Coin Boss (2024)

04/07/2022

Crypto contagion claims another casualty. In a statement, Singapore-based crypto exchange Vauld has made the “difficult decision to suspend all withdrawals, trading and deposits on the Vauld platform with immediate effect.”

In what appears to be a run on the crypto bank, the group intends to “apply to the Singapore courts for a moratorium,” as Vauld customers have tried to withdraw an “excess of a $197.7 million since 12 June 2022.”

The decision to suspend withdrawals is a screeching U-turn. Reportedly, Vauld boasted $1 billion assets under management in May this year, while on June 16, a company email stated that business would “continue to operate as usual.” Just 18 days later, the company is exploring “potential restructuring options.”

On June 21, CEO Darshan Bathija tweeted that Vauld had cut its team by 30% — the first sign that the company was under duress. Separately, Bathija also stressed that Three Arrows Capital (3AC) was an early investor in the company, but had exited in late 2021.

The statement from Vauld suggests that “volatile market conditions, the financial difficulties of our key business partners inevitably affecting us, and the current market climate” were reasons behind their decision to freeze customers’ money.

Nonetheless, 3AC’s demise is cited and considered a significant contributor to capitulation among centralized finance (CeFi) companies. 3AC had substantial exposure to Luna Classic (LUNC), which blew up in spectacular fashion, reducing 3AC’s holdings from $560 million to $670.

Indeed, Vauld follows in the footsteps of large CeFi platforms such as Celsius, Voyager and BlockFi. Voyager explicitly blamed 3AC for their recent decision to freeze customers’ funds and BlockFi is close to a $240 million deal with FTX following financial difficulties, while plans to salvage Celsius from bankruptcy were recently shared by lead investor BnkToTheFuture.

For crypto investigative journalist Otterooo, Vauld’s strife is more motivation for investors to hold their own keys. Holding onto one’s private keys is a guiding principle of crypto investing: If you do not hold your own keys, you do not own your coins.

04/07/2022

Former Ripple Labs founder Jed McCaleb is nearing the end of his eight-year Ripple (XRP) dump marathon, with only 81.53 million XRP, worth $26.55 million at the time of writing, remaining in his wallet’s balance.

According to Jed Balance, a website tracking his XRP holdings, McCaleb’s wallet name “tacostand” has been shedding an average of 4.06 million XRP over the last month but has ramped up daily transfers to 7.34 million XRP, worth $2.39 million, since Sunday.

At the current rate of selling, his wallet may be depleted within the next two to three weeks, to the delight of the crypto community.

On Wednesday, Mason Versluis, a TikTok influencer and YouTuber known as Crypto Mason, shared the news to his 115,000 followers on Twitter, highlighting that 22 million XRP has been released in the past three days.

On Wednesday, a parody account of McCaleb with 4,500 followers who describes themselves as Definitely not the real Jed posted a photo in front of an eatery called “The Taco Stand,” saying, “Almost there.”

The former Ripple executive has been methodically selling off chunks of his once nine-billion-strong XRP holdings since he left the company in 2014.

McCaleb was part of the founding team of Ripple in 2012 (called OpenCoin then), receiving a share of 20 billion XRP, which was distributed to all three founders, which also include Chris Larsen and Arthur Britto.

McCaleb left in 2014 after a reported fallout with Ripple executives, taking with him his entire XRP share, which equated to around 9% of the total supply. Later that year, he co-founded rival payment protocol Stellar.

03/07/2022

Help 🥲

03/07/2022

Crypto exchange KuCoin found itself at the center of discussion when a sub-community of Crypto Twitter started warning investors about an incoming ban on funds withdrawal. KuCoin CEO, Johnny Lyu, was however quick to dismiss the unvetted rumors before they picked up steam.

Prominent crypto figures on Twitter, including trader and blockchain investigator , requested their followers to withdraw all of their funds from the KuCoin while claiming that the exchange may soon stop all users from withdrawing funds.

Rumors linked KuCoin’s intent to stop withdrawals with Terra’s (LUNA) and 3AC collapse, which according to the warnings, led to “immense suffer” for the exchange owing to high exposure to the fallen tokens.
While dismissing the supposed rumors through the above tweet, Lyu highlighted the company’s strong position by disclosing a recent $150 million funding, which placed the company’s valuation at $10 billion in May 2022. He also pointed out that the company is currently hiring for multiple positions, requesting investors to make their own judgment amid the ongoing FUD — fear, uncertainty and doubt:

“No “immense suffer” from any “coin collapse”, no plan to halt withdrawal, everything on KuCoin is operating well.”
Further distancing KuCoin away from the insolvency rumors, Lyu confirmed to share the company’s 2022 H1 review report with detailed information about their operations. Finally, he sent out a warning to the people accusing KuCoin of shutting down services and creating panic among investors:

“For FUDers who intentionally spread unverified info, KuCoin reserves the right to take legal actions. Don't FUD, BUIDL.”

