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CRIPTO UKNEWS

Beware of ‘soft rugs’ — a growing menace in decentralized finance

via Cointelegraph.com News at June 24, 2021 at 05:49AM

Ready Full Article: https://cointelegraph.com/news/beware-of-soft-rugs-a-growing-menace-in-decentralized-finance

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Developers dumping tokens and making off with the proceeds is the latest scourge to plague DeFi.

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$3.6B in Bitcoin vanishes in ‘hack’ along with owners of South African crypto platform

via Cointelegraph.com News at June 24, 2021 at 02:36AM

Ready Full Article: https://cointelegraph.com/news/3-6b-in-bitcoin-vanishes-along-with-owners-of-south-african-crypto-platform

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Billions worth of Bitcoin has reportedly vanished along with the operators of South African crypto firm AfriCrypt. Is it a scam or a hack?

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Down But Not Out, Dogecoin Stages 50% Recovery From Tuesday’s Low

via Bitcoinist.com at June 24, 2021 at 01:00AM

Ready Full Article: https://bitcoinist.com/down-but-not-out-dogecoin-stages-50-recovery-from-tuesdays-low/?utm_source=rss&utm_medium=rss&utm_campaign=down-but-not-out-dogecoin-stages-50-recovery-from-tuesdays-low

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In what has been a torrid week for crypto markets, controversial meme token Dogecoin has shown strength in posting a 50% gain from Tuesday’s low of $0.16. At the time of writing, DOGE is priced at $0.22.

The $0.16 zone was established as a strong support area, having formed in mid-April, around the time of the Elon Musk energy-FUD. This week saw DOGE bounce off this level on three occasions, further substantiating it as a price level where buyers step up.

Crypto markets are making the most of the bullish momentum. But Dogecoin leads the top-10 in terms of biggest percentage gains today.

However, the narrative that DOGE has already topped out persists. And with no shortage of analysts reiterating this message, will the much-fabled $1 price target remain just that – a fantasy?

Dogecoin daily chart

Source: DOGEUSD on TradingView.com

Dogecoin Former Millionaire Still Thinks It’s A Long Term Hold

Dogecoin’s 2021 performance has been nothing short of spectacular. At its peak, in early May, DOGE was priced at $0.75, giving it a year-to-date performance at the time of +15,000%.

This accomplishment was enough to embarrass the established “legit” cryptocurrencies. It also set up a narrative that defined use cases, and sound tokenomics doesn’t necessarily equate to out-doing the competition.

For some crypto purists, Dogecoin was a source of much resentment. Its rise demonstrated that making huge profits in crypto isn’t reserved for those who do the research and make rational judgments based on that.

Glauber Contessoto was one such “degen.” He became a millionaire after investing his $250,000 life savings in Dogecoin in February. In a matter of two months, he 4x his money to reach millionaire status. And during early May’s peak, he reported being a multi-millionaire as his Dogecoin holdings hit $2 million+.

However, with this week’s downturn, his Dogecoin valuation dipped below the million-dollar threshold, to $831k. Despite that, Contessoto has no plans to cash out.

Speaking to CNBC, Contessoto said he originally planned to hold for a year. But now, he intends to keep his DOGE for much longer, meaning short-term fluctuations are of little consequence to him.

“Whatever happens in the short-term doesn’t matter to me because I’m looking to ‘hodl’ dogecoin for years to come. I’m truly not worried at the end of the day.”

DOGE Is A Pump And Dump Victim

Considering that fundamentals must catch up at some point, some analysts have warned that the Dogecoin top was already in.

Financial advisor Ric Edelman pointed out that Dogecoin has no use case and has hindered the cryptocurrency industry’s attempt to generate credibility.

Edelman went as far as calling Dogecoin a victim of a pump and dump orchestrated by Elon Musk.

“It’s a victim of a pump and dump scheme by certain very famous wealthy individuals who shall be nameless here on the program. Elon Musk.”

However, with the backing of meme-inspired millennials, who says markets have to act rationally?

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CRIPTO UKNEWS

Data shows derivatives had little to do with Bitcoin’s drop to $29K

via Cointelegraph.com News at June 23, 2021 at 10:15PM

Ready Full Article: https://cointelegraph.com/news/data-shows-derivatives-had-little-to-do-with-bitcoin-s-drop-to-29k

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Bitcoin price shocked investors as it plunged 20% to a 6-month low, but data shows derivatives played a marginal role in the correction.

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Remembering John McAfee: computer programmer and crypto evangelist dead at 75

via Cointelegraph.com News at June 23, 2021 at 09:47PM

Ready Full Article: https://cointelegraph.com/news/remembering-john-mcafee-computer-programmer-and-crypto-evangelist-dead-at-75

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Many may remember McAfee for being unapologetically outspoken for his thoughts on government overreach and a unique character in the crypto space.

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NFT marketplace Rarible closes $14M fundraising round led by CoinFund

via Cointelegraph.com News at June 23, 2021 at 09:06PM

Ready Full Article: https://cointelegraph.com/news/nft-marketplace-rarible-closes-14m-fundraising-round-led-by-coinfund

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Rarible said it will use the funds to hire new team members, and announced the launch of a marketplace on the Flow blockchain.

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Crypto market cap recovers $76B, altcoins rally after Bitcoin hits $34K

via Cointelegraph.com News at June 23, 2021 at 07:21PM

Ready Full Article: https://cointelegraph.com/news/crypto-market-cap-recovers-76b-altcoins-rally-after-bitcoin-hits-34k

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Bitcoin’s quick recovery to $34,800 ignited a rally in altcoins, boosting the total crypto market capitalization by $76 billion.

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Altcoins follow Bitcoin price’s lead as uncertainty grips crypto market

via Cointelegraph.com News at June 23, 2021 at 05:37PM

Ready Full Article: https://cointelegraph.com/news/altcoins-follow-bitcoin-price-s-lead-as-uncertainty-grips-crypto-market

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Historical data suggests that during periods of extreme market turbulence, most altcoins tend to follow Bitcoin’s price movements closely.

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Bitcoin bounce from $28.8K activates century-old financial model’s bullish thesis

via Cointelegraph.com News at June 23, 2021 at 04:30PM

Ready Full Article: https://cointelegraph.com/news/bitcoin-bounce-from-28-8k-activates-century-old-financial-model-s-bullish-thesis

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Bitcoin’s recent push from under $30,000 to over $34,500 asserts hopes of a big price recovery ahead.

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DeFi and NFT crossover project Aavegotchi releases ‘Gotchiverse’ litepaper

via Cointelegraph.com News at June 23, 2021 at 04:04PM

Ready Full Article: https://cointelegraph.com/news/defi-and-nft-crossover-project-aavegotchi-releases-gotchiverse-litepaper

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DeFi-powered NFTs are headed to the metaverse in a yield farming-meets-Pac Man mashup.