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Ghost Token Crashes 50% as John McAfee Parts Ways with Project Team

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Popular cryptocurrency advocate John McAfee has ghosted his Ghost project, citing incompetence of the management team.

McAfee Ghosts Ghost

Tweeting on Wedsnesday (August 19, 2020), McAfee announced that he was dumping Ghost, a privacy-centered project. Back in April, McAfee announced the Ghost privacy coin, which uses proof-of-stake (PoS) and will ensure users’ privacy by making them “ghosts” when carrying out transactions.

The tech guru further explained the reason for his actions, saying:

“I tried to explain the fundamental principles of management, but they fell on deaf ears.”

McAfee went on to declare that the Ghost project was undoubtedly doomed to fail while apologizing for leading people astray.

Wednesday’s decision to exit the project comes as complete 180 from this publicly espoused sentiments from a week ago. At the time, McAfee tweeted in response to critics of the privacy coin, stating:

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“I have labored my entire life to reach the point where I could produce an Ecosystem as powerful and groundbreaking as the Ghost Exchange, the Ghost coin and the Ghost phone[…] $GHOST is the future.”

The split appears to not have been amicable with both parties making less than savory comments about the other. McAfee called one of the project’s team leads “an idiot,” with the company referring to McAfee as a “loose cannon.” In a move akin to the aftermath of a nasty breakup, the controversial McAfee blurted that he plans to remove a couple of Ghost-related tattoos.

McAfee has been a controversial figure in the crypto space. The tech expert predicted in 2017 that Bitcoin’s price will get to $1 million before the end of 2020, or he would eat his parts. However, McAfee made a u-turn, stating that only an idiot will believe the elaborate prediction.

Ghost Tanks 50%

Following McAfee’s announcement, the Ghost token (GHOST) has crashed 50%. Wednesday’s price decline has served to worsen the dip that began in late July. Indeed, GHOST is down 71% in the last 30 days. Back in July, news reports of the GHOST token’s adoption by Hong Kong Disneyland helped to trigger some positive price action that saw a 38% climb.

The GHOST token decline has also come amid a “red-day” for cryptos in general. The total cryptocurrency market capitalization has seen a $20 billion decline over the last 24 hours.

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Source: https://cryptopotato.com/ghost-token-crashes-50-as-john-mcafee-parts-ways-with-project-team/

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Has the Bitcoin bull run started yet?

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Bitcoin has hit a new ATH of 19,865 as of November 30, 2020, however, it hasn’t hit $20,000 yet. This calls for a celebration as the highs set in 2017 were finally reached after 1080 days.

So, what to expect next?

Long term, bitcoin is bullish without a shadow of a doubt. However, the short term is what matters the most. Let’s take a look at two reasons why it might not be safe for you to long your BTC bag yet.

Bitcoin whale inflow to exchanges:

Source: CryptoQuant

This metric shows that inflows by whales into exchanges haven’t stopped. Whales depositing BTCs back to exchanges indicates that they are planning to take profits. Taking profit means they have to sell and this would mean for the price to drop, ergo bearish.

Other similar stats that show profit-taking time has saturated include – supply in profit, a metric similar to SOPR. This metric shows that 100% of the supply is in profit, which obvious considering the new ATH was broken yesterday.

Bitcoin whale outflow

Source: Whalemap

This metric shows that the whales aren’t withdrawing their BTC holdings from exchanges, which is also short term bearish.

So, should I long or short?

Neither. The point where bitcoin is right now is the best place to take profits. Buying here would be a risky bet.

Whales withdraw bitcoins from exchanges when they plan on holding it for a long time. For example, holdings since 2018 bear market to June 2019. If the whales feel like they can accumulate more, they can easily buy low and sell high, to only accumulate more during the pullback.

Moreover, the hourly map of unspent bitcoin shows massive accumulation since early November. So, it is logical to take profits at new ATHs, which could go up to $20,700 and even $22,000. The pullback, however, could range from $16,100 to $15,800.

