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You are here: Home / Archives for Parth Dubey

Parth Dubey

Investment legend Charlie Munger slams cryptocurrencies; Fearful of rising markets

December 3, 2021 by Parth Dubey

American billionaire investor, businessman, and former real estate attorney Charlie Munger dismissed the growth of cryptocurrencies, saying that he would never invest in them. He further says that the current climate international market is crazier than the dot-com bubble era two decades back.

Speaking during the Sohn Hearts & Minds conference, the 97-year old highlighted the investment problems in a world of high valuations. Munger is currently the vice-chairman of Berkshire Hathaway.

He finds the current investment situations a “little more extreme” than what he saw in his decades of experience in the field. 

During the wide-ranging talk with Hedge fund Caledonia’s Dr. Mark Nelson, Munger said that the high stock prices are becoming a problem for investors to outperform the markets. He seemed highly dismissive of cryptocurrencies as he said that China took the right decision to ban them.

“I’m never going to buy a cryptocurrency. I wish they’d never been invented. I think the Chinese made the correct decision, which is to simply ban them. My country has made the wrong decision.”

said Charlie Munger

Munger praises China for the crackdown on cryptocurrencies

Munger went on to say that he wants to make money by providing people with things that add utility to their life, not things that are bad to them. He said that the developers who are building cryptocurrencies are thinking about themselves, not about their customers.

Mr. Munger also stated that he is still a supporter of China, though he added that practically every capitalist is less enthused about the country than they were a year ago. Munger, on the other hand, was pleased with China’s crackdown decision and strict action on “exuberant capitalism.”

He kept on praising the crypto opponent country and said, “they are acting in a more adult fashion than we are.”

He also talked about the relationship between the United States and China, saying that it would be insane for both countries to not reach an “acceptable relationship.”

Filed Under: News, Bitcoin News Tagged With: Cryptocurrencies, Cryptocurrency

DOT hovering over monthly lows but, accumulation is on the rise; Bulls to take over?

December 2, 2021 by Parth Dubey

DOT prices are bearish for a second consecutive day as the prices fall by nearly 2.6%. The trading volume has also fallen as well as the market cap. The prices have been at the lowest levels in the past 30 days.

In the past 30 days, the token rose to an ATH above $55 and fell to a low price of $32.75. Currently, the token is at $35.7 and aims for higher prices, but the volumes are not enough.

Data from CoinMarketCap shows that the trading volume of the token dropped by over 24.93% and is currently at $1.16 billion, while the market cap of the token dropped by 4.76%. The market rank of Polkadot is 9th, with a market cap of $35.1 billion.

The prices opened today’s daily candle at $36.76 and reached a daily low of $35.05. The daily high stands at $36.79, while the overall trend is bearish following the crash in mid-November.

DOT price analysis on the daily chart

The daily chart shows that the DOT token is currently under bearish pressure as the prices fell below the 50-day Moving Average as well as the 100-day Moving Average. If such conditions continue to prevail, we can expect lower prices for the token.

The Polkadot price chart below shows that the accumulation of the token continues to increase. The trend is bearish while the A/D line is still rising. A bullish breakout is possible for Polkadot soon.

DOT price analysis
Polkadot price analysis on the daily chart by TradingView

The MACD line is progressing below the signal line, which is a bearish sign indicating lower prices. However, the two lines are closing in, and the possibilities of bullish divergence are increasing.

The RSI levels have entered the bearish region, and the gradient is negative. This means that lower prices are possible as prices are entering the overbought region.

image 1
price analysis on the daily chart by TradingView

Filed Under: News, Altcoin News Tagged With: DOT, polkadot

Badger DAO Protocol hacked, team seizes all the accounts

December 2, 2021 by Parth Dubey

The Badger DAO yield vault protocol, a mainstay of decentralized finance (DeFi), has been another victim to a hack, resulting in the loss of $10 million in the form of cryptocurrencies.

On Wednesday at 9 p.m. EST, users first noted potential issues and theft in the Discord of protocol.

