outlined in the project’s whitepaper.
The token is also designed to be used across a growing gaming ecosystem, which could see increased demand as its public launch approaches.
If you are considering buying MCADE, then do your own research. You can start by visiting the Metacade website for more information about the project, team and roadmap.
VRA was trending with nearly 3 million tweets on Tuesday morning, top trending on CT ahead of Render (RNDR), Pepe (PEPE) and XRP(XRP).
Verasity (VRA) is a blockchain-based platform seeking to revolutionise the video ads industry.
The price of VRA was up 3% at the time of writing, trading around $0.0044.
Verasity (VRA) price has increased by about 3% in the past 24 hours as bulls look to push it to above $0.004. Trading volumes have jumped 28% in the same period as demand sees over $5.6 million worth of VRA traded across exchanges.
VRA, an altcoin with a circulating supply of 10 billion tokens, is currently valued at a market cap of $45.6 million.
But as Verasity price looks to test resistance at key levels, it is notable that the coin remains more than 94% down from its all-time highs above $0.086 reached in November 2021. The question is whether bulls can ride current sentiment to target recent highs of $0.008.
VRA trends with nearly 3 million tweets
Verasity, a blockchain-based platform that aims to revolutionise the video industry by solving the problems of ad fraud, low engagement, and lack of transparency, went ballistic on Twitter on Monday as the VRA token trended with record tweets.
While no major news or event was seemingly the catalyst, sentiment continued until VRA was trending with nearly 3 million tweets as of 3 am ET on Tuesday. VRA was the top trending cryptocurrency on CT ahead of Render (RNDR), Pepe (PEPE) and XRP(XRP).
Here is one observation of the hot VRA streak on Twitter today:
Part of the excitement is Verasity’s growing impact on the ads market, with the platform featured in a Binance Research article that highlighted its artificial intelligence and machine learning powered capabilities.
As CoinJournal highlighted in this article, Verasity wants to power the future of advertising.
The platform offers its patented Proof-of-View (PoV) technology to companies where a combination of artificial intelligence (AI), blockchain, and gaming mechanics helps ensure fraud-free ad views. This is because advertisers want to reward genuine viewers for their attention via the Watch and Earn feature, and VeraViews offers that.
4/14) Our AI & ML based systems give #VeraViews the ability to detect bots & anomalies at scale. 🤖
These technologies can analyse large amounts of advertising campaign data and identify patterns & behaviours that are abnormal, giving vastly more accurate campaign statistics…
And with partnerships looking to take the VRA use cases across other ecosystems such as the metaverse and NFTs, the jump in Verasity demand is beginning to tell. Activity can also be seen in the number of Twitter following, which currently stands at over 295k.
Verasity price: can bulls take advantage?
VRA price has found it difficult to break from an increasingly tight range after falling from highs of $0.008 in April. The token is near oversold territory after a recent pullback and retest.
As can be seen on the daily chart, VRA/USD has bounced off a long term support level at $0.0043. If bulls take advantage of current sentiment and push higher, we can see VRA price target a previous resistance turned support line at $0.0050. The 50 and 100 day moving averages provide next hurdles at $0.0058 and $0.0064.
On the downside, the price of Verasity could continue towards the primary support zone at $0.0035. Further losses from here could see sellers target $0.0021, which would mean declines of 50% or more from current price levels.
