Crypto.com Falls From Grace Despite Many Red Flags That It Showed To Investors

The Crypto market is no stranger to various big-budget projects failing significantly in a relatively short span of time. But one particular cryptocurrency exchange that managed to fail significantly recently was Crypto.com.

Crypto.com will go down in history as a prime example of why money is not enough to make it big in the crypto market.  Despite trying their best to buy their way up to the top of the crypto market, one of the key aspects of the business that they spent their money on was marketing.

More specifically, they focused too much on bringing more customers into the market but didn’t give much thought on how to maintain that audience. They were also able to get one of their ads on the Superbowl, making history as the first cryptocurrency exchange to advertise there.

Unfortunately, the firm spread itself too thin and ended up making various bad choices that cost them both their reputation and their customers. With executives laying off their staff for months to new onboarding schemes that never really took off, Crypto.com really did manage to make waves for two completely separate reasons.

Cutting Down its Workforce

The general public will always be more inclined towards the employees of a company, than the company itself. And one of the fastest ways to start burning the goodwill that you have gained is by almost instantly cutting down your workforce.

According to various reports, the company had managed to fire over 2,000 employees from its peak back in 2021. A company firing a large chunk of its workforce is never a good sign, but firing employees at this scale can be even worse.

From a total workforce of over 5,000 people, the firm continued to lay off hundreds of employees.

The Laughably Bad Advertisement

While Crypto.com was one of the first crypto exchanges to have its face on the Super Bowl, the ad itself really could’ve used some extra work. Despite pouring in millions for producing and broadcasting the ad, it became the internet laughingstock in a matter of minutes.

The ad took itself so seriously that it equated buying crypto to space travel or riding a ship down the high seas. It was overindulgent and silly, to the point where SouthPark got away with making an entire episode on it.

Cutting Down Marketing Spending

The final nail in the coffin for the business was the cut to its marketing budget. Crypto.com was famous, or in some cases infamous, for its advertising and marketing, and now it had lost that. The company backed out of various major deals with e-sports teams and various other sports teams.

The company also managed to get in trouble with the UK Advertising Standards Authority for its very questionable marketing choices.

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Bears Have Bitcoin Trend Under Control As They Plan On Bringing It Lower Than $17,622

It was between October 17 and October 18 when the investors increased their buying power to push Bitcoin (BTC) over $19,659.

The particular trading price is the 50-day SMA for Bitcoin and the bulls were expected to push BTC over the particular mark.

Bears Defended 50-day SMA

Despite the strong buying efforts, the bears were not ready to give up on the bulls. Instead, they continued fighting with the bulls and were able to break their confidence.

This led to the strong rally being shredded by the bears and Bitcoin’s price moved into the lower zone. However, it is strongly suggested that with BTC’s price getting closer to $20k, many buyers opted for gains.

Therefore, they might have started selling Bitcoin for gains, bringing the trading price of BTC lower. This led to the trading price of Bitcoin moving in the lower direction.

The selling activity of the bears was able to pull BTC to $19,384 on October 18. This was the 20-day EMA for BTC and the bulls are to support this level with all their power.

Bears to Attempt another Selling Spree

The trend suggests that the bears may again make an attempt to pull the trading price of BTC. This time, they may try, and pull its price lower to $18,843.

If the buying power of the bulls is not enough to fight off the bears, then the bears may take control of the trend. This would allow them to pull the trading price of BTC to a low of $18,125.

As the price of BTC continues to decline, it would trigger another selling spree that may pull BTC’s price to a low of $17,622.

If the bears are able to pull BTC’s price lower than $17,622, they may make it a resistance level and defend it with all their power. This would make it very difficult for the bulls to push through the level.

Bitcoin’s Move to $22,800

On the other hand, if positive factors such as the weakening of the dollar work in favor of Bitcoin, then it may experience a surge.

If the investors start supporting the bullish trend and are able to push it over $20,000, it would go up to $20,500.

The $20,500 level would be a strong resistance zone where the bears may put up a great challenge. To overcome this challenge, more investors would have to support the bullish run.

If more support comes in favor of Bitcoin, then its trading price may rise to a high of $22,800.