03/07/2022

Crema Finance, a concentrated liquidity protocol over the Solana blockchain, announced the temporary suspension of its services owing to a successful exploit that has drained a substantial but undisclosed amount of funds.

Soon after realizing the hack on its protocol, Crema Finance suspended the liquidity services to refrain the hacker from draining out its liquidity reserves — which include the funds of the service provider and investors.

While the company is yet to provide an update based on an investigation that was ongoing at the time of writing, the Crypto Twitter community took it to themselves to track down the hacker’s wallet and gain a better understanding of the situation.

Based on a personal investigation, crypto community member allegedly spotted the hacker’s wallet address. The address in question holds 69,422.89 Solana (SOL) tokens — roughly over $2.3 million, procured through a series of transactions over several hours.

Other members of the crypto community, however, suspect the hacker made away with 90% of the total liquidity from some of Crema Finance’s pools. Henry Du, the co-founder of Crema Finance, too, confirmed that all the functions of the protocol have been suspended indefinitely and asked investors to stay tuned for further information in the form of an update.

Readers must note that Crema Finance is not related to Cream Finance, a decentralized finance DeFi lending protocol, that also lost $19 million in a flash loan hack last year. Crema Finance has not yet responded to Cointelegraph’s request for comment.

02/07/2022

Gotta set this as my lockscreen for memorize

02/07/2022

FTX US has inked a deal with BlockFi that will give the crypto derivatives exchange the option to purchase the lending firm.

In a Friday Twitter thread, BlockFi CEO Zac Prince said the crypto lending firm had signed agreements with FTX US for a $400-million revolving credit facility as well as the option to acquire BlockFi “at a variable price of up to $240 million based on performance triggers.” According to the CEO, the deal was reached as part of an effort “to bolster liquidity and protect client funds” at BlockFi.

The agreements are still subject to shareholder approval. Prince said volatility in the crypto market, “particularly market events related to Celsius and 3AC,” which had a negative impact on BlockFi, led to the decision. The crypto lending platform suffered roughly $80 million in losses the week following Celsius pausing withdrawals, and, after considering “various unattractive options” for recovery, partnered with FTX US.

“All of our products and services — including funding and withdrawals, our trading platform, credit card and global institutional services — continue to operate normally, with incremental capital strength behind them,” said Prince.

In a Friday blog post, BlockFi criticized reports from Thursday claiming FTX intended to purchase the firm for $25 million. According to the CEO, the $400 million credit facility, $240 million acquisition price and “other potential consideration” totaled $680 million — for a company that had a $5 billion valuation in June 2021. Prince hinted the report was due to “an inappropriately leaked call” and “purely personal conjecture by a single party.”

02/07/2022

Analysts from Deutsche Bank forecast Bitcoin (BTC) rebounding to $28,000 by December 2022 as the cryptocurrency market continues to grapple with gloomy times.

Bitcoin and the wider cryptocurrency markets have endured a tough six months, with the value of BTC, in particular, enduring its worst quarter in 10 years. Macroeconomic conditions around the world have played a role, with stagnating markets and fears of inflation driving conventional stock markets and their crypto-counterparts down to painful lows.

A report from Deutsche Bank analysts Marion Laboure and Galina Pozdnyakova provides an interesting perspective on the medium-term outlook for BTC. Their insights suggest that cryptocurrency markets have mirrored movements of the Nasdaq 100 and S&P 500 since late 2021.

The pair believe that the S&P will rebound to its January levels and that Bitcoin’s correlation to the index could result in a 30% increase in value from current levels midway through 2022. This would see BTC back up to the $28,000 mark.

The prediction may quell some of the fear and uncertainty swirling in the space, but the recovery of cryptocurrency markets is not so clear-cut. Laboure and Pozdnyakova highlighted the recent collapse of the original Terra (LUNA) — now officially the Terra Classic (LUNC) — ecosystem and the Celsius debacle and their influence on markets as exacerbating factors:

“Stabilizing token prices is hard because there are no common valuation models like those within the public equity system. In addition, the crypto market is highly fragmented. The crypto freefall could continue because of the system’s complexity.”

