Crypto Market Overview October 31st | Dex-Trade

Crypto Market Overview October 31st | Dex-Trade

Charles Hoskinson's Unabashed Desire to Make Dogecoin a Cardano Sidechain

After the purchase of Twitter by Elon Musk, Input Output Global (IOG) CEO Charles Hoskinson hinted that there was now a real opportunity for cooperation between Cardano and Dogecoin (DOGE), after which he stated that the largest meme token on the market is now obliged become a sidechain for the Cardano (ADA) network: “Now that Twitter is in the hands of Elon Musk I can see a real possibility that doge will somehow merge with the platform.” In addition, Hoskinson fantasizes that DOGE should become a sidechain of Cardano, and system migration should be free. The businessman even agitates the management and the community to support the addition of smart contracts for the new ecosystem, but so far these ideas remain in question even from the technical side of the matter, not to mention the legal background. Recall that the creator of Cardano also stated that Twitter should be a protocol based on Cardano. And so far this can be called the culmination of his entrepreneurial ambitions, since the conversation about this with the leadership of the social giant, based on official sources, has not yet even come up. However, we should expect a tsunami of various proposals for Twitter upgrades in the near future: from switching to decentralized platforms to creating our own metaverse, so Hoskinson's option does not look so crazy.


Chamath Palihapitiya Is Confident in the Stock Market: What Does it Have to Do With Crypto?

Nearly a year after accurately forecasting global markets to crash, billionaire investor Chamath Palihapitiya, in a recent All-In Podcast, said he is bullish on the largest tech index, the S&P 500, as he believes it has reached a short-term bottom, which means what to expect next rally. “I think this is the point where you have to start to get pretty constructive about where things are going because if this stuff could not bring the market down, it’s hard to see something other than an exogenous event, probably some Russia-Ukraine event, really having a negative impact. It seems pretty bullish for me.” Crypto traders are also keeping a close eye on the S&P 500 as the growth in its trading volume on the stock market suggests that investors with large portfolios are ready to invest in risky assets, i.e. crypto. This does not always work on a small scale, but it has been statistically confirmed many times. However, despite the upbeat outlook for the stock market, Palihapitiya predicts that the rally is likely to be unsustainable. He says he agrees with fellow venture capitalist David Sacks, who believes the US is likely to face a huge recession next year due to the impact of the Fed's rapid interest rate hikes on the economy. Therefore, crypto can fall first.


Ben Armstrong Quit Being XRP Hater Under Accelerated Program

In a recent video, YouTuber Ben Armstrong (also known as "BitBoy") called members of the Ripple community "delusional" and poorly understanding the principles of the crypto market due to over-optimistic forecasts for XRP prices next year, which quite naturally caused a wave of hatred from this community. Just a couple of days later, Armstrong retracted his comments, arguing his sharp change of shoes by the fact that “people are capable of getting new information and then changing their minds.” The YouTuber then speculated that XRP has managed to mature over the past few years, prompting him to change his mind. Recall that just a couple of weeks ago, Armstrong predicted that Cardano would surpass Ethereum in a few years. Of course, he is not the only one who has spoken about this, but it characterizes Armstrong as a "loud player" who sees himself as more of an influencer than a trader. As for XRP itself, everything is more than stable, and very optimistic about the asset now. Probably, it’s these factors that attract special attention to the asset from all kinds of commentators. The coin remains in 6th place among the leaders in capitalization, having accumulated almost $23 billion.