Glassnode co-founders Jan Happel and Yann Allemann recently indicated that a Bitcoin crash to $37,000 would be a good thing. They also explained why they wouldn’t be sad about such a massive price decline for the flagship crypto. 

Bitcoin Dropping To $37,000 Would Be A Steal

Happel and Allemann mentioned in an X (formerly Twitter) post on their shared account that a Bitcoin price drop to $37,000 would be a steal. They added that they won’t be “mad” about the price crash because it would give them an opportunity to buy more BTC at such low levels. The Glassnode co-founders won’t hesitate to buy the dip as they are confident about Bitcoin reaching a new all-time high (ATH) in this market cycle. 

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In an earlier X post, they stated that Bitcoin’s next run-up to $70,000 will likely see it break its current ATH of $73,000, reached in March earlier this year. Happel and Allemann added that BTC’s parabolic rally would be driven by a “strong altcoin undercurrent,” predicting that the altcoin season could occur soon enough. 

The Glassnode co-founders could get their wish of Bitcoin dropping to $37,000 before hitting a new ATH as crypto Zoran Kole recently predicted an imminent price crash for the flagship crypto. Kole mentioned in an X post that he believes that the low $40,000 range is coming next for Bitcoin. 

The analyst further highlighted a “very clear” Head-and-Shoulders pattern developing on Bitcoin’s chart, which showed that the flagship crypto could drop to as low as $36,000. He added that this bearish pattern “coincides with a yearly open retest with a strong case for a bounce right below the current yearly low of $38,500.”

Kole revealed that breaking the weekly bearish market structure could invalidate this trade setup. That means Bitcoin needs to rise above $65,000 to confirm a bullish reversal. Crypto analyst Jelle also suggested that $65,000 is the level Bitcoin needs to break above to enjoy a parabolic rally to a new ATH. 

BTC Breakout To Happen In Next “Few Weeks”

Crypto analyst Rekt Capital has offered a more bullish outlook for Bitcoin, stating that history suggests the BTC breakout could happen in the next few weeks. He also revealed that Bitcoin is close to reclaiming the reaccumulation range and resynchronizing with post-halving price tendencies. This could lead to the parabolic uptrend, which the analyst had previously mentioned is the next stage of the halving cycle. 

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In another X post, Rekt Capital indicated that it was important for Bitcoin to close this month above the quarterly level at $58,800. He stated that a close above this price level would fully confirm Bitcoin’s successful retest of this price range as support. 

At the time of writing, Bitcoin is trading at around $58,400, down over 2% in the last 24 hours, according to data from CoinMarketCap.  

Featured image created with Dall.E, chart from Tradingview.com

Shiba Inu (SHIB -2.73%) hit almost every investor’s radar in 2021 after speculators drove it to a 43,800,000% gain for the year. It’s one of the greatest returns in the history of finance — a perfectly timed investment would have turned a mere $3 into over $1 million. 

But the tide has since gone out, and Shiba Inu hasn’t evolved to deliver any real use cases. As a result, it has declined in value by 64% in 2022 so far. Despite the steep drop, here are five big reasons I still wouldn’t be a buyer. 

1. Shiba Inu is unregulated

The first reason to stay away from Shiba Inu — and this goes for most cryptocurrencies — is that it’s completely unregulated. Ironically, that’s one reason some investors choose to own it, because they feel it keeps them outside of the traditional monetary system. But there can be significant consequences to that approach.

For example, if Shiba Inu tokens are lost or stolen, there’s virtually no recourse for the holder whatsoever. On the other hand, up to $250,000 worth of cash in a U.S. bank account is automatically insured by the Federal Deposit Insurance Company (FDIC); in other words, it’s guaranteed by the government should anything happen. 

It’s probable that holders of TerraUSD, a stablecoin that recently shed almost all of its $18 billion valuation, would have appreciated a government-backed initiative to recover their losses.

2. Regulations are coming

You might think this is contradictory to the first point, but the second reason to avoid Shiba Inu is because regulation is inevitable. After a string of high-profile collapses in the cryptocurrency markets (like the one mentioned above), the U.S. government is more aggressively pursuing new laws to protect investors.

Shiba Inu holders (and crypto holders broadly) will soon lose their ability to remain anonymous, because their brokers and exchanges will be required to report all client trading activity to the Internal Revenue Service for tax purposes beginning in 2023. In addition, the majority of cryptocurrencies likely fit the legal definition of a financial security, which could soon place a heavy compliance burden on brokers and exchanges, and that will increase trading costs for customers.

Put simply, more regulation is a net positive for consumers, but it would also strip away many of the reasons people want to own tokens like Shiba Inu. If the subset of the population who currently find Shiba Inu appealing suddenly no longer do, then it might be the final nail in the coffin for the meme token. 

3. Neither consumers nor businesses want to use Shiba Inu tokens

The ultimate goal of most cryptocurrencies is to become a means of payment that performs better than traditional money. Theoretically, that would ensure sustained price gains because people would constantly be transacting in the tokens, giving consumers and businesses an incentive to own them. But so far, not even crypto market leader Bitcoin has garnered mass adoption, and Shiba Inu is lightyears behind. 

Roughly 7,879 businesses accept Bitcoin as payment worldwide, but a mere 659 accept Shiba Inu, and they’re mostly small, obscure merchants. Given the significant return Shiba Inu delivered in 2021, followed by its subsequent collapse in 2022, how many businesses could manage their cash flow if they transacted in such a volatile currency? Probably none. 

As a result, it’s unlikely Shiba Inu’s merchant base will grow materially anytime soon.

