Current Events > Coinbase Cofounder issues crypto warning as Bitcoin 'Death Cross' fear spreads

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https://www.forbes.com/sites/billybambrough/2021/06/20/coinbase-cofounder-issues-serious-crypto-price-warning-as-bitcoin--death-cross-fear-spreads/

Bitcoin and cryptocurrency prices have struggled this week with the crypto market's combined value slipping under $1.5 trilliondown from $2.5 trillion in May. The bitcoin price, after getting an unexpected boost from Tesla billionaire Elon Musk last weekend, has resumed its decline over the last few days, falling back toward $30,000 per bitcoin. Now, as bitcoin charts show the price 50-day moving average has fallen below the 200-day moving averagea pattern known as the "death cross"Coinbase cofounder Fred Ehrsam has warned "most" cryptocurrencies and crypto-assets "won't work" and "90% of NFTs" will have "little to no value in three to five years." "People are going to try all sorts of things," Ehrsam, who has gone on to found the blockchain investment firm Paradigm since leaving Coinbase in 2017, told Bloomberg this week, warning many of those smaller cryptocurrencies won't survive. "There'll be millions and millions of cryptocurrencies and crypto-assets, just like there were millions and millions of websites. Most of them won't work."

"I'd go so far as to say that 90% of NFTs produced, they probably will have little to no value in three to five years," said Ehrsam, comparing the recent NFT craze to "early internet companies in the late '90s" when many Silicon Valley startups suddenly emerged with eye-popping valuations only to disappear entirely in the following months and years.

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BTC is obsolete and there are better options. Once the entire market stops being tied to/predicated in the price of btc and more people understand and invest in crypto, I can see it really taking off.

But NFTs are pants on head stupid for the most part, I can see that just being a fad

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I thought NFTs were a big joke but artists seem to absolutely adore them. I can also see them becoming the defacto way to launder money.

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https://www.youtube.com/watch?v=J9hClX7WENM

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Someone explain "death cross" to me like I'm a CE shitposter, please.

BignutzisBack posted...

I thought NFTs were a big joke but artists seem to absolutely adore them. I can also see them becoming the defacto way to launder money.

You have to launder money in cash otherwise your deception will come apart after 5 minutes of looking at your bank records.

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I'm not selling.

Always HODL



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Questionmarktarius posted...

Someone explain "death cross" to me like I'm a CE shitposter, please.

when the 200 day moving average passes the 50 day moving average

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Sell sell sell!

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