If the bulls wish to go beyond this level, they will need to exert more buying pressure to steer the trend in their favor.

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Court Approves FTX US Bid To Buyout Assets Of Troubled Crypto Lender Voyager

The court has assented to FTX US’s bid to buy the distressed assets belonging to beleaguered crypto lender Voyager for the sum of $1.4 billion. The company implores its creditors to vote yes for the deal.

Voyager’s Creditors Still Need To Vote After Court Approval

Voyager’s bankruptcy case is progressing steadily and users might finally retrieve part of their assets soon. Bankruptcy Judge Michael Wiles approved of the Voyager and FTX’s purchase agreement on Thursday.

The crypto lender is now appealing to its creditors to vote yes to the buyout deal by FTX. An earlier report noted that the deal will allow Voyager’s clients 72% of their assets. If the deal goes through, the clients will access the funds on the FTX platform with newly opened accounts.

No final decisions have been made yet and the final purchase price hasn’t been determined. The deal if it goes through will employ a 20-day historical average for the price. This will show how much customers will receive, and they’ll all be paid in different cryptocurrencies— USDC and fiat.

The only clients who will receive these payments are those who voted to transition to the FTX platform. All others will be paid in cash from Voyager’s left over fund.

FTX Disapproves Of VGX Token

The crypto exchange FTX has stated that it doesn’t back or support VGX token but offered a $10 million floor price for the tokens. Voyager explained that it’s looking for a higher bid for the tokens but will accept FTX’s bid if none is found.

Voyager urged clients to vote yes to the plan before the deadline because it offers the best case scenario at the moment.

Creditors will also be provided with information on how to vote through a solicitation packet sent by claims agent Stretto.

Reports also noted that Voyager’s Customers may receive a letter from the creditor committee making them aware of releases in the agreement protecting executives from future legal action.

The court could give a final verdict by mid-December after the creditors’ vote. This will be followed by affected customers finally accessing their funds on the FTX platform.

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CNN Is Going To Shut Down Its Marketplace For Non-Fungible Tokens

CNN, a multimedia outlet based in the United States has made an official announcement related to its marketplace for non-fungible tokens.

CNN Shutting down NFT Marketplace

The multimedia outlet officials took to Twitter to make an official announcement confirming they are shutting down the marketplace for non-fungible tokens.

This is alarming news both for the non-fungible token as well as the entire cryptocurrency industry.

For the NFT sector, it indicates that the non-fungible token industry is losing its limelight. On the other hand, it indicates that the cryptocurrency industry is losing its adoption in the mainstream sector.

It was only a few months back CNN launched a new NFT marketplace for the cryptocurrency community. CNN had attempted to launch its own collection for NFTs that it dubbed “Vault by CNN”.

In the collection, the users could find iconic news moments in the form of tokens that depicted the 41-year history of CNN. The users could interact with the platform to display, store, and purchase NFTs.

Within four months of launching the NFT marketplace, CNN announced that it is shutting it down.

6-Week Experiment

While making the announcement via Twitter, CNN officials revealed they had launched the NFT marketplace as a “6-week experiment”.

They had decided that it was going to be their first attempt at Web3 technology. They wanted to explore the Web3 sector and now they have experienced what it is like interacting with users in the particular world.

CNN officials revealed that they had already planned that they would launch the marketplace as an experiment. Therefore, they would not maintain or further develop the particular community.

The team also confirmed that they had the Flow blockchain mint the NFTs for their own collection. However, CNN claimed that the collection was under their ownership and that they hold its copyrights.

Therefore, the users will not be able to access the collection through the Flow blockchain.

Contributions from Developers

One of the staff members at CNN Jason revealed that the purpose of launching the NFT collection was to bring in developers to their platform.

It was expected that the developers would participate in the marketplace by adding new features to the collections offered by CNN.

This would allow the developers to receive 20% of the non-fungible tokens’ original mint price. The users would receive them in the form of FLOW tokens or stablecoins.

These digital assets would be deposited in the wallets of the NFT collectors and developers alike.

