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Dogecoin Is ‘Not a Joke,’ Says OKEx CEO Jay Hao

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Jay Hao — CEO of major crypto exchange OKEx — made positive remarks about meme cryptocurrency Dogecoin (DOGE).

When answering Cointelegraph’s recent inquiry concerning new Dogecoin-related OKEx features, Hao made it clear that he has a rather positive view of the cryptocurrency. He said:

“Despite showing the lighter side of cryptocurrency, it is not a joke and has shown healthy development and longevity.”

Hao explained that Dogecoin, which was born of a Litecoin (LTC) fork in 2013, is one of the oldest cryptocurrencies. He also said the way DOGE is “used for tipping on Reddit and Twitter has shown that it can achieve instant transfer for micropayments in a way that not many major cryptocurrencies can.” Hao even recognized the marketing prowess of Dogecoin’s community:

“The community and the sophistication of its marketing is admirable, in fact, that any altcoin can command so much attention shows a deep understanding of user psychology.”

Hao approves Dogecoin’s controversial TikTok campaign

Hao’s praise for Dogecoin’s community-driven marketing efforts follows a TikTok DOGE pump campaign conducted earlier this month. The most popular video under the campaign’s #DogecoinTiktokChallange said:

“Let’s all get rich! Dogecoin is practically worthless. There are 800 million TikTok users. Invest just $25. Once the stock hits $1, you’ll have 10 grand [$10,000]. Tell everyone you know.”

Barstool Sports founder, Dave Portnoy, recently defined the campaign as a pump-and-dump, and called Dogecoin “bubbly rosé.” Hao, on the other hand, shows great appreciation for the effort:

“This type of marketing is truly extraordinary and shows how lower market cap coins are a lot easier to skyrocket the price. That a short video with someone saying ‘Let’s all get rich’ can double the price in just three days is really quite astounding. But that said, altcoin prices soaring is actually a matter of common occurrence and I’m not surprised by it anymore.”

Hao recommended trading sensibly and only invest the amount of money that one can afford to lose, but admitted that “with bitcoin’s lack of volatility at the moment, people are looking to altcoins to realize trading gains.” Just a couple days ago, OKCoin’s chief marketing officer, Haider Rafique, said that he believes the campaign has run its course.

Source: https://cointelegraph.com/news/dogecoin-is-not-a-joke-says-okex-ceo-jay-hao

Blockchain

Bitcoin Escapes Stock Market Sell-Off on Booming Safe-Haven Appeal

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An overnight attempt to crash Bitcoin alongside the US stock market met with extreme resistance as the cryptocurrency bounced back handsomely.

The BTC/USD exchange rate lost $465, or 3.51 percent, after the New York opening bell Monday. The pair fell to as low as $12,785, only to find a considerably higher buying sentiment. As a result, BTC/USD rebounded almost instantly after touching the said local bottom, climbing back above $13,000 to reclaim the level as support.

Interestingly, the brief downside attempt in the Bitcoin market appeared almost in sync with a similar sell-off across the US stock market. The Dow Jones Industrial Average plunged 650 points, or 2.3 percent, logging its worst one-day decline since September 3, led by a drop in leisure and travel stocks.

cryptocurrency, Bitcoin, BTCUSD, XBTUSD, BTCUSDT, S&P 500, Dow, Nasdaq

Bitcoin correlation with the Wall Street indexes and the US Dollar Index. Source: DXY on TradingView.com

Meanwhile, the benchmark S&P 500 and the tech-savvy Nasdaq Composite dropped 1.9 percent and 1.6 percent, respectively. Together, all three indexes were down more than 5 percent from their record peaks earlier this year.

Bitcoin Not Infected

The US stock market suffered pain as investors assessed the growing number of coronavirus cases in the country. The infections reached an all-time high of 68,767 on Monday. Additionally, scientists warned that a second way is due amid the coming winter season.

That is increasing worries about tighter lockdown restrictions and their impact on an already-suffering US economy.

Bitcoin and the US stock market could survive the first round of lockdowns because of the US government’s $3 trillion fiscal injections into the economy. Nevertheless, the situation is direr in current times. The first stimulus package stands dried, and the second one remains stuck amid a political battle between the Democrats and the Republicans in the US Congress.

Analysts believe no package will come up until the November 3 presidential election. That explains why investors are seeking safety outside equities.

Ronnie Moas, the founder of Standpoint Research, noted:

“BTC is now above where it was 24 hours ago, even though the Dow Jones dropped 640 points today. That is impressive, especially to those who (mistakenly) thought the two asset classes were correlated. Year-to-date, the US stock market is negative. BTC is +80%.”

Gold Correlation Back

The overnight sell-off and subsequent recovery in the Bitcoin market attest to the renewed demand. The cryptocurrency traded more in line with gold, a traditional rival asset, than with the risky stocks, showing that investors are beginning to explore its safe-haven characteristics.

cryptocurrency, Bitcoin, BTCUSD, XBTUSD, BTCUSDT, gold

Spot gold recovers on the line of Bitcoin after witnessing an early morning decline Monday. Source: XAUUSD on TradingView.com

The sentiment follows a JP Morgan report in which analysts treat Bitcoin as an alternative to gold among millennials. The study expects the cryptocurrency price to increase by 300 percent in the coming years.

That party explains Bitcoin’s ability to hold $10,300 as its interim support amid unsupportive fundamentals.

Source: https://bitcoinist.com/bitcoin-escapes-stock-market-sell-off-on-booming-safe-haven-appeal/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-escapes-stock-market-sell-off-on-booming-safe-haven-appeal

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Blockchain

ARK Investment Management Will Review its Distribution in US

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ARK Investment Management, LLC, a self-described “New York-based investment adviser focused solely on disruptive innovation,” has revealed “an important step toward strengthening its business and foundation for future growth,” according to a press release from the group.

“As part of this process, ARK has commenced a request for proposal (“RFP”) process to explore the potential replacement of Resolute Investment Distributors, Inc., an affiliate of ARK’s minority partner, Resolute Investment Managers, Inc., as a distributor of its U.S. retail and institutional products and services. Resolute Investment Distributors, Inc. will be considered in ARK’s evaluation and RFP process,” the release continues.

Speaking on the matter is ARK Founder, CEO, and CIO, Cathie Wood, who said:

“Since our founding in 2014, ARK has evolved a differentiated research and investment strategy that identifies technologically-enabled disruptive companies which, as reported by Morningstar, has resulted in top 1 percentile returns for multiple products over one, three, and five year periods. Thanks to our research and investing success, ARK now is one of the largest ETF issuers in the U.S. To maximize ARK’s potential, one of our priorities is to partner with shared-vision, best-in-class service providers.”

Source: https://insidebitcoins.com/news/ark-investment-management-will-review-its-distribution-in-us

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Blockchain

Bitcoin Will 10X Compared to Gold, Says JP Morgan

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Source: https://cryptobriefing.com/bitcoin-will-10x-compared-gold-says-jp-morgan/

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