Welcome To Another Quick Crypto Roundup!
If you are one of my readers on 'Today In Crypto' you would have noticed that there was no Sunday edition. Sunday is a rest day, set aside to recharge but you can expect more news and articles everyday this week! Let's get cracking!
Bitcoin Proves It Has No Need For Bailouts!
As investors continue to flee conventional stocks and assets, Bitcoin continues to rise from previous sell-off lows of around $3700! The Bitcoin price has once again pushed above the $7000 mark. For those who think stocks are rebounding, they are not. What you are currently seeing is a season of dead cat bounces that traders are taking advantage of.
While trillions have been printed to support and prop up the markets, they have not responded well at all. Bitcoin, on the other hand has received no bailouts and yet has rebounded tremendously well in comparison to traditional markets. Bitcoin is proving that people are waking up to hard money. Volumes might not be very high but look at the crisis we are currently facing.
Tron, Civic And Binance Targeted in Newly Filed Lawsuits
A number of new lawsuits, targeting numerous Crypto projects were filed on Friday the 3rd of April. Binance, being one of the many caught up in this most recent scandal. I think many people have actually been expecting Binance to eventually get slapped by the SEC. Binance have been accused of selling tokens as securities without registering them as such with the SEC.
Tron, Civic and Status were among others targeted in the recent crackdown on Crypto projects. Fintech attorney, Richard B. Levin stated that the complaints are most likely to make it to court. Further stating that a dismissal is a very extraordinary situation that he did not foresee taking place.
Ex Goldman Sachs Exec Shifts Into Bitcoin
Raoul Pal, formerly of Goldman Sachs has recently stated that he is making a significant adjustment to his portfolio. Pal foresees a lot of pain to come in the traditional markets in the long-term. Observing that even though a short-term bounce is most likely, he expects many companies to falter going forward. Pal went as far as to disclose his portfolio holdings for the next 12 months, which is as follows: 25% Bitcoin, 25% gold, 25% cash and 25% trading opportunities.
Pal believes the new generation will question the current systems, including the pension system. Going on to say that they have watched these systems fail and will most probably place little trust in them. He is expecting them to embrace new ideas and reject the past, as it only echoes failure.
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