4. Shiba Inu has a supply problem

Now that it’s been established that Shiba Inu is merely a speculative plaything, here’s the fourth reason I wouldn’t touch it with a 10-foot pole: It’s not even good at that. There are currently 589 trillion Shiba Inu tokens in circulation, which is why they trade at a price of $0.000012 each instead of something more typical, like $1. 

If Shiba Inu did trade at $1 per token, it would be valued at $589 trillion, making it the most valuable asset on Earth. It would be worth 235 times more than iPhone maker Apple, which is currently the largest company in the world, with a market capitalization of $2.5 trillion. 

Shiba Inu’s enormous supply is therefore a barrier to it ever reaching a significantly higher price per token. As speculators have slowly realized the token is likely mathematically banished to a life with five zeros in front of its price, they’ve gradually stopped calling for further meteoric price increases to $1 and beyond. 

5. I’m not feeling the burn

To solve the above supply issue, the Shiba Inu community is working together to remove tokens from circulation by “burning” them, which organically increases the price per token. This happens by sending tokens to a dead wallet where they can never be accessed again. The easiest way to participate is to simply send tokens to the aforementioned wallet, but that’s no fun.

Shiba Inu holders can also listen to a specific music playlist where the royalties are partially burned, or they can buy coffee from the Shiba Coffee Company, which burns some of the proceeds. Then there’s the new Shiba Inu metaverse, where users who purchase virtual land using the Ethereum cryptocurrency can pay a fee in Shiba Inu to rename their plots and, you guessed it, that fee is burned. 

But the burn rate has been incredibly slow so far. If holders are hoping to see their tokens reach $1 through the burn mechanism, they might be waiting more than 10,000 years. And, even if it gets there, it won’t change the value of their holdings. Each Shiba Inu investor will simply own fewer tokens at a much higher price, so the net worth of those tokens will remain exactly the same.

Therefore, while this feels like a positive solution, it will have little real impact for investors.

Isabelle Lee Nov. 9, 2021, 9:36 PM

• Robinhood is not racing to list trending coins such as shiba inu, the trading platform’s crypto chief told Decrypt.
• The short-term gains for the platform would not be in the interest of its users, Robinhood Crypto COO Christine Brown added.
• Shiba inu’s stunning rally has caused many users who exclusively use Robinhood to miss out on gains.
• Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

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Robinhood Markets is not racing to list popular, trending coins such as shiba inu because the short-term gains for the platform would not be in the interest of its users, Robinhood Crypto COO Christine Brown said during Decrypt’s live event Tuesday.

The overseer of all of Robinhood’s crypto operations and compliance was asked when the trading app plans to list the coin, which has skyrocketed exponentially over the last 12 months.

“The first thing is that we’re not going to talk about it,” she replied.

Brown added that Robinhood does not intend to follow in the footsteps of Coinbase, whose CEO has made it his goal to list every coin legally possible.

“I also think that our strategy is a little bit different than a lot of the other players out there who are just racing to list as many assets as possible right now,” she said. “We think that the short-term gain we might get is not worth the long-term trade-off for our users.”

For now, Robinhood only has seven listed coins, with dogecoin the newest addition to its roster. That’s a far cry from the over 100 assets Coinbase has listed.

Shiba inu’s stunning recent rally has caused some retail investors to call on Robinhood to add the coin, which is now the 11th largest cryptocurrency by market valuation, according to CoinMarketCap. It has gained almost 570% in a month, compared with a rise of 20% in bitcoin, the largest cryptocurrency by market value.

Brown, who assumed her role in April, emphasized that Robinhood is a “safety-first company” and is “assessing everything from a regulatory perspective really well.”

Despite her cautious stance and push for customer safety, Robinhood on Monday revealed that millions of its customers’ personal information was exposed in a data breach last week.

The hackers obtained a list of email addresses for approximately 5 million people and full names for a different group of approximately 2 million people.

• Robinhood is not racing to list trending coins such as shiba inu, the trading platform’s crypto chief told Decrypt.
• The short-term gains for the platform would not be in the interest of its users, Robinhood Crypto COO Christine Brown added.
• Shiba inu’s stunning rally has caused many users who exclusively use Robinhood to miss out on gains.
• Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Robinhood Markets is not racing to list popular, trending coins such as shiba inu because the short-term gains for the platform would not be in the interest of its users, Robinhood Crypto COO Christine Brown said during Decrypt’s live event Tuesday.

The overseer of all of Robinhood’s crypto operations and compliance was asked when the trading app plans to list the coin, which has skyrocketed exponentially over the last 12 months.

“The first thing is that we’re not going to talk about it,” she replied.

Brown added that Robinhood does not intend to follow in the footsteps of Coinbase, whose CEO has made it his goal to list every coin legally possible.

“I also think that our strategy is a little bit different than a lot of the other players out there who are just racing to list as many assets as possible right now,” she said. “We think that the short-term gain we might get is not worth the long-term trade-off for our users.”

For now, Robinhood only has seven listed coins, with dogecoin the newest addition to its roster. That’s a far cry from the over 100 assets Coinbase has listed.

Shiba inu’s stunning recent rally has caused some retail investors to call on Robinhood to add the coin, which is now the 11th largest cryptocurrency by market valuation, according to CoinMarketCap. It has gained almost 570% in a month, compared with a rise of 20% in bitcoin, the largest cryptocurrency by market value.

Brown, who assumed her role in April, emphasized that Robinhood is a “safety-first company” and is “assessing everything from a regulatory perspective really well.”

Despite her cautious stance and push for customer safety, Robinhood on Monday revealed that millions of its customers’ personal information was exposed in a data breach last week.

The hackers obtained a list of email addresses for approximately 5 million people and full names for a different group of approximately 2 million people.