According to CoinGecko (the gossip column of the crypto world), Bittensor (TAO), the Beyoncé of AI cryptos with a $1.58 billion market cap, is down 23% in the past week. Near Protocol (NEAR) isn’t doing much better, down 25.4%, while Internet Computer (ICP) and Render (RENDER) are basically twins in misery. It’s like a bad breakup, but with blockchain.
The conference, in all its glory, aims to bridge the gap between the old guard of global fund managers, family offices, and sovereign wealth reps, and the new kids on the block-founders peddling AI, RWA tokenization, and DeFi infrastructure. Think of it as speed dating, but instead of finding love, they’re finding capital. And let’s be honest, in this economy, capital is the only love anyone’s looking for.
Mark well, dear reader, how Dogecoin’s price, like a wayward knight, plunged below the $0.1120 fortress, following in the footsteps of Bitcoin and Ethereum. Below $0.10 and $0.0950 it fell, a descent as inevitable as a Molière farce.
As the clock strikes press time, Zcash is caught in its own tragic narrative, trading just shy of $245 after suffering the ignominious fate of breaking below the once-hallowed $300 support, which has now, in a plot twist worthy of the finest dramas, transformed into a cruel resistance.
As Bitcoin takes a nosedive, shares of this beleaguered enterprise plummet with a grace reminiscent of a melodrama. It appears that MicroStrategy has become the leveraged proxy for Bitcoin’s misadventures, with its stock value now teetering below the actual worth of its precious Bitcoin holdings. This signals a rather alarming stress test for their treasury model-one that would make even the sturdiest of hearts quail.
Yes, the co-founder of Ethereum, the man who probably has more brain cells than the rest of us have coffee cups, has spoken. And what has he said? Well, in essence, he’s tired of seeing the same old Layer-2 solutions being trotted out like a one-trick pony at a circus. “Enough with the EVM-compatible chains and optimistic bridges!” he cries, probably while sipping a latte made from blockchain-verified fair-trade beans.
Bitcoin, that digital Icarus, led the plunge, its wings of greed melting under the scorching sun of margin calls. Gold and silver, those ancient bastions of stability, followed suit, their luster dimmed by the frantic need for cash. Ah, the irony! Even the safe havens have become treacherous cliffs, from which the unwary tumble into the abyss of de-risking.
In the past 24 hours, BNB has dropped 10%, now trading at a humble $697. But hey, at least the trading volume is up 40%, hitting $3.75 billion! Because nothing says “confidence” like a sharp price decline paired with a surge in market participation. Crypto enthusiasts are watching this like it’s the season finale of their favorite drama-popcorn optional, anxiety mandatory.
Enter the ever-so-charming Bill Miller IV, who declares with a flourish that $60,000 is the magic number-the point at which the market shall steady itself, and the “weak hands” shall be shaken out like crumbs from a monocle case.
According to these financial wizards, Bitcoin could be headed for a glamorous $38,000 vacation-a 43% drop from its current “I’m fine, really” state. That’s January 2024 prices, folks, when we were all still arguing about whether NFTs were art or a pyramid scheme. Stifel’s crystal ball cites the usual suspects: the Fed’s “fun police” policies, crypto regulation that’s clearer than a Brexit deal, and ETFs hemorrhaging cash like a Kardashian on a shopping spree.