The attack, according to community speculation, was caused by an exploit in the Badger.com user interface rather than in the core protocol contracts. Many impacted users claim that their wallet providers prompted illegitimate requests for additional permissions while receiving yield farming rewards and engaging with Badger vaults.

“It looks like a bunch of users had approvals set for the exploit address allowing [the address] to operate on their vault funds, and that was exploited.”

Badger’s core contributor Tritium on Discord states.

He added that as soon as the team noticed it, it froze all the vaults to prevent any movement. He kept on to say that the team is trying to figure out where the approvals came from, the number of people who have them, and what the next moves are. 

The team confirmed the hack on Twitter, saying that all smart contracts have been paused to seize further withdrawals. It added that the investigation is going on, and the team will release further information as soon as possible.

Badger loses over $10 million

Reports by various sites say that the Badger hack has taken around 185 WBTC, 64,000 veCVX, 136,000 cvxCRV, and many types of synthetic bitcoin from attacked wallets worth more than $10 million.

At the time of publication, Badger DAO’s token BADGER is already down by 19% and is trading around $22.16.

While most of the funds were lost on Wednesday night, the above-mentioned fake permission request may have been made days prior to the hack.

Despite the smart contracts being paused, the community members are advising the depositors to use tools like Debank and Unrekt to revoke permissions for the fake contract.

Hacks in the crypto industry have never been a new thing. Recently, Synapse Protocol lost over $8 million of funds during exploitation by malicious elements.

Filed Under: News, Cyber Security Tagged With: Crypto, DAO

NFTglee’s Bitcoin Bob NFT sold out in record time

December 2, 2021 by Parth Dubey

NFTglee, which recently launched an auction platform for minting NFTs on Bitcoin, has launched a series of trading algorithms packaged in a ‘built on Bitcoin‘ NFT. This NFT release is one of a kind that has gathered a lot of traction in the market.

The first release from NFTglee, Bitcoin Bob, was sold out in record time, and the response was something that the firm didn’t expect. The Bitcoin Bob trading algorithm NFT was released on Nov 11 via the NFTglee.com marketplace.

As per a press release, the NFT was scheduled for a small release, but the presale demand for the NFT skyrocketed. In a statement, the CEO of NFTglee, Tillman Holloway, said that the firm held “private conversations with customers” and that the demand was five times higher than expected.

NFTglee plans ahead

NFTglee has already planned ahead for future auctions. The CEO claims that investors are ready to pay higher amounts for the NFTs, and as a result, he is letting the “supply and demand dynamics play out within our community.”

The trading algorithm of Bitcoin Bob NFT will trade futures contracts on Chicago Mercantile Exchange (CME) and deposit the daily profits in the spot BTC wallet of the owner. Furthermore, the daily profits can be directly added to the owners’ cold storage.

“What we’ve seen is that two collections of consumers converged to buy our Bitcoin Bob NFT, which drove demand. NFT collectors and traders both understood the value here for separate reasons. Traders were blown away by the trading algorithms tech/parameters. NFT enthusiasts were drawn to the art, scarcity, and value associated with the algorithm.”

said Holloway

The producer of the NFT release and the digital art behind it is digital artist Max Sheika who is responsible for the initial concept, renderings, and also, the final automation of the project.

NFTglee is getting ready for the upcoming NFT drop in the next two weeks, from which collectors can expect “exceptional value and a commitment to continue to showcase the utility inherent in non-fungible tokens,” said another press release.

Filed Under: News, Altcoin News

CoinDCX exchange aims for IPO amidst the regulatory prevailing strictness

November 29, 2021 by Parth Dubey

Despite regulatory uncertainty, the Indian crypto ecosystem is flying high, as evidenced by the number of crypto companies achieving unicorn status in the last two years.

CoinDCX, one of India’s most popular crypto exchanges and the country’s first crypto unicorn, has announced plans to go public through an initial public offering (IPO). The crypto exchange’s co-founder, Neeraj Khandelwal, disclosed that the company is eagerly waiting for clarification over the government’s crypto law.

