Crypto exchange CoinFlex says Roger Ver – aka ‘bitcoin Jesus’ – is behind the underwater account that forced it to halt customer withdrawa

CoinFlex stated that Roger Ver, a long-time Bitcoin evangelist, is the high-profile investor that has a negative balance on the crypto exchange.

Ver, also known as “bitcoin Jesus”, has denied any owing the exchange anything. Yesterday, Ver tweeted that CoinFlex actually owes Ver money. Coinflex stopped customer withdrawals because of issues related to a large account with a negative balance.

“Recently, there have been rumors that I default on a debt to a contra-party,” Ver wrote shortly after CoinFlex announced it would issuing recovery tokens. This was an attempt by the exchange, to resume customer withdrawals, after a high integrity’ investor ran out of money. “I do not owe any debt to this counter party, but the counter-party owes me a significant sum of money and I am seeking my return.”

Ver Rumors began when a Twitter user claimed that a “verified insider” had revealed that Ver was the owner the indebted accounts, Ethereum World News reported.

Lamb tweeted a reply less than an hour later, reinforcing the identity of Ver. Lamb stated that he is not claiming that the debt is his. Therefore, he tweeted a response less than an hour later.

Ver is a vocal supporter of cryptocurrency and bitcoin in general. Ver would be one of many prominent holders who will be affected by the latest market stumble. Cryptocurrency investors are struggling to stay afloat amid a long-running selloff.

Bitcoin Retail Accumulation Continues, Why It’s the Right Time to Add BTC?

Bitcoin bears are now resting after a bloody Monday on Satoshi Street. As of now, the world’s most popular cryptocurrency trades at below $22,000 levels.

One positive aspect of the Bitcoin market is the fact that retailers aren’t giving up on hope, despite the aggressive correction. On-chain data provider IntoTheBlock explains:

Despite the downtrend, retail buyers continue to accumulate $BTC every day since November 2021. Since November, the balance of addresses with 1 BTC has increased by 100.395 BTC. This represents a 10.11% rise in value compared to the 68% price drop.

Analysts have tried to predict Bitcoin’s bottom but so far, they are all wrong! IncomeCharts also notes that spot buying of Bitcoin could be possible at this time. This is what the crypto trader wrote:

Nobody knows the bottom line. This is the right time to buy like mad. These are the key levels that I prefer for support. While I believe $20k is a good price, if I am wrong I will buy lower. This will not be sold until I reach my $34,000 or $40,000 goals.

Peter Schiff Believes Bitcoin Can Still Go Lower

Peter Schiff is convinced that Bitcoin will continue to slide, despite its support. Schiff shares the following chart:

Is it possible to look at this chart and sell Bitcoin long? Although you may believe that Bitcoin will trade higher in the future, it is difficult to imagine it not testing long-term support at its lower line first. It will fail this test, I believe. It is better to sell it now and rebuy at a lower price.

Peter Schiff warned that long-term Bitcoin holders could see a sell-off as inflation continues its upward spiral. Scott Minerd, Chief Investment Officer at Guggenheim, stated last month that Bitcoin could fall further to $8,000. He spoke to CNBC and said:

“When you consistently break below 30,000 [dollars], 8,000 [dollars] is your ultimate bottom. I believe we have more room for the downside, especially since the Fed is restrictive.”

Chipotle Lovers Can Now Buy Burritos With Bitcoin and Ether

According to Restaurant Business, customers at Chipotle can now pay for their burritos using cryptocurrencies such as bitcoin, ether and dogecoin. This could make crypto more mainstream. There is one caveat. Chipotle will now accept crypto via Flexa, a payment system that is far from the decentralized technology crypto advocates have promised for more than a decade.

Flexa posted the news about the agreement with Chipotle on a blog post. One Florida Twitter user even uploaded a video explaining the process. However, Chipotle has not yet made an announcement about accepting cryptocurrency. Gizmodo received an email from Chipotle’s PR department on Thursday morning.

Customers who wish to pay with crypto for their burrito bowls will need to first download Flexa’s SPEDN or Gemini apps. After that, they will be able to connect to their digital wallet via apps such as Metamask and Coinbase. This will allow them access their digital currencies and stablecoins. You probably don’t understand what all of this means. Crypto payments are still not mainstream. It’s important that such a large national bank is trying crypto.

Customers aren’t actually paying with crypto the way they were intended-as a peer to peer system that is completely decentralized. Flexa, a centralized solution for crypto payments, facilitates Chipotle’s payment in fiat currency and cryptocurrency. We don’t know for certain, but we believe that Chipotle chose to receive cold hard American cash through Flexa. Tesla had bitcoin in its books for a time, but it was probably just to make it more profitable for one quarter.