01/07/2022

It's time baby

01/07/2022

Crypto exchange platform Coinbase denied reports alleging that the company is selling its customer information to the United States Immigration and Customs Enforcement (ICE), an agency that works under the country’s Department of Homeland Security.

On Thursday, news that Coinbase has been providing geolocation data to the ICE has circulated online. Because of this, Twitter users like Solobase Mac were shocked and noted that they "didn't sign up for that." They tweeted:

Now why would they be doing that? So basically invasion of privacy. Sells with out knowledge? They will be owing me 10 million for that one. I didn’t sign up for that. What the hell could this be real or false. Man so much running through my head right now.

— Solobase Mac () June 30, 2022
In a statement on Twitter, Coinbase clarified that the firm “does not sell proprietary customer data.” The exchange highlighted that its foremost priority is giving a safe and secure experience to the users of the platform.

Additionally, the crypto platform has also explained that its Coinbase Tracer tools are created to comply with government requirements. Coinbase noted that this is used to investigate finance-related crimes such as terrorist financing and money laundering. According to the exchange, the information they provide to the government comes only from public sources and not from Coinbase user data.

Back in September 2021, Coinbase inked a deal with the ICE for developing software for the government agency. The agreement compels the exchange to provide "application development software as a service" to the ICE in exchange for $1.36 million.

Related: Coinbase to track off-exchange transactions from Dutch customers

Despite the setbacks caused by the current crypto winter, Coinbase is looking to expand its operations in Europe. The exchange has begun hiring staff in Switzerland and is licensed to operate in countries like Germany, Ireland and the United Kingdom.

Last week, credit rating firm Moody's downgraded Coinbase's Corporate Family Rating (CFR), which is the firm's opinion on Coinbase's capability to pay its financial obligations. The rating agency also downgraded the exchanges' guaranteed senior unsecured notes, which is debt that is not backed by any collateral assets.

01/07/2022

The difficulty bomb-delaying Gray Glacier hard fork went live on Ethereum on Thursday without a hitch, according to the network’s core devs including Ethereum Foundation’s Tim Beiko.

The Sepolia testnet is also set to run through its Merge trial over the next few days and is the second last testnet to go through the trial before the official Merge.

According to Etherscan, the Gray Glacier hard fork was initiated on block number 15050000 at roughly 6:54 am EST on Thursday. The hard fork will now delay the difficulty bomb by roughly 700,000 blocks or 100 days, giving devs until mid-October to complete the long-awaited Merge.

Ethereum Foundation community manager Tim Beiko promptly went to note on Twitter later on Thursday that at 20 blocks past the fork, all monitored notes remained in sync, stating:

“20 blocks past the fork and it's looking good: all monitored nodes except , which doesn’t support the fork, are in sync. No blocks on the old chain so far!”
Ethereum ecosystem developer Nethermind on Twitter also confirmed the success of the hard fork, adding that the difficulty bomb had been successfully delayed.

The difficulty bomb is a mechanism put in place to gradually disincentivize Ether (ETH) miners from proof-of-work (PoW) mining on Ethereum ahead of the network’s eventual merge with the proof-of-stake (PoS)-based Beacon Chain.

This is done by increasing the difficulty level of puzzles in the PoW mining algorithm, thus resulting in longer block times and fewer ETH mining rewards. The mechanism would also make the Merge significantly more complicated for devs to complete due to its gradual slowing of block-creation.

Pushing back the difficulty bomb was required, as it would have slowed down new block creation so much that it would almost be impossible to introduce new network upgrades.

The difficulty bomb has been pushed back on multiple occasions due to the Merge experiencing numerous delays over recent years. The previous Arrow Glacier delay occurred in December 2021 and pushed the bomb back until the middle of 2022.

30/06/2022

The Monetary Authority of Singapore (MAS) has reprimanded Three Arrows Capital (3AC), a battled hedge fund, for providing inaccurate information to the authorities. In a statement published Thursday, the MAS said that the firm violated capital requirements by having assets under management in excess of the permitted amount.

When 3AC was registered as a fund management company in Singapore in 2013, it was allowed to manage funds for up to 30 investors worth up to $180 million. The fund had previously informed MAS that it was changing its management to the British Virgin Islands.