The cryptocurrency industry is eyeing the Indian market, which is scheduled to present its cryptocurrency bill in parliament today. The law will be presented before for discussion and vote during the ongoing winter session, and every crypto platform is hoping for a favorable outcome. 

CoinDCX awaiting government’s approval

“As soon as the government or the situation allows us, we will try for an IPO. An IPO gives legitimacy to the industry, just like the Coinbase IPO gave a lot of confidence in the crypto markets. Similarly, we want to instill a similar level of confidence with an IPO of CoinDCX.”

The co-founder further added

After a $90 million Series C investment in August, CoinDCX, with a $1.1 billion valuation, became India’s first crypto exchange Unicorn. Major venture capital firms have made significant investments in the Indian crypto ecosystem, with plans to continue doing so in light of the market’s immense potential.

Where is India in the Web 3.0 Crypto Race?

The Indian crypto market is known to be highly enthusiastic, and the country has the largest number of crypto investors in the world. 

Positive rules and regulations would pave the way for India to become a global force to be reckoned with in a decentralized environment, and it may be a significant player in the Web 3.0 race.

Khandelwal said that the bill coming out at this point signifies development and acknowledgment from the government side to solidify the crypto investment base.

India is already the world’s biggest cryptocurrency market with more than 100 million investors but the regulatory clearance is still missing from the nation. As the government aims at banning “private cryptocurrencies,” a clarity is missing.

Filed Under: News, Fintech Tagged With: CoinDCX, CoinDCX CEO

Cardano prices still lack bullish sentiment, time to long?

November 29, 2021 by Parth Dubey

Cardano (ADA) has been bearish for the last couple of months. After breaking multiple resistances way back in August, the token was unable to maintain its position below Ethereum.

Currently ranked at number 6 in the crypto market, the data from CoinMarketCap shows that the 24-hour trading volume of the token stands at 2.2 billion USD, rising by more than 30%. Furthermore, the market capitalization of the token rose by 5.16%, standing at $53 billion. The market dominance of the token rests at 2.05%.

The daily candle for Monday started at a price of $1.95, reaching a daily high of $1.613, followed by a daily low of $1.5. The token has been following a bullish trajectory for the year 2021, rising from 0.1274 USD to an ATH in early September.

Following the ATH, the ADA prices have been bearish, dropping by 23% in September, 7% in October, and 20% in November. Cardano’s bearish trajectory brought the position of the token from #3 to #6.

Cardano price analysis on the daily chart

The Cardano price analysis on the daily chart by TradingView paints a bearish picture. The 50-day and 100-day Moving Averages are above the price action, indicating a bearish price action in the long term.

Also, the prices rest in the lower end of the Bollinger Bands, and traders cannot expect an upward movement since volumes are not enough to take the prices higher.

Cardano
Cardano price analysis on the daily chart by TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other. Once the trend is bearish, the histogram has also turned red, filled with red bars.

The RSI levels have fallen below the 50-level as the gradient is negative. The sellers are still in control of the price action, and bulls are kept at bay.

image 40
Cardano price analysis on the daily chart by TradingView

Conclusion

Cardano is definitely a promising token to hold, but it seems that the bull is no longer in control of ADA prices. However, the smart contracts platform is definitely one of the most promising DeFi protocols in the crypto world.

Filed Under: News, Altcoin News Tagged With: Cardano (ADA), cardano(ada) technical analysis

Avalanche Network-based Snowdog token tanks as developers relinquish ownership

November 29, 2021 by Parth Dubey

The wfirst meme coin in the Avalanche network, SnowdogDAO (SDOG), slipped by more than 90% yesterday after being live only for eight days. While many call it the platform’s largest rug pull, the SnowdogDAO team said that event wasn’t a rug pull. They named the millions of dollars lost as a “game-theory experiment gone wrong.”

SDOG attracted a lot of attention in the community and was scheduled to end with the major buyback after an 8-day long operation. 

The huge buyback, which would be financed by assets of the Snowdog treasury through mint sales, was to be the experiment’s climax. The treasury market value increased to $44 million in just eight days, allowing holders to fight for a piece of those funds during the buyback.

