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Bitcoin ETF optimist and Worldcoin skeptic Gracy Chen: Hall of Flame

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Gracy Chen, managing director of global cryptocurrency exchange Bitget, advised her followers and friends not to scan their eyeballs in exchange for a few Worldcoin tokens.

“There’s a huge privacy concern,” she tells Magazine, adding that she isn’t optimistic about its price prospects given the anticipated influx of WLD tokens in the near future.

“There will be much more released in the upcoming year or two,” she explains.

Chen admits that her gig with Bitget is pretty cool, but it also means her American pals constantly bug her for favors.

“Since we stopped onboarding U.S. customers, I’ve had lots of friends who hold a U.S. passport ask if they can get a little back way to open an account.”

“I refuse a lot of requests like that. It is a red line that we just don’t cross,” Chen says. 

Before she started steering strategy at Bitget, Chen worked as an anchor and producer at Phoenix TV’s tech and finance channel, a major player in China’s media scene. 

However, a billion-dollar idea came knocking and quickly led Chen away from journalism.

In 2015, she co-founded a tax startup designed for freelancers, and it skyrocketed to unicorn status in just three years.

“It’s a financial tech company. So, what they do is they provide services for freelancers. They serve the freelancers and provide taxation and salary automation services,” she says.

However, one of her proudest achievements was having football legend Lionel Messi join the Bitget team as a partner.

Chen says Messi faced stiff competition from many candidates, but Bitget ultimately selected him due to his paternal qualities and similarities with the exchange. 

“He had a good reputation as a father, husband and team leader, and also we kind of see some similarity between Bitget and Messi,” she states.

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Chen says that Bitget started in a bear market, and similarly, Messi suffered from growth hormone deficiency when he was young and first starting out in the sport.

“He’s not tall. He is at a disadvantage, so he had a very hard starting point as well.”

What led to Twitter fame?

Chen explains that she discovered her love for Twitter, now X, only after snagging her high-ranking crypto position.

“My Twitter following began in crypto. I guess I wasn’t really active on Twitter when I was a journalist because I was mainly covering the Asian market and reporting in Mandarin,” says.

Chen has a very friendly-natured approach to X, explaining breaking events in broken-down, easy-to-understand threads for her followers.

However, she observes that her Twitter following surges during the same periods Bitget’s business activity spikes.

“My followers grew during a certain period of time, from the end of last year to earlier this year. That’s a period of time when I see a singularity point where you see exponential growth, and that’s also when we had growth in our company.”

“So, I would contribute my success or any sort of achievement or following number mainly to Bitget’s growth,” she adds.

What type of Twitter content can you expect?

Chen’s Twitter account offers serious variety. You’ll get a glimpse into her jet-setting escapades, and who knows, you might even stumble upon some wild travel inspiration. 

But when the crypto world goes haywire — whether it’s lawsuits, exchanges going down or everything in between — Chen serves up honest breakdowns in bite-sized portions.

What type of content do you like?

Chen has mixed feelings about Twitter, thinking it can sometimes become a raucous battleground.

“Twitter is basically a very noisy place. Everyone is changing their opinions and trying to be attention grabbers,” Chen declares.

She reveals that she enjoys seeing updates from Altcoin Daily and Coin Bureau, but she advises hardcore Crypto Twitter addicts to tear their eyes away from the screen every now and then.

“I would highly recommend anyone who is a heavy user of crypto information on Twitter to spend at least one hour or two away from social media and do fundamental research and talk to a group of trustworthy friends.”

Predictions

Chen firmly believes that Bitcoin exchange-traded funds are on the path to approval, though 2023 might not be the year it happens.

“Not this year — we only have three months left this year. Maybe early 2024,” she predicts.

She hints that it could be a “very good driving force” for the next bull market. 

When it comes to Coinbase and Binance’s showdown against the SEC, Chen suggests Coinbase might be in safe waters — but Binance could be in for a rollercoaster.

“I personally think that Coinbase is a pretty well-regulated, U.S.-driven crypto exchange, so the lawsuits might be settled by some fines. As for the SEC vs. Binance, it is much trickier.”

However, she is confident that Binance’s legal warriors will put up a good fight:

“I think they have a very, very big and strong legal team to battle this fight.”

Ciaran Lyons

Ciaran Lyons is an Australian crypto journalist. He’s also a standup comedian and has been a radio and TV presenter on Triple J, SBS and The Project.

Cryptocurrency

Bitcoin Price Recovery Begins With Jump to $106K as Monero Marks 5% Increase (Market Watch)

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Following a dull weekend marked by a notable price dip to $103,000, bitcoin’s price has recovered some ground and reached $106,000 earlier today.