Introducing “The Office” Coin: The Ultimate Meme Token for Fans of the TV Series! Are you a fan of “The Office,” the iconic TV series that captivated audiences with its hilarious and relatable workplace shenanigans? If so, we have exciting news for you! Welcome to “The Office” Coin, the latest addition to the cryptocurrency world, designed exclusively for fans of this beloved show and crypto enthusiasts. “The Office” has gained a massive following since its debut, and it’s not hard to see why. Set in the Dunder Mifflin Paper Company, the mockumentary-style series takes us on a rollercoaster of laughs, cringe-worthy moments, and heartwarming stories. From the quirky and lovable characters like Michael Scott, Jim Halpert, and Dwight Schrute to the unforgettable catchphrases and meme-worthy scenes, “The Office” has become a cultural phenomenon. At “The Office” Coin, our mission is clear: to create the greatest meme token dedicated to this iconic series. We aim to celebrate everything that makes “The Office” special by offering fans a unique and engaging experience within the world of cryptocurrency. But what sets “The Office” Token apart from other meme tokens? Here are a few interesting facts about our token:
1) Community-Driven Development: We firmly believe that a token dedicated to a TV series as beloved as “The Office” should be shaped by its fans and people who loves crypto game. We encourage active participation from our community, allowing them to contribute ideas, vote on important decisions, and shape the direction of the token. 2) Exclusive NFTs and Collectibles: As an “Office” Token holder, you’ll have access to exclusive non-fungible tokens (NFTs) and collectibles inspired by the show. From digital artwork featuring your favorite characters to limited-edition merchandise, we’ll offer a range of exciting items that will truly make you feel part of “The Office” universe. 3) Memorable Tokenomics: We’ve carefully designed our tokenomics to ensure a fun and engaging experience for holders. From periodic airdrops of NFTs to reward holders, to interactive meme contests and quizzes, we aim to create a vibrant community that thrives on the humor and camaraderie that “The Office” is known for. Join us on this incredible journey as we bring the world of “The Office” to the realm of cryptocurrency. Whether you’re a die-hard fan or simply appreciate a good meme, “The Office” Token is the place to be. Get ready to laugh, share, and meme your way through the crypto-sphere with us!
Remember, it’s not just a token; it’s “The Office” Token – the ultimate homage to the greatest workplace comedy of all time.
Immerse yourself in the world of “The Office” with our exclusive collection of NFTs. Own digital memorabilia inspired by the show’s iconic moments, characters, and quotes. Each NFT is a unique and limited-edition piece of digital art that you can buy, sell, and proudly display in your collection.
Merchandise
Show off your love for “The Office” with our official merchandise. From t-shirts and hoodies to mugs and stickers, we offer a range of high-quality products that allow you to express your fandom in style. Wear your favorite characters and quotes proudly and join the growing community of “The Office” enthusiasts.
Charities
We believe in giving back to the community and making a positive impact. Through our charitable initiatives, we support causes and organizations aligned with the values of “The Office” and our community. A portion of the token’s proceeds will be dedicated to these charitable endeavors, allowing us to make a difference together.
Staking
Staking: Earn passive rewards by staking your “The Office” Tokens. By holding and locking your tokens in our staking mechanism, you not only contribute to the stability and security of the network but also receive additional tokens as a reward. The longer you stake, the greater your rewards will be.
Airdrops
Get ready for surprises and rewards with our exciting airdrop events. Periodically, we distribute free tokens to our loyal community members as a token of appreciation for their support and participation. Stay active, engage with the community, and be on the lookout for airdrop announcements to claim your share of the tokens.
Buybacks
We believe in the long-term value and growth of “The Office” Token. To support this, we regularly initiate buyback events where a portion of the funds raised from transactions is used to buy and burn tokens from the market. This process reduces the overall token supply, increasing scarcity, and potentially driving up the value of the remaining tokens.
Tokenomics
TOTAL SUPPLY: 100,000,000,000,000,000
TOKEN SUPPLY BURNED: 50,000,000,000,000,000
CIRCULATING SUPPLY : 50,000,000,000,000,000
SUPPLY FOR DEVELOPEMENT: 5,000,000,000,000,000
TAX: BUY: 10% | SELL: 10% TAX DISTRIBUTION:
REFLECTION: 3%
MARKETING: 6%
AUTO LIQUIDITY: 1%
REFLECTION
Reflection tax are made for our long term investors. The longer you hold, the more you get from all the volume we have. So hold and earn passive income.
MARKETING
Marketing tax is made for both, new investor attraction and developement. We will only use it for the good of project, so we reach the best results that we can!
AUTO LIQUIDITY
A cryptocurrency with a 1% auto liquidity feature offers the advantages of continuous liquidity, price stability, reduced market manipulation, improved trading experience, enhanced investor confidence, and the potential for higher trade volume.
ROADMAP
Phase 1: Foundation and Community Building
Establish “The Office” Token team.
Create and distribute “The Office” Token.
Launch social media channels, website, and forum for community engagement.
Forge partnerships with NFT artists, merchandise creators, and influencers.
Phase 2: Token Utility and Features
Develop an NFT marketplace for trading “The Office” inspired digital collectibles.
Launch meme contests with token and NFT rewards.