Source: https://eng.ambcrypto.com/has-bitcoin-bull-run-started-yet

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Ethereum Prices Return to $620 Resistance on ETH 2.0 Launch Day

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Today marks the long-awaited genesis of Phase 0 in the Ethereum 2.0 upgrade roadmap which stretches ahead for the next couple of years. According to the Beacon Chain countdown, there is now less than seven hours to go before the genesis event spawns the first block on the new chain.

The Beacon Chain explorer reports that there is currently 872,000 ETH staked which equates to approximately $525,000 at today’s prices.

No Native Scaling For a Year

The excitement over the launch is palpable but many are still unaware that the new blockchain will not actually function as anything other than providing staking rewards to validators. All of the smart contracts, dApps, and transactions will continue as usual on the original ETH 1.0 chain.

Researchers at Messari Crypto pointed out;

“When the Beacon Chain launches tomorrow, outside of bootstrapping a network of proof of stake validators, it will have little functionality.”

This also means that there will still be issues with high gas prices when the existing network comes under heavy load which is bound to happen over the next year if DeFi momentum continues and the space evolves even more.

Phase 1 will introduce scaling through sharding, which will introduce 64 parallel side chains to take the load off the main chain and increase throughput. This is unlikely to occur for at least another year from today, and even then ETH 1.0 and 2.0 will operate independently until Phase 1.5 merges them together sometime in 2022.

Either way, the Ethereum community is hyped up over the event which is the culmination of five years of research and development for the world’s largest smart contract and decentralized application network. In his latest Bankless newsletter, David Hoffman aptly said;

“We were born too late to explore the globe, too early to explore the galaxy, but we were born at the perfect moment to explore the infinite whitespace of Ethereum 2.0.”

Ethereum Prices at Resistance

Ethereum prices have returned to their June 2018 price high of $620 just hours before the launch. This level appears to have formed a double top and heavy resistance zone as it did in early 2018. A next leg up could take prices to $800 where further resistance lies, but on the downside, support can be found at around $520.

At the time of press, ETH prices had retreated a little to trade at $605 but the momentum and potential is still with it.

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Source: https://cryptopotato.com/ethereum-prices-return-to-620-resistance-on-eth-2-0-launch-day/

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USDC issuer Centre lands Wall Street veteran David Puth as CEO

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Centre Consortium, the company behind USD Coin, has hired former State Street and JPMorgan executive David Puth as its new chief executive officer, or CEO. 

Centre made the announcement early Tuesday in a Medium post that praised Puth for his leadership credentials. The new hire will help Centre expand its global partnerships across the fintech, crypto, and the traditional financial services industry.

Puth said that he is excited to be joining Centre “at this critical time in the industry,” adding:

“The growth of USDC over the course of 2020 is indicative of what I expect will be the path for Centre business activities and that of future Centre-supported stablecoins.”

Prior to joining Centre, Puth served in several leadership capacities at R3, CLS Group, State Street, and JPMorgan.

Puth is one of many Wall Street veterans trickling into digital asset management as blockchain adoption continues to spread beyond the early-adopter phase. A similar trend is occurring on the investor side, with major institutions expressing interest in Bitcoin and other digital assets.

Centre’s USD Coin was developed by Circle and Coinbase to aid in crypto adoption. With a market cap of just under $3 billion, USDC is the second-largest stablecoin behind Tether.

Stablecoins are likely to serve an ever-growing function as blockchain and traditional finance continue to merge. Centre says it maintains “full reserves of the equivalent fiat currency” that is used to back the USDC stablecoin.

At press time, the total market capitalization of all stablecoins was just under $25.3 billion.

Beyond stablecoins, Centre says digital assets and blockchains are “heralding the most significant transformation of the international monetary system since the formation of the Bretton Woods system more than 75 years ago.” 

Source: https://cointelegraph.com/news/usdc-issuer-centre-lands-wall-street-veteran-david-puth-as-ceo

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