The main reason for such a huge loss was that only 7% of the Avalanche-based meme coin supply was eligible to be sold above market price before the buyback. However, the founders neglected to reveal to the community, or at least had not made it explicit enough.

Snowdog built its own AMM based on Uniswap V2, moving all SDOG liquidity from popular Avalanche DEX Trader Joe to prevent front running.

Avalanche-based meme coin causes loss in millions

Hundreds of users lost their funds within the seconds of buyback launch when a single address managed to grab around $10 million by exchanging SDOG for other cryptos. This reduced treasury’s buyback power by 25%

So $SDOG @SnowdogDAO just rugged $10.392+ Million in $MIM. https://t.co/jhmkeYMTHx pic.twitter.com/I5owBGO9Jw

— Shogun (@JamesCliffyz) November 26, 2021

The address purchased around $180,000 worth of the Avalanche-based meme coin just before the buyback event with MIM and staked the token. Within 24 hours, it was able to drain more than $10 million worth of MIM. Apart from this, two more wallets drained $7.7 million and $3.3 million using a similar method.

To add 2 other wallets took $7.7 and 3.397 Million using the same strategy.

Wallet 2: https://t.co/ofdfixMhZf
Wallet 3: https://t.co/CZhtzUwN7z pic.twitter.com/GSunhRgFT0

— James (@JamesCliffyz) November 26, 2021

Many believe that the addresses which comprise the “7% mark” were associated with the owners of the development team.

The development team of the Snowdog came out with a post after the failed blowback to clarify that the event wasn’t a rug pull.

“We understand that the buyback experience created frustration as only 7% of the supply holders would benefit from a price superior to the market price before the buyback. We deeply regret not having communicated more on this. We should have warned the community about the risks that waiting for the buyback to sell represented.”

Snowdog development team said

However, it failed to convince the investors who lost their funds and believed that the actions were pre-planned.

Filed Under: News, Crypto Scam Tagged With: rug pull, Scam

Ethereum retests $4k, decreasing volumes suggest a breakdown

November 28, 2021 by Parth Dubey

Ethereum prices are bearish in the short term, dropping nearly 16.50% from its all-time high of 4,859.50 USD, witnessed on Nov 10. In the last 24 hours, prices rose from 3,990.68 USD to 4,162.30 USD.

Furthermore, in the last seven days, Ether (ETH) prices have fallen by 8.2% as per CoinGecko, followed by a 12.8% in the past 14 days. However, in the past 30 days, a 5.1% was witnessed by traders.

In the past 52 weeks, Ethereum prices ran from 531.99 USD to 4,891 USD. Currently, the token is ranked 2nd on the market, with a circulating supply of 118,521,136 ETH.

According to the data presented by CoinMarketCap, the trading volume of the token rose by 35.91% in the last 24 hours, followed by a 2.07% drop in the market capitalization, which is currently at 480 billion USD.

Ethereum price analysis on the daily chart

Ethereum price analysis on the daily chart shows a bullish long-term trend. The prices dropped below the 50-day Moving Average and turned bearish for the short term. However, the 100-day Moving Average remains as a support level.

The prices rest in the lower end of the Bollinger Bands, which means that if volumes drop further and bears take over, we might witness a breakout from the lower end of the Bands.

Ethereum
Ethereum price chart by TradingView

The MACD indicator is also bearish as the MACD line, i.e., the blue line, is progressing below the signal line, i.e., the orange one. This is further demonstrated by the MACD histogram, which is bearish and full of red bars, hinting that the bears are in the chart.

The RSI indicator is also bearish as the line has entered the bearish zone as the gradient is slightly negative. This negative trend indicates that prices might fall further.

image 38
Ethereum price chart by TradingView

Conclusion

Ethereum prices remain bearish for today, with a drop in trading volumes as well. The rise in popularity of ETH tokens can be attributed to its use case and a huge number of Dapps on the blockchain.

