An analyst for bitcoin projects a “big short squeeze.”
Ki Young Ju, the CEO of CryptoQuant, forecasted that a significant short squeeze may soon occur for Bitcoin. Young Ju highlighted the fact that many traders kept building up short positions in the $10,000–$20,000 range in late 2020 only to have them liquidated later in a recent tweet. Such an event might take place right now, giving Bitcoin a boost.
Ju claims that the potential for another significant short squeeze on Bitcoin does not signal the start of a fresh bullish cycle. However, it does seem to indicate that the cryptocurrency is about to bottom out. Prior to a slight relief rally last month, Bitcoin dropped as low as $17,600.
Final U.S. exchange listing of Shiba Inu Bittrex
Shiba Inu has been accepted by yet another significant cryptocurrency exchange, much to the delight of the memecoin community. On Friday, July 15, word spread that SHIB had been formally listed on top American cryptocurrency exchange Bittrex. Dogecoin, a rival token, was listed on Bittrex in September 2018, so SHIB supporters had been anticipating the listing since that time. Several well-known cryptocurrency exchanges, including Binance, Coinbase, Gemini, and others, have added Shiba Inu since last year. According to U.Today, the stock trading app Robinhood listed SHIB in April, while Bitstamp eventually did so in June.
Jed McCaleb, a co-founder of Ripple, changed his mind about selling his final 5 million XRP.
Former Ripple CTO and co-creator of the XRP Ledger Jed McCaleb made the decision to keep the final 5 million XRP for himself, stating that he is doing this “just in case it moons.” McCaleb said in a Zoom call with CTC News reporters that it would be foolish for him to sell all of his XRP because he could become wealthy if the token’s price rose to $589. The former CTO of Ripple also says he made the choice because of “this feeling” that keeping his remaining XRP would increase his family’s security. McCaleb has sold many millions of XRP since leaving Ripple in 2014, and according to the most recent reports from Jed’s tacostand Twitter account, he still owns about 5 million XRP.
Here is Charles Hoskinson’s response to Michael Saylor referring to ADA as a security:
Charles Hoskinson, the founder of Cardano, commented on Michael Saylor’s description of ADA as a security during the most recent AMA session. He compared Michael Saylor to Tone Vayes, who once referred to everything as a scam except for Bitcoin. Hoskinson reminded his followers that Cardano is much more decentralized than Bitcoin and has much more utility than BTC, which is just a store of value, and that it is also much more useful than Bitcoin. The founder of Cardano claims that despite the case that speculation is the only practical use of Bitcoin, nobody ever refers to it as a security. Overall, Hoskinson acknowledged that he does not give much credence to the CEO of MicroStrategy’s assertions and does not believe that debating him about ADA would be a fruitful exchange of ideas.