Crypto News: We bring you a roundup of what’s happening in the crazy world of crypto this week.
Pity poor Jim Cramer (okay, so maybe not that poor). The host of Mad Money’s financial predictions are often wide of the mark. So much so, that an inverse tracker exchange-traded fund (ETF) was established on March 2 to track the opposite of Cramer’s financial forecasts.
Jim Cramer’s FUD Fund
What else? It is outperforming the market by 5%. Investor and founder of uInvst, Gurgavin Chandok compared the performance of the Inverse Cramer Tracker ETF with the SPDR S&P 500 ETF Trust.
Cramer was also criticized in February for allegedly advising onlookers to buy shares of the Silicon Valley bank parent. In April 2022, he included the now-defunct Signature Bank in his list of four investable financial companies that he thought would be a good buy based on earnings growth.
According to the prospectus, the inverse ETF tracks Cramer’s stock picks and general market recommendations throughout the trading day. This includes public recommendations via Twitter or his CNBC television show – and then it takes the opposite position.
crypto – socially speaking
hyper-lyrics good news?
Glassnode has announced a new on-chain analysis tool called the Bitcoin Cycle Extreme Indicator. And it claims to be the crypto equivalent of Philosopher’s Stone. The indicator attempts to answer the ultimate question of when the crypto market is at its peak or bottom.
A basic version of the Cycle Extreme indicator was recently presented by Glassnode’s lead analyst @_checkmate_ on his twitter feed. On that occasion he had said that “Sangam is your friend.”
The Cycle Extreme 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 peak of the ongoing bear market appeared between mid-June and the end of December 2022. But the question is, how will it fare in the coming months?
NFTs on sale this week
Banking on a Bonus
It’s almost as if senior executives at a Silicon Valley bank can see the writing on the wall before it comes crashing down. Just weeks before the bank’s closure, top executives cashed in $4.5 million worth of stock. To give him some credit though, he also spread the cheer by paying employees annual bonuses, too – just hours before the bank collapsed and the Federal Deposit Insurance Corporation (FDIC) grabbed the keys.
Employees in other countries, alas, were scheduled to be paid at the end of the month. But with the FDIC now in control of the bank, it’s unclear whether the payments will proceed as planned. Meanwhile, the government agency has offered to retain some bank employees for up to 45 days to aid in the transition.
crypto coin news
A bullish week saw bitcoin (BTC) rise by over 25%. Among the top altcoins, Conflux (CFX) doubled in price, Stacks (STX) rose 85% and SingularityNET (AGIX) rose 55%.
The biggest losers included BONE Shibaswap (BONE), down nearly 17%, and Helium (HNT), which fell 15%.
Who will replace Silvergate?
JPMorgan raised an important question of who would fill the void created by the collapse of Silvergate Capital, another bank that failed last week. Crypto firms will be under pressure to quickly replace the Silvergate exchange network’s 24/7 payment rails, a research team from a Wall Street titan said.
Silvergate announced on March 8 that it would be “ceasing” operations and returning 100% of customer deposits. The bank was hit hard by the exit of several customers late last year. It shut down its Silvergate Exchange Network (SEN) payments rail 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 Waldrin Tahiri walks us through the price action for Cardano (ADA). Will it be able to break the resistance?
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