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Peak 2021 Is Already Here as Schiff and Musk Go into Eggplant Twitter Meltdown

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Peak 2021 Is Already Here as Schiff and Musk Go into Eggplant Twitter Meltdown 101
Peter Schiff. Source: a video screenshot, Youtube, Peter Schiff

The bitcoin (BTC) arch-skeptic Peter Schiff and crypto man-of-the-moment Elon Musk have come to virtual blows on (you guessed it) Twitter in a war-of-words over BTC…and vegetable emojis.

Yes, 2021 has just out-2021ed itself, and crypto advocates on the social media platform are having a field day, despite giant BTC liquidations and tumbling/rebounding crypto prices.

Schiff, CEO of Euro Pacific Capital, is arguably the world’s most well-known goldbug – and has repeatedly sought to extol the value of gold-buying over almost all other asset classes, particularly BTC.

He has made a habit of making his voice heard with “I-told-you-so” statements whenever BTC prices start on a downward curve. So with prices now falling to the key USD 45,000 threshold, Schiff – right on cue – took to Twitter to crow,

“Two weeks after Elon Musk announced that he spent USD 1.5 billion of shareholder money buying bitcoin, Tesla stock entered a bear market, plunging 20% from its all-time high set on January 25, and 16% since disclosing the bitcoin buy. Not an example other CEOs will likely follow!”

He was careful to tag Musk in his post. And the Tesla chief duly responded with a succinct emoji: the notorious eggplant or aubergine icon.

Some might have left it at that. But not Schiff, who responded by writing,

“So Musk basically called me a dick. I must have hit a nerve with that tweet. For someone of his intellect, I would have expected a more thoughtful reply, not something one would hear at a playground.”

However, as many commentators were gleefully quick to point out, in common net parlance, the eggplant emoji is not used to refer to the male phallus in quite the way Schiff understood – but rather to a sexual act that involves it.

A rule of thumb with all high-profile Twitter-based crypto spats is that Binance chief Changpeng “CZ” Zhao is bound to wade in at some point with a banal contribution. But in the Musk-Schiff showdown, his intervention could not have been better-timed from a comic standpoint.

And this prompted Schiff to bristle,

“So [Musk] really told me to stick it up my ass?”

A number of users asked how it could be that such an entertaining website as Twitter could be free.

Jay Hao, the CEO of OKEx, chimed in too, opining that someone needed to create a commemorative non-fungible token (NFT) for the occasion.

Meanwhile, BTC advocate WhalePanda and others just seemed to be happy to grab the popcorn and enjoy the ride.

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Learn more:
Peter Shiff’s ‘Lost’ Bitcoin ‘Mystery is Solved’!
Engineer Elon Musk Says Bitcoin ‘Is Less Dumb’ Than Cash
Tesla Board Member’s Crypto ‘Conflict of Interest’ May Blight Bitcoin Buy
Elon Musk Offers to ‘Pay Actual $’ If Dogecoin Whales Empty Their Wallets
The Memerable Market: Musk DOGE’ing Again, Lindsay Lohan Fails To Send BTC To The Moon
Elon Musk Rages at Wallet, May Land in Hot Water from Regulators
Bitcoiners Bristle as Musk-fuelled Dogecoin Rocket Re-enters Top 10





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FreshKorn Cryptocurrency

Bitcoin, Ethereum and Altcoins Drop After Tagging Resistance

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Bitcoin price topped near the key USD 52,000 resistance level and started a fresh decline. BTC broke the USD 50,000 and USD 48,000 support levels. It even tested USD 46,000 and it is currently (05:00 UTC) struggling to recover above USD 48,000.

Similarly, there was a fresh decline in most major altcoins. ETH failed to settle above USD 1,665 and declined over USD 150. XRP/USD traded below the USD 0.450 support zone and it might continue lower.

Total market capitalization

Bitcoin, Ethereum and Altcoins Drop After Tagging Resistance 101
Source: www.tradingview.com

Bitcoin price

After a failed attempt to clear USD 52,000, bitcoin price started a fresh decline. BTC broke a couple of important supports near USD 50,000 and USD 48,000. The gained pace below USD 48,000 and it even tested the USD 46,000 level. An immediate resistance on the upside is near the USD 48,000 level. The first major resistance is now forming near the USD 50,000 pivot level.
On the downside, the USD 46,000 zone is a short-term support. The key breakdown support is near the USD 45,000 level, below which there is a risk of a sharp decline to USD 42,000.

Ethereum price

Ethereum price struggled to settle above the USD 1,665 resistance and started a fresh drop. ETH broke the USD 1,600 and USD 1,550 support level. It even broke USD 1,500 and tested USD 1,450. The price is now consolidating losses near USD 1,500, with an immediate resistance at USD 1,550.
If ether price fails to start a recovery wave above USD 1,550 and USD 1,600, there could be a heavy downward move below the USD 1,450 support.

BNB, litecoin, and XRP price

Binance Coin (BNB) failed to stay above the USD 250 support level and declined below USD 235. BNB even spiked below USD 225 and tested USD 220. The price is now back above USD 225, but the previous support at USD 235 and USD 242 could prevent gains. The main resistance is now forming near the USD 250 level.
Litecoin (LTC) declined below the USD 180 level and it even spiked below the USD 172 support. However, the bulls were active above USD 165 and the price is recovering higher. It is trading above USD 170, but there are chances of a strong selling interest near the USD 180 and USD 182 levels. On the downside, the USD 165 level is a major support zone.
XRP price followed bitcoin and broke the USD 0.450 support level. It even broke the USD 0.420 support and traded close to USD 0.410. The price is now recovering higher, but the previous support at USD 0.450 and USD 0.455 could possibly act as hurdles in the near term.