Implement staking mechanism for additional rewards.
Phase 3: Community Governance and Expansion
Introduce decentralized governance for decision-making.
Organize charity initiatives aligned with “The Office” themes.
Expand through merchandise, offline events, and fan conventions.
Collaborate with other projects for cross-promotions and crossovers.
FAQs
Where can I buy ”The Office” coin?Is the contract renounced?When the staking will be ready ?Why should i buy this token?Is liquidity locked?When the NFTs will be ready?How we will do the buy backs?
Starship is a recently launched meme token on the Binance Smart chain that has taken the crypto world by storm. The token is named after one of Elon Musk’s famous tweets in which he declared that his SpaceX Starship was ready for launch. The Starship meme token has become a fan favorite, as it embodies the enthusiasm and excitement surrounding Musk’s projects. The token’s popularity has grown rapidly, and its price has surged as a result. Many crypto enthusiasts are keeping a close eye on Starship’s price movements, eager to see where this exciting new meme token will go!
Features
Safe TeamWe have an experienced team of developers, designers, and community managers that has collectively been involved with successful projects in the space
Fast Growing CommunityStrong community with a lot of support and an amazing attitude.
Transparent ProcessNo hidden mints, tricks, team tokens, airdrops, pre-pumps, early contracts or whatsoever are included.
Huge Marketing StrategyThe team behind StarShip is well-connected to marketers, platforms, big players and many more, allowing them to make an impact in the cryptocurrency space.
Tokenomics for $SShip
– Total Supply: 100,000,000 $SShip
– Buy/Sell Taxes: 8%
* 6% For marketing wallet
* 1% For LP
* 1% For Dev
Like Elon said in his recent tweet, StarShip is ready to take off!
The next week will be critical for BTC, crypto analyst Michael van de Poppe says.
Bitcoin price could see a new uptrend if BTC can break out after a successful retest of the 200-day moving average.
However, if BTC fails to break above this level, it could fall to past recent lows, with the key target at $25k or lower.
Bitcoin’s price has struggled to reclaim support above $28,000 and is currently facing fresh downside pressure just above the $27k level.
While the price is looking for a successful retest and bounce from a key technical level, bulls could be left battling a deeper correction if prices break lower from this level, which one analyst has highlighted as a likely make or break scenario for BTC this coming week.
Bitcoin price: analyst says next week could be crucial
Market events next week could have an impact on Bitcoin price, with crucial economic data and events to watch out for including US GDP revisions, minutes of the last FOMC meeting and the core personal consumption expenditure (PCE) deflator – the Fed’s preferred measure of inflation.
A decision or vote on the debt-ceiling talks is also expected to highlight critical market-moving events this coming week. According to Michael van de Poppe, the Bitcoin price outlook for next week is likely to trend alongside a broader market reaction to the busy week.
He says BTC’s retest of the 200-day moving average has historically signaled an opportunity to accumulate. If BTC can break above this level, it could signal the end of the current correction and the start of a new bull market.
The analyst sees the next few days as important for bulls, suggesting that it could be a “make-or-break” situation.
“If you go back in history, the 200-MA retest is a great period to accumulate. In the past 6 months, #Bitcoin has been swimming beneath for a long period, making it the most undervalued since existence. Next week is make-or-break. Fast breakout upwards -> end of correction,” van de Poppe tweeted.
If you go back in history, the 200-MA retest is a great period to accumulate.
In the past 6 months, #Bitcoin has been swimming beneath for a long period, making it the most undervalued since existence.
— Michaël van de Poppe (@CryptoMichNL) May 20, 2023
The 200-day moving average is a long-term moving average that traders often look to for support or resistance levels. A BTC breakout from the 200-day moving average has often seen bulls take control.
If BTC can break above the 200-day moving average, it could reach $35,000 by the end of the week. However, if bulls fail to fend off the marauding bears, it’s possible for a revisit of the $25k region.
Michael Saylor reiterates his bullish view on Bitcoin.
MicroStrategy Inc currently has about 140,000 BTC.
Bitcoin has lost nearly 10% from its high in April.
Bitcoin has lost nearly 10% in recent weeks but the pullback is only an opportunity to build a position as far as Michael Saylor – Chairman of MicroStrategy Inc is concerned.
