As the crypto market is at the edge of a euphoric phase, endorsements of blockchain projects seem to be back in trend.
BitMEX CEO, Arthur Hayes, made the news with a Tweet of joining the DeFi bull run beginning with the yield farming of YFI (yearn.finance) token. This tweet took from him the markets on 12th August by storm,
I’m a fucking farmer now. Long live the #Defi bull market. 加油!
After the $YAM dump, he moved to $YFI. And, Indeed the DeFi token has yielded the pump, the price of YFI jumps to parity with Bitcoin [BTC] with a high at $12015 on FTX.
There is no proof to correlate the pump to Hayes and the DeFi markets have been in a euphoric phase by itself. Hence, here as well correlation doesn’t imply causation. But Hayes certainly seems to be choosing better projects than Dave Portnoy.
Trending Stories
Portnoy Fails Though
Dave Portnoy, the US internet celebrity and penny stock trader, seeks to benefit from the free market characteristics of crypto by a leading pump and dump schemes. On 15th August he chose LINK.
$link to the moon.
— Dave Portnoy (@stoolpresidente) August 15, 2020
But after skyrocketing 1000% from lows this year, LINK seems to have now begun a drop. The percentage drop from peak to swing lows in LINK is 26.8%; at press time, LINK is trading at $16.7.
Portnoy is far too explicit about his schemes, he intends to ‘pump and dump’ penny stocks of the crypto markets. However, instead of joining Portnoy in the pump and dump, the market is directly moving to the dump. Portnoy’s fans who are new to the crypto space might be highly disappointed.
His most recent buy was that of Orchid [OXT], the price action of OXT has shown signs of volume increase or a pump. The vertical line marks the timeline of the tweet from Portnoy.
What’s Next?
Moreover, while Portnoy states that unregulated crypto markets with liquidity are safer to pump because it lies outside the purview of the “SEC mice.” However, if any of the low cap stocks are categorized as illegal security, Portnoy might be looking at the possibility of a rap sheet from the US regulatory agency.
Just a while back, Arthur Hayes announces his interest in Polkadot ($DOT). The token has already pumped over 120% since the breakout from consolidation levels since the launch.
The doubts in the minds of investors will now be around the fact in that $DOT will be the next $LINK which dumped as profit booking and liquidation of longs ensues.
Does Hayes have more influence to shake the market than Portnoy? Please share your views with us.
- Stablecoin Meltdown: This Token Loses $7 Billion Within A Week
- Coinbase Cuts Down Hiring After Q1 Losses Hit $420 Million
- Shiba Inu (SHIB) Price Soars 6% In A Day, Here’s Why
- WOO Network Halts Terra’s LUNA Trading Just Hours After Relisting It
- Terra Crash Spilled Over Into Other L-1 Blockchains, Here’s How
- SEC Chair Gensler Responds To Terra Crash, More Regulation Due?
- Terra Like A Crypto “Pyramid Scheme,” Says Activist Investor Bill Ackman
- Ethereum Shorts Building Up, ETH Exchange Supply Rises
- Bitcoin (BTC) Hits 3-Day Death Cross, More Bloodbath Coming?
- Crypto Expert PlanB Reveals New Bitcoin (BTC) Bull Run
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?
- Decentraland Price Analysis: MANA Price Prepares For 60% Gains; Are You Buying?
- SOL Price Analysis: Is $60.0 Around The Corner On The 4-hour Chart?
- DOGE Price Analysis: Wedge Pattern Retest Phase Warns $0.08 Fallout