The biggest reason for not adopting crypto payments is their volatile prices. Bitcoin’s current price is down 5.17% compared to 24 hours ago. Why would you spend bitcoin on a burrito if you think the bitcoin price will rise and recover? It’s possible to buy two burritos with the same amount bitcoin next week. If the crypto optimists are right, you might be able buy an entire Chipotle restaurant in a decade. It’s better to spend that money on food than the guy who bought two pizzas for 10,000 bitcoins in 2010 . This amount of bitcoin is worth more than $300 million.

Twitter users also reported that Flexa’s apps did not work at Chipotle on Wednesday. New Yorkers claimed that no one knew how to allow them to pay using the Flexa system. Another user suggested that cashiers should select “” in the payment options menu to allow customers to pay with Flexa.

While they are still working out the details, theoretically it should not be difficult. Flexa has accepted crypto and is pledging real money to Chipotle. Flexa even offers 10% off their next order from the fast-casual chain.

You can go ahead and grab the guac. They can also tell you that it’s extra. Magic Internet Money was a great way to make a profit. You can also pay with Flexa.

Microstrategy said it would face a margin call and be forced to sell some of its crypto if bitcoin falls to $21,000

MicroStrategy now has more than 129,000 Bitcoin, since the software company bought the cryptocurrency with debt in 2020.

However, the strategy of raising more debt than $2 billion to purchase speculative assets has one major risk: It can trigger a margin-call if bitcoin’s price falls below a certain point.

Phong Le, MicroStrategy’s chief financial officer, stated in Tuesday’s earnings call that if bitcoin falls to $21,000, it would have to make a margin call. This would be a 46% drop from the current level.

MicroStrategy was asked by the caller, “How far does Bitcoin have to fall in order for MicroStrategy receive a margin call from the Silvergate Loan?”

“As far as bitcoin’s future direction, we borrowed the loan at 25% loan-to value, and the margin call is [at] 50% loan to value. Le stated that bitcoin must be cut in half, or approximately $21,000, before we can make a margin call.

MicroStrategy may not have to sell its bitcoin for less than what it paid when it adds collateral to its loan. “Before it reaches 50%, we could add more bitcoin to the collateral package so that it never gets there. So we don’t get into a position of a margin call.”

In March, MicroStrategy took out a $205 million bitcoin-collateralized loan with Silvergate Bank to purchase more bitcoin. The average cost basis for the software company’s bitcoin holdings is about $30,700. CEO Michael Saylor stated earlier this year that he does not plan to sell MicroStrategy’s bitcoin stash.

MicroStrategy trades at a $4.4 billion market valuation, which means the stock is trading at an undervalued discount to its crypto holdings. This signals that investors might be uneasy about its billions in debt, its slowing software business and its exposures to volatile assets.

MicroStrategy’s stock prices have closely mirrored bitcoin’s, to the point that some consider it an ETF quasi-bitcoin, since there is no bitcoin ETF approved in the US.

MicroStrategy’s stock prices are currently affected by the bitcoin price. This is 44% lower than November’s record high of $69,000. MicroStrategy stock has fallen 62% since November’s bitcoin peak and is down 37% over the past year.

Bitcoin ‘tribalism’ is holding the crypto industry back, Ripple CEO says

According to Ripple, the head of the blockchain company Ripple, ‘Tribalism’ around bitcoin and other cryptocurrency is holding back the $2 trillion global market.

Ripple CEO Brad Garlinghouse stated that “Polarization isn’t healthy in my judgment,” during a CNBC-hosted fireside conversation at the Paris Blockchain Week Summit last Wednesday.

“I own Bitcoin, Ethereum, and I have some other assets. This industry will continue to prosper is my belief.

Garlinghouse said that all boats can rise.

Garlinghouse is a former Yahoo executive who compared today’s crypto industry to the dotcom era in the late 1990s/early 2000s.

‘Yahoo and eBay could both be successful,’ he said. He said that they solve different problems. “There are different uses, different audiences and different markets. Many of these parallels are still apparent today, I believe.

According to CoinGecko data, there are currently tens of thousand of cryptocurrencies in circulation. They total $2 trillion.

Some digital coins have attracted a large following, not least bitcoin. Bitcoin’s hardcore supporters are often called’maximalists’.

Twitter founder Jack Dorsey, and microStrategy CEO Michael Saylor were among those so-called maximalists that support only bitcoin.

Garlinghouse stated that such maximalism has led to a crypto industry with ‘fractured representation’ when lobbying U.S. lawmakers.

President Joe Biden signed last month an executive order requesting that the government examine the benefits and risks of cryptocurrency.

He said, “The lack of coordination between the crypto industry and Washington, D.C., is shocking.”

Ripple is frequently linked to XRP, which the company uses for cross border payments.

The majority of the 100 billion XRP tokens are owned by the company. It releases them from an escrow account periodically to maintain stable prices.

Ripple is in Court with Securities and Exchange Commission. The company was accused of illegally selling more than $1 billion in XRP through an unregistered securities offer. The company argues that XRP should not be considered a security but a virtual currency.

 

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