Filed Under: News, Altcoin News Tagged With: Ethereum (ETH), Ethereum Price

IPL, India’s richest sports league, bans teams from signing crypto-based deals

November 28, 2021 by Parth Dubey

IPL or Indian Premier League was banned from taking part in crypto-related deals and associating themselves with cryptocurrency-based firms or exchanges. This order came from the Board of Control for Cricket in India (BCCI) which is the authority governing the sport.

As per a report by ET, the teams are upset with the decision taken by the BCCI, missing out on lucrative opportunities. The franchises received a lot of interest from cryptocurrency exchanges in the country for partnerships ahead of the coming T20 season.

Some of the IPL teams had started negotiations and were asked to keep the proceedings on hold until the government’s regulation of cryptocurrencies is clear after the winter session of the Parliament in which the crypto bill is set to be introduced.

IPL believes the decision a “major loss”

While the BCCI has completely banned IPL teams from signing deals with crypto exchanges, the International Cricket Council has no problem with the same, and this has irked many of the franchises.

“It’s a major opportunity loss. The kind of money they were offering for the main sponsorship was 1.5 times of what the current sponsor is paying. They wanted to build their brand with our association and were ready to pay for that.”

said an executive

Investors and firms are currently confused regarding the cryptocurrency bill, which will set foot on the floors of the Parliament this winter session. Sources said that the bill speaks on putting a ban on “private cryptocurrencies.”

India has the highest number of cryptocurrency investors (more than 100 million) and a huge number of cricket fans. Taking advantage of this, the top two cryptocurrency exchanges in the country were set to sign a 50 crore INR deal with the ICC for advertisement slots.

This is not the first time cryptocurrency exchanges have been targeted with scrutiny in the nation. A PIL was filed in the Delhi high court to ban the advertisement from exchanges that were accused of misleading the audience. While the advertisements were not banned, the Court made it compulsory for exchanges to add disclaimers in their adverts.

Filed Under: News, World Tagged With: India, Indian cryptocurrency exchanges

Kevin O’Leary not interested in being a ‘crypto cowboy,’ steers clear from Ripple

November 28, 2021 by Parth Dubey

Kevin O’Leary, aka Mr. Wonderful from the popular show, Shark Tank, says that he is not interested in investing in Ripple because of the ongoing case with the United States Securities and Exchange Commission (SEC).

The case has been going on for several years and has garnered the attention of many crypto supporters and speculators as well. He considers that investing in XRP is a “very bad idea” and has “no interest in being a crypto cowboy.”

In an interview with CNBC, the billionaire investor and chairman of O’shares ETF talked about Bitcoin, Ripple, and its lawsuit with the SEC. Kevin O’Leary insisted that he has “zero interest in investing in litigation against the SEC.” “That is a very bad idea,” he added.

Kevin O’Leary is not interested in Ripple

The SEC sued Ripple and its CEO Brad Garlinghouse and co-founder Chris Larsen for selling XRP tokens worth $1.3 billion, which it claims to be an unregistered security offering.

As per Kevin O’Leary, the real capital lies with the approval from regulators because they have the upper hand.

“I have no interest in being a crypto cowboy and getting anybody unhappy with me because … I have so many assets in the real world that I’ve invested in already that I have to be compliant.”

said Kevin O’Leary

The Shark Tank investor is known for his practical and safe-playing tactics. Recently, he declared that cryptocurrencies amount to 10% of his total portfolio and said that he expects trillions of dollars flowing in Bitcoin in the near future.

While Bitcoin is currently below the $56,000 zone and is trying to regain this level, this has been a marvelous and active year for cryptocurrencies.

Ripple’s CEO claimed in a recent statement that he sees “pretty good progress” in its lawsuit with the SEC. Even the CEO of Coinbase, the largest regulated cryptocurrency exchange in the United States, Brian Armstrong, said that the lawsuit is definitely going in favor of Ripple.

Contrary to Kevin’s believes, Ripple continues to gather support from countries due to its excellent performance. Recently, the Republic of Palau said that it would be partnering with XRP to release a stablecoin.

Filed Under: News, Altcoin News Tagged With: Ripple (XRP), SEC

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