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FTX’s failure is not a harbinger of crypto: Gavin Wood

Gavin Wood co-founded Ethereum, Polkadot and Parity Technologies among other top crypto platforms. He says FTX’s implosion offers a chance for crypto to go for “decentralised, trust-free technology.” Wood stepped down as CEO of Parity in October, announcing his decision allowed him to focus more on building Polkadot. Gavin Wood, the co-founder of blockchain platform […]

The post FTX’s failure is not a harbinger of crypto: Gavin Wood appeared first on CoinJournal.

  • Gavin Wood co-founded Ethereum, Polkadot and Parity Technologies among other top crypto platforms.
  • He says FTX’s implosion offers a chance for crypto to go for “decentralised, trust-free technology.”
  • Wood stepped down as CEO of Parity in October, announcing his decision allowed him to focus more on building Polkadot.

Gavin Wood, the co-founder of blockchain platform Polkadot, says FTX’s failure isn’t a precursor of what’s to come in the crypto sector. It doesn’t count for the future of cryptocurrency, (even if a setback). 

As for why, he says the collapsed exchange was a mismanaged platform that tried to hide behind a massive marketing strategy. 

FTX was a ‘mismanaged, heavily-marketed’ company

The FTX token has lost nearly 98% of its value in the past month, all because FTX happened and most people within crypto are extremely irritated that it did. Of particular concern has been the impact to millions of people who didn’t get out as it became clear the Sam Bankman-Fried led exchange was in trouble.

And then 130 FTX affiliated entities filed for bankruptcy – with all these coming just months after SBF had painted himself as crypto’s ‘white knight.’

But despite the contagion that has followed the FTX fiasco, Wood says the event is nowhere near being a ‘harbinger for crypto.’ 

According to the Polkadot co-founder, if there’s anything, FTX has demonstrated one thing: the cryptocurrency industry needs to work towards “better decentralised and trust-free technology.” Wood shared his sentiment on Friday.

I’m sick of hearing crypto confused with a heavily-marketed centralised, mismanaged exchange. FTX’s failure is far from a harbinger of crypto. Quite the opposite: it’s a concrete demonstration of the need for more, better decentralised, trust-free technology.”

Wood stepped down as CEO of Parity Technologies, the firm he co-founded and which is behind the development of Polkadot, in October this year.

As we highlighted, the Ethereum co-founder noted his move was to help him focus more on Polkadot. He is currently the Chief Architect at Parity. Wood is also the founder of Kusama and Web3 Foundation.

The post FTX’s failure is not a harbinger of crypto: Gavin Wood appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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Pro: the recent rally in Bitcoin may not be ‘sustainable’

Katie Stockton expects a pullback in Bitcoin price ahead. She explained her “neutral” view on CNBC’s “Squawk Box”. Bitcoin has climbed roughly 40% since the start of 2023. Bitcoin has now surpassed the key $23,000 level but Katie Stockton of Fairlead Strategies continues to recommend caution as the recent rally could reverse just as easily. […]

The post Pro: the recent rally in Bitcoin may not be ‘sustainable’ appeared first on CoinJournal.

  • Katie Stockton expects a pullback in Bitcoin price ahead.
  • She explained her “neutral” view on CNBC’s “Squawk Box”.
  • Bitcoin has climbed roughly 40% since the start of 2023.

Bitcoin has now surpassed the key $23,000 level but Katie Stockton of Fairlead Strategies continues to recommend caution as the recent rally could reverse just as easily.

Stockton defends her stance on CNBC

Year-to-date, the first ever decentralised cryptocurrency has gained about 40% – a strength she says is an opportunity for investors to pull out.

Reiterating her “neutral” stance on Bitcoin, Stockton said this week on CNBC’s “Squawk Box”:

When you see such strong, steep rallies, they’re more characteristic of countertrend moves. At one point, we had 14 consecutive up days this month for BTC. So, we’re sceptical to its sustainability and see it as countertrend.

The upcoming week is a crucial one for Bitcoin because of the Fed’s announcement. The CME FedWatch Tool currently signals a more than 98% probability of a 25 basis points hike this time.

Bitcoin has broken above its 200-day MA

Also on Sunday, a top trader and analyst, Peter Brandt warned of a near-term pullback in BTC. Others, including Michael van de Poppe and Credible Crypto have a similar opinion as well.

Interestingly, Bitcoin is now trading meaningfully above its 200-day Moving Average. Still, Katie Stockton said:

This has happened before and it proved to be a false breakout. So, we’re not convinced we have a breakout here. But it’s an incremental positive. We hope this manifests in our longer-term indicators which still very much point lower.

She’s not particularly constructive either on the benchmark S&P index that’s up more than 6.0% for the year at writing.

The post Pro: the recent rally in Bitcoin may not be ‘sustainable’ appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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