Three Arrows Capital, a hedge fund established in Singapore in 2012, has seen huge losses during a market decline that has seen Bitcoin (BTC) hover around $20,000 in recent weeks, compared to previous highs of over $60,000.

According to reports earlier this month, Three Arrows Capital was potentially insolvent after having at least $400 million in liquidations. The business has reportedly failed to satisfy margin calls from its lenders during a severe market downturn this year, for the first time in two years. BlockFi, a cryptocurrency lending firm, is said to have supplied 3AC with Bitcoin (BTC), but the company was unable to fulfill a margin call owing to the bear market.

On Wednesday, the embattled hedge fund was forced into liquidation by the British Virgin Islands. The decision reportedly came on the same day that Voyager Digital sent a notice of default to 3AC for its failure to pay a 15,250 Bitcoin and 350 million USD Coin (USDC) loan.

30/06/2022

Crypto exchange Binance has partnered with Khaby Lame, the most-followed creator on TikTok, to increase awareness of Web3. The influencer will act as a global brand ambassador for the exchange, helping debunk myths surrounding the crypto and blockchain space.

Lame rose to fame on TikTok, gaining 142 million followers with his videos calling out do-it-yourself content creators who make things too complicated. He provides comical life hacks that make things much simpler while doing his signature move where he puts both his palms up.

Binance told Cointelegraph that Lame, with his signature style, will create content that clears up misconceptions around Web3. According to James Rothwell, an executive at Binance, Lame will bring relatability as Web3 adoption scales. Rothwell explained:

“With so much nuance around Web3 and misinformation in the world, it was a perfect match to have Khaby on board to help debunk some of the myths around this space.”
In a statement, the TikToker said he had been curious about Web3 for a while. According to Lame, the partnership with Binance “aligns perfectly” with what he usually does, which is making complicated things easier and more fun. “I consider my followers as my family, and I am always looking for new challenges and interesting content to share with them,” he said.

Apart from creating content about and clearing up myths around Web3, the TikTok star will also create nonfungible token (NFT) collections with Binance, with the goal of enhancing engagement with his fans.

The onboarding of Lame into Binance follows the firm’s efforts to work with big celebrities. Last week, the exchange partnered with football star Cristiano Ronaldo to introduce his fans into the Web3 space through NFTs.

29/06/2022

Pls don't 😢

29/06/2022

The State Duma, the lower house of the Russian legislature, has passed a bill on the taxation of digital assets that exempts their sale from value-added tax (VAT) in the Russian Federation. Some other services of digital asset exchanges will also be exempted, according to state-run news service RIA Novosti.

In addition, the bill established income tax rates of 13% for Russian exchanges on the first 5 million rubles (currently about U$93,000) of the taxable base annually, 15% on amounts above that limit and 15% across the board for foreign exchange operators. The current tax rate for companies is 20%.

The taxation of digital assets under the bill is analogous to securities taxes, RIA Novosti reports. The government noted in the bill that a separate tax procedure for digital assets is key to the creation of an effective and competitive digital economy.

Russia has tempered its skeptical stance on cryptocurrency as the country has increasingly felt the pressure of Western economic sanctions stemming from its invasion of Ukraine. Major Russian banks have been blocked from the SWIFT system and G7 countries this week banned the purchase of newly mined or refined Russian gold. Those moves, along with a host of other sanctions, led to Russia’s reported default on foreign debt servicing Monday.

Russia's Sber bank is preparing to launch a stablecoin, and Russian Central Bank first deputy chair Olga Skorobogatova stated in an interview dated on Thursday that trials of a digital ruble will be moved up from 2024 to April 2023. A pilot project involving 12 Russian banks is underway.

“I think all self-respecting states will have a national digital currency within three years. […] We should be ready as soon as possible. Plus, this will settle the issue of being blocked from SWIFT, because this integration will make SWIFT unnecessary,” Skorobogatova said.

29/06/2022

Bitcoin (BTC) mining company Marathon Digital Holdings has revealed that 75% of its mining capability has been out of commission since a severe storm hit Montana on June 11.

Marathon finally issued a statement on its website on Tuesday explaining that the storm struck across the town of Hardin, Montana on June 11, damaging the power generating facility that supplies Marathon’s local mining operations. According to the company, “initial electrical tests have found that the majority of the Company’s miners were not materially damaged by the storm.”

