Mad Money’s Jim Cramer Recommends Avoiding Crypto, Other Speculative Investments

Mad Money's Jim Cramer Recommends Avoiding Crypto and Other Speculative Investments

The host of Mad Money, Jim Cramer, has advised investors to avoid cryptocurrency and other speculative investments. “Don’t get memed. Don’t get SPAC’d. Don’t get crypto’d,” Cramer stressed, warning of “a giant washout of all things that are speculative.”

Jim Cramer Advises Investors to Avoid Crypto

The host of CNBC’s Mad Money show, Jim Cramer, offered some advice Tuesday regarding what to invest in the current market condition. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.

The Mad Money host has urged investors to stay away from speculative assets including cryptocurrencies. He warned that these investments will struggle as the Federal Reserve continues its hawkish stance to combat inflation.

“Look, Fed chief Jay Powell told us that we need to stop doing stupid things with our money. That was the thrust of his speech on Friday,” Cramer said, referring to Powell’s speech in Jackson Hole, Wyoming. The central banker warned that the Fed’s battle against inflation will bring “some pain.”

Cramer explained that the Federal Reserve is “going to bring the pain until it puts an end to the gambling.” Referencing Powell’s speech, the Mad Money host asserted:

Of course, he’ll also hurt some good investments in the process … but we won’t see the end of this decline until we get a giant washout of all things that are speculative.

Cramer said this includes cryptocurrencies, adding that other speculative investments investors should avoid include money-losing firms that went public via special purpose acquisition companies (SPACs) and meme stocks.

He also tweeted Tuesday that the Federal Reserve is telling people to sell cryptocurrencies, non-fungible tokens (NFTs), initial public offerings (IPOs), and SPACs before these investments wipe out their savings. “No more nonsense,” he exclaimed.

“What matters is that we just have to get through it intact. Don’t get memed. Don’t get SPAC’d. Don’t get crypto’d. And you’ll get through this thicket and find yourself in a much better time when we are sufficiently oversold for a huge bounce,” Cramer described.

The Mad Money host further opined:

This is what it looks like when the Fed gets serious.

In July, Cramer said that the immolation of crypto showed that the Fed’s job to tame inflation is almost complete. Moreover, he said in June that he expects the price of bitcoin to fall to $12,000. At the time of writing, the cryptocurrency is trading at $20,241.

What do you think about Jim Cramer’s recommendations? Let us know in the comments section below.


Source: Bitcoin.com
Original Post: Mad Money’s Jim Cramer Recommends Avoiding Crypto, Other Speculative Investments

Waves Founder Suggests Crypto Regulations To Control Market Manipulation

As the crypto market has been facing a long lasted winter and the Fed is adding fuel to the fire with its hawkish approach to fight inflation and protect users, global tech tycoons and industry experts have been pointing out their opinions on the situation. 

Similarly, in an interview, Sasha Ivanov, founder of the Wave, a blockchain company allowing users to launch custom tokens, said that government authorities need to regulate the crypto industry to handle market manipulation and prevent investors from troublemaker projects.

Related Reading: Why Japan Could Ease Crypto Regulations To Revitalize Economy

The CEO had a public spat with FTX founder Sam Bankman-Fried in the past, and he alleged him of illegally manipulating the prices of his project, WAVES. In response to the interviewer’s question on how the issue was resolved, Ivanov noted;

“Crypto market manipulation is a sign of the times; as much as we in the space wish it wasn’t so, it’s there nonetheless. People with large balances and high intelligence levels can profit at the expense of retail traders. Our resolution is regulation, which is on its way. In the meantime, we have been working on our own solutions, such as the upcoming launch of PowerDAO to help us regulate our own ecosystem.”

The WAVES-backed stablecoin USDN lost its peg with the U.S. dollar many times in 2022. Lastly, it failed to defend its peg with the U.S. dollar and fell to $0.90 on August 26.

While speaking about how he fixed that issue and took control of the situation in April when USDN’s value plummeted to $0.80, Ivanov explained that April’s dumps occurred due to the six whale accounts borrowing Vires Finance’s liquidity excessively. As the interest amount continued to rise, it became impossible for overleveraged whales to repay the loan. As a result, it disrupted the prices of every cryptocurrency and likely of the WAVES. He further added;

“This is when I had to step in to take roughly $500 million worth of this bad debt into my own wallet to gradually repay it. Not doing so would have allowed those accounts to be liquidated, creating more selling pressure due to the quantity of USDN sold.”

