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Defiance CEO ‘Completely Bullish on Bitcoin’ — Says It’s ‘a Good Time to Get in’

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Defiance CEO ‘Completely Bullish on Bitcoin’ — Says It’s ‘a Good Time to Get in’

Defiance ETFs CEO 'Completely Bullish on Bitcoin' — Says It's 'a Good Time to Get in'

The head of Defiance ETFs says she is “completely bullish on bitcoin.” Noting that it is a “good time” to get into the cryptocurrency, she explained why she believes the price of bitcoin will reach $100K.

CEO of Defiance ETFs Bullish on Bitcoin

Sylvia Jablonski, chief executive officer, chief investment officer, and co-founder of Defiance ETFs, explained her bullishness on bitcoin despite recent price declines in an interview with CNBC Thursday.

Defiance ETFs is an exchange-traded funds (ETFs) sponsor and registered investment advisor focused on thematic investing.

Jablonski told the media outlet:

I remain completely bullish on bitcoin. I think the short-term activity is just noise.

She noted: “It looks as though, in terms of what we’ve seen for the last six months to a year or so, is that bitcoin is correlated with risk assets and equities specifically.”

The executive explained that when investors see the crypto market rallying for a couple of days, they pile back into bitcoin, ether, and some of the other cryptocurrencies. Similarly, “when you do see pullbacks, they seem to be hitting bitcoin too,” she pointed out.

Regarding bitcoin as an inflation hedge, she admitted that “a couple of years ago, a lot of us thought that bitcoin was going to be this great inflation hedge and it was going to react in a similar way to gold and it was going to be this safe-haven inflation trade, but I think it’s trading more like a Nasdaq 100 stock than it is like an inflation trade.”

Jablonski predicted, “In the short term it’s going to be sideways volatility, it’s going to be range-bound price action, but longer-term, I still expect bitcoin to be in that $100,000 camp before I expect it to go to zero.” The Defiance ETFs boss elaborated:

I still think it’s kind of a good time to get in.

Jablonski described: “We have to think about it as we do the market so if I think about what happened with some of the broad-based indices, and again just using Nasdaq as an example, at one point we hit 200-day moving average and Nasdaq was very much in bear market territory, 20% or more below all-time highs.”

She emphasized:

Bitcoin mirrored that, and here we are getting off that 200-day average on Nasdaq and we are getting off our lows on bitcoin as well.

“So I think that we definitely have a tradable bottom. I think we are going to have these short-term rallies, but I don’t think that this is it. I think that the market has a little more to weather in terms of range-bound volatility. There’s a psychological aspect to the headwinds as well,” she further shared.

The executive continued: “You have [the] Russia-Ukraine [war], you have inflation, you have the Fed raising rates, and that just keeps investors holding on to their cash, which is actually a huge mistake in the end because that locks in losses.”

Jablonski added: “But I think once they kind of get past that psychological aspect and we sort of see the fundamentals in the economy and cryptocurrency and bitcoin, you’ll start to see it rally so I don’t think we’re going to get that straight shot just yet.” She opined:

I think you’ll get some range-bound volatility now between $46,000, $47,000, and $50,000. I think kind of down the road we’ll see that rally up to $100,000.

At the time of writing, bitcoin is trading at $46,075 based on data from Bitcoin.com Markets.

What do you think about Sylvia Jablonski’s comments? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Crypto Exchange Zipmex Moves to Release Some BTC, ETH Holdings This Week

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Crypto Exchange Zipmex Moves to Release Some BTC, ETH Holdings This Week

Shortly after resuming withdrawals for some altcoins, Asian crypto exchange Zipmex announced that it will be easing withdrawal amounts of Bitcoin and Ether later this week.

The statement comes after the platform had assured its users on August 4 that it is “committed to resuming all services on the Zipmex platform ASAP and to rebuild confidence and alleviate customer concerns.”

August 11, 16 earmarked for release

Zipmex, a cryptocurrency exchange with offices in Singapore and Thailand, announced a temporary halt to client withdrawals from the platform back on July 20. While the exchange blamed falling crypto asset prices and loan defaults by industry heavyweights for the decision, it said it will resume withdrawals less than 24 hours after suspending operations.

Now, despite the exchange’s battle with Babel and Celsius, it intends to release a specific amount of ETH and BTC on August 11 and 16, respectively.

Zipmex is planning to release a specific amount of ETH and BTC on 11 and 16 August respectively. We’re working hard to release the balance of Z Wallet holdings ASAP.

Thank you for your ongoing patience and support.

Zipmex Team

#Zipmex pic.twitter.com/moywJffXau

— ZIPMEX (@zipmex) August 8, 2022

Previously on August 2, 100% of users’ SOL was released, 100% of XRP was announced for release on August 4, and Zipmex said it will make 100% of ADA available on August 9, 2022. Stablecoins, on the other hand, will remain inaccessible for the time being.

Meanwhile, in Singapore, Zipmex has requested bankruptcy protection to address its financial concerns by way of a moratorium for five of its businesses. While the hearing is to take place on August 15, it is crucial to reiterate that Zipmex has raised a total of $62.9 million in investment over the course of 6 rounds. As per Crunchbase, Coinbase and B Capital Group were the most recent investors.

That said, co-founder Akalarp Yimwilai had also stated on Twitter last month that the “primary objective at this stage is to raise funds and open up Z Wallet as soon as possible.”

