• Mark Cuban is hit by a lawsuit for misrepresenting crypto offerings and services by Voyager. 
• The billionaire entrepreneur has been quite active as a Dogecoin proponent and a promoter of Voyager. 
• Analysts evaluated the Dogecoin price trend and predicted a rally in the meme coin. 

American billionaire entrepreneur Mark Cuban was slammed with a lawsuit for leveraging his years of experience to lure customers into investing their savings in Voyager’s services. Cuban is accused of promoting the bankrupt crypto brokerage firm Voyager Digital. 

Also read: Dogecoin bulls push DOGE higher as on-chain activity explodes

Dogecoin proponent Mark Cuban faces legal trouble 

Mark Cuban is popular as a crypto proponent, Dogecoin supporter and billionaire entrepreneur. Cuban is facing a class action lawsuit for promoting crypto product offerings of the bankrupt firm Voyager. The lawsuit alleges that Cuban leveraged his experience to motivate inexperienced customers to invest in Voyager’s crypto products. 

The Moskowitz Law Firm filed a civil lawsuit against Cuban in the United States District Court in Southern Florida. The lawsuit alleges that Cuban misrepresented the firm on numerous counts, offering commission-free trading services. Alongside Stephen Ehrlich, CEO of Voyager Digital, Cuban’s comments motivated investors to pour capital into the Ponzi scheme. 

The lawsuit reads:

Cuban and Ehrlich, went to great lengths to use their experience as investors to dupe millions of Americans into investing—in many cases, their life savings—into the Deceptive Voyager Platform and purchasing Voyager Earn Program Accounts (‘EPAs’), which are unregistered securities.

Cuban’s support for Voyager products resulted in multiple purchases by retail investors as Cuban referred to the platform as close to risk-free as you’re gonna get in crypto.

Post its bankruptcy filing, Voyager made progress and is now prepared to pay back customers. Once customers make a withdrawal request at Voyager, they can expect their money back in 5-10 business days. Customers are allowed to withdraw up to $100,000 via the app. 

The company expects to start withdrawals on August 11. Clients with USD deposits will receive emails with more details about the withdrawal process before then. Once they make the withdrawal requests, they can expect their money in 5-10 business days. Customers can withdraw up to $100,000 via the app/ACH in a 24-hour period.

Analysts predict a Dogecoin price rally 

Dogecoin resumed its uptrend amidst crypto market recovery. Analysts evaluated the Dogecoin price trend and predicted that DOGE is ready to breakout from $0.071. Crypto analysts at Altstreet Bet have a bullish outlook on DOGE. 

DOGE-USDT price chart

Hasan, a crypto trader and analyst, predicted a Dogecoin price rally to $0.082 in the current uptrend. The trader shares Altstreet Bet analyst’s bullish outlook on the meme coin as the crypto market begins recovery. 

DOGE Perpetual Futures Contract

Three Arrows Capital’s co-founder Su Zhu has taken to social media platform, Twitter to highlight some indicators showing that Bitcoin is approaching an Accumulation Zone.

Zhu Highlight Bullish Factors Propelling BTC accumulation 

Zhu articulated Secondary factors like the inflow of 7k Bitcoin into Canada’s Bitcoin ETF, the second largest single day buy of the foundation, bringing its Bitcoin reserve to 41,620. El Salvador conference which hosted 44 centeral banks, OPEC usage of international payment, shortage of Bitcoin to hedge private sale.

Another on-chain metric for Bitcoin that Zhu finds noteworthy is the BTC strength over the stock market overnight, according to Zhu, Bitcoin is approaching a long accumulation period with an overall bullish market structure.

This suggests that the market could be near capitulation, indicating a strong buy zone for long-term investors.

Bitcoin’s current position 

May has seen some of the most momentous market developments since the 2021 Bitcoin reversal, These are some of the Key takeaways from the Crypto hedge fund CEO’s Twitter thread.

However, at present, Bitcoin has experienced the largest decline in history in the last seven weeks. this among some other developments like the largest spot and derivatives trading volume following this past week’s fall in Luna and UST, after the liquidation of Terra’s LFG Bitcoin reserve.

In light of recent events and highly volatile market conditions, stable coin Tether has also shown signs of stress  as USDT/USD traded under $0.99 on major crypto exchanges, this has thrown investors and traders into a state of panic. Bitcoin (BTC) appears to be struggling to hold the $30,000 level and has traded in a tight range of between $27,000 and $30,000 over the past few days. That’s a key support zone for BTC, and it is also the lower bound of a yearlong trading range.

Bitcoin faces strong resistance at between $33,000 and $36,000, which could stall an upswing in price. Bitcoin dominance continued to rise, edging above 45% on Wednesday. 

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Bitcoin is losing its “first-mover competitive advantage” to the over 16,000 other altcoins in the cryptocurrency market according to the CEO of Euro Pacific Capital, Peter Schiff, a known Bitcoin skeptic.

In a tweet, the gold investor pointed to Bitcoin’s declining market dominance to support his claim, adding that as even more cryptocurrencies flood the market, as they were very easily created, Bitcoin’s first-mover advantage will reduce.

With over 16,000 alternative cryptos to choose from, Bitcoin’s market dominance is now below 40% for the first time since June of 2018. With an unlimited supply of easily created cryptos with virtually identical properties, Bitcoin is losing its first-mover competitive advantage, Schiff said.

Are there truly alternatives to Bitcoin?

Indeed, Bitcoin’s market dominance has fallen considerably this year. The market cap of Bitcoin which used to account for over 70% of the value of the entire crypto market earlier in the year has fallen to around 40%. The reduction has been due to the overall growth of the crypto market, Bitcoin inclusive.

In the past year, the market capitalization of Bitcoin has grown 95.08% from $492.51 billion to currently be around $960.78 billion after having stood above the $1 trillion mark for a while. Similarly, the market capitalization of altcoins has been on the rise, with a lot of them including Ethereum (ETH), Solana (SOL), and the memecoin Shiba Inu (SHIB) outperforming Bitcoin.

However, market proponents are arguing that these altcoins, regardless of their growth, are not competitors to Bitcoin or even alternatives to it as Bitcoin is the only cryptocurrency that is considered to be a store of value or digital gold as it is often called. According to Schiff’s son, Spencer Schiff who is a Bitcoin proponent, even proponents of altcoins acknowledge that they are not in competition with Bitcoin for its position at the top of the crypto market as Bitcoin was in a category of its own.

Some proponents are even considering the reduced market dominance of Bitcoin to be a bullish signal. According to Vijay Boyapati, the author of The Bullish Case for Bitcoin, the last time Bitcoin’s crypto market dominance reached 40% which was in June 2018, it was a great opportunity to buy the benchmark cryptocurrency. Therefore, he considers Schiff’s pointing out the Bitcoin dominance metric to be a signal that the market has reached the bottom.

Bitcoin continues to outperform Gold

The economist and strategist, Schiff, has had a well-pronounced disregard for Bitcoin and a strong one regard for gold. Schiff has been a critic of Bitcoin and every move the cryptocurrency makes. Recently, he called for the dissolution of the SEC because the commission in approving a Bitcoin futures ETF was invariably giving a government endorsement of Bitcoin. He has also criticized El Salvador’s president Nayib Bukele, calling his decision to adopt Bitcoin as legal tender in the central American country irresponsible and a waste of taxpayers’ money.

Meanwhile, gold, which is a strong proponent of gold, has been struggling and has been outperformed by Bitcoin. Year to date, the return on investment on gold is down 3.71% compared to Bitcoin’s 77.64% increase. Market analysts and observers are optimistic that Bitcoin is poised to perform even better come 2022.

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