WAVES price is currently trading around $4.50. | Source: WAVESUSD price chart from TradingView.com
Ivanov Points Crypto Regulation As The Only Way To Protect Users

Expressing his concerns over the Tornado cash ban, which has put the stablecoins like USDC and USDN under the radar, Waves’ CEO has pointed toward the regulation to keep transparency and ensure users’ protection. He said;

“While this may not be the most popular opinion, I believe we need regulation to protect users. As such, we are absolutely in favor of finding some real and efficient solutions through intelligent conversations with regulators. That being said, we need to respect the values of immutability, resistance to censorship, and decentralization when regulating – there has to be some agreement here otherwise the core values of crypto will be compromised.”

Related Reading: Bitcoin Bill Rejected By Paraguay’s President – Here’s Why

Alongside supporting the vision of regulation, Ivanov also criticized the regulator’s move to put a blanket ban on Tornado cash and arrest its developer. He pointed out that the government misused its enforcement actions in this case and said it’s like sentencing jail terms to the inventor of a knife as he created it and criminals used it is his fault.

Featured image from Pixabay and chart from TradingView.com
Source: Bitcoinist.com
Original Post: Waves Founder Suggests Crypto Regulations To Control Market Manipulation

Total Staked ETH More Than Doubles Ahead Of Ethereum Merge

Staking ETH had first begun on the Ethereum network about two years ago when the move to proof of stake was officially put in motion. Since then, the amount of ETH staked on the network has ramped up. By 2021, the total staked ETH on the Ethereum network had surpassed 5% of the total circulating supply. Despite growing so much already, it is nothing compared to the growth that has been experienced by the network in the last year.

Staked ETH Doubles

The amount of staked ETH on the Ethereum network is up more than 100% on a year-over-year basis. Staking now accounts for more than 13.4 million of all ETH, making up more than 11% of the total supply. This growth comes despite the fact that staking can be risky, but with the team moving as scheduled, it has imbued renewed interest in users.

There were some rumors regarding how all of the staked ETH would be dumped into the market. However, it has been clarified that there will be no withdrawal option available with the Merge that is scheduled to happen in September. Rather, there will be a period of 6-12 months before the capability will be introduced. But even this remains uncertain as there is no definite timeline for when withdrawals are implemented.

Staked ETH doubles in one year | Source: Arcane Research

With the rising interest, the yield on staking ETH has dropped drastically to about 4%, and it is expected that the yield will continue to drop as more validators are created. This yield remains the biggest pull for stakers as it provides a means to passively earn ETH while waiting out the market.

Ethereum Validators May Surge

Presently, there are hundreds of thousands of validators already on the Ethereum network, but the vast majority of ETH remains unstaked. This means that there is still a lot of growth to be expected in terms of staked ETH, and a recent Glassnode report points to this.

ETH trending at $1,554 | Source: ETHUSD on TradingView.com

The report shows that the number of addresses holding more than 32 coins has reached a new all-time high. This is important because a total of 32 ETH is required to become a validator on the Ethereum network and earn rewards for helping confirm transactions on the network. So this means that there are more users who are qualified to be validators.

An interesting fact is that Ethereum’s price is down about 51% on a year-over-year basis, but the digital asset has managed to retain most of the gains it made off the back of the Merge announcement. ETH’s price currently sits at $1,595, with a 24-hour growth of 0.75%.

Featured image from The Coin Republic, charts from Arcane Research and TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…


Source: Bitcoinist.com
Original Post: Total Staked ETH More Than Doubles Ahead Of Ethereum Merge

Analyst says 40% of users in most Web3 games are bots — Here’s how to avoid being fooled

In DApps, daily active users is an easy metric to manipulate. Let’s review a few ways to cross-reference the authenticity of the metric.


Source: Cointelegraph.com
Original Post: Analyst says 40% of users in most Web3 games are bots — Here’s how to avoid being fooled

Top Crypto Analyst Issues Ethereum Alert, Says ETH Rally Different From March 2021 Bull Run

A popular crypto strategist is issuing an alert to Ethereum traders, saying ETH’s recent rally is not the same as last year’s bull run.

