Cryptocurrency News

We’re in “The Great Unwind”


In Tweet reply Over the weekend, billionaire businessman and crypto advocate Mark Cuban described the current price action as part of “great comfort”. The comment was in response to Larry Cermack, Director of Research at The Block, and emphasized the impact of highly leveraged traders, leading to ‘unwinding’.

In response to Newsweek specifically about the tweet, Cuban went on to elaborate, “If crypto enthusiasts lose track of one thing, it is that on its basis, prizes from token holders to verifiers, miners, and more See you “.

Cuba and Crypto

Mark Cuban is no stranger to crypto. Dallas Mavericks owner, ‘Shark Tank’ regular, and serial entrepreneur has been vocal about smart contracts, NXT projects, and more.

In extended email exchange Published by The Wall Street Journal Columnist Andy Kessler, Cuba, described the current NXT as “proof of concepts” for the time to come. Cuba further emphasized when asked about the use of smart contracts in things like mortgages, “smart contracts on the blockchain, specifically Ethereum, is a huge game changer that every company will use”.

Certainly, Mark Cuban has put his money where his mouth is, as an early investor in crypto tools like OpenSE, CryptosLam. And others; Furthermore, in light of Elon Musk’s comments about Tesla and bitcoin, he has recently doubled down on allowing his Dallas Mavericks to accept bitcoin, Ethereum and Dogcoin for ticket sales.

According to Mark, all of this “is no different from the Internet of 1995, where people were not sure, but they eventually saw the network impact and value. Smart contracts are going to devour a lot of the software-as-a-service world.”

Related reading | Cuba hopes to double the number of bitcoin holders, but fears of a ban still remain

Instability just beginning?

Cuba insists that the best projects remain. However, it is likely that roller coaster ride The fluctuations will continue.

Crypto ‘Fear and greed index‘Recently reached a spectacular level 12, a level rarely seen. In March of 2020, the index scored around 10, and in April 2018, a record level of 16 was hit. The index currently sits at 10 (“extreme fear”) at the time of writing.

Volatility is nothing new, but been exacerbated recently| Source: CRYPTOCAP on TradingView.com

Mark Cuban’s love for Ethereum

Cuba undoubtedly understands that bitcoin is currently the most established store of value in the crypto space, but projects being built on Ethereum appear to be one of the most exciting major players in the crypto space – emphasized by their public statements and their private investment.

Cuba has said that Ethereum 2.0’s impact “may exceed our imagination at present” and has invested in Ethereum-based projects, such as Polygon.

Despite the rocky ride, Cuba feels that his eyes are laser-focused for a long time.

Related reading | This is why Mark Cuban thinks Ethereum is a “true currency”

Featured image from Pixabay, Charts from TradingView.com





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