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Crypto Whale Bets Against CZ, Says He’ll Give Him 10 BTC If Price Doesn’t Slump Below $8k This Month

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A Bitcoin whale is outrageously confident that Bitcoin will dump below $8,000 this August and they are betting a whole 10 BTC for it. However, the crypto bear is betting against, Changpeng Zhao, Binance’s CEO who, on the contrary, said anyone who sold their Bitcoin below $10,000 needs to slap themselves.

Changpeng Zhao Says “Do Not Bet Against Bitcoin”

In a tweet on August 1, 2019, Changpeng Zhao said anyone who gave away their Bitcoin while it was looming below $10,000 needs to slap themselves. According to Binance’s CEO, the slap is to serve as a reminder for next time. CZ also made another tweet on August 5, 2019, stating that no one should bet against Bitcoin.

Kra₿₿y, a Bitcoin whale who was among the hundreds of people to comment on CZ’s tweets, had something different to say. The crypto enthusiasts said they disagree entirely with CZ’s opinion, and as a matter of fact, they are willing to dish out 10 BTC to CZ if Bitcoin does not retrace below $8,000 this month.

Crypto Community Remarks on Whale’s Bet Against CZ

Kra₿₿y’s remarks were enough to draw the attention of the crypto community as to who could be confident enough to bet against Bitcoin’s potential price surge soon. Moreso, who could place 10 BTC currently valued at about $117,000 for an asset that is quite volatile and whose performance can only be predicted to a certain level of accuracy.

Those who made comments pointed out that Kra₿₿y will quickly lose because, in their opinion, Bitcoin can only go higher from here onward. Others remarked that even if there was a retrace, it wouldn’t be below $8,000 which the Bitcoin bear has predicted. There was also a class of users who’ll rather have the whale donate 10 BTC to charity instead of CZ who they claim “is already too rich.”

Crypto Whale Explains How Bitcoin Will Decline to $8,000

A closer look at Kra₿₿y’s twitter timeline shows an analysis of how Bitcoin will possibly dump below the price level he has predicted. According to him, Bitcoin is ready for a massive retracement very soon, and “Tomorrow’s daily candles will be RED.”

In a tweet on August 4, 2019, said:

“#Bitcoin August Analysis: $BTC will fail to break next resistance! 1. What will happen instead is we will reject it, then nose dive to the 7.5-8K Range. 2. We will likely re-test 9K~ around the middle of August. 3. Final dip to the yellow line. (buy there).”

Bitcoin, on the other hand, is trading around the $11,700 zone as at press time. CoinMarketCap’s platform also shows that as at 11:14 UTC +01:00 today, Bitcoin surged to $12,273. However, the price level was not maintained given that there was a sharp decrement to $11,812 barely an hour later.

Cryptocurrency

Peter Schiff Warns Of A Possible Crash Of Bitcoin Below $2,000

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Peter Schiff Warns Of A Possible Crash Of Bitcoin Below $2,000

Peter Schiff, a stockbroker, and financial commentator took to Twitter recently to voice his opinion on the direction of BTC. Though he said the crypto asset is on his way to $6K, however, warns that things can go worse, driving price below to $2K.

A Possible Crash Below $2,000 For Bitcoin (BTC)

Peter Schiff, is known for his love for gold while exhibiting intense hate for bitcoin. However, he has kept an eye on bitcoin, updating the community about its impending crashes to prove his point that bitcoin is worthless.

Though he admitted possessing some bitcoin, his recent tweet still shows he doesn’t see the asset as a wise choice for smart investors.

Peter Schiff, in his recent tweet, expressed how horrible things were looking for bitcoin. According to Mr Schiff, bitcoin is in a move to complete a popular pattern, the head-and-shoulder, which will see the asset drop in value to about $6,000. Furthermore, he opines that bitcoin could slump drastically below the $2,000 mark if the pattern is completed.

While many do not agree with Peter Schiff, some others think bitcoin crashing below $2,000 would be an opportunity to buy more bitcoin.

All these, however, is happening at a time when the institutional traders are trying to pick some interest in bitcoin as trading on the futures exchange, Bakkt, continues to rise.

At the time of writing, bitcoin is currently trading at $8,062.72, with a market cap of over $145 billion according to CoinMarketCap.

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Ripple Sends $26 Million Worth of XRP to Jed McCaleb, XRP Army Fears Another Dump in Price

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Ripple Sends $26 Million Worth of XRP to Jed McCaleb, XRP Army Fears Another Dump in Price

Time and again, several members of the XRP community have opined that the massive dump of the crypto asset in the market has impacted on its price, negatively. Now, there are speculations for another dip in XRP’s price. The latter is after Whale Alert informed on September 7, 2019, that 100 million XRP tokens have been transferred to Jed McCaleb, Ripple’s co-founder. 

Ripple Sends XRP Worth About $26 Million to McCaleb’s Wallet

According to Whale Alert, Ripple transferred 100 million XRP valued at $26,322,440 to Jed McCaleb’s wallet. The transfer has led to the sentiment in the crypto space that XRP might tank below its $0.262 price today. Also, the opinion is due to McCaleb’s reputation for dumping huge amounts of XRP in the market.

McCaleb is Ripple’s co-founder, and in 2014, Ripple transferred 9 billion XRP to him as his share for founding the company in 2012. However, the blockchain company entered a seven-year agreement with McCaleb to control how much XRP he can sell in the market yearly.

Per the agreement, the co-founder could sell $10,000 worth of XRP per week in the first year, $20,000 per week in the second, third, and fourth years, and “750 million XRP per year for the fifth and sixth years.” In the same vein, he could choose to dump 1 billion XRP yearly for the seventh year, and 2 billion XRP yearly after the seventh year.

McCaleb’s Dump of XRP Impacts of Asset’s Market Price

Given that this is the fifth year since the agreement was made, McCaleb can choose to dump thousands of XRP tokens daily. In 2014 when he announced his plans to sell a significant part of his XRP holdings, the value of the asset declined by 40%. As such, the continuous dump of the asset has also been pointed out as one of the reasons why it is not spiking like other top cryptocurrencies.

Asides from being reputable in the XRP community, McCaleb is also a name associated with Mt Gox, one of the first cryptocurrency exchanges. He founded the platform and sold it off years before its hack. Similarly, McCaleb is the creator of Stellar (XLM), the 11th largest cryptocurrency by market cap.

Nonetheless, the crypto community has aired its views about the potential for McCaleb to release another share of XRP to the market. Crypto BitLord, for instance, said: “Wow. Another cool $26M Jed can unload at market. This shits out of control.” Another remarked that: “know, right?! Private businesses shouldn’t be allowed to exist. The name “Jed” should be banned.”

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