Although CNN  has tried hiding its real disappointment the fact stays that the NFT industry is also feeling a great impact due to the crypto winter.

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ArgoTrade Review – Is this a legit broker?

ArgoTrade Review

ArgoTrade offers CFD trading services, in a time when these types of derivatives have become extremely popular. Regulated by FSA, this brand ensures high security for your funds. At first glance, this broker seems to be a promising solution, especially if you are interested in popular markets and crypto.

Moreover, trading conditions are diverse. We took the time to review the features offered by ArgoTrade in detail, and this review may come of use to you, if professional trading features are what you’ve been searching for.

Source: https://www.argotrade.com/en

Why choose ArgoTrade?

• A wide range of markets to trade – an account with ArgoTrade opens up access to over 2,100 CFDs, ranging from FX, indices, stocks, commodities, bonds, crypto, and ETFs. The broker has a global outreach, so traders with different goals can always find something that meet their needs.
• Competitive platforms – MetaTrader 4 is just one of the platforms available, offering a stable performance, on top of a variety of trading tools. WebTrader, on the other hand, is a proprietary solution, suited for experts and also for beginners who are just learning how to trade online.

Source: https://www.argotrade.com/en

• Diverse account types – ArgoTrade claims to have an account type to meet all your requirements. With 5 account types at hand, traders with different levels of expertise can find what they want, proportional to the capital they are able to allocate. The Micro is the cheapest, while the Exclusive account is at the top of the ladder.
• Useful resources – this broker doesn’t just enable access to stable trading conditions, but also stands by customers’ side and helps them when they are in need, via various trading resources: support from a dedicated account manager, premium daily analysis, the popular Trading Central, an economic calendar, and much more.
• Professional support – an ArgoTrade representative can be reached via email, phone, and even WhatsApp. This is an international trading brand and is able to interact with people from all around the world.
• Regulation – speaking of regulatory background, ArgoTrade is authorized and regulated by the Seychelles Financial Services Authority (FSA), with registration number 8413415-1. It cannot offer trading services for users in several countries where such activity is prohibited, such as the United States and some members of the European Union.
• Secure funding – making a deposit in an ArgoTrade account is a secure process, because the broker covers only reliable payment solutions, including Skrill, Neteller, bank wires, credit cards, and debit cards.

Source: https://www.argotrade.com/en

Summary

Based on the details available about ArgoTrade, there should be no question regarding its reliability. This is a licensed CFD broker that can provide you with all the necessary tools to engage in the financial markets successfully. On top of the popular markets, crypto trading is a feature that stands out, mainly because you can choose from some of the top tokens out there today. Feel free to read more details on the broker’s website.

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Chinese Billionaire Optimistic About Country’s Crypto Policy And Upcoming Changes

Justin Sun, a Chinese billionaire and crypto entrepreneur, expects that China will change its crypto policies after implementing a ban last year.

In a recent interview with Bloomberg, the Tron blockchain founder explains that China could see changes in the crypto policy. Moreover, these changes could occur as early as next month.

In the interview, he says that China’s economic and industrial policies could see major changes within the next month or so. In his opinion, the new leadership will definitely implement crypto-friendly policies.

Justin Sun Joins Huobi Global Advisory Board

Just recently, Sun became part of the Huobi Global advisory board. While the company was once the top-ranking crypto exchange in China, it has moved operations overseas since the crypto ban.

Nevertheless, Sun would like the company to return once China changes its stance on cryptocurrencies. He also explains that he’s one of the top holders of HT, which is the crypto exchange’s native token.

In the interview, he elaborated that he owns millions of HT tokens, some of which he owned before joining the Huobi Global advisory board.

Elaborating on how he’s been using and collecting HT on its own since it launched in 2013, he sees himself as one of the major HT holders.

Huobi’s Native Token Surges by 70% in the Past Month

According to reports by CryptoSlate, Huobi Global’s native token, HT, gained a 70 percent increase in price over the last month.

In contrast, the rest of the crypto market has been in a slump, considering how Bitcoin remains under the $20,000 level, while Ethereum struggles to regain its value.

Analysts say that this could be the result of Justin Sun announcing that he’s part of the Huobi Global advisory board.