Pseudonymous analyst Rekt tells his 327,800 Twitter followers that while Ethereum managed to stay above support at $1,500, he believes ETH will likely resume its downtrend after a bounce.

“If ETH enjoys stronger follow-through from this recent successful retest of orange support, then ETH will be able to go up and form a macro lower high, much like in early 2021. That lower high would form at ~$1,800.” 

Image
Source: Rekt/Twitter

A macro lower high indicates that the trend is bearish and that the bounce will likely be short lived.

Rekt also highlights that although ETH is trading between $1,500 and $1,800 just like it did in March 2021, he says the less-than-stellar reaction of ETH bulls at range support shows the difference in trend.

“Compared to early 2021, however, the reaction is not as volatile now. There was no wick into the orange area to demonstrate a strong buy-side reaction.”  

Image
Source: Rekt/Twitter

Meanwhile, fellow analyst Michaël van de Poppe believes that one catalyst could push ETH above $1,800 and change the prevailing sentiment surrounding the leading smart contract platform.

“Ethereum fork happening on the 6th of September, which increases the odds of The Merge to be a success -> sentiment changing.

The scenario still going as planned. I don’t want it to drop sub $1,350.

If strength continues -> $2,200 next.”

Image
Source: Van de Poppe/Twitter

The Merge is Ethereum’s highly anticipated transition from a proof-of-work consensus mechanism to a proof-of-stake one.

At time of writing, ETH is swapping hands for $1,583, flat on the day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/YanaBu/monkographic

The post Top Crypto Analyst Issues Ethereum Alert, Says ETH Rally Different From March 2021 Bull Run appeared first on The Daily Hodl.


Source: Daily HODL
Original Post: Top Crypto Analyst Issues Ethereum Alert, Says ETH Rally Different From March 2021 Bull Run

Coinbase, Binance, Kraken and Other Crypto Firms Should Explain How They’re Fighting Fraud, Says US Congressman

A US Congressman from Illinois is asking prominent federal agencies and crypto exchange platforms for information on how they combat digital asset fraud.

In a new press release, Representative Raja Krishnamoorthi requests information from Coinbase, Kraken, Binance, FTX, and KuCoin on what they are doing to protect American investors from crypto scams.

Krishnamoorthi also sent letters to the U.S. Treasury Department, the U.S. Securities and Exchange Commission (SEC), the Commodities Futures Trading Commission (CTFC) and the Federal Trade Commission (FTC) requesting the same information.

The Congressman says he’s worried about a lack of central power, irreversible transactions, and the limited understanding the public has on crypto fraud.

“As stories of skyrocketing prices and overnight riches have attracted both professional and amateur investors to cryptocurrencies, scammers have cashed in.

The lack of a central authority to flag suspicious transactions in many situations, the irreversibility of transactions, and the limited understanding many consumers and investors have of the underlying technology make cryptocurrency a preferred transaction method for scammers.

For all these reasons, I am concerned about the growth of fraud and consumer abuse linked to cryptocurrencies.”

Krishnamoorthi says the information he’s requesting will help Congress be informed when creating legislative solutions for the digital assets market.

According to the press release, the crypto markets have vulnerabilities that the government has yet to patch up.

“Consumers are often unaware of the patchwork of resources available to inform their cryptocurrency investing decisions, and insurance companies are reluctant to provide insurance to individual consumers given the lack of regulation of digital assets.

Despite these vulnerabilities, the federal government has been slow to curb cryptocurrency scams and fraud, and existing federal regulations do not comprehensively or clearly cover digital assets under all circumstances.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Jamo Images

The post Coinbase, Binance, Kraken and Other Crypto Firms Should Explain How They’re Fighting Fraud, Says US Congressman appeared first on The Daily Hodl.


Source: Daily HODL
Original Post: Coinbase, Binance, Kraken and Other Crypto Firms Should Explain How They’re Fighting Fraud, Says US Congressman

Where is Ethereum going after the Merge?!

Source: YouTube: Ready Set Crypto
Original Post: Where is Ethereum going after the Merge?!

Bitcoin holds $20K, but analysts say BTC open interest leaves room for ‘more deleveraging’

BTC trades in the lower end of its 76-day range, but analysts say future Fed actions and record-high open interest increase the possibility of future “deleveraging events.”