The company noted that 30,000 devices, or 75% of the company’s fleet, have been out of action since the storm. Bitcoin blockchain explorers indicate that the miners have been down for two and a half weeks:

“With these miners offline, Marathon’s Bitcoin production is expected to be significantly reduced until repairs to the power generating facility in Montana can be completed or until the miners can be relocated to new facilities.”
Marathon noted that the facility will remain without power until the damaged power facility from BeoWulf Energy can be repaired.

Marathon’s CEO Fred Thiel stated that the facility could begin mining again at a reduced capacity as early as the first week of July if certain repairs are made in time.

It has directed its remaining hashing power to contribute to external mining pools while repairs are being made on the damaged facility:

“Marathon has pointed its remaining active miners, representing approximately 0.6 EH/s, away from the Company’s mining pool, MaraPool, and towards a third-party mining pool in order to increase the probability of earning Bitcoin.”
Exahash per second (EH/s) refers to the amount of hashpower a miner contributes to secure the Bitcoin network.

Marathon contributed about 3.9 EH/s from 36,830 active miners through May and held 9,941 BTC worth about $201.4 million, according to CoinGecko.

Mining difficulty is at its lowest level since April, according to Bitcoin network tracker CoinWarz.

28/06/2022

Legend never die bro

28/06/2022

Tether chief technology officer Paolo Ardoino has confirmed that the stablecoin Tether (USDT) has been the subject of a “coordinated attack” by hedge funds looking to short-sell the United States dollar-pegged crypto asset.

Speaking to his 151,600 Twitter followers on Monday, the Tether executive was responding to reports that hedge funds have been borrowing millions in loans to short USDT since the collapse of Terra in May.

He alleged that hedge funds have been trying to create pressure “in the billions” to “harm Tether liquidity” with the aim of eventually buying back tokens at a much lower price.

Ardoino levied accusations that some hedge funds have believed and helped spread FUD — fear, uncertainty and doubt — about the stablecoin.

Notions that it is not 100% backed, is issuing tokens from “thin air,” has significant exposure to distressed companies and Chinese commercial paper and other narratives have been spread by its competitors over “troll networks,” he said.

As part of a 12-part Twitter thread refuting these rumors and slamming FUD spreaders, Ardoino argued that the company has been collaborating with regulators and has increased transparency efforts, as well as noting its recent commitment to phase out its commercial paper exposure:

“Despite all the public 3rd party attestations, our collaboration with regulators, our increased transparency efforts, our commitment to phase out CP exposure and move into US Treasuries, our settlements, ... they kept thinking and suggesting that we, Tether, are the bad guys.”
He argued that Tether has “never failed a redemption,” adding that in just the last 48 hours, Tether has redeemed around 10% of its total assets, which he said is “something almost impossible even for banking institutions.”

He also confirmed that Tether has already reduced its commercial paper exposure from $45 billion to $8.4 billion this month, intending to clear out its commercial paper backing “in the coming months.”

However, it appears that Ardoino’s comments may not do much to hold back the tidal wave of short-sellers hoping to profit from a potential decline in the crypto’s price, which is currently sitting just below peg at $0.9989 at the time of writing.

On Monday, a report from the Wall Street Journal quoted Leon Marshall, head of institutional sales at Genesis, stating that there has been an increase in trades to short Tether through its brokerage platform, particularly over the past month.

28/06/2022

Coinbase began trading on the Nasdaq stock exchange in April 2021 and quickly exceeded its pre-listing reference price, eventually reaching $381. At those price levels, COIN had a fully diluted market capitalization of nearly $100 billion. However, since November, COIN has been on a downward spiral, plunging 84% to less than $58 a share. The stock was down 8% on Monday, dragging its market cap below $15 billion.

The selloff in Coinbase stock has occurred in lockstep with plunging crypto prices. Since peaking at around $69,000 in November 2021, Bitcoin (BTC) is down almost 70%.

In addition to its collapsing share price, Coinbase has been forced to lay off around a fifth of its staff and has even gone as far as rescinding job offers. CEO Brian Armstrong said the likelihood of recession could prolong the so-called “crypto winter” and lead to an extended period of adverse market conditions.

27/06/2022

Hacktivist group Anonymous has pledged to “make sure” Terra co-founder Do Kwon is “brought to justice as soon as possible” in regard to the collapse of the Terra (LUNA) and TerraUSD (UST) ecosystems in May.

