In today’s cryptocurrency news, discover that most people in the United States now view cryptocurrency as a risky asset to invest in. However, it appears that younger generations are more open to taking risks with crypto investments. Meanwhile, one of Goldman Sachs’ former executives claims that Bitcoin and Ethereum price movements follow historical patterns. Lastly, Big Eyes Coin (BIG) is holding a dream event; raising over $11 million across a succession of presale rounds is a milestone only the most promising projects can attain, especially in a down market, after accounting for investors’ scrutiny and unwillingness to buy any crypto assets. Big Eyes has the makings of the most popular meme coin and might be the catalyst for a market rally.
Millennials Are Crypto’s Biggest Enthusiasts, While 60% of Americans Think It’s Unsafe
Original Source: 60% of Americans see crypto investing as highly risky—but millennials are still its biggest fans
Crypto is becoming a risky investment for most Americans.
The current CNBC Make It: Your Money survey, done in cooperation with Momentive, found that 60% of Americans think investing in digital currency is hazardous, up from 45% in 2021. It’s moderately risky for 26%.
However, younger generations seem more inclined to invest in bitcoin than older generations.
38% of Gen Zers (age 25 and under) and 46% of millennials (age 26–41) feel crypto investing is dangerous. However, a little over 60% of Gen Xers (defined here as ages 42 to 57) and approximately 80% of baby boomers and the “silent generation” (defined here as ages 58 and above) consider it to be very dangerous.
Recent crypto market changes aren’t benefiting investors.
Last year’s crypto market lost nearly $2 trillion. On top of that, FTX, one of the world’s largest cryptocurrency exchange platforms, filed for bankruptcy on Nov. 11. Blockfi, another troubled crypto business, filed for bankruptcy on November 28.
The popularity of crypto as an investment has declined.
The least popular investment is crypto: According to the survey, 10% of Americans own any.
Virtual currency is most popular among millennials. 15% of millennials have crypto, 12% of Gen Zers and Gen Xers, and 5% of baby boomers and people born before World War II.
“For many younger investors, the fascination with crypto is related to the lottery-ticket environment, where it appears that you may get rich quickly,” Bankrate lead writer James Royal tells CNBC Make It.
As of Dec. 12, investors of all ages appear to be losing trust in crypto investments due to bitcoin’s price, the largest cryptocurrency by market value, being significantly lower than its Nov. 2021 highs.
“With major cryptocurrencies like bitcoin and Ethereum down more than 70% from their all-time highs, it’s no wonder that the shine has worn off these coins,” Royal says.
Crypto, unlike stocks and bonds, has no underlying entity. Financial experts say that you shouldn’t put more money into this asset than you can afford to lose.
You’re not buying business profits with crypto currencies. “It’s more like buying an arcade ticket and hoping someone will give you more for it,” Royal explains.
Goldman Sachs Advises Buying Bitcoin and Ethereum After They Hit Bottom
Original Source: Goldman Sachs says Bitcoin and Ethereum hit bottom, and it’s time to buy – Report
Raoul Pal, a macroeconomics expert and former Goldman Sachs executive, said BTC and ETH prices are about to make history. He stated that both digital assets require critical support. Pal tweeted to his 991,000 followers that BTC had reached its oversold top.
Thus, long-term investors have a strong probability of buying the decline now. BTC’s cyclical low is at its most oversold ever, according to the Metcalfe’s law adoption curve’s long-term trend of two standard deviations. Metcalfe’s law states that the number of users determines a network’s worth.
Pal said Ethereum adoption had reached a key support level. He stated that the price of ETH is based on the Metcalfe adoption curve’s long-term logarithmic rise. Pal, who is a co-founder of the Real Vision Group, said that the main thing that affects the prices of crypto assets is how much USD is available.
He noted that the continuing crypto crisis and the dramatic fall in global liquidity are no coincidence. Pal expects that central banks will soften their position on rapid rate hikes, reversing this trend. Due to the recession and changes in central bank policy, global liquidity will change drastically.
A boring phase and a bullish run
Pal believes the crypto market is likely to enter a boring period that precedes a bullish surge. Investors should not expect this period to be precise, he said. The context is more significant. Crypto cycles raise positions after a long-term rally, according to the former Goldman Sachs executive.
