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“Cryptocurrency market recovery should not be expected before 2024,” Gracie Chen, Bitget CEO

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Cryptocurrency market recovery

The CEO of Bitget, one of the largest crypto exchanges, Gracie Chen is not only an experienced manager, investor, and crypto-expert, but also an NFT collector. She has time to run the company, invest, as well as read a lot of useful literature, meditate, and study biographies of successful women. 

On investing in cryptocurrencies

Gracie Chen has been investing in crypto assets for years and has already built her portfolio, which includes top cryptocurrencies and Bitget exchange tokens.

“I have a cryptocurrency portfolio. About 41% in BTC and ETH, 38% in USDT and USDC, 12% in BGB (which is a Bitget platform token). The rest of the portfolios are small amounts in altcoins like BLUR, SHIB/DOGE, MANA/SAND, DODO, AVAX, YFI. I expect to buy more BGB and BTC when the price drops. I have some NFTs, but they are not pictures for avatars. I bought artistic NFTs, such as VR paintings by the French artist Anne Gilleaeva. They are solely for my personal collections, not for speculation,” they admitted.

On the ETN and VTS market in the future

According to Gracie Chen, Ethereum will experience increased volatility and a pullback after a short-term market upturn in the next 2-7 months. Due to the lack of external liquidity and the fact that current investors are more engaged in speculative trading, the price of Ethereum could move in the $1200 to $2,000 range in the medium term.

About investing in NFT

In the NFT segment, the BLUR token has stood out lately. The project differs from existing platforms mainly because of its airdrop model. Blur’s distribution encourages users to actively buy NFTs on the platform, which, in turn, increases their liquidity.

On the outlook for Web 3.0 technology

Compared to Web2, Web3 has more advantages. But at this stage it is too early to draw conclusions. One thing we can say for sure is that future scenarios of development and application will be very diverse.

Here are some of the possible benefits:

  • Privacy: Web3’s decentralized structure allows for better control over personal information without relying on centralized services. 
  • Transparency: Blockchain is an open and transparent distributed database that can record and store any type of data, such as product supply chains, transaction records, voting results, and more. 
  • Source of innovation: Since the summer of DeFi in 2020, developers focused on the Ethereum network have been amazingly creative, and many great projects have emerged, such as Uniswap, Curve, Yearn, Frax, etc. 

About Play-to-earn games and their popularity

As Gracie herself admits, she has played Sandbox, Decentraland, cryptovoxel and StepN. She made some money on StepN in the early stages, but not on Metaverses projects.

On developing the cryptocurrency market in the future

The more funds and institutions come into the industry, the more blockchain instruments will develop. For example, the futures market will become more mature, and structured products may become a major focus for centralized institutions. Another example is that the needs of retail investors for cryptocurrency investments will be met, which will significantly increase the demand for onchain and offchain payments and deposits, as well as fiat currency withdrawals.

We previously reported that Huobi was winding down its NFT marketplace due to a change in “strategic plans.


Cryptotraders lost more than $250,000,000 in liquidations after Fed rate hike

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Crypto traders lost

Cryptotraders had a tough day: almost 68,000 positions were liquidated on exchanges in the last 24 hours, and the total volume of liquidations exceeded $257,000,000. All this happened against the news of the US Federal Reserve’s rate hike and another Securities and Exchange Commission regulatory action against cryptocurrencies.

Cryptotraders lost $132,000,000 in BTC

Bitcoin, Ethereum, and Ripple were the leaders in the number of forcibly closed positions. BTC liquidations totaled almost $132,000,000; Ethereum traders lost $51,000,000. XRP positions accounted for about $8,000,000 of liquidations. Bitmex exchange executed the largest order of $7.39,000,000.

Cryptocurrency market capitalization has declined 2% in the last 24 hours, but is still above the $1 trillion mark.

The weekly CoinShares report also recorded a massive outflow of funds for six consecutive weeks. During that period, nearly $500,000,000 was withdrawn from cryptocurrency platforms, with $113,000,000 coming from bitcoin. Analysts at the company believe the outflow is due to liquidity needs during the banking crisis rather than a negative outlook. The company mentions that a similar scenario was seen in March 2020 amid a COVID-19-induced panic.

Regulators continue to hunt the cryptobusiness

Another reason for the increased volatility in the market has been harsh action from U.S. regulators. Last night it became known that the U.S. Securities and Exchange Commission sued cryptomagnate Justin Sun, accusing him of fraud and market manipulation.

The SEC also issued a notice of wrongdoing against Coinbase, the largest U.S. cryptocurrency exchange. The securities regulator sued Coinbase Global Inc, for some of the products it offers.

We previously reported that Bitcoin (BTC) tests $28,000, but onchain metrics urge caution.

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Binance was caught circumventing KYC to register Chinese clients

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Binance China customer registrations

Employees of the cryptocurrency exchange Binance help clients from China to bypass compliance and verification. CNBC writes about it, citing hundreds of corporate emails from exchange employees on Discord and Telegram. It is reported that Binance has helped over 200,000 users register, bypassing its own security system. One case describes correspondence between a user from China and a Binance employee.

The employee under the pseudonym yaya.z suggested the user from China turn on a VPN, register as a Taiwanese resident and then return the location to China. Binance employees also advise customers not to use VPN services from the U.S., Hong Kong and Singapore, because the exchange does not provide services in those regions, writes CNBC. At the same time, Binance freely processes applications from U.S. email providers like Gmail or Outlook for registration.

The exchange even offers specialized mobile applications for customers from China. A CNBC reporter could download a special mobile application from Binance via email. At the same time, no VPN was needed to download the app, as the download was conducted through the domain of binance[.]com. It is also alleged that the exchange still verifies users with Chinese phone numbers.

An exchange spokesperson denied the existence of a special Chinese version of the mobile application. The exchange also added that it has improved the system to identify users from banned regions. CNBC notes that after providing evidence, Binance removed employee messages from corporate chats to circumvent KYC.

We previously reported that the Ethereum (ETH) price crossed the $1,800 mark, opening the way to $2,000.

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Why cryptoanalysts expect bitcoin to fall

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cryptoanalysts expect bitcoin to fall

The market remains in a bearish trend and bitcoin (BTC) will resume its fall and test $16,000. There are two reasons:

  • Altcoins are near serious resistance;

  • The BUSD and USDC stablecoins are manipulating the market.

The first statement can be confirmed or disproved by a technical analysis of the cryptocurrency market, but there is not enough additional information for the second.

The market capitalization of altcoins (ALTCAP) does hold nearly $605 billion of resistance. Although ALTCAP has risen above it several times, it didn’t develop above this area.

However, the daily RSI has broken through the bearish divergence trendline (green line). Such a breakout often precedes significant reversals into a bullish trendline. As a result, ALTCAP will move higher towards the $680B resistance area. If not, ALTCAP could fall back to the $518B support area.

There are also those who argue that bitcoin will test the $10000-$11000 area because there is a CME price gap that needs to be filled. The gap refers to the difference between the closing price of bitcoin futures on the Chicago Mercantile Exchange (CME) on Friday and the opening price on the following Monday.

We previously reported that Hong Kong has allocated another $50,000,000 to the crypto industry.

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