On Sunday, a video purportedly coming from the Anonymous hacker group rehashed a laundry list of Kwon’s alleged wrongdoings, including cashing out $80 million each month from LUNA and UST prior to its collapse, as well as his role in the fall of stable coin Basis Cash, for which Do Kwon allegedly co-created under the pseudonym “Rick Sanchez” in late 2020:

“Do Kwon, if you are listening, sadly, there is nothing that can be done to reverse the damage that you have done. At this point, the only thing that we can do is hold you accountable and make sure that you are brought to justice as soon as possible.”
The hacker group said it would be looking into Do Kwon’s actions since he entered the crypto space to expose his alleged crimes.

“Anonymous is looking into Do Kwon’s entire history since he entered the crypto space to see what we can learn and bring to light,” the group stated.

27/06/2022

Several factors have contributed to making the current crypto bear market the worst ever recorded as most Bitcoin (BTC) traders are underwater and continue to sell at a loss, according to Glassnode.

Blockchain analysis firm Glassnode’s Saturday report titled “A Bear of Historic Proportions” outlines how Bitcoin’s current dip below the 200-day moving average (MA), negative deviation from realized price and net realized losses have conspired to make 2022 the worst in Bitcoin’s history:

“In the midst of this, Bitcoin and Ethereum have both traded below their previous cycle ATHs which is a first in history.”
The first and most obvious indication of a bear market is when the spot price of Bitcoin (BTC) falls below the 200-day MA and an even more extreme scenario, the 200-week MA. To highlight how rare the current price levels are, Glassnode showed that during the 2022 bear market, Bitcoin has fallen below half the 200-day MA level.

26/06/2022

The overall power consumption of the Bitcoin (BTC) network recorded a drastic drop after mimicking the two-week-long fall in the mining hash rate, which reduced the commuting power for mining BTC blocks to 199.225 exahash per second (EH/s).

According to the data shared by the Cambridge Centre for Alternative Finance, the Bitcoin network recorded the year 2022’s lowest power demand of 10.65 gigawatts (GW). At its peak, the BTC network demanded 16.09 GW of power.

On June 16, a Cointelegraph report highlighted how the banking sector utilizes 56 times more energy than the Bitcoin ecosystem. Publisher Michel Khazzaka, an IT engineer, cryptographer and consultant said in an exclusive interview:

“Bitcoin Lightning, and Bitcoin, in general, are really great and very efficient technological solutions that deserve to be adopted on a large scale. This invention is brilliant enough, efficient enough, and powerful enough to get mass adoption.”
The sudden reduction in Bitcoin’s power demand can be attributed to the falling hash rate. The mining hash rate serves as a key security metric, the computing power required by BTC miners to successfully mine a block.

Bitcoin’s mining difficulty reached an all-time high of 231.428 EH/s on June 13, which was followed by over a -13.9% drop over two weeks. The latest breakdown of the hash rate distribution shows F2Pool and AntPool as the biggest known miners with each mining 81 and 80 blocks over the last four days respectively.

26/06/2022

The Chinese government has capitalized on the violent downturn in the crypto market by warning crypto investors that Bitcoin (BTC) prices are “heading to zero.”

The South China Morning Post reported on Wednesday that the Chinese national news media agency Economic Daily had issued a warning about the largest cryptocurrency by market cap to further dissuade citizens from adopting the use of crypto.

The Economic Daily report says the west is to blame for creating a highly-leveraged market that is “full of manipulation and pseudo-technology concepts,” which it said was an “important external factor” which contributes to Bitcoin’s volatility.

“Bitcoin is nothing more than a string of digital codes, and its returns mainly come from buying low and selling high,” said the newspaper:

“In the future, once investors’ confidence collapses or when sovereign countries declare Bitcoin illegal, it will return to its original value, which is utterly worthless.”
The Chinese government banned Bitcoin mining last July and has grand plans to launch its central bank digital currency (CBDC) called the digital Chinese yuan (e-CNY) nationwide. It banned all cryptocurrency transactions last September and infamously banned foreign crypto exchanges from operating within the country in 2018.

The Chinese Government isn’t the only one weighing in with predictions about where they see Bitcoin’s price going.

On Monday, founder and CEO of market analysis firm DeMark Analytics Tom DeMark told Marketwatch he believes the crypto market is in line for prolonged price reductions because BTC has fallen below 50% from its November peak of $69,000:

“Such breakdowns bespeak a high probability that recovery to the all-time Bitcoin highs will require many years, if not decades, to accomplish.”
However, there is still a chance for it to bounce back into the $40,000 range within the next few months he said:

“This does not negate the prospect of up to 50-56% recovery over upcoming months which implies bitcoin rally back to $40,000-$45,000.”

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