Source: Cointelegraph.com
Original Post: Bitcoin holds K, but analysts say BTC open interest leaves room for ‘more deleveraging’

Ticket Marketplace Giant Ticketmaster Chooses Flow Blockchain for NFT Push

Ticket Marketplace Giant Ticketmaster Chooses Flow Blockchain for NFT Push

This week, Ticketmaster Entertainment, Inc. revealed the company will give event organizers the ability to mint non-fungible token (NFT) tickets via the Flow blockchain. Last November, Ticketmaster said it was working with Polygon but since Super Bowl LVI, the ticket sales and distribution behemoth started working with the Dapper Labs-managed Flow.

Ticketmaster Has Minted More Than 5 Million NFTs Using Flow’s Technology

On August 31, 2022, a sportsbusinessjournal.com report detailed that Ticketmaster will allow event organizers to issue NFTs using the Flow blockchain. Organizers will be able to mint NFTs before, during, or after an event and they can represent tickets or memorabilia, VIP access and rewards as well. The report notes that the ticketing agency has already minted 5 million NFTs via the Flow network.

Clients that have issued NFTs include The Black Crowes, the Apollo Theater, and Gavin DeGraw. Ticketmaster originally said it would use Polygon but in February the world’s largest ticket marketplace decided to use Flow for the Super Bowl LVI NFT tickets.

Flow already works with the NFL via the partnership it worked out for the “NFL All Day” NFTs. Furthermore, the Dapper Labs operated Flow was also leveraged to mint “NBA Top Shot” NFTs and “UFC Strike” NFTs. Furthermore, NFL game attendees can get Flow-issued NFT tickets from over a hundred games from the 2022 season.

Flow Says ‘Ticketmaster Is Empowering Event Organizers’

All-time statistics from the NFT data aggregator cryptoslam.io shows that the Flow blockchain commands the fourth largest position in terms of NFT sales among 19 different blockchains. The Flow blockchain has recorded $1,098,215,401 in all-time NFT sales, according to cryptoslam.io data. 30-day stats indicate Flow is the fifth-largest just below Immutable X which saw a 417% rise in the past month.

Flow also confirmed the Ticketmaster deal on Wednesday when it tweeted about it to Live Nation fans. “Big news for live event fans,” Flow said. “[Ticketmaster] event organizers now can offer digital keepsakes, minted [on Flow].” The company continued:

Activate access to experiences and rewards. And that’s not all — [Ticketmaster] is empowering event organizers to enhance live experiences for fans — Share your experiences online, never lose that ticket from the show you loved, new ways to reward communities, [and] enjoy VIP experiences.

What do you think about Ticketmaster choosing the Flow blockchain for ticket-related NFTs, memorabilia, VIP access, and rewards? Let us know what you think about this subject in the comments section below.


Source: Bitcoin.com
Original Post: Ticket Marketplace Giant Ticketmaster Chooses Flow Blockchain for NFT Push

Crypto Twitter shares security concerns regarding Meta’s recent NFT integration news

Meta recently announced its latest NFT feature will allow users to connect their digital wallets to Instagram and Facebook.


Source: Cointelegraph.com
Original Post: Crypto Twitter shares security concerns regarding Meta’s recent NFT integration news

Cardano (ADA) Set To Outperform Bitcoin (BTC) As Traders Look To Hedge Against Ethereum Merge: Coin Bureau

A popular crypto analyst says that smart contract platform Cardano (ADA) is set to outperform Bitcoin (BTC) in the short term as traders look to hedge against Ethereum’s (ETH) upcoming transition to proof-of-stake.

In a new video update, the host of Coin Bureau tells his 2.1 million YouTube subscribers that he views ETH competitors as hedges against The Merge in case the update doesn’t go as smoothly as planned.

“One of the ways I’ve personally been hedging myself against something going wrong with Ethereum’s merge is to hold competing smart contract cryptocurrencies as a part of my portfolio, and this includes Cardano’s ADA.”

According to Guy, ADA works as a hedge against the Ethereum Merge as Cardano itself is also due for the Vasil hard fork upgrade in September.

“It would be an admittedly strategic move if Cardano improved its scalability around the time Ethereum transitions to proof-of-stake. This is because it would put Cardano in a perfect position to acquire users and investors if The Merge fails or simply fails to meet the expectations of ETH holders.”

Guy says that Cardano appears primed to see gains against the top digital asset by market cap.

