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As Shiba Inu Surges, Bitgert Tops Ideal Crypto Coin For This Month

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As Shiba Inu Surges, Bitgert Tops Ideal Crypto Coin For This Month

Key points:

  • Shiba Inu surge kills a zero
  • Bitgert ranked among the best-performing coins
  • Bitgert has many developments coming up soon
  • The USDT and USDC coming on the Bitgert chain

The Shiba Inu price has been doing pretty well this morning. The Shiba Inu coin was trading at $0.00001013 at the time of this writing. This means SHIB has successfully killed one zero, and with the crypto market still looking bullish, SHIB might do well before the end of the day.

Shiba Inu has made a significant recovery over the last few days, with the data showing a 24% increase in the past 7 days at the time of this writing. However, today’s Shiba Inu increment may not make a significant difference to the $SHIB holders because the last few months’ drops have been huge.

Shiba Inu data from Coinmarketcap shows that SHIB has lost over 90% of the value from the ATH. This means for the past 7 months, Shiba Inu holders who bought the coin at ATH have made a massive loss in the value of their assets. It might take a longer time to recover, even with the bulls running the market.

However, with the inflation issue, Shiba Inu’s price might still drop again. It might be a smart move for the Shiba Inu holders to buy Bitgert (BRISE) today. This is based on the growth that the Bitgert coin is projected to post this year compared to Shiba Inu. According to crypto experts, Bitgert has the potential to increase 100x before the end of the year.

This means Bitgert might help Shiba Inu holders buying Bitgert today recoup their losses and make profits before EOY. The massive developments that Bitgert is planning for this year, especially building the Bitgert ecosystem, are what make Bitgert coin a perfect crypto investment.

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Bitgert BRC20 blockchain is projected to remain the most sought-after chain because of its zero gas fee mechanism. The Bitgert roadmap V2 products and the huge number of Bitgert Startup Studio projects are expected to skyrocket Bitgert this year. Bitgert CEX and the powerful Bitgert NFT marketplace are among the major Bitgert products in the roadmap V2.

The Bitgert team is also about to launch a UDST and USDC bridge on the Bitgert chain. So there are a lot of Bitgert developments coming up, which will make Bitgert perform better than Shiba Inu.

The post As Shiba Inu Surges, Bitgert Tops Ideal Crypto Coin For This Month appeared first on .

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205.8209 ETH

Risk Of ‘Significant Drawdowns’ Pushes Cypherpunk Holdings To Sell Entire Stash Of Bitcoin And Ethereum

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Risk Of ‘Significant Drawdowns’ Pushes Cypherpunk Holdings To Sell Entire Stash Of Bitcoin And Ethereum

On Tuesday, the Canada-based investment firm Cypherpunk Holdings Inc. announced that the company has sold all of its bitcoin and ethereum due to the “risk of further significant drawdowns.” The company has transitioned its treasury to cash after selling 214.72 bitcoin and 205.82 ethereum as Cypherpunk Holdings continues “to see systemic risks propagating” across the crypto economy.

Cypherpunk Holdings Sells All of the Bitcoin and Ethereum on Its Balance Sheet

Crypto winter has done a lot of damage since the bull run’s price highs, as more than $2 trillion has left the digital currency economy since the first week of November 2021. Today, the crypto economy is worth roughly $945 billion and bitcoin (BTC) is coasting along just above the $20K per unit range.

BTC is down more than 70% from the all-time high ($69K) on November 10, 2021, and ethereum (ETH) has lost more than 77% since the ATH ($4,878) recorded on the same day. On June 28, 2022, or eight months later, the publicly listed Canadian investment company Cypherpunk Holdings revealed it had dumped all of its bitcoin and ether holdings.

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Cypherpunk Holdings (CSE: HODL) (OTC Pink: CYFRF) was one of the many publicly listed companies that held bitcoin and ethereum on its balance sheet. The update from the company notes that the sale was due to risk and it said the crypto economy may see “significant drawdowns” going forward.

CEO and president of Cypherpunk Holdings Jeff Gao.

Cypherpunk Holdings sold approximately 214.7203 BTC and 205.8209 ETH and it got around $4,927,000 for the lot of crypto assets. The company said that it currently has just over $14 million worth of “cash and stables” on hand. After the sale, the CEO and president of Cypherpunk Holdings, Jeff Gao, spoke about dumping the digital assets for cash.

“Recently, Cypherpunk liquidated all of its treasury holdings in BTC and ETH for cash and withdrew back to custody,” Gao wrote in an update concerning the company’s cryptocurrency holdings and strategy.

“We continue to see systemic risks propagating throughout the crypto ecosystem and, in our assessment of the risk reward and opportunity costs involved in holding asset tokens, we believe that the most prudent approach is to sit on the sidelines as we wait for the volatility and illiquidity contagion to come to its logical conclusion,” Gao said. “On the balance of probabilities, we see weaker price action opening the way to lower levels to come as reports of the number of chains imposing ‘temporary’ suspension on withdrawals increases.”

The Cypherpunk Holdings executive continued by adding:

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Until such a time as our thesis on market conditions change, our treasury will remain in cash. Cypherpunk maintains its long-term bullish outlook on crypto and currently plans to actively seek to capitalize on compelling risk reward opportunities as and when they present.

