Daily Crypto News | June 13th, 2022

1. Dogecoin Has Fallen Down by 90% since Elon Musk’s Influence

Within May 2021, after Elon’s appearance on Saturday Night Live, Dogecoin was able to hit an all-time high of $0.72. But this spontaneity of the world’s current richest man couldn’t secure the overly high price of Dogecoin. As of today, Dogecoin is worth approximately $0.06, being over 90% less than last May.

This is a pretty sorry ending for a coin whose transactions once overwhelmed the trading app Robinhood. However, Elon Musk seems to have yet given up on this coin, as just a few weeks ago, he announced that Tesla might accept Dogecoin payment in the future, and the same for Twitter once he owns it. But this time, there was no miracle for Dogecoin.

2. Celcius Sees a 70% Downfall in Trying to ‘Stabilize Liquidity’

Along with the already falling crypto market, crypto lender Celcius made a surprising move. On Sunday night, all users were locked from carrying out any withdrawal or transaction. This was later explained by Celcius to be a preservation of liquidity, and that users would still be benefited from holding to the coin. “We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations,” the company said.

After this announcement, the company’s token CEL quickly went from $0.48 to $0.15, according to CoinMarketCap.

3. Do Kwon Denies of Having Cashed $2.7B Out of LUNA, UST

A rumor from Twitter was spread around, which claimed that Do Kwon and other Terra influencers have been cashing out whie still maintaining the liquidity. More specifically, this claim challenges Do Kwon, CEO and co-founder of LUNA and UST ecosytems, of having withdrawed $80M a month for 3 years.

More unverified reports were made attacking Do Kwon, accusing him of draining money out of LUNC and USTC to buy USD-pegged stablecoin, such as USDT. Kwon has stated that these claims were unfounded as they go against Kwon’s previous announcements regarding holding the coin.

4. Economist Peter Schiff Expects BTC and ETH to Drop Lower

Economist Peter Schiff tweeted on Saturday: “Bitcoin looks poised to crash to $20K and ethereum to $1K … Don’t buy this dip. You’ll lose a lot more money.” It would seem that Schiff anticipates a recession where Bitcoin and Ether, the 2 coins that he spefically mentioned in his statements, will not be accepted widely.

Schiff believes that the damand to sell these coins in exchange for money so that people can buy food, gas, etc. will only rise, meaning owning cryptocurrencies, or specifically Bitcoin and Ether, would do more harm than good to the people in the long run.

5. Billionaire Stanley Druckenmiller: “I Would Want To Own Bitcoin More Than Gold”

Billionaire Stanley Druckenmiller, chairman and CEO of Duquesne Family Office LLC, is listed as one of the Forbes’ billionaires with a personal net worth of $6.8B. Druckenmiller claims that he has spent time observing the markets. He said: “For sure, if I think we are going to have an inflationary bull market, I would want to own bitcoin more than gold.” This billionaire also shared his belief that blockchain will eventually become a major force in the economy, and young people have the advantage over this.

 

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