“ADA seems to be overdue for an appreciation against BTC on the weekly chart. This is because ADA has historically fallen against ETH for around eight weeks before seeing a multi-week rally. As you can see, ADA has been falling against ETH for about eight weeks and is showing signs of a reversal.”

The host then speculates that Cardano could see a 50% gain in price.

“Note that [appreciating against BTC] does not necessarily translate to a higher price for ADA in fiat terms, but ADA’s daily and weekly price action in fiat terms suggests it could see a 50% gain in the coming weeks.

But I must stress that this ultimately depends on whether the crypto market sees a short-term recovery. I should also note that Cardano’s Vasil hard fork will expose the project to the same sorts of issues Ethereum could experience during its upgrade.

This is probably why other Ethereum competitors such as Solana appear to be on the brink of a bigger breakout against both ETH and the USD.”

ADA is changing hands for $0.452 at time of writing, a 1.5% gain on the day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/picsbyst/WhiteBarbie

The post Cardano (ADA) Set To Outperform Bitcoin (BTC) As Traders Look To Hedge Against Ethereum Merge: Coin Bureau appeared first on The Daily Hodl.


Source: Daily HODL
Original Post: Cardano (ADA) Set To Outperform Bitcoin (BTC) As Traders Look To Hedge Against Ethereum Merge: Coin Bureau

Ticketmaster selects Flow blockchain for minting NFT event tickets

Customers will receive an NFT on top of a regular ticket purchase for select events.


Source: Cointelegraph.com
Original Post: Ticketmaster selects Flow blockchain for minting NFT event tickets

FASB Crypto Accounting Review Won’t Include NFTs, Certain Stablecoins: Report

The accounting standards body outlined its criteria for crypto assets that would be covered by a forthcoming rule regarding companies and their digital assets.
Source: Coindesk
Original Post: FASB Crypto Accounting Review Won’t Include NFTs, Certain Stablecoins: Report

Brazilian Crypto Asset Manager Hashdex Authorized to List ETPs in the European Union

The company earlier this year received approval to operate in Switzerland, and listed an ETP there in May.
Source: Coindesk
Original Post: Brazilian Crypto Asset Manager Hashdex Authorized to List ETPs in the European Union

Market Wrap: Bitcoin's Price Rises Amid Uncertainty

Prices appear undervalued, but range-bound as well. Market Wrap is CoinDesk’s daily newsletter diving into what happened in today's crypto markets.
Source: Coindesk
Original Post: Market Wrap: Bitcoin's Price Rises Amid Uncertainty

Can Crypto Save the Cannabis Industry?

The legal cannabis industry’s problems go much deeper than a lack of access to banking. This piece is part of CoinDesk's Sin Week, which sheds lights on how illicit industries are using crypto and adapting to Web3.
Source: Coindesk
Original Post: Can Crypto Save the Cannabis Industry?

US Federal Reserve discussion paper takes cold, hard look at DeFi, gives it mixed review

The authors see DeFi growing despite barriers such as crypto’s volatility; risks to users and TradFi institutions are inherent in the technology as well as incidental.


Source: Cointelegraph.com
Original Post: US Federal Reserve discussion paper takes cold, hard look at DeFi, gives it mixed review

Crypto Miner PrimeBlock’s CEO Has Left Firm After Canceled SPAC Deal: Sources

SPAC deals have been getting axed in recent months due to adverse market conditions.
Source: Coindesk
Original Post: Crypto Miner PrimeBlock’s CEO Has Left Firm After Canceled SPAC Deal: Sources

South Korean authorities arrest 16 individuals connected to $2B crypto forex transactions: Report

More than $283 million of the $2 billion in crypto transactions were reportedly facilitated through illegal remittance agencies.


Source: Cointelegraph.com
Original Post: South Korean authorities arrest 16 individuals connected to B crypto forex transactions: Report

Crypto Lawyer Kyle Roche Withdraws From Tether, Bitfinex, TRON and BitMEX Lawsuits After CryptoLeaks Scandal

The founding partner of upstart law firm Roche Freedman had been accused of starting frivolous class action lawsuits to harm competitors of blockchain project Avalanche.
Source: Coindesk
Original Post: Crypto Lawyer Kyle Roche Withdraws From Tether, Bitfinex, TRON and BitMEX Lawsuits After CryptoLeaks Scandal