Saylor is sceptic on other cryptocurrencies
Interestingly, his bullish view is particular to bitcoin only while he remains “sceptic” on other cryptocurrencies in the midst of regulatory uncertainty. Speaking with CNBC today, Saylor said:
I think bitcoin has found the bottom, the leverage is out of it, we are on a bull run. BTC is the one commodity the SEC won’t regulate. I think the way is clear for bitcoin to rally from here.
Earlier this month, the U.S. Federal Reserve signalled a “pause” which could be a tailwind for BTC moving forward as easing monetary policy is known to see investors make riskier bets.
MicroStrategy Inc currently has about 140,000 bitcoin bought for a total cost of roughly $4.17 billion.
Why else is he keeping bullish on bitcoin?
Saylor is convinced that the recent bank failures and the regulatory uncertainty surrounding cryptocurrencies will work in favour of the bitcoin considering its reputation as the safe haven.
Bitcoin is the most secure network, the most secure asset. You’ll see a consistent flow of capital flowing from the rest of the crypto ecosystem to bitcoin.
Other reasons cited for the bullish view on BTC include the “Lightning Network” – a protocol layered over bitcoin that he’s convinced has the potential to be a disruptive payment network.
Also on Friday, Anthony Pompliano also said that bitcoin was like the world’s biggest insurance company.
Pompliano argues that Bitcoin’s unique properties make it an attractive insurance asset for a variety of reasons.
He says Bitcoin provides insurance against a variety of risks, including, currency debasement and sovereign default.
Bitcoin critics however point to things like the volatile nature of crypto assets and meagre adoption as reasons why it might not be the global insurance company.
Anthony Pompliano, a venture capitalist and popular Bitcoin advocate, argues that BTC could be considered the largest insurance company in the world.
The investor says the idea was proposed to him at a breakfast meeting with two investors, whose point suggested that the world’s largest insurance company may not “look like” the typical insurance company.
Is bitcoin the largest insurance company in the world?
This was the question posed by two investors at breakfast yesterday. In this piece, I unpack why they may be correct in their analysis.https://t.co/nSS4xDnuou
Pompliano’s argument, published in the latest edition of The Pomp Letter, is based on the idea that Bitcoin provides insurance against a variety of risks, including, currency debasement, sovereign default, undisciplined monetary and fiscal policy, and economic censorship.
He explained:
“Just as there are different insurance policies that serve different purposes, Bitcoin is different things to different people. And just as most policyholders don’t want to ever have to use their insurance, most bitcoiners realise that bitcoin’s success will likely come on the heels of major issues in the legacy financial world.”
On what exactly makes Bitcoin an insurance, the entrepreneur listed a number of reasons.
He says Bitcoin is a one-time purchase, and it comes with certain advantages. Unlike traditional insurance policies, BTC doesn’t require ongoing premiums. If you buy early, Bitcoin comes as a cheap premium and much more expensive when done later.
The second reason is that cryptocurrency is a decentralised asset that is not subject to the control of any one entity, which makes it more reliable than traditional insurance companies. It also has an inverse relation to catastrophe in traditional finance, the latest example being when BTC price rose amid the US banking crisis.
Also, Bitcoin is a global asset that can be accessed by anyone, anywhere in the world, which makes it more accessible than traditional insurance products. As an insurance, its programmatic nature means holders don’t need to submit claims and wait for someone to judge whether to honour it or not.
Bitcoin critics may disagree, but…
Although Bitcoin continues to see major adoption across the globe, the argument such as the one highlighted by Pompliano has not escaped crypto critics.
For some, BTC remains too volatile to be considered a reliable insurance asset. Another argument is that the digital asset hasn’t achieved the adoption levels that would make it a practical insurance choice for most people.
Pomp says the idea is still a viable one, especially with the possibility that Bitcoin can be an insurance against events like inflation and economic collapse. Most of these events have largely been “uninsurable.”
“No insurance company is going to write you a legitimate policy against high inflation. They won’t write you a policy against government seizure of your assets. The insurance companies historically have not covered hyperinflation or economic collapse,” the investor argued.
He also thinks one doesn’t need to hold huge amounts of BTC to tap into the benefits. Putting about 1-3% of investment allocation into bitcoin can be an effective hedge against negative impact of economic risks.
Kava price jumped more than 40% on Tuesday morning as shown in this chart. Source: TradingView
