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Billionaire Lee Cooperman Calls Crypto And NFTs “Crap”, Fails to See Markets Recovering Anytime Soon

Billionaire Lee Cooperman Calls Crypto And NFTs “Crap”, Fails to See Markets Recovering Anytime Soon

American billionaire hedge fund manager Lee Cooperman does not see the ongoing bear market cycle subsiding – at least in the foreseeable future – and blames the marketwide sell-off to among other reasons, crypto.

Speaking to CNBC’s Squawk Box Tuesday, on top of attributing the markets’ plunge to global macro-economic factors, the businessman tore into Special-Purpose Acquisition Companies (SPACs), Non-Fungible Tokens (NFTs), and cryptocurrencies referring to them as the “crap” that had contributed to the market bleed.

It’s a bear market,” said Cooperman. “We’ve gone through one of the most speculative periods I’m aware of: SPACs and all that kind of crap that was going on. Crypto and NFTs, I think it will be unlikely to go back into a bull market any time soon.” 

Cooperman, who is at the helm of Omega Advisors went on to condemn the US Fed for leapfrogging skewed monetary policies which seemed to only fire up the already bloated inflation. He stated that he was very concerned that the market had been facing a very toxic combination of financial market policies for the last number of years, and that the ongoing drawdown was a result of those mistakes. 

“We’ve borrowed from the future and we are in a give-back period now,” he added.

On Wednesday, the Fed delivered its biggest interest rate hike by raising its benchmark policy rate by 0.75 percentage points as it seeks to combat decade-high inflation. Despite the hikes being expected to tamp down consumer demand-which has overwhelmed supply driving prices up-Cooperman failed to see the prospects of a soft landing.

To him, the market is likely to experience more pain “for an extended period” with returns from equity markets being very modest. 

That said, the 79-year-old hedge fund manager’s relationship with Bitcoin, Ethereum, and other cryptocurrencies as well as “meme” stocks such as Robinhood has remained strained. Last year, he called on people to be “very careful” with Bitcoin, stating that it did not make a great deal of sense.

“If you don’t understand bitcoin, it means you’re old. I’m 78. I’m old. I don’t understand it,” Cooperman told CNBC. “I’d be very careful with BTC. It does not make a great deal of sense, and if you are nervous about the world, gold to me would be a better place to store.”

As of writing, Bitcoin is trading at $18,652 after a 9.51% drop in the past 24 hours. Meanwhile, the global crypto market cap remains below the $1 trillion mark at $825 billion, no thanks in part to the Celcius-induced bloodshed earlier this week.

What is the bull case for Request Network’s REQ as price pumps 58% in 24 hours?

Request Network powers payments through the blockchain Request Network token gained 58% in one day  REQ could crash as bearish signals emerge at resistance Request Network’s token REQ/USD was the talk of traders on Thursday. The crypto-token posted impressive gains of 58.21% in 24 hours, according to Coinmarketcap. The total trading volume rose by 2,654%::Listen

  • Request Network powers payments through the blockchain

  • Request Network token gained 58% in one day 

  • REQ could crash as bearish signals emerge at resistance

Request Network’s token REQ/USD was the talk of traders on Thursday. The crypto-token posted impressive gains of 58.21% in 24 hours, according to Coinmarketcap. The total trading volume rose by 2,654% in the same period. The gains happen amid escalating crypto weakness, with Bitcoin sliding below $19,000. The total gains in the last 7 days were 64.25%. There was no immediate trigger for the robust gains. However, today’s gains make it worth exploring more about the protocol.

Request Network is a payment protocol for payment requests. It is built on the Ethereum blockchain and enables individuals to request payments. It is regarded as a bridge between the digital and physical world of payments. REQ is the native token that powers the network.

As the decentralization of finance continues to grow, the Request Network will grow. Since its launch in January 2021, the network has processed more than $203 million in crypto invoices. Metaverse giant, The Sandbox is one of the high-profile clients of Request Network. Other crypto projects such as MakerDAO, AAVE, and Chainstack also use the protocol.

REQ technical analysis

Source – TradingView

Technically, the REQ price suggests a parabolic move since June 29. The established resistance is at $0.128. Although the price broke past the resistance, it is crossing below it. This is the first signal that the price move could be unsustainable. The RSI also shows the price is retreating from an overbought level. The MACD line may be above the moving average to suggest a bullish momentum. However, overbought conditions and bearish pin bars at the resistance suggest downsides. Investors should seek to close positions and book profits now.

Summary

We recommend a sell of REQ as bearish signals emerge at key resistance. The lack of clear fundamentals driving the surge is also a red flag. Sell now to avoid a bull trap.

The post What is the bull case for Request Network’s REQ as price pumps 58% in 24 hours? appeared first on CoinJournal.

Billionaire Lee Cooperman Calls Crypto And NFTs “Crap”, Fails to See Markets Recovering Anytime Soon

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