Crypto Market Overview December 06th | Dex-Trade

Crypto Market Overview December 06th | Dex-Trade

$5,000 Bitcoin by Peter Schiff

Economist, well-known bitcoin critic and gold advocate, Peter Schiff, published a tweet in which he said that Bitcoin is still too overvalued and the crypto community should prepare for the foreseeable future that the price of the market flagship should fall well below $10,000, and even the dangerous threshold of $5,000, in his opinion, is hardly a fair price for the asset. Schiff believes that the loss of 70% of the value of Bitcoin after falling from $69,000 to about $15,000 is far from the limit of the depreciation of crypto-gold, since the coin has still not been able to "feel" its bottom. True, this opinion is still quite absolutist, since it does not include specific reasons for the depreciation of BTC and speculates on its illegitimacy for classical finance. However, the economist is clearly shocking in his position and even calls on his followers to leave the cryptocurrency industry as soon as possible due to its instability, lack of regulation and the scale of manipulation that the digital asset market has to face. At the same time, Schiff clearly avoids commenting on the situation with classical markets. As an argument, the economist often cites the fact that Bitcoin has no intrinsic value, despite the fact that the capitalization of the coin is about $326 billion. According to Schiff and some other skeptics, due to the lack of a foundation under the asset, its price will eventually fall to zero without recovery possibilities.


It's Never Too Late to Sell an Awful Position: Jim Cramer

Former hedge fund manager and host of CNBC's "Mad Money w/ Jim Cramer" and "Squawk on the Street" Jim Cramer was active yesterday giving advice to crypto investors who have suffered unrealized losses on some of their positions: “You can’t just beat yourself up and say, ‘hey, it’s too late to sell.’ The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets…” In addition, Cramer is still outraged by the existence of the Tether stablecoin and the whole industry of crypto-boosters, which, in his opinion, are desperately trying to keep digital asset prices in the air. Although, he assures that the future fate of such digital assets is not too different from what happened to bad stocks during the dot-com crash. And Kramer could not ignore the scandal surrounding the bankrupt cryptocurrency exchange FTX and its former CEO Sam Bunkerman-Fried (SBF). Asked by Andrew Ross Sorkin about his thoughts on SBF, Kramer said he was just a "total con artist" that made him "sick." It should be borne in mind that the outrageous host of the show on CNBC traditionally speaks rather sharply about everything that is somehow connected with the cryptocurrency market. His opinion, as in the case of Schiff, is rarely based on a subjective assessment of the situation, so, most likely, he hosts a TV show, and does not distribute investment recommendations.


Fraudsters Are Giving Away Crypto Coins on Behalf of the Legendary Metallica

In pursuit of a quick cash in on the hype around the release of "72 Seasons" - the new album of Metallica and the upcoming tour of the legendary thrash metal band, scammers began distributing cryptocurrencies, posing as members of the band on social networks, after which the band's managers were quick to point out illegal activities, asking fans to stay away from Metallica Crypto giveaways: “Let’s be as clear as possible. [Metallica crypto giveaways] are scams.” An attempt to capitalize on the Metallica brand is contributing to a growing scam on YouTube, so the band warns its fans against visiting the band's unofficial channels, which often post links to apparently unrelated phishing sites. The caveat is, for the most part, aimed at fans who have no experience with crypto. Metallica also shared a list of official channels and links to the band's social media accounts to ensure that no fans fall for the rampant cryptocurrency giveaway scam. By the way, according to the company CertiK, which deals with the security of blockchains, the number of crypto-fraud acts organized using scam channels on YouTube increased by 500% during the year. We encourage our readers to visit only official influencer channels and trust only official information from verified sources.