Based on data from CryptoSlate, HT was trading between $4.1 and $4.5 toll on October 10. As soon as news broke out that Sun joined the platform as an advisor, the token’s price grew by 23.8 percent, reaching $5.2.

Over the past week, HT rallied over 53.94 percent based on CoinMarketCap data. Now trading at $7.60, the token has reached a four-month high.

Huobi Burns 411,000 Tokens in September

In its latest monthly report, the crypto exchange says that it burned 411,000 tokens in September. At the time, the tokens held a value of 1.86 million USDT.

On October 15, the total number of HT burned increased to 295.51 million. Speaking to the Huobi staff, Justin Sun explained that rather than releasing new tokens, the platform’s main focus is to strengthen its position in the virtual asset industry.

And based on how he owns millions of HT tokens, it shows that he does believe in the platform’s future to become a crypto giant in the near future.

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BitGalactica Review – Is BitGalactica Scam or a Legit Crypto Broker?

BitGalactica Review

BitGalactica is a new brokerage platform for traders seeking a dependable place to deal. This website includes a simple user interface and various features that make it suitable for novices. It also includes a fantastic selection of tools and traders from all around the world. In this BitGalactica review, you will find unique information about this newly launched brokerage platform.

Trading Platform

Trading through BitGalactica is user-friendly and intuitive. You can set up your account within five minutes and start trading within a few seconds. The platform offers several tools and installations on the forum so that you can trade confidently on any device. Furthermore, the platform is compatible with PCs, Macs, and desktop browsers. The smartphone app not only supports mobile trading but provides a smooth trading experience.

Trading Products 

As a trader, you want to know where to put your money and this is where BitGalactica comes in. With BitGalactica, you can invest in a wide range of trading products—from commodities like oil, rubber, metal, gold, and wheat to cryptocurrencies and forex. With just a single click, you can use BitGalactica’s robust platform to trade these assets directly from your mobile device or desktop computer.

With the BitGalactica mobile app and online platform, you can make real-time trades on the go—right from your phone or computer anytime. That way, when the market is volatile, or a downswing starts to occur, you will know exactly what to do trade.

Trading Tools

The brokerage platform has a built-in trading bot that all users can use. The bot is programmed to use technical indicators based on the current market conditions, so it will always be on the money for you. BitGalactica has a variety of tools to help clients make the most of their trading experience.

Economic calendars and graphs are available for market analysis, and some calculators can be used to do back testing on different strategies. BitGalactica has several tools that help clients, including news alerts and charts for market analysis.

Privacy 

BitGalactica trading platform policy on data privacy is a prime priority for this forum. Traders on this trading forum should not get worried about their data because it is encrypted, and all their sensitive information is safe and secure. Hackers, fraudsters, and competitors can’t leave any trace of the actual trading information stored with this platform.

Customers’ information is essential to this broker. BitGalactica protects customer data by using the latest technology to encrypt customer data. This trading platform will not give this information to others.

Customer Care Center

BitGalactica is a famous name in e-commerce. They provide excellent customer support to clients. They are available to answer queries 24×7 and 365 days a year. Online business is full of hurdles for newbies. So, they take care of every step to make your online journey a great success through their professional assistance and support.

BitGalactica provides great customer service. They also interact with clients in various ways, including phone calls, live chat, and email. Their sales team is available to help out if needed. They make it easy for new businesses and provide you with the best guidance.

Traders’ Education

The crypto market is a volatile environment, which means that traders have to be prepared. At the present time, many people are new to cryptocurrencies, but they don’t know how to trade them. They will lose capital if they are not well educated, and money is more essential than anything else.

They can provide you with the best cryptocurrency education possible by providing you with our priority markets knowledge base, where you can find all the information regarding trading in crypto. You will also get to know your strengths and weaknesses so that you can improve yourself for future trading sessions.

Final Remarks

BitGalactica is a great platform that makes it easy to trade cryptocurrencies. They host over 50 different assets and provide a simple yet reliable trading interface. On top of all plus points, it is safe. Hence, I strongly recommend this broker.

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