Company Sold 196.74 Bitcoin and 382 Ether Prior to the June 28 Announcement and Amid the Terra LUNA Fallout

Furthermore, Cypherpunk Holdings dumped bitcoin (BTC) before the June 28 announcement, as it told investors on June 13 that it sold 96.74 BTC for $2.9 million and 50 ETH for $100K. Cypherpunk Holdings’ management also decided to unload shares of Animoca Brands, as it sold the company’s last block of 500,000 Animoca shares for “a realized profit of 234%.” Amid the Terra LUNA and UST fallout, on May 11, 2022, Cypherpunk Holdings sold 100 BTC and 332 ETH for just over $4 million.

With Cypherpunk Holdings removed from the Bitcoin Treasuries list, and Microstrategy’s recent purchase of 480 bitcoins, publicly-listed companies hold 268,357 BTC worth 5.382 billion at current bitcoin exchange rates. Exchange-traded products hold 828,641 BTC, countries hold 50,699 BTC, and private companies own 174,381 BTC, according to the Bitcoin Treasuries list on June 29.

What do you think about Cypherpunk Holdings dumping its bitcoin and ether because it believes “weaker price action” is coming? Let us know what you think about this subject in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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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 with the use of or reliance on any content, goods or services mentioned in this article.

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central bank digital currency

Report: Taiwan’s Central Bank May Need 2 Years To Complete Work On CBDC

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Report: Taiwan’s Central Bank May Need 2 Years To Complete Work On CBDC

Taiwan’s central bank is yet to conclude work on its central bank digital currency (CBDC) and according to the bank’s governor, the institution may need two more years to finish its work, a report has said. Some of the bank’s next tasks include winning the public’s support, ensuring the system is stable, and building the currency’s legal framework.

Simulating Use of the CBDC

Some two years after work on Taiwan’s central bank digital currency (CBDC) commenced, the governor of the country’s central bank, Yang Chin-long, recently revealed that his organization is still working on the project. Yang warned the central bank may need as long as two years to complete the task.

Yang, who spoke at a digital currencies forum, also disclosed the central bank had been simulating the use of the CBDC in what a Reuters report called a closed-loop environment. However, the same report said the central bank now faces three key tasks. These include communicating and ultimately winning the public’s support, ensuring the system is stable, and building the currency a legal framework.

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According to the report, the governor also conceded that the entire process may last more than the anticipated two-year period.

While the Taiwanese people are reported to be more accustomed to using cash, Yang said the central bank had to consider the fact that future generations will likely use digital currencies more than they use physical cash.

“We still have to push forward. After all, most of the young people in the future will use mobile phones, so we have to think about the next generation,” Yang is quoted in the report explaining.

What are your thoughts on this story? Let us know what you think in the comments section below.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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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 with the use of or reliance on any content, goods or services mentioned in this article.

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E-Commerce Giant Ebay Files Trademark Applications Covering Wide Range Of Metaverse, NFT Services

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E-Commerce Giant Ebay Files Trademark Applications Covering Wide Range Of Metaverse, NFT Services

E-commerce giant Ebay has filed two trademark applications covering a wide range of products and services relating to the metaverse and non-fungible tokens (NFTs).

Ebay’s NFT, Metaverse Trademark Applications

Ebay Inc. (Nasdaq: EBAY) filed two trademark applications with the United States Patent and Trademark Office (USPTO) last week covering a wide range of products and services relating to non-fungible tokens (NFTs) and the metaverse.

A USPTO-licensed trademark attorney, Mike Kondoudis, tweeted Tuesday: “Ebay Inc. is coming to the metaverse.” He explained that the filings indicate the e-commerce giant’s plans for virtual good marketplaces, online retail stores with actual and virtual goods, NFTs, NFT exchanges, and NFT trading. The applications’ serial numbers are 97473696 and 97473620.

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One day before Ebay filed the two trademark applications, the company announced that it has acquired NFT marketplace Knownorigin. According to Ebay, the two companies signed and closed the deal on June 21.

Ebay CEO Jamie Iannone described at the time: “Ebay is the first stop for people across the globe who are searching for that perfect, hard-to-find, or unique addition to their collection and, with this acquisition, we will remain a leading site as our community is increasingly adding digital collectibles.”

The e-commerce platform began allowing NFT sales in May last year, citing a “massive wave of attention” in the area.

This month, McKinsey and Company said that the metaverse could generate $5 trillion by 2030. “By 2030, it is entirely plausible that more than 50 percent of live events could be held in the metaverse,” the company noted.

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In addition, a survey conducted in April showed that the metaverse will be the most popular place for crypto, with 70% of respondents agreeing that “cryptocurrency and blockchain technology advancements will be critical to shaping the future of the metaverse.” Moreover, Citigroup predicted that the metaverse could be a $13 trillion opportunity with 5 billion users by 2030 while Goldman Sachs sees the metaverse as an $8 trillion opportunity.

What do you think about Ebay filing trademark applications covering metaverse and NFT services? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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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 with the use of or reliance on any content, goods or services mentioned in this article.

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