Investors are most frightened and disgusted during this phase. Fear and revulsion are followed by boredom. Pal added that the ennui phase is when the market’s good and bad news are accepted. Then, draw important lessons from these experiences. During this time, there is no leverage, and everyone can start over.
Pal also said that in the past, low 30-day realized volatility had happened at the same time as lows in the crypto market. BTC’s magic level is 20%, according to him. When BTC reaches this level in an early bull market, it usually leads to a bigger rise. He said that ETH has a similar structure. ETH’s 30-day level is 40 percent, compared to BTC’s 20 percent.
Big Eyes Coin is Attempting to Complete Its Presale, While Bitcoin Miners’ Revenue is at Its Lowest Level in Two Years
Original Source: Crypto News Today: Big Eyes Coin Looks To Round Up Its Presale, Bitcoin Miner’s Revenue Is At Lowest In Two Years
Big Eyes Coin (BIG) is organizing a dream event. After factoring in investors’ scrutiny and unwillingness to buy crypto assets, raising over $11 million through a succession of presale rounds is a milestone only the most promising projects can attain, especially in a bear market. Big Eyes has the potential to be the biggest meme currency to launch the bull market.
Since stage 1, Big Eyes has sold below market price, making it a good buy for most individuals. It’s a good deal for newcomers to Meme Coin, even when the token’s price rises during the presale. Presale purchases are a low-risk introduction into the crypto market because you can make huge rewards from a modest investment, especially for meme coin projects.
Bitcoin (BTC) miner earnings have dropped since November 2020. Miners’ earnings continue to plummet as Bitcoin’s price struggles at $16.5K, demotivating them to mine the cryptocurrency. Binance launched a $500 million financing program to boost Bitcoin miners as the crypto market struggles.
Bitcoin (BTC) (BTC)
Satoshi Nakamoto anonymously established the first and largest cryptocurrency, Bitcoin (BTC). Bitcoin was the first feasible form of decentralized finance that allowed users to send money without a third party. Since Bitcoin’s creation, the blockchain landscape has changed, reducing the need for money. Bitcoin dominates the crypto market; therefore, its price trend often sets the market’s direction.
The market may suffer from mining rewards’ declining income. Bitcoin miners’ earnings are declining due to market conditions and price declines. As BTC dollar values rose, mining efforts declined. Blockchain.com data shows that bitcoin mining income has been dropping since November, when the bull market peaked. On November 26th, it was at $11,670,337, its lowest level in two years.
Big Eyes is the latest meme coin project to generate hype. Big Eyes wants to launch on Ethereum to take advantage of the best DeFi resources and a ready community. Big Eyes hopes DeFi will be as successful as Shiba Inu (SHIB).
Big Eyes wants to study the NFT scene since its memes could be popular. However, the NFT will be used as tickets to more content and community events. The project will also donate 5% of the overall supply to charity and a percentage of future taxes to ocean conservation efforts.
Big Eyes is a community-governed project, so holders can contribute work to increase their shares’ value. Users will have a vote in governance, and meme narratives will be pushed farther.
The presale for Big Eyes is still selling out fast, so take advantage of it. Click here to join the big presale.
Summary of today’s bitcoin and cryptocurrency news
To put it simply, James Royal, Bankrate’s lead reporter, tells CNBC Make It that crypto’s lottery-ticket vibe attracts younger investors. However, with bitcoin, the largest cryptocurrency by market value, lingering considerably lower from its November 2021 highs as of Dec. 12, investors of all ages appear to be losing faith in crypto investing.
To explain further, Pal said that he has seen low 30-day realized volatility happen at times when the crypto market was at its lowest. He claims that twenty percent is the holy grail for Bitcoin right now. When BTC gets to this point, it usually means that a longer bull market rally is about to start. He then said that ETH now has a very similar architecture. When compared to BTC, which is at 20%, ETH is significantly higher at 40% on the 30-day time frame.
Lastly, since the first presale of Big Eyes, the currency has been sold for a fraction of what it is worth now. Even though the price of the token is going up a lot as the presale round goes on, there is a good deal for people who just found out about the meme currency. For a meme coin project in particular, making a purchase during a presale is a low-risk way to enter the cryptocurrency market with potentially huge rewards.