Other altcoins market today

Many altcoins declined over 10%, including XVS, CAKE, STX, DODO, IOST, ICX, SOL, HT, COMP, FTM, BNT, NPXS, DOGE, ATOM, and AVAX. Conversely, 1INCH gained over 20% and it climbed towards USD 4.50.

Overall, bitcoin price failed to clear a major resistance near USD 52,000 and started a fresh decline. If BTC fails to stay above USD 45,000, the bears might aim for USD 42,000.
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Bitcoin, Ethereum and Altcoins Drop After Tagging Resistance 102



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Duma Committee Chief Throws up Roadblock to Russia’s Crypto Tax Plans

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Duma Committee Chief Throws up Roadblock to Russia’s Crypto Tax Plans 101
Source: Adobe/3dmitry

A parliamentary legislation committee leader has stated that there is a need to provide with legal status and legally binding definitions for crypto-related terms in Russia before proceeding with further tax-related lawmaking and regulation. The move potentially throws a spanner into the works of the government’s much-maligned crypto tax proposal, which has already passed its first reading in parliament this month.

Per Interfax, the Chairman of the Committee on State Building and Legislation, Pavel Krasheninnikov, spoke of the need to “legalize” cryptoassets – something that the country’s only piece of crypto-related legislation to date failed to do, instead making use of ambiguous language such as “digital assets,” which could refer to stablecoins, central bank digital currencies and security token offerings, as well as crytoassets like bitcoin (BTC).

The issue of legal status has become a sticking point for Moscow, which is seeking to modify the tax code so that crypto profits can be taxed in Russia beginning in 2022. A number of parties have pointed out (including a presidential advisory body), however, that it is impossible to ask courts to ensure taxes are placed on crypto when the very notion of crypto does not yet exist in the Russian legal framework.

The news agency quoted Krasheninnikov as stating, at a meeting of Yekaterinburg political leaders,

“On the one hand, [cryptoassets] are not recognized as an [asset class]. On the other hand, the government has introduced a bill that requires [cryptoassets] to be taxed. We have told them to decide: either you tax it, which means [cryptoassets] are an [asset class] or, if you say that [cryptoassets] are not an [asset class], do something about it.”

Krasheninnikov also pointed out another possible legal wrinkle: The fact that the aforementioned piece of already-promulgated legislation outlaws payments made in cryptoassets.

If the government wants to assert that crypto is an asset class, the committee chief said that it would then be “necessary to enable transactions,” make it “legal, not as is currently the case.”

It would also be necessary to allow the possibility of inheriting crypto and allow for the “joint ownership” of crypto funds.
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Learn more:
Lawyers Take Aim at Russia’s Crypto Legislation
The G7 Taxman Is Coming for Your Crypto Profits
Here Are the Ways Governments Could Attack Bitcoin – and None of them Sound Hot
Can’t Beat Crypto Regulators? Educate Them
Regulators Ponder Strategy As Bitcoin & Co Are Too Large to Ignore
A Hint From Davos: Regulating Crypto Is ‘in the Public Interest’



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Giant Rakuten to Let Customers Charge E-Pay Accounts with BTC, ETH, BCH

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Giant Rakuten to Let Customers Charge E-Pay Accounts with BTC, ETH, BCH 101
Rakuten CEO Hiroshi Mikitani. Source: Rakuten

The Japanese e-commerce and business giant Rakuten has taken yet another significant step into the world of crypto – by linking its crypto platform with its e-pay operations.

In an official release, the firm announced that it would allow customers of its Rakuten Wallet crypto wallet and exchange platform to top up their e-pay accounts using bitcoin (BTC), ethereum (ETH) and bitcoin cash (BCH), in what it claimed was a Japanese first: The company stated that no other firms allowed “charge-free” crypto-to-e-pay transactions.

The company operates its own Rakuten Cash and Rakuten Pay ecosystems, which allows customers to spend their money via smartphone apps at participating outlets, including the convenience store chains Lawson and 7 Eleven, as well as the Seiyu supermarket group.

Rakuten Cash can also be exchanged for Rakuten Points, which can be used to pay at partner firms like McDonald’s in Japan, as well as the retail chain FamilyMart.

The gateway will mean that crypto customers will also be able to spend their tokens on a range of Rakuten’s own products and services, including its mobile operations, travel, streaming services, as well as its Kobo e-books and audiobooks retailing platform.

The company noted that only customers of its standard crypto wallet would be able to access the Rakuten Cash-buying function, and not the users of its crypto margin trading app – Wallet Pro.

To drum up support for its new offer, the firm announced that it would credit anyone seeking to top up their Rakuten Cash wallets using crypto would receive additional points – as part of a campaign that will run until March 24.

In a further boost for crypto users, the firm will be adding a tab to its e-pay app that will navigate users directly to a Rakuten Wallet-hosted crypto pay interface.

The firm stated that the service would launch in spring this year and crypto transactions would be restricted to a minimum of around USD 9.50, with a maximum monthly limit of USD 950,000.
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Learn more:
Business Heavyweight Rakuten Offers Bitcoin ‘Cashback’ on Pizza Delivery
BIS and SWIFT Intensify Race With Crypto For Cross-Border Payments
Bill Gates Champions His Own ‘Digital Money’ – But What Is It?
PayPal Touts Crypto For Its ‘Super App,’ But It Won’t Buy Bitcoin Just Yet
Digital Yuan Must Dethrone Alipay, WeChat Pay Before Taking on USD – Researcher



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