Crypto news: We bring you a roundup of what’s been happening in crazy world of crypto this week.
Pity poor Jim Cramer (okay, so probably not that poor). The host of Mad Money’s financial prognostications are often wide of the mark. So much so, that an inverse tracker exchange traded fund (ETF) was set up on March 2 to track the opposite of Cramer’s financial predictions.
Jim Cramer’s FUD Fund
And guess what? It is outperforming the market by 5%. Investor and the founder of uInvst, Gurgavin Chandhoke compared the performance of Inverse Cramer Tracker ETF with SPDR S&P 500 ETF Trust.
Cramer was also criticized for reportedly advising viewers to purchase shares of Silicon Valley Bank’s parent in February. In April 2022, he included the now-defunct Signature bank in his list of four investible financial companies that he thought would be good buys based on earnings growth.
According to the prospectus, the inverse ETF keeps tabs on Cramer’s stock picks and general market recommendations throughout the trading day. This includes public recommendations via Twitter or his CNBC television shows – and then it takes the opposite position.
Crypto – Socially Speaking
Extreme-ly Good News?
Glassnode have announced a new on-chain analysis tool called the Bitcoin Cycle Extremes indicator. And it claims to be the crypto equivalent of the philosopher’s stone. The indicator attempts to answer the ultimate question of when the crypto market is at a peak or a bottom.
A basic version of the Cycle Extremes indicator was recently presented by Glassnode lead analyst @_Checkmatey_ on his Twitter feed. On that occasion, he stated that “confluence is your friend.”
The Cycle Extremes indicator from Glassnode takes into account the four most popular metrics that have historically shown high accuracy in determining the peaks or lows of BTC cycles.
The chart shows that the extremes of the ongoing bear market appeared between mid-June and the end of December 2022. But the question remains, how will perform in the coming months?
This Week in NFT Sales
Banking on a Bonus
It’s almost as if senior executives at Silicon Valley Bank could see the writing on the wall in advance of its collapse. Just weeks before the bank’s demise, top execs cashed out $4.5 million worth of shares. Although to give them some credit, they also spread the cheer around by paying out annual bonuses to staff, too – just hours before the bank fell and the Federal Deposit Insurance Corporation (FDIC) grabbed the keys.
Employees in other countries, alas, were scheduled for payment later in the month. But with the FDIC now in control of the bank, it is unclear if the payment will proceed as planned. Meanwhile, the government agency has offered to retain some bank staff for 45 days to assist with the transition.
Crypto Coin News
A bullish week saw Bitcoin (BTC) rise more than 25%. Among the altcoins on the up, Conflux (CFX) doubled in price, Stacks (STX) rose 85% and SingularityNET (AGIX) was up 55%.
The biggest losers include Bone ShibaSwap (BONE), down by nearly 17% and Helium (HNT), which fell by 15%.
Who Will Replace Silvergate?
JPMorgan raised an important question of who would fill the void created after the collapse of Silvergate Capital, another bank to fail last week. A research team at the Wall Street titan said that crypto firms would be hard-pressed to replace the Silvergate Exchange Network’s 24/7 payment rails quickly.
Silvergate announced on March 8 that it would “wind down” operations and repay 100% of customer deposits. The bank was hit hard by several customer withdrawals at the end of last year. It discontinued its Silvergate Exchange Network (SEN) payment rails for “risk” reasons following the departure of several major crypto firms, including Coinbase and Galaxy Digital Holdings.
Make or Break for Cardano (ADA)
Our senior analyst Valdrin Tahiri runs through the price action for Cardano (ADA). Will it manage to break through resistance?
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Leave a Reply