We reiterate that we have an audit trail and written evidence on all sequence of events. However, our primary objective at this stage is to raise funds and open up Z Wallet as soon as possible.

— Akalarp Yimwilai (@akalarp) July 29, 2022

Will the Singapore court go the Vauld way?

Just last week, the High Court of Singapore granted the troubled cryptocurrency lender Vauld a three-month moratorium period. As a result, the corporation will be effectively protected from any prospective legal action from creditors during this time. Therefore, a similar route for Zipmex will allow the platform to resolve its liquidity issues and re-enable its Z wallet.

Just to reiterate, Zipmex Asia Pte Ltd, Zipmex Pte Ltd, Thailand-based Zipmex Company Limited, PT Zipmex Exchange Indonesia, and Zipmex Australia Pty Ltd are among the businesses asking for assistance under Section 64 of Singapore’s Insolvency, Restructuring and Dissolution Act 2018. According to Singaporean legislation, these businesses must be given an automatic moratorium for 30 days or until the court issues a ruling.

What do you think about this subject? Write to us and tell us!

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Dave Portnoy’s SafeMoon position is down 94%, claims he’s being sued by project

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Dave Portnoy’s SafeMoon position is down 94%, claims he’s being sued by project

The Barstool Sports founder panic-sold Bitcoin in 2020 and has expressed fleeting interest in digital assets ever since.

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Dave Portnoy's SafeMoon position is down 94%, claims he's being sued by project

Barstool Sports founder Dave Portnoy has watched his investment in SafeMoon (SAFEMOON) crash by over 94%, proving to crypto enthusiasts that he is, in fact, capable of hodling during the bear market. 

The stock trader and media personality took to Twitter on Monday to lament his $40,000 investment in the memecoin, which has fallen to just $2,370.94 after he didn’t withdraw a single token. “Still holding by the way,” Portnoy said. “Diamond hands.”

I put 40k into @safemoon I haven’t withdrawn any. It’s not worth 2.3k. And I’m being sued. https://t.co/qRAyBegQMm

— Dave Portnoy (@stoolpresidente) August 8, 2022

Portnoy claimed that he’s also being sued by SafeMoon, possibly for “trashing” the project on his show, but didn’t elaborate much further. In a separate tweet, Portnoy shared a screenshot of SafeMoon’s sales manager expressing displeasure with the Barstool Sports frontman for giving the company “a bad look and unfair representation.” Portnoy “mentioned his SafeMoon losses on air but failed to mention he hasn’t upgraded his holdings to V2 yet,” the manager said.

And let’s not forget when @safemoon themselves complained about me trashing them. pic.twitter.com/1Fg2i9lijC

— Dave Portnoy (@stoolpresidente) August 8, 2022

Portnoy is no stranger to cryptocurrencies, having bought Bitcoin (BTC) in August 2020 only to sell it one week later due to volatility. He later expressed regret over his lack of conviction and went on to make several additional bets on cryptos, which included SafeMoon.

Related: Dogecoin founder speaks out against ‘meme coins’

As far as prices go, SafeMoon is down over 99% from its all-time high of $0.00001399 in April 2021, according to CoinMarketCap. The coin has a lifetime return on investment of negative 86%. 

SafeMoon was audited in May 2021 by blockchain security firm HashEx. At the time, the firm identified 12 smart contract vulnerabilities, including a “temporary ownership renounce” that made it especially prone to a rug pull.

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Circle freezes blacklisted Tornado Cash smart contract addresses

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Circle freezes blacklisted Tornado Cash smart contract addresses

Stablecoin issuers can blacklist interactions with the Tornado Cash DApp on the Ethereum smart contract level.

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Circle freezes blacklisted Tornado Cash smart contract addresses

Crypto data aggregator Dune Analytics said that, on Monday, Circle, the issuer of the USD Coin (USDC) stablecoin, froze over 75,000 USDC worth of funds linked to the 44 Tornado Cash addresses sanctioned by the U.S. Office of Foreign Assets Control’s Specially Designated Nationals and Blocked Persons (SDN) list. Tornado Cash is a decentralized application, or DApp, used to obfuscate the trail of previous cryptocurrency transactions on the Ethereum blockchain. 

All U.S. persons and entities are prohibited from interacting with the virtual currency mixer’s USDC and Ethereum smart contract addresses on the SDN list. Penalties for willful noncompliance can range from fines of $50,000 to $10,000,000 and 10 to 30 years imprisonment. An estimated $437 million worth of assets, consisting of stablecoins, Ethereum, and wrapped Bitcoin (WBTC), are currently held in Tornado Cash’s smart contract addresses. As a result, issuers are expected to take steps to prevent the transaction or redemption of such assets. 

Both the entities behind USDC and Tether can freeze their stablecoin transfers to and from Tornado Cash on the Ethereum smart contract level. Meanwhile, Palo Alto, California-based BitGo, would also, theoretically, need to restrict access to Tornado Cash to comply with such sanctions. One possible method is suspending the redemption of Tornado Cash-linked WBTC.

As told by pseudonymous DeFi educator BowTiedIguana, the new Tornado Cash sanctions apply across the board for U.S. individuals and entities. Simple interactions such as Gitcoin donations, working for the project, running or downloading its software, visiting its website, and depositing/withdrawing from smart contracts could be interpreted as violations. 

Circle just frozen 75,000 USDC belonging to unsuspecting Tornado users, as well as 149 USDC donated to the project. pic.twitter.com/GBS41FtZvB

— banteg (@bantg) August 8, 2022

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