Most altcoins are with minor gains today, including HYPE, which has posted a 3% increase. XMR leads the larger-cap alts with a 6% surge.

BTC Aims at $106K

The all-time high registered on May 22 was followed by a violent correction on the following day when US President Trump warned that the EU might face another set of tariffs. Although the two parties reached some sort of an agreement and the tariffs were delayed for over a month, BTC failed to recapture its momentum and was stopped at $110,000 on a couple of occasions during the previous business week.

It continued to trade sideways until Friday evening, when Trump blamed China for violating their trade agreement. Beijing responded almost immediately, and bitcoin slumped by several grand. The culmination transpired on Saturday when BTC slipped to $103,100, which became a 12-day low.

However, it maintained that level on Sunday and even recovered some ground to around $104,000. During the Monday morning Asian trading session, BTC added a few more grand and tapped $106,000, where it faced some rejection and now sits about $500 lower.

Its market cap has risen to $2.1 trillion on CG, while its dominance over the altcoins is up to 61.5%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

XMR Pumps

Most altcoins have marked insignificant gains over the past 24 hours, such as XRP, BNB, SOL, DOGE, TRX, ADA, and SUI. HYPE stands out as the top performer from the largest 20 alts, while ETH has slipped inches below $2,500.

Monero’s native token has gained the most from the top 60 alts, as a 5.4% increase has pushed it to over $345. Other impressive performers include FLR, SPX, and FARTCOIN.

The total crypto market cap has increased by around $30 billion since yesterday and is up to $3.41 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Cryptocurrency

Modest Strategy Bitcoin Acquisition Brings Stash to Almost 581,000 BTC

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The world’s largest corporate holder of bitcoin continues with its BTC accumulation strategy, this time with a relatively modest purchase.

Announced just minutes ago, Michael Saylor’s brainchild has spent $75.1 million to acquire 705 BTC at an average price of $106,495 per bitcoin.

This week’s announcement is a lot smaller than almost all made since the US elections at the end of last year. Since then, the company has made countless purchases, many of which were in the billions of dollars.

Nevertheless, Strategy’s stash continues to increase and is now at 580,955 BTC, bought for $40.68 billion or an average price of just over $70,000 per BTC. This means that the current value of the holdings is well above $60 billion, given today’s bitcoin prices (or a paper gain of around $40 billion).

Earlier today, another big BTC accumulator, Metaplanet, announced its latest acquisition, which was even bigger than that of Strategy.

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Cryptocurrency

Hope for Altcoins? Analysts Predict Epic Finale to This Bull Cycle

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A lot of market dynamics witnessed in past bull cycles have played out differently in this one. One of them is the on-chain patterns and trends that precede altcoin seasons, which refer to periods when alternative cryptocurrencies outperform bitcoin (BTC).

While traders are skeptical that the market will witness an altseason before this cycle is over, analysts at the on-chain data intelligence platform CryptoQuant believe that all hope is not yet lost. Investors still stand a chance to make profits with altcoins in this cycle.

Not Time to Lose Hope

In previous cycles, BTC rallies were preceded by a steady decrease in the proportion of mid-to-long-term holding volumes. With new capital flowing into the market at the time, altcoins eventually surged towards the end of those cycles. However, the opposite has been the case this time; mid-to-long-term holding volumes have surged each time BTC rallies to new highs.

According to pseudonymous analyst Crypto Dan, the price movement of altcoins in this cycle has tallied with that of BTC. Bitcoin has constantly faced corrections after small gains in this cycle, and during those dips, altcoins have also suffered significant declines, indicating overall weakness.

The current bull cycle is nearing its final stages, and at this phase, it is almost impossible for investors to make profits with altcoins. However, since altcoin rallies have corresponded with BTC surges, Dan insists there is still hope.

When Altseason?

Bitcoin is yet to experience its final leg for this cycle, which means the asset’s dominance is likely to decrease. If the market plays out as Dan predicts, then altcoins may experience higher rallies than seen in previous patterns when bitcoin’s dominance plummets, marking the end of the cycle. Hence, all indicators point to bitcoin’s next upward move, which could occur at any moment from now.

“It’s not time to abandon hope just yet. Since we’re already in the latter half of the cycle, it’s worth waiting for Bitcoin’s next upward move,” Dan stated.

It is worth mentioning that Dan is not the only analyst who believes altcoins still stand a chance. CryptoPotato reported that many other traders and analysts believe this altseason will be epic, making the rally seen in 2021 seem tiny.

However, some have warned that not all tokens will go up during the altcoin season. Only a few chosen assets will